Judy's Mortgage Information

tag:blogger.com,1999:blog-84626734463256026732011-04-21T20:36:43.401-07:00Judy's Mortgage InformationJudy McDowellhttp://www.blogger.com/profile/05783033318377949611noreply@blogger.comBlogger141100tag:blogger.com,1999:blog-8462673446325602673.post-12206366634744573302007-11-04T15:30:00.000-08:002007-11-05T00:39:55.847-08:00Second Mortgages

Eeeeps! Many lenders for second mortgages and home equity lines of credit (HELOCs) are retreating from the marketplace. The old days of cheap 'n easy seconds are fading fast.Thanks to the Fed, Prime Rate has recently fallen to 7.5%. This usually immediately helps lower the interest rate on many seconds. (Different story with first mortgages, though.) Unfortunately, due to losses and the

Judy McDowellhttp://www.blogger.com/profile/05783033318377949611noreply@blogger.com1tag:blogger.com,1999:blog-8462673446325602673.post-29789132673415513472007-10-11T19:58:00.000-07:002007-10-11T19:59:21.005-07:00Preparing to Sell

Wow, with the high inventory of homes on the market these days, is it wise to put one's home up for sale?Some areas are doing better than others, but sometimes one just needs to sell no matter what the market conditions, due to a job change, divorce, job loss, or just wanting to buy another house.Realtors can offer lots of specific advice about preparing your home and yard for sale, and most of

Judy McDowellhttp://www.blogger.com/profile/05783033318377949611noreply@blogger.com0tag:blogger.com,1999:blog-8462673446325602673.post-87232101275279236502007-09-12T16:06:00.000-07:002007-09-12T16:08:54.525-07:00Assistance programs for first-time buyers -- gone?

Not at all! Some of the best are offered by the State of California through CalHFA. This source has excellent first-time homebuyer programs, with very realistic loan and income limits for high cost counties.CalHFA also started a wonderful program for teachers in California's high priority schools, called Extra Credit Teacher Program. If you teach in a school that is currently in the lower

Judy McDowellhttp://www.blogger.com/profile/05783033318377949611noreply@blogger.com0tag:blogger.com,1999:blog-8462673446325602673.post-84608577946319199662007-08-23T14:18:00.000-07:002007-08-23T14:24:27.422-07:00The Truth About the Mortgage Market

Subprime mortgages have now been credited for bankrupting well over 110 lenders and seriously damaging operations at many major mortgage firms. They've reportedly wiped out 5 hedge funds, tens of thousands of jobs, and have led to millions of foreclosures with millions more on the way. And, as if that weren't enough, subprime mortgages are also blamed for massive volatility in the stock, bond,

Judy McDowellhttp://www.blogger.com/profile/05783033318377949611noreply@blogger.com1tag:blogger.com,1999:blog-8462673446325602673.post-35029221361739347542007-07-26T23:59:00.000-07:002007-07-27T00:02:11.776-07:00Lots of changes in mortgage approval process

Due to the upswing in delinquent mortgage payments in the subprime area and also, to some extent, in conventional loans, mortgage program offerings and underwriting standards are in a state of flux.Many lenders have dropped out of the subprime market, and those that are left have tightened standards. They are dropping the two and three year ARMS which turned into nightmares for many unqualified

Judy McDowellhttp://www.blogger.com/profile/05783033318377949611noreply@blogger.com0tag:blogger.com,1999:blog-8462673446325602673.post-29602708269225915332007-07-11T13:59:00.000-07:002007-07-11T14:01:36.623-07:00SILICON VALLEY COMMERCIAL REAL ESTATE MORTGAGES

Commercial property in Silicon Valley has rebounded after a prolonged downturn which began in 2001. Vacancies in all classes of commercial real estate are down sharply, and rents are up. Business owners and investors can look at a vastly improved (and more realistic) economy in Santa Clara County, California, and see strong indications for purchasing.There are now many lenders interested in

Judy McDowellhttp://www.blogger.com/profile/05783033318377949611noreply@blogger.com0tag:blogger.com,1999:blog-8462673446325602673.post-23111625845780123652007-06-28T15:12:00.000-07:002007-06-28T15:15:22.981-07:00THE FEDERAL RESERVE AND MORTGAGE RATES

Consumers are often confused when it comes to the subject of the Federal Reserve and how it affects mortgage interest rates. News coverage of the Fed can actually cause the confusion. The Fed affects short-term interest rate maturities, the Federal Funds Rate, and the Overnight Lending Rate. These factors have a direct impact on the Prime Rate. However, it is a mistake to conclude that changes

Judy McDowellhttp://www.blogger.com/profile/05783033318377949611noreply@blogger.com0tag:blogger.com,1999:blog-8462673446325602673.post-14957987816259997402007-05-09T15:55:00.000-07:002007-05-09T16:52:53.359-07:00Commercial property, investment property, residential property loans: What's the difference?

There are different classes of loans to consider when one needs to obtain a mortgage to finance the purchase of income property. Commercial loans are underwritten differently from residential loans, and the interest rates, fees, appraisals, terms and prepayment penalties also are in a different league.Residential loans are the everyday mortgages people obtain for their homes. They are available

Judy McDowellhttp://www.blogger.com/profile/05783033318377949611noreply@blogger.com0tag:blogger.com,1999:blog-8462673446325602673.post-11512123644653597712007-04-19T22:46:00.000-07:002007-04-19T22:54:44.043-07:00Take action to protect your credit during divorce

Divorce is a sad event. If it’s inevitable, then be sure to protect your credit status.Surprise discovery of maxed-out credit cards or a spouse's refusal to pay certain bills can lead to a total breakdown in communication and the destruction of at least one spouse's credit, and maybe both.It doesn't have to be this way. By creating a specific plan to maintain one's credit status, anyone can

Judy McDowellhttp://www.blogger.com/profile/05783033318377949611noreply@blogger.com1tag:blogger.com,1999:blog-8462673446325602673.post-14811461596908996742007-04-02T12:56:00.000-07:002007-04-02T13:03:36.971-07:00Understanding the Lender/Appraiser Relationship

Borrowers are often confused by the appraisal process. Frequently they are disappointed by the value an appraiser assigns to their home, and can’t make sense of the written appraisal itself. It is important to know that appraisal guidelines are set by lenders, and that these guidelines have become stricter recently. Also, there are different types of appraisals with different rules, depending on

Judy McDowellhttp://www.blogger.com/profile/05783033318377949611noreply@blogger.com0tag:blogger.com,1999:blog-8462673446325602673.post-27381751253133612162007-03-16T11:52:00.000-07:002007-03-16T11:58:38.068-07:00How to prevent real estate, mortgage and insurance companies from mining your credit report without your authorization

The major credit firms (Experian, Transunion and Equifax) offer a rather abhorrent product to real estate, mortgage and insurance companies.As everyone knows, when a borrower applies for a loan or asks to be prequalified, the lender pulls a credit report. What is for sale by the credit agencies is the fact that a mortgage firm (bank or broker) has made a credit inquiry, as well as the individual’

Judy McDowellhttp://www.blogger.com/profile/05783033318377949611noreply@blogger.com0tag:blogger.com,1999:blog-8462673446325602673.post-82906931543369467332007-03-02T18:55:00.000-08:002007-03-02T19:16:36.662-08:00Don’t Forget These Write-offs!

When there is a real estate transaction, there will usually be write-offs. Make sure you claim every one you are entitled to.POINTSIf there are origination fees, and if they are paid for the use of money, the IRS considers them tax-deductible. If the fees are classified as a service fee, then they aren’t.For details, including how much you can deduct in the year the points are paid, check out

Judy McDowellhttp://www.blogger.com/profile/05783033318377949611noreply@blogger.com0tag:blogger.com,1999:blog-8462673446325602673.post-556079508750339452007-02-16T23:32:00.000-08:002007-02-16T23:38:49.012-08:00A Farewell to ARMs:

Payments Increase for Millions with ARMsRefinance Before Adjustable Rate Mortgages ResetSince June of 2004, the Federal Reserve has systematically increased the federal funds rate, causing short-term interest rates to follow suit. As a result, consumers with Adjustable Rate Mortgages (ARMs) tied to volatile short-term rate indices, such as the LIBOR, are finding themselves at the mercy of the

Judy McDowellhttp://www.blogger.com/profile/05783033318377949611noreply@blogger.com0tag:blogger.com,1999:blog-8462673446325602673.post-16658875621220792152007-01-31T13:39:00.000-08:002007-01-31T13:46:34.309-08:00Buydowns and Why Sellers Should Consider Them in Slow Markets, and Why Buyers Should Negotiate for Them

WHAT IS A BUYDOWN?A buydown is when, during the sale of property, the seller credits the buyer an agreed-upon amount to help the buyer obtain financing at a reduced interest rate. The seller is thus effectively arranging to pay loan origination points for the buyer.TEMPORARY vs LONG TERM BUYDOWNSA temporary buydown buys the mortgage interest rate down for a period of one or two years. Typically

Judy McDowellhttp://www.blogger.com/profile/05783033318377949611noreply@blogger.com0