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Loans, Buy Down Mortgage, Save money, Money, Mortgage

Loans, Buy Down Mortgage, Save money, Money, Mortgage


I found a great resource for people looking for ways to save tons of money on accumilating interest.
Its called “How to knock 9 years off your mortgage.”

I feel that mortgage brokers should be the “good guys” when it comes to owning a home. When a lot of money is moved around in real estate there is definitely room for greed’s nasty face to show up. If banks had it their way they would be constantly lending money to you and gaining tons of interest on that money. It’s what they’re good at. Although its not all that bad. If you know how to make it work to your advantage! Do your homework. Study how a mortgage can work for you. And if youre reading this, you are moving in the right direction.

The reason why we should be the good guys is that we’ve already done the homework, we know the material. We should be guiding clients in the best possible direction just as a financial planner would. We should be earning our comission through good sound advice and life long/Mortgage long guidance. We SHOULDN’T be putting people into loans we know they can barely make it by. Why let the public suffer with a sub par quality of life paying tons of money towards a mortgage they cant afford? But thats what was happening for a while.. knowlegeable mortgage brokers letting their loan officers solicit without the clients best interest in mind. Greed played a big part in the mortgage meltdown. I’m hoping to help turn it around one loan at a time.

*UPDATE* I am a finishing up my degree and classes had just started a week ago. There is a lot of transformations going on and I would like to apologize to the readers of this blog for not posting regularly like I should. There has been a few changes.

The Down Payment Assistance programs are most likely going to be non existant by october 1st of this year. This is very close. It will be one of the Bush administration’s final blow to the mortgage industry. Although I understand the reasoning behind its dismantlement, the down payment assistance program helps alot of renters that don’t want to throw their money out the window with monthly payments to their landlords. It will be devistating to many.

*Exciting News* – Ford Financial is now one of 3 institutions helping with a 220 apartment units transition into condominiums. This is great for us because the other two banks have a limit credit score or they can’t do the conversion. I know we will help alot of people stay in their homes.

If you have any questions about your current mortgage, credit repair, or getting a mortgage please contact us today!

Hello everyone! We are in the process of creating a fully functional website. This is taking a while because we are looking into several different website services. We want the best serviced website to match the service we give to each and every client. This is the site that we have up right now. We hope we will be making the mortgage process a painless procedure. You can apply online, fax all the documents you need, log in to our site and get updates about where you stand in the loan process. Also, by doing this maybe we can save some trees!

I suggest you check it out. Especially if your in the market right now looking for a top notch mortgage professional to finance your dreams.

You’ve worked hard to own your home. If you are 62 years or older or know someone that is 62 years and older that would benefit you or someone you know could be converting some of your home’s equity into tax-free income. Whether you use that money to pay bills, cover taxes, or finally buy that vacation home, youll have a newly found peace of mind.

I know reverse mortgages may SEEM confusing. But really it’s a pretty simple process. Let me show you.

Basically the name explains it. Instead of paying off the mortgage when you first buy a house, the bank pays YOU an equivalent of that same mortgage payment every month. But just like with a regular mortgage you have choices.. (By the way the money you or someone you know will receive is Tax-Free.)

               Choice A – Lump sum – Make funds availabel immediately

               Choice B – line of credit – Makes funds available upon request – If not touched it will GROW

               Choice C – Monthly installments – Fixed installments based on requirements

               Choice D – Line of credit + Monthly installments (My personal favorite) – Receive a monthly payment while having the line of credit growing there for any emergencies.

So who is elgible?

Anyone 62 years or older and occupies the residence atleast 6 months out of the year. The home must be owned free and clear or have a small remaining balance that can be paid with the reverse mortgage.

NO INCOME, EMPLOYMENT, OR CREDIT REQUIRMENTS NEEDED

Why would this benefit anyone?

The reverse mortgage customer retains ownership and lives in their home

Cash advances can be used for any purpose.

Loan proceeds are not considered income and will not affect social security or medicare benefits.

What types of interest rate options are there?

The reverse mortgage is a variable-rate loan linked to the one year U.S. Treasury Security Rate which does not change very often. Any adjustment to the rate has no effect on the number of loan advances a customer can receive, but causes the loan balance to grow at a faster/slower rate.

Typically, there is no out of pocket expenses.

How is the reverse mortgage repaid?

It can be repaid at any time. You can get a reverse mortgage, sell your home a year later, and receive the balance of the equity. There is no requirement that the house be sold, just that the loan is repaid.

Hopefully that answered alot of questions out there.. If theres anything that didn’t fully absorb, Give us a call any time! Check out our Contact page

When it comes to Ditech, you’ve got a big name your dealing with. I’m sure everyone’s seen the commercials offering low rates. What I don’t understand is how they can run an ad with a set rate when rates can change HOURLY. Must be all that fine print. Ever read all that fine print? There are alot of fee’s involved in that fine print that your local mortgage broker (Ford Financial) won’t ever charge you. Like a “Lock in Fee”. They actually charge you money to lock in an interest rate.

..Like you even know when the best time to lock in a rate is?

That’s not meant as an insult in anyway, one of the advantages you get with us is the expertise of when to lock in the rate. Usually, our clients say. “ok I trust you just lock me in whenever you feel it will be the lowest”. This could mean saving you a hundred bucks every single month because you went with a knowlegable loan officer rather than a profit machine. So Whatever you do, if you dont use us here at ford financial, just please dont use Ditech.

Disclaimer – Ditech is probably an upstanding mortgage company that will finance/refinance your home. What it comes down to is EVERYONE offers the same low rates, Ditech is no lower than our rates, the difference is the knowledge our loan officers have in getting you the perfect loan while giving you the perfect service. So, go ahead and give us a look, you’ll be glad you did.

As you probably have noticed there are a ton of acronyms in the mortgage industry. I guess it just makes it easier for the average not-so-smart loan officer to remember every new program that comes out. Anyways.. What EEM stands for is Energy Efficient Mortgage. You maybe asking yourself what is a Energy Efficient Mortgage?

Ill tell you.

An EEM (or Energy Efficient Mortgage) is a program sponsored by the government that can be added on to any other government insured loan such as a traditional 30 year fixed. What happens is you can receive up to an extra $8,000 on your original loan for things such as replacing that old furnace you noticed in the basement for a brand new energy efficient furnace, new windows, etc. etc…

So whether your looking to go green with the purchase of your next home, want to refinance and get some energy efficient appliances, or just want some new stuff.. let us know over here at Ford Financial we’ll be glad to help!

“The Byrdman”

Some of you will notice the two new links on the left hand side of this page. These are links to government sponsored programs. Both are very similar in that they both are involved with down payment assistance. With these two programs you can buy a house with no money down. So when you hear everyone say NO MONEY DOWN, this is what they’re talking about.

How does it work?

Being that they are non-profit organizations they basically take a check written by the seller, the organizations then process that check and write a new check as a “gift” or “grant” for the down payment which the seller is returned in the end.

There were some problems with this earlier on in the year between the government and them regarding whether or not they really are a non for profit organization.

Either way they are still providing homes with no money down through FHA backed mortgages. Being FHA experts in this field if you are looking to buy a home for no money down it most definitely is possible!!

I found a good video on You tube that describes the current situation. This is a good base as to what it all means to the average to low credit consumer.

Click to Watch

With the housing market in a huge down turn it is more important than ever to know what your own house is worth before you start looking. Even more important is knowing your buying power.

So what is your Buying Power?

Knowing what kind of loan you can qualify for and how much your monthly payment will be.

Banks are discontinuing loan programs on a daily basis. This means you might qualify one day for a certain loan program and the next day another loan program might benefit you even better.

Interest rates are volatile because of the uncertainty in todays stock market especially with mortgage bonds.

In my opinion you should keep your expectations open for fluctations in rate and fluctations in value. Always keep an open mind!