Blog Archives

What Is Your Credit All About?

What Is Your Credit All About?

Understanding how your credit works is vital in today’s world.  Nowadays, it seems that your credit matters more than how much cash you have in the bank.  So here is a summary of what it’s all about.  The three big credit agencies are Experian, Equifax, and TransUnion, also known as repositories.  Each agency uses a scoring system from the information reported to them about consumers.  TransUnion’s uses what is called a Vantage Score, while Experian and Equifax is FICO or Beacon.  Within these agencies there are three types of credit reports that can be pulled.  Read the rest of this entry

DEED-IN-LIEU: Freddie’s Plan to Help Jump Start the Residential Real Estate Market

DEED-IN-LIEU: Freddie’s Plan to Help Jump Start the Residential Real Estate Market

The Federal Housing Finance Agency, will be implementing new procedures to help with the ongoing housing crisis.  Planning on increasing servicers incentives for completing a deed-in-lieu of foreclosure, they have created a Single-Family Seller Servicer Guide. Read the rest of this entry

What Are Mortgage Interest Rates?

An interest rate is the price of money, and a mortgage interest rate is the price of money loaned against the security of a specific property. The interest rate is used to calculate the interest payment the borrower owes the lender. Read the rest of this entry

HUD-1 settlement statement – Your guide – simplified

One of the key documents is the HUD-1, (http://www.hud.gov/offices/adm/hudclips/forms/files/1.pdf ) a government-mandated statement that breaks down the costs of the transaction.

Depending on the city or county, buyers and sellers, borrower’s might receive more than one HUD-1 before closing so they can track new information and changes as the loan progresses. The final HUD-1 will be issued at closing or in your closing package. Read the rest of this entry

What is Mortgage Insurance…and do I need it?!

I was reading a very interesting article about mortgage insurance and wanted to share it.  I think this is a perfect answer the the question that I have gotten for many years about “Mortgage Insurance” and what it is for: Read the rest of this entry