If you are considering purchasing a home now or in the future , here is some useful information that will  make applying for a mortgage smoother. Before searching for your new home, you should always get a pre approval letter.   This helps you know exactly what price range you should be looking in and when…

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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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Our friends Tom Rosser and Kaitlin Dion at Gateway Mortgage Group have some tricks up their sleeve that are helpful to everyone involved in the home buying process. Read these tips before you think about buying a home: 1. Save for a down payment:  20% down is ideal, but it is not required.  However, the…

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The RED Team has been BUSY BUSY this past week and therefore, I keep forgetting to update the blog. Sorry everyone. I will try to do better this week! Also, if you are looking to buy a home or sell your home, call us! We have some great new homes on the market and some…

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 Here is a pretty interesting email we got from a lender, Cindy Glenn from Financial Concepts Mortgage. A decade has passed since the vault cracked open and we started learning how credit scores really work. For years, the creators of the leading credit scoring formula, the FICO, didn’t want consumers to know the scores existed,…

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It’s the flight to safety effect coming into play again this week as the S&P index has dropped approximately 10% and fears continue over Greek and  Portuguese debt.  The flight to safety occurs when investors become less concerned with a rate of return and more concerned with just keeping what they have.  The US bond…

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Good news! The employment numbers for March came out strong today.  The unemployment rate dropped too.  All of this underscores the fact that the economy is doing better.  Combine this with the Core PCE index, the Fed’s measure of inflation, coming in at an annualized rate of 2.4% and you have definite upward pressure on…

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There is an old curse my mother once taught me:  May you live in interesting times.  Honestly, I don’t think it’s a curse because I’d rather have an  interesting time than a boring one.  But markets don’t always like interesting and so we continue to see the push pull dynamic between world uncertainty and economic…

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Did you know that FHA is raising the Mortgage Insurance Premium, MIP, on all loans filed after October 4th, 2010? FHA will raise the MIP on all FHA case numbers assigned on or after October 4th.  This is a value added proposition for any one out there that is on the fence about buying a house. …

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Mortgage bonds traded yesterday afternoon at an all time low yield.  Below is 2-year history, which covers the current refinance cycle which started in late November, 2008. Let me know if you want to go shopping for a home!?! These rates enable you to buy a bigger/more expensive home at a lower price!

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