Category Archives: Understanding Your Mortgage

Looking Forward to 2010

Good Faith Estimate (GFE) 2010 is introduced January 1, 2010.  Six items now required before the loan originator can provide you with a GFE: Name, Property address, Estimated Property Value, Loan Amount, Income, and Social Security Number (Credit Report). Fees locked for 10 business days from issuance of GFE.  Designed to protect the consumer from [...]

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How to Claim Your First Time Home Buyers Tax Credit

2009 was a very good year for the 1st Time Home Buyer.  Many of you out there purchased a home and now qualify for the 1st Time Home Buyer Tax Credit worth up to $8000, but how do you get it.  My first suggestion is to have you taxes done by a professional but for [...]

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Applying for a Mortgage…The Personal Invasion Process?

When I (Luke) first got into the mortgage business over 6 years ago, the world was a very different place.  The government and financial institutions were operating under the idea that everyone in America should own a home. The first company I worked for specialized in Stated Income Stated Asset mortgages.  While this sounds risky, [...]

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What is Yield Spread Premium and Why is it Beneficial?

Today’s “Know Your Mortgage” article is going to cover Yield Spread Premium or YSP. This is becoming a hot topic in the news right now because the Federal Reserve has purposed a new rule that would make it illegal for banks to pay yield spread to any loan originator. This rule, if passed will have [...]

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What is Public Information?

The question of what information is private and what information is public is an issue that comes up a lot anymore.  Every time you sign a legal document, you have to sign a privacy policy.  Even though we sign so many privacy policies, there is still a lot of information that is public.  This article [...]

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