Spooky Sales Tips to Market Homes at Halloween If you are selling your home this Halloween season, you can attract potential buyers by capitalizing on increased holiday traffic in your neighborhood. It’s also an excellent opportunity to talk with your neighbors about friends who are interested in moving into your neighborhood. Be generous with the candy…

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  We have to document money in a checking, savings, or investment cash account(s) equal to or in excess of the money you need to close.  Please don’t move money around.  All we need to see is that you have the funds to close.   Bank Statement:  This document shows 30 days of transactions and…

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Mortgage Memo Today’s Topic: Big 3 Mortgage Program Refresher It’s always a good idea to review the basics!  Conventional (Fannie Mae and Freddie Mac) 3% down for 1st time home buyer. 5% minimum down for everyone else. PMI rate moves with % down and credit score. PMI goes away once you have 20% equity. Option…

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A person doesn’t have “ONE” credit score.  A person’s credit history can generate a number of different scores depending on the scoring model used.  The original and main model used by creditors comes from the Fair Isaac Corporation (FICO). The three main credit bureaus are separate from FICO.  FICO models have been developed for auto,…

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Thanks to Taylor Ortiz for sharing his Mortgage Update with us! We thought you might be interested in this information also. Taylor Ortiz is a Sr. Loan Officer with Fairway Mortgage located in Edmond at 2575 Kelley Pointe Parkway, Suite 180. If you would like to contact him to get pre approved or have questions…

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Oil has been trading in the 30’s for quite some time and even dipped into the 20’s last week.  This will most certainly lead to a slow down in the upper end of the real estate market.  That makes this a good time to think about purchasing your FIRST home. Homes with lower asking prices…

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Taylor Ortiz’s Mortgage Memo Today’s Topic: Amortize: reduce or extinguish (a debt) by money regularly put aside.            The new year is very often a time to review one’s financials so there is no better time to re-visit how a loan behaves.  The basics – Let’s use a $100,000 loan at 5% interest. One month’s…

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Today’s Topic: Property Flipping This only applies to buyers using the FHA loan.  Here is the current rule: If a property is re-sold 90 days or fewer following the date of acquisition by the seller, the property is not eligible for an FHA insured mortgage. (Note: resale date is the date of the contract.  So…

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Today’s Topic: TRID Starting October 3, 2015 all new applications will be using the TILA-RESPA Integrated Disclose guidelines (TRID.)  There are a number of changes for lenders, real estate agents, and title companies that we have all been preparing for.  Today I want to focus on a handful of things you need to keep in…

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Today’s Topic: Escrow Account   As we move into the middle of the year escrow account set up amounts are starting to rise. This is because taxes are due in December.  The account has to have the funds to make that payment.  A July closing with a September 1st payment escrow account on a typical $200,000…

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