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Posts tagged as:

appraisal value

FHA to Adopt New Property Appraisal Guidelines

October 23, 2009

Effective January 1, 2010. FHA appraisal requirements will follow a similar procedure recently adopted by Fannie Mae/Freddie Mac.  Read earlier posts here about “HVCC.”
Over the past few months, the HVCC guidelines have presented numerous obstacles in loan processing and closing for conventional loans.  On the surface, it appears the FHA guidelines will be much less [...]

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Important Changes to Home Appraisal Process All Borrowers Must Know

August 20, 2009

If you haven’t recently tried to purchase a home or refinance your mortgage, then you have no idea how things have changed regarding the process of home valuation – a necessary and critical part of mortgage lending.

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Can I Hurry Up and Wait to Refinance?

August 13, 2009

Procrastination is ever so common with borrowers when it comes to their mortgage refinance.  Not only can the delay itself be dooming for the borrower, some lenders are taking 60 days or longer to complete the transaction.  The delay by the borrower combined with the long lender turnaround time means the interest rate might vanish before [...]

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Falling Home Prices Spell Disaster For Sellers and Those Wanting to Refinance

August 4, 2009

There’s no shortage of sellers trying to hold out for a higher sale price for their home. Likewise, there is no shortage of those wanting to refinance opting to hold out for the fathom “lowest of lowest” interest rates.
Take this example:  A home for sale at 6 Douglas Lane, Lumberton, NJ lost approximately $11,000 in [...]

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Was a Reverse Mortgage the Right Decision?

June 7, 2009

Question:  My husband and I thought a reverse mortgage was the greatest thing for us, as he was retired and we owned our home. Seven months later, he died and I borrowed on the house for funerals (I prepaid mine also), credit card debt we carried, loans we had, house repairs and what have you. [...]

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Why Mortgage Borrowers Are Often Still on the Losing End After Rate Shopping

May 31, 2009

One of the most frequent complaints we hear from borrowers is about the interest rate “they thought” they could or would get on their new mortgage loan.  This happens more so when borrowers found their mortgage consultant by either (1) calling several lender offices inquiring about mortgage rates, or (2) relying on Internet rates.
If they [...]

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5 Reasons Why FHA Streamline is the Best Darn Mortgage Refinance Program

May 25, 2009

Let’s begin with the easy part.  What is the FHA Streamline Refinance?
It is a refinance program that allows a borrower who currently has an FHA mortgage to quickly refinance with much fewer requirements than the usual refinance.   The new loan will also be FHA.
The program is NOT designed for cash back purposes.  It only allows the borrower [...]

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There’s a New Cancer on the Block Called HVCC. It Might Kill Your Home Value

May 16, 2009

That’s right.   On May 1, 2009, the mortgage business got yet another OUCH.   I will keep this as simple as possible, but stay with me.  If you are a homeowner who might be refinancing soon, this is “must know” info.  Don’t be blindsided.
Somewhere along the line, the “powers that be” thought it was possible that [...]

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Why Does it Seem Everybody Gets a Different Interest Rate – AND Why Didn’t I Get That Dreamy Low “Advertised” Rate?

May 13, 2009

When this subject comes up, I have to mention the car sales business.  I know the two businesses seem very opposite, but they are oh so similar.
Have you ever seen the ads for new cars where you supposedly can get ZERO percent interest?  Yep, we all have.   Have you ever read the fine print?  How [...]

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