Mortgage Mondays: The 5 Biggest Lies About FHA Loans
In this weeks Mortgage Monday episode I go over the 5 biggest lies about FHA home loans. These include myths about FHA loan restrictions, interest rates, and closing costs.If you would like to follow the Mortgage Monday series, or just keep update with the latest...
What is a “wrap around” mortgage?
You don’t hear this one too much anymore because interest rates are so low. A wrap mortgage is where new mortgage debt is “wrapped around” an old one. This also can be called an all-inclusive-trust-deed (AITD), or seller wrap, or subject to (people call it this but it...
Success Story of the Week: How to Beat a Bad Appraisal
What happens when a homebuyer is buying a beautiful ocean front condo for $850,000 and the appraiser (from the valley) says it’s worth $760,000? We go to work proving him “in error” (cleaned up language because this newsletter is PG). Yes, this appraiser thought that...
Economic News: This was a busy week for economic data
On Monday we found out that personal incomes rose 0.2% while personal spending went down 0.1%, not good for economic growth. The Institute of Supply Management announced that the manufacturing sector contracted to 54.8% from the 57.2 in March, far below economists’...