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Mortgage Information

What is a Piggyback Loan and How Does it Work?

Definition of a Piggyback Loan

Courtesy of Gene Mundt, Portfolio Mortgage, Chicago  Definition and Purpose of a Piggyback Loan:  To reduce the amount of the first loan amount, used in addition to a Borrower’s own funds (Down Payment). Advantages of Using a Piggyback Loan:  The Piggyback…

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How to Make Your First Mortgage Payment

How to make your first mortgage payment on your Los Angeles home

Inside Mortgage Finance News reported on October 28, 2014 … “Total mortgage-related complaints filed by borrowers with the Consumer Financial Protection Bureau fell again in the third quarter of 2014 – the fifth drop in the last six quarters, according…

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I Received a New Property Assessment. What Do I Do?

What happens if I receive a property assessment

As a Chicago-area Mortgage Lender, I’ve always been asked a lot of questions regarding Taxes and Property Assessments.  Property Taxes, and subsequently monthly tax escrow contributions, play a very important role in loan approvals/denials. But throughout the recent housing downturn,…

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The Many Ways Poor Credit Scores Cost You

Bad credit scores can affect you in many ways

A large percentage of the potential home-buyers I speak to have a basic knowledge of how credit scores influence the interest rate received when they finance their home purchase.  Most understand the basic principal:  The higher their credit scores, the…

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The ABCs of DTIs – Debt-to-Income Ratios

Debt to income 101

Definition of Debt-to-Income Ratio:   The figure that represents how much of your income is spent repaying your recurring monthly debts.  The HIGHER your Debt-to-Income Ratio is, the more of your monthly income is being devoted to paying back your debts. …

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Will Refinancing Cause my Property Taxes to Go Up?

Will refinancing cause my property taxes to rise

Because the current interest rate environment remains conducive to refinancing, a concern that some have about taking action stems from confusion related to how their property taxes are determined, and specifically the question, “Will refinancing cause my property taxes to…

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How do Divorces Affect Marital Property?

How do divorces affect marital property

Recently, I’ve been asked by many Realtors and Attorneys to help finance a client looking to buy another property after or during their divorce … Because of the frequency of this scenario, I’ve been reminded that there’s a large amount…

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Looking to Buy a Condominium? What You Need to Know

Buying a condo in L.A.? What you need to know

If you’re presently in a house hunt, or even just dabbling with the idea of buying a home, you’ve probably done some research and run across multiple articles regarding the current Mortgage Process … and its challenges … You’ve probably…

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Is Now the Time for You to Sell Your Home and Buy the Next?

Is now the right time to well your Los Angeles home

The final decision to Refinance your existing Mortgage (or  not), should be based on one simple thing.  It must make good financial sense …That decision is often times determined by the length of time you, as a Homeowner, “guesstimates” you’ll own your loan…

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Heading to College? Protect Your Finances For The Future

How to protect your finances when going to college

It happens fairly frequently …      While reading through a potential Mortgage Applicant’s Credit Report, I’ll discover that many of their reported debts and Credit Cards were first established while they were in college.  And now years later, they’re…

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Are You Self-Employed and Hoping to Get a Mortgage?

How to get a mortgage when self-employed

From a Mortgage Lender’s perspective, the most complicated Mortgage Applicant is often the Applicant that is Self-Employed.      Why?      Full Documentation Loan Files are demanded in today’s Mortgage lending.  IRS transcripts are requested (and received) on the…

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Looking for Trends in Mortgage Lending During 2014

Mortgage Lending trends in 2014

Turn on the TV.  Read a newspaper. Check-out Social Media … and you’ll run into an article(s) regarding the latest “trends“.  Heck, on Twitter they have a trend list that’s constantly evolving and updating.  Trends … and being able to…

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Balancing Risk with Affordable Financing

Lower loan limits can mean a higher cost of borrowing

Lower Loan Limits & Higher Costs of Borrowing An interesting phenomenon is taking place within the financing world these days …      What “used” to be … doesn’t “remain that way” long! This has always been the case in quickly-changing…

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A Pragmatists Guide to Qualified Mortgages (QM)

Los Angeles mortgage, new rules

A Pragmatists Guide to Qualified Mortgages (QM) On January 10, 2014, new mortgage rules will go into effect that will change the way home loans are originated by just about every institution.  These changes stem from the Dodd-Frank Wall Street…

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