We’re ALL (Amazing Loan Ladies) about simplifying the complicated and taking care of the details! TRID stands for TILA/RESPA Integrated Disclosure Rule TILA = Truth in Lending Act RESPA = Real Estate Settlement Procedure Act TRID is CFPB’s requirement to simplify all of this. CFPB = the Consumer Finance Protection Bureau, the new agency overseeing […]
Mortgage Info Blog
Should I lock my interest rate?
Typically when you apply for a mortgage loan, you have the choice to lock the rate or float the rate. If you lock the rate, the lender will guarantee the rate for a set # of days (15, 30, 45 or 60 days typically). Generally, the shorter the rate lock term the better the rate. If you […]
What’s the best program for a first time
Many people wonder what the best program is for a first time buyer? The answer is dependent on the buyer’s credit score and credit profile, the buyer’s income and the amount of cash the buyer has to spend on down payment and closingClosing is the meeting — typically in person — where all parties sign the final loan and property paperwork and the transaction becomes official. It’s the last step in the process, the point where months of paperwork, verification, and waiting turn into... More costsClosing costs are the fees and charges due at closingClosing is the meeting — typically in person — where all parties sign the final loan and property paperwork and the transaction becomes official. It’s the last step in the process, the point where months of paperwork, verification, and waiting turn into... More beyond the […]
Who’s using Rehab Loans?
Many excellent properties are scooped up by cash buyers at below market value. In fact cash sales make up over 25% of all sales. Investors know they can buy a home that would be difficult to finance (due to property condition) and fix it up and sell it for a profit. But with a rehab […]
Qualified Mortgages and Ability to Repay...
The Dodd Frank – Consumer Protection Act was adopted in July 2010 and created the CFPB (Consumer Finance Protection Bureau). Check out their site at www.consumerfinance.gov Starting in January 2014, the CFPB (Consumer Finance Protection Bureau) says mortgage lenders must implement new rules regarding “Qualified Mortgages) and the “Ability to Repay”. These rules are meant to protect […]
What you need to know before you buy a h...
There are a few things you should know, from a financing point of view, before you buy a home. You should know that you can qualify for a mortgage. If you are in doubt then you need to seek the answer by contacting a mortgage loan officer who can often quickly and easily determine if you […]
Home Buyer Education
What does a person need to know before they buy a home? How much will it cost upfront and what will the monthly payment be? What other costs are associated with owning a home? What tax benefits might I reap? How can I determine if a home is a good value? How can I know […]
Water Quality
Just attended a great presentation by Secondwind Environmental Services about water quality and the real estate transaction. Here are a few of the things I learned: There are primary and secondary standards. Maximum Contaminant Levels are set for both. The primary standards are health related. Secondary standards have more to do with aesthetics and functionality […]
RD extends eligibility thru 1/15/14
Thinking of an RD loan? 11 communities will no longer be eligible for RD loans as of 1/15/14. Originally this was scheduled to occur on Oct 1st but thanks to the government shut down the time frame was extended! In order to purchase in an eligible area that will be ineligible in 2014, you […]
Get your free Credit Report!
Apply on line with Bookend LendingMortgage Company and we will obtain your 3 credit reports in a merged file, send you a consumer copy and review it with you. Everyone is entitled to a free credit reportA credit reportA credit report is a detailed record of your credit history. Mortgage lenders use it to help determine how you have managed credit in the past and how much risk may be involved in lending you money. A mortgage credit report generally... More is a detailed record of your credit history. Mortgage lenders use it to help determine how you […]