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Archive for May, 2009

Mortgage payoff is not the same as mortgage balance. Which is why the question, “Why is my mortgage payoff amount higher than my balance?” was asked almost every time I originated or processed a refinance. You know what your mortgage balance is because it is on your statements. Also on your mortgage statements referring to [...]

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Property Value Estimator

Property value confusion is not uncommon out there. After talking with countless borrowers over the years, I found a common theme. One, people think all improvements increase property value. And two, they think their home has to be spotless before they can let the appraiser in. People tend to look only at their property and [...]

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Mortgage Appraisal Complaints

A mortgage appraisal is full of misperceptions and it is frustrating when something goes wrong. We are addressing the most common appraisal complaints and what you can do about them. First let’s define a mortgage appraisal. A licensed appraiser researches other properties to find homes that have sold in the last 6 months that are [...]

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Mortgage Tips to Avoid

Mortgage tips to avoid are everywhere. I am sure you have family or friends ready to give you their two cents even if you never ask for it. But how do you know what is true and valuable? It depends on where you get these mortgage tips. If they are coming from anyone other than [...]

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The Federal Housing Administration created a streamlined version of the standard FHA 203k rehabilitation mortgage program. Real estate investors have used the standard rehab loan program for years to bring dilapidated houses back to life. Now home buyers have the same opportunity with the streamline FHA 203K program, but with a few caveats. FHA 203k [...]

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Bank Stress Tests Meaningless At Best

Tomorrow Tim Geithner, Treasury Secretary, is set to announce the results of the government’s bank stress tests on the country’s top 19 banks. Some of the “results” are leaking out today with speculation running rampant in business news channels on which companies will be required to raise capital and which won’t. Banking Stress Tests Revisited [...]

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In a new twist, the FDIC when contemplating the take over of the failed Silverton Bank, a non-depositor institution, decided to create a bank themselves and become the receiver of the defunct bank’s assets and liabilities. FDIC Silverton “Bridge Bank” Makes Debut This newly dubbed “bridge bank” to facilitate the liquidation of Silverton Bank is [...]

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