Michael Deery's (michaeldeery) Blog

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Mortgage and Lending - Citywide Financial Corp
RECENT BLOG POSTS
There is a terrific new purchase program now available for buyers! It is a conventional loan option that only requires a 3% down payment and has NO monthly mortgage insurance "PMI". Too many buyers today assume they have to take FHA financing with its really expensive monthly mortgage insurance i...
04/13/2013
"When can I repurchase a home again after a Short Sale, Foreclosure or Bankruptcy" is a question that many people are asking these days. As the housing downturn started in 2007, which is now 6 years ago, you will find that more and more buyers who suffered a financial hardship over the past few y...
03/29/2013
For buyers still on the fence thinking about buying a home or move-up buyers still waiting to sell, they should take into consideration the following 4 reasons below why they should look into making a decision soon. For example, interest rates have increased for four straight months and have incr...
03/15/2013
In today's competitive market where multiple offers are the norm, it is very important that a buyers offer stands out from the crowd so it is given every chance of getting accepted! Buyers and agents need to be creative with their offers too and also provide full transparency upfront, so the sell...
02/27/2013
Its official, the FHA have confirmed that FHA buyers will pay Mortgage Insurance for the Life of the Loan starting June 3rd 2013!  The FHA confirmed these changes in a press release January 30th. This will dramatically increase the cost of  FHA loans for consumers, as new buyers will pay FHA Mor...
02/04/2013
Mortgage rates are a very popular topic right now, as media channels across the US are telling everyone that interest rates are currently at record lows and now is a great time to afford a home. Understanding what determines a borrowers rate or what causes mortgage rates to go up or down is quite...
01/10/2013
Buying and selling flipped properties can be difficult in this market depending on the financing the buyer is trying to get. For example, conventional financing does NOT have a anti flip policy but many lenders still apply their own rules, and the FHA requires a 2nd appraisal on flipped propertie...
12/27/2012
One of the main reasons that buyers are not closing escrow these days is because of poor appraisals. We all hear about out-of-area appraisers who don't know the local market, use of distressed-sale properties to appraise a property that is not being sold under distress, and lack of comparable sal...
12/21/2012
Conventional or FHA, what's best for buyers? Most buyers today assume that FHA financing, with it's 3.5% down payment & very expensive mortgage insurance premiums "MIP", is their only financing option if they only have a low down payment! Instead, show buyers how to purchase a home with a low dow...
12/20/2012
It will not be the first time that a buyer accidentally disqualifies their loan before closing! Often we hear of buyers going out and buying furniture or something else on credit, or a new car before closing, or they change jobs or change positions, which unfortunately will now disqualify their l...
12/15/2012
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MichaelDeery

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