Archive for the Mortgage Loans Category

Set Up Your Own Accelerated Mortgage Pay-Off Plan!!!

"Tighten Up" - The Black Keys This is a re-posting of an article written by Clark Howard, a nationally-syndicated consumer expert who shows consumers ways to save more, spend less and avoid getting ripped off. His radio show is heard every day on more than 200 radio stations throughout North America. Go to for more!   Have you received an offer in your mailbox promising that you could save $10,000, $20,000 or even $30,000 on your mortgage by getting set up on a bi-weekly payment plan? It sounds appealing, but there's a much smarter way to approach bi-weekly… Read More

Have a Low Down-Payment for a new Home? Paying Mortgage Insurance vs FHA Loans!

Private Eyes - Hall & Oates FHA or Federal Housing Administration insured loans are a government program backed by taxpayers.  PMI or Private Mortgage Insurance is the private sector alternative to FHA.  Both programs make it possible for people to buy homes with less than a 20% down payment. If you have a credit score of 620 or above or have more than a 5% down payment, PMI generally has lower premiums than FHA.  Also, with an FHA insured loan, you must pay the upfront costs for the life of the loan.  With PMI, some forms of this loan mortgage insurance will allow the borrower… Read More

Sellers Can Help Buyers with Closing Costs on the Purchase of a Home & Investment Property!

"Help" - The Beatles Sellers can help buyers with their closing costs and prepaid expenses.  There are limits set by loan providers for these allowable credits and they range from 2% to 9% of the purchase price of a home, depending on the type of loan program the buyer is using to purchase. These are referred to as "seller paid concessions" and should be written into the sale agreement as "sellers contribution towards the buyer's closing costs and prepaid expenses". Allowable Seller Contributions for CONVENTIONAL FINANCING: Owner occupied & 2nd home: 5% down-payment = 3% … Read More

Property Inspection Addendums: “Do’s & Don’ts”

Relax Don't Do It - Frankie Goes to Hollywood Some good ideas when composing your property inspection addendum.  This list is taken from Rodd Miller of Pacific Residential Mortgage, who can be reached at if you have other questions.  Basically, as a buyer you want to get the home you are attempting to purchase with as many items of concern addressed or negotiated prior to close of escrow without getting the lender involved in the process.  Why wouldn't you want the lender involved?  You do not want underwriting concerns generated by the lending instituti… Read More