Michael Deery's (michaeldeery) Blog

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Mortgage and Lending - Citywide Financial Corp
RECENT BLOG POSTS
Fannie Mae has just announced New incentives for its HomePath properties and is offering Buyers up to 3.5% in closing cost assistance beginning April 11 through June 30, 2011, as well as a $1000 bonus to agents in California and Washington who help a buyer close by June 30th 2011. Eligibility Det...
04/11/2011
Here is another great tip to help get buyers off the fence! Show buyers a 20 year mortgage plan that will help them to payoff the mortgage faster and help them meet their retirement goals faster, instead of just a traditional old 30 year loan. I have found that this is a great selling point & a g...
04/06/2011
Did you know that if a FHA seller sells their home early in the month, they are charged interest through the rest of the month by the FHA? This is a fact that not a lot of sellers are not aware of because it is only the FHA that calculates interest on a full months basis, whereas conventional loa...
04/05/2011
How does the Bi-Weekly Mortgage Payment Plan work? I get asked how this program works all the time. This is a great plan to show your clients how they can pay off their home about 6 years earlier and save over 23% of the interest on a loan just by using the same mortgage payment, in fact this pay...
04/01/2011
Did you know that Fannie Mae now charges a buyer with a 699 credit score an extra 1.5% fee on a home loan compared to a buyer with a 740 credit score, that is $6,000 extra on a $400k loan amount. It has never been more important than in today’s housing market to have excellent credit scores, espe...
03/28/2011
For any buyers still sitting on the fence thinking about buying a home, they should take into consideration the following 4 reasons why they should seriously look into buying soon. Yes there are reports out there about a possible double dip in values and there is a good chance that values may dip...
03/08/2011
The FHA have just announced they are going to increase buyers mortgage insurance "MI" payments AGAIN on April 18th by .25%. This is now the 2nd increase in just the last 7 months, as they also hiked MI payments last October. This will mean another significant increase in a new buyers overall mort...
02/22/2011
Should you buy now or wait another 12-18 months to buy? That is a decision that many buyers in the market are facing today. As many experts are advising that housing values are already in or are going into a double dip soon, it is a fair argument that buyers want to hold off on buying right now. ...
02/18/2011
Did you know the $8k Federal home buyer tax credit is still available for some VA buyers until June 30th 2011? I have been surprised by how many Agents and VA buyers I have talked to recently who were not aware this tax credit extension still exists. This presents a great opportunity for any VA b...
02/17/2011
With rates jumping from 4% to 5% in just over a few months, it might be fair to say we may have hit bottom in the housing market when factoring in what the overall cost is to buy a home? Because did you know that with every 1% rise in rates, the buyer loses 10% in purchasing power. It is now very...
02/16/2011
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