Mortgage Lending Made Easier

Purchasing or refinancing a home in Texas with less than perfect credit

analise@majestichelp.com — Tue, 04 Mar 2008 04:04:43 GMT

Have you had some late payments in the past? Who hasn't? If you have been on time with your bills for the past year without getting any new late payments or collections you may be eligible for a fha refinance. Fha refinances are not credit score based and are intended for borrowers who can prove their income and have been on time with their payments for the past year. The advantage of fha is the interest rates are usually a bit lower than conventional and only require a 3% down payment. This is the only mortgage program that will allow you to obtain mortgage insurance with less than a 620 credit score. The down payment and closing costs can come as a gift from a family member. Only 500 dollars of your own funds are required and the seller can pay up to 6% closing costs as well. Seek out the help of a professional mortgage broker when carefully choosing your options. FYI the maximum loan amount in Texas for FHA financing is a bit over 200k. This applies for purchases and refinances in Texas.

For more information on FHA mortgage purchases or refinances in Texas please visit my website at www.yourclearlakemortgage.com or call me at 281.212.7076.

Jason

Internet Mortgage Deception in Houston, Texas

analise@majestichelp.com — Mon, 03 Mar 2008 02:52:39 GMT

Internet mortgages or how to avoid deception.com

An increasing number of astute borrowers are using the internet to shop for the best mortgage rates. Unfortunately, it is easy to forget that the rates reflected on the rate monitor web sites are advertisements, specifically designed to generate leads for the companies who pay fortunes to have their rates listed.

The other day, while the most competitive local mortgage companies were quoting 30 year fixed rates at around 6.125% with no points. I received a call from a valued client who had just come to us for mortgage financing for the 3^rd time. Although she had always been a very loyal client she expressed some concern that the zero point rates she found on the internet were around 5.125%.

What’s the deal Jason?
After all these years, and all the customers I’ve referred to you,
why are you trying to rip me off??

Everyone had heard the old adage about things that “sound too good to be true” and internet mortgage rates are no exception. Upon hearing the doubts created by the internet mortgage advertisements, I felt compelled to research the credibility of the rates quoted. I logged onto a mortgage rate monitor website and found a rate of 5.125% and zero points listed by a number of internet mortgage factories. I then proceeded to each individual website as if I were going to apply for a mortgage and acquitted quotes for rates and closing costs.

The rates were a half to a full percent higher than advertised, the zero points did not pertain to the excessive lender fees and there were more disclaimers than the fine print on a new prescription drug advertisement. So why are these companies flooded with business? Why are people willing to pay more and trade in personal service for technology? Would we rather deal with a dropdown click than an uplifting visit with a mortgage professional that can help us make the best choices? How did something called a mouse come to wield so much power?

Your home mortgage is one of the biggest decisions in your life and the smallest mistake can cost you and your family a fortune. Surfing is no way to navigate through the maze of mortgage products available today. There’s nothing wrong with doing your best to get a great deal, but remember…

There is no secret pool of cheap money,
and you cannot go directly to the manufacturer to get a mortgage.

The best mortgage lenders have access to the most programs at the lowest rates. If you would like to enjoy the confidence of knowing that the most qualified mortgage specialists are working on your behalf, call Jason Holter with ProLending Mortgage at 281-212-7076 and make an appointment for a free consultation.

If your looking for experience, integrity and diligence then drop that mouse, slowly step back from the keyboard and no one will get hurt.

Additional information and assistance with any home related questions are available free at ProLending Mortgage through Jason Holter. You may email Jason at Jholter@prolendingmortgage.com or visit the website at www.yourclearlakemortgage.com.

Mind your Mortgage Bi Weekly Ripoff

analise@majestichelp.com — Sun, 02 Mar 2008 04:07:37 GMT

I just received an offer in the mail from my mortgage company. It is to inform me that a terrific program is available which will automatically save me thousands of dollars in scheduled mortgage interest payments. I know a little something about mortgage financing, so let’s break it down and see if it makes sense.

The announcement suggests that instead of making a full mortgage payment each month, I make half a payment every 14 days. That means that rather than make the 12 scheduled mortgage payments, I will make 26 half payments, equal to 13 full monthly payments. For the privilege of helping me prepay my mortgage the lender will only charge me $275.00 to set it up and a monthly maintenance fee of $12.95. Once enrolled, the lender will automatically deduct half my mortgage payment every 2 weeks.
Example:

Current mortgage
You have a mortgage of 275,000 for 30 years
Your monthly principle and interest payment is $1738.00
Your total interest paid after 30 years is $355,752

BiWeekly Plan
Payment is $869.00 every 14 days (a month)
Mortgage is paid off 6 years sooner
125,136 in mortgage payments saved

Before you enroll ask yourself these questions

1) Do I want to raise my payments $145.00 dollars per month?

2) How long will I be in this house? Long enough to pay off the mortgage?

3) Do I want to pay my mortgage company 275.00 and 12.95 per month to pay them twice a month?

4) If I am interested in prepaying the principle and saving a fortune is there a better way to do it?

Yes

1) If you add 145.00 to your current mortgage payment each month you have accomplished the same thing. No charge.

2) Depending on your current interest rate and mortgage balance you may be able to refinance your mortgage for 15 years without increasing your mortgage payment.

If you would like to enjoy the confidence of knowing that the most qualified mortgage specialists in the business are working on your behalf, please call Jason Holter with ProLending Mortgage to make an appointment. The office phone number is 281.212.7076. You may also email me at jholter@prolendingmortgage.com or visit my website at www.yourclearlakemortgage.com.

Houston Mortgage Rules Changing

analise@majestichelp.com — Sat, 01 Mar 2008 03:10:06 GMT

We have seen some pretty significant changes in the mortgage industry this past week. 100% financing is still available but you must have at least a 680 credit score to obtain. Some of the major banks are taking away the 100% programs all together and limiting maximum financing to 95%. The mortgage insurance companies will no longer insure these loans in the event of a foreclosure and the lenders have to adapt and overcome. Their are several changes that are supposed to be taking place next week and I will provide additional information as I recieve it. Another major change is that mortgage insurance companies are no longer insuring second home cashouts or investment property cashouts above 80%. I am going to call the mortgage insurance companies next week and report what I find.

How does the fed cutting interest rates affect my mortgage

analise@majestichelp.com — Sun, 17 Feb 2008 02:51:31 GMT

It is a misconception to assume that the when the fed cuts interest rates mortgage rates automatically drop. Usually mortgage rates move in the opposite direction. When the fed cuts the interest rates the loans that are affected by this cut are lines of credit, auto loans and credit card loans. This cut can also affect adjustable rate mortgages tied to the libor rate and actually move the rate lower. What affects mortgage rates are mortgage backed securities. When the fed makes the interest rates tied to some investments (money markets, cd's, savings accounts) drop. When these interest rates drop portfolios take a hit. Have you taken a look at your IRA's lately?? The reason the fed is lowering short term interest rates (the interest rate banks charge for loaning money to each other) is to help prevent a recession. Once this is under control, expect mortgage rates to rise. They are going to have to raise rates to fight inflation.

Low Interest Rates While Supplies Last

analise@majestichelp.com — Wed, 30 Jan 2008 06:27:54 GMT

The feds have reduced interest rates and are expected to do so again.
What does this mean? It means anything financed will be at a lower rate.
Now is the time to purchase a home or refinance the one you have.

The good news is that rates in Clear Lake Texas haven't been this low
in years. The not so great news is that the feds are lowering interest
rates to encourage spending and prevent a possible recession. One the economy is stabalized the rates will increase.

Now the first step to taking advantage of the lower interest rates is
choosing the right mortage professional and getting a financial check
up.

If you are interested in a free financial check up and want to take
advantage of the low interest rates while they are still available please
contact me via email jholter@prolendingmortgage.com

FAIR ISAAC AND YOU

analise@majestichelp.com — Tue, 22 Jan 2008 07:57:22 GMT

Nothing has had a more dramatic affect on mortgage lending in the last 20 years as the use of credit scoring in determining a borrowers ability to qualify for a mortgage. For better or for worse, the score is considered a reliable indicator of a credit risk. Wouldn’t it be nice to know how credit scores are calculated and how they can be improved?

Clear Lake Texas Real Estate Mortgage Refinancing

analise@majestichelp.com — Sun, 20 Jan 2008 06:45:51 GMT

Clear Lake Texas Real Estate Mortgage Refinancing

Refinancing may be your best opportunity to lower your payments because of the tremendously lucrative real estate market. Refinancing your Clear Lake, Texas home is a great way to capitalize on the equity that has amassed. To see if refinancing is right for you take advantage of ProLending Mortgages free financial checkup.

Click Here For Important Information about Refinancing in Clear Lake Texas!

Once you refinance, you can lower your monthly payments, remodel your home, or even purchase a vacation home. Don’t be the last one to take advantage of the possibilities. Make sure your Clear Lake, Texas home is working for you and not the other way around.

Refinancing Your Clear Lake Texas Mortgage

The rates and points on each mortgage loan will vary. As with any major consideration, it is imperative to consider all of your options and utilize all of the resources available to make an educated financial decision. Talk to a reputable mortgage lender and ask them to explain some important points in finding the right loan for you.

I am so confident about my service I offer a Two Day Doc Guarantee. If your closing documents are not delivered to the title company two days before closing, I will waive your loan origination fee.

By the way, I have not had to waive this fee so far.

Clear Lake, Texas Commercial Mortgage Rates!

analise@majestichelp.com — Sun, 20 Jan 2008 06:44:56 GMT

You may have heard that Clear Lake, Texas is booming. That is great news, because Texas has so much real estate available. Your Clear Lake Mortgage has a finger on the pulse of commercial mortgage rates; we will get you the best rates.

Click Here For Clear Lake Texas Commercial Mortgage Rates!

We proudly serve the Clear Lake area as well as the entire Houston area. We strive to provide you the most accurately defined commercial mortgage product available.

Clear Lake Texas Commercial Mortgage Rates for Your Property

We'll cover all of your commercial real estate financing needs. When searching for commercial mortgage rates in Clear Lake or around the Houston area, contact us for the best rates. We want to meet your lending needs and exceed your expectations in service and professionalism. If you are in the market to purchase commercial real estate, we are the mortgage lender for you, but don’t take our word for it get a second opinion, read what satisfied clients have to say on our testimonials pages.

We offer the "your time" is our money guarantee. This means that if we don’t get your loan documents to the title company two days before closing we wave our origination fee. As a cautionary note, we have never missed a closing date or had to wave our origination fee. For more information or a free consultation please contact us at jholter@prolendingmortgage.com

DEALING WITH THE DEBT DILEMMA

analise@majestichelp.com — Sun, 06 Jan 2008 07:26:28 GMT

A local divorce attorney explains, “Over the course of a marriage debts are incurred and credit is granted based on both parties ability and promise to pay.

The judge’s instructions designating responsibility for each debt does not relieve either party in the eyes of the credit grantor. Both parties must consider arrangements that will protect each from the others potential irresponsibility.

Each individual should be prepared to manage his/her own financial health. Ideally, all accounts should be settled by means of refinance and reorganization and the parties should open accounts individually.”

Typically, the largest family debt is the home mortgage, and oddly enough it may be the easiest to settle.

Consider this example:

Mary & John Hatch have decided to go their separate ways. Although Mr. Hatch has been awarded Pookie the Parrot (who affectionately refers to him as Master John the Irresistible), Mary gets the home, mortgage obligation and shares of Enron stock. The home is valued at $150,000…the stock is virtually worthless. There is a first mortgage with Potter Bank & Trust for $100,000 with 20 years left to pay and a line of credit secured by the home for $10,000, of which Mary was unaware, fueled John’s Internet casino habit. John needs to get his name off both notes so that he can protect his own credit history and purchase a trailer home of his own down by the river. Mary wants to make her monthly debts much more manageable and change stockbrokers.

Mary needs to refinance thehome, pay off the first mortgage, the line of credit, and possibly any other of her debt. This will relieve John of any indebtedness on the home he has surrendered. However, Mary has never had a mortgage on her own and John was credit challenged and needed Mary as his co-borrower when they bought the house.

At this point, both parties need a professional mortgage planner.

There are mortgage products to fit every borrower’s needs and goals and an experienced mortgage broker has access to all of them, very often at rates lower than any national retail bank can offer. Few people plan to have to go it alone when they commit to marriage and becoming newly single may present unanticipated financial situations. Partners accustomed to relying on each other now must prepare for their individual futures.

It would be wise to take the time to sit with a local mortgage professional for a free planning session and sort out all your options. This “check-up” is essential to your financial health and decisions you make at this point are going to affect you for a long time.