Blog Archives

Home Loan Programs Part II

Home Loan Programs Part II

Last week I discussed the importance of being informed on what loan programs there are available when shopping for a home loan.  This is so that you can be best aligned with the right program for your circumstances.  This week I am going to continue that discussion and talk about a few non-conventional programs.  Below are just some of the non-conventional programs that are available to consumers. Read the rest of this entry

Foundations of the Mortgage Industry (Part II)

Foundations of the Mortgage Industry (Part II)

There are two markets that structure the mortgage industry.

  1. The primary market:  Where loans are originated.  This consists of Brokers, Mortgage Loan Officers, Banks, Credit Unions and Thrifts.
  2. 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

Foundations of the Mortgage Industry

Foundations of the Mortgage Industry

Understanding the foundations of the mortgage industry can be very helpful when venturing into for the first time.  Even if you have some experience with getting financed for a home, knowing and understanding these foundations can give you an upper hand when shopping for the best deal.  Let’s get started.  The fact is that 93% of homes in America are financed through either the private sector or government sector.  The breakdowns of these sectors are below. Read the rest of this entry

Death by Detail!

Death by Detail

We all have met with the insurance salesman and died a slow death as our eyes glazed over and our head wanted to hit the table. Or wished for the worst torture we could imagine just to get out of the meeting.

Well prepare yourself for the latest and greatest torture technique to be developed since the dark ages, this one is worthy of the al Qaeda operatives and the like, better than water boarding.  It’s what I call Death by Detail now offered by your local Loan Officer.  This one sneaks up on you, seeming innocent in the beginning but slowly begins to pull you in little by little.  Beware, it’s like the wood chipper ready to grab your sleeve and drag you in to its jaws. Read the rest of this entry

Who Typically Pays For What At The Closing?

Below I have compiled a list of what is typically paid by each party in a real estate transaction. Depending on what county you are in will depend on who pays for these fees. This information may assist you in knowing what fees are involved when negotiating your real estate transaction.closing costs property guiding Read the rest of this entry