David Simon's Blog

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Mortgage and Lending - AJM Mortgage, Inc
RECENT BLOG POSTS
Did you know that FHA and VA don’t lend money?  A common misconception is that you can go directly through FHA or VA to get a loan.  FHA and VA only insure the mortgage for the lenders that are lending you the money.  There are many websites and marketing pieces that I see regularly that appear t...
11/06/2013
A common misconception is that an appraisal is always required when applying for a mortgage.  While some banks will always require an appraisal, depending on the type of loan that you are applying for, our lenders do not.  We have access to special government refinance programs that don't require...
11/06/2013
Q:  My realtor insists that I get pre-approved before she will even show me a house?  Why do I need to get pre-approved just to look at a house? A:  Your realtor is requiring it because she doesn’t want to drive you around to tour houses unless she knows that you are a qualified buyer.  It is res...
11/04/2013
I just read a great article on allclearid.com about protecting your identity after a move.  I encounter borrowers regularly that have had to deal with identity theft so I would highly suggest you take a minute to read and follow some tips.  I have cut and pasted the article below: Fight ID Theft ...
11/04/2013
There is a little known product that will be ending soon.  It is the 5% down conventional loan with upfront financed mortgage insurance.  There isn't a way to get a lower monthly payment without putting a lot more down.  Fannie Mae offers this but it is ending soon.  IF you may be looking to buy ...
11/04/2013
An appraisal is an opinion of value so you want to leave the appraiser a very positive impression about your home and how you have cared for it.  Take the time to show the appraiser all of improvements that you have made to it since you have owned it.  It can be helpful to provide the appraiser a...
11/04/2013
Q:  I see a lot of different mortgage rates posted in the newspaper.  Is the lowest interest rate the best deal for me?   A:  This is not always the case. What is not common knowledge is that there is not just one rate on any given day but a range of rates, each with its own associated cost. By s...
11/04/2013
Q:  I am going through a divorce and I want to keep the house but she wants her share of the equity to sign off the deed.Is this something you can help me with? A:  Yes. I have had plenty of experience working with people in thisexact situation. We can guide you through the process ofrefinancing ...
11/04/2013
I heard an ad by a local bank that their mortgage people don’t work on commission and that saves you money.  I am not sure how.  Their employees get paid.  In fact they get paid whether you get your loan or not.  We only get paid if your loan closes so we are very motivated to not only get your l...
11/04/2013
You may not realize that you can buy a house and put less than 20% down and NOT have to pay monthly PMI.  There are alternative options that can save you money and result in a lower monthly payment whereby you essentially buy out the mortgage insurance in the form of paying a slightly higher inte...
11/04/2013
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David Simon

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