The No Closing Cost Mortgage
Mortgage Warehouse offers a very popular no closing cost option on many of our loan programs. Many banks offer a “no point” mortgage where they don’t charge fees, however the borrower still must pay for some items such as title search and appraisal fees. With our true no closing cost mortgage, the borrower pays no closing costs period! Read the rest of this entry
Foundations of the Mortgage Industry (Part II)
There are two markets that structure the mortgage industry.
- The primary market: Where loans are originated. This consists of Brokers, Mortgage Loan Officers, Banks, Credit Unions and Thrifts.
- The secondary market: Where loans are sold. This consists of Fannie Mae (FNMA), Freddie Mac (FHLMC), Ginnie Mae (GNMA), Wall Street, and wholesale line of credit accounts. Interesting to note, FHA, VA, and USDA are in neither market. Read the rest of this entry
How Is My Credit Score Calculated?
Understanding how your credit score is calculated is critical when trying to build your credit. There are several different factors that make up your credit score. These factors are grouped into five different categories; all of which are weighted by different percentages. Knowing this information can help anyone who wants to build their credit as fast as possible. Read the rest of this entry
Practicing law in Southwest Florida, especially in this day in age, I find myself routinely explaining the differences between a Promissory Note, Mortgage, and Deed. This week, I will briefly review each of these documents as well as their legal effect.
First, a Deed is the legal document that is used to transfer ownership of real property. In Florida, it must be written, signed, and witnessed by two individuals. Every Deed should be recorded in the public records in the county where the property is located. The recording of the Deed notifies the world that you are the owner of the property. An unrecorded deed is vulnerable to being lost or destroyed, being made invalid, or made subordinate to any future lien that may be placed against the property. Read the rest of this entry
What Is Your Credit All About? – Part II
Last week we discussed the importance of having a good credit score. This week I am going to discuss something that a lot of people don’t consider that also affects your credit sore and that is something called inquiries. Every time you allow someone to pull your credit report, you are adding another inquiry to your report. These inquires remain for 120 days and can have negative implications. Read the rest of this entry