Musings for Those in the Rain

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Mortgage and Lending - NMLS #142344
The blog of The Mortgage Guys of Domus Mortgage consists of informative posts for our potential or existing mortgage clients combined with other articles geared toward Mortgage and Real Estate Professionals in which we strive to share experiences or seek guidance.
RECENT BLOG POSTS
 In an effort to clarify the time-frames around the increases in FHA and Fannie Mae loan limits, I have attached the text of a letter forwarded to me by a member of the Mortgage Bankers Association.  I thought it of particular importance to those of us who are brokers awaiting notification and cl...
02/18/2008
WHAT EXACTLY IS THE MORTGAGE PROCESS?After agreeing in principle to the terms of the loan by signing disclosures, the first step is to have your home appraised.  Once an  inspection has been conducted, it usually takes the appraiser about 3 business days to send the report.  Your appraisal, discl...
02/18/2008
WHY WOULD I WANT TO REFINANCE MY HOME?This is a common question asked quite frequently by many of today's homeowners.  Of course, each individual is unique.  But take this quick quiz to determine if you should consider home mortgage refinancing:Are you paying a high interest rate on your present ...
02/18/2008
DO I REALLY NEED A REAL ESTATE APPRAISAL - AND WHY SHOULD I HAVE TO PAY FOR IT? Every lender or bank (with a few specific program exceptions) requires that a licensed, independent appraiser visit your home to inspect and review the property.  This is done to verify information such as the style o...
02/18/2008
WHAT IN THE WORLD IS A FICO SCORE?The word FICO is an acronym for Fair, Isaac and Co.  One's FICO Score is a 3-digit number measuring his or her credit-worthiness.  This score is assigned to anyone who has applied for and used consumer credit.  The following factors determine a person's FICO scor...
02/18/2008
Today's borrowers face unique financial and life challenges never before dealt with.  As a result, some lenders hav come up with creative ways of home financing.  Please see the below chart to understand exactly how much disposable income an average homeowner has each month.  In this example, we ...
02/18/2008
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If a mortgage company offers you a 30-year fixed interest rate of 5.50%, when do you begin paying 5.50% interest on the money that you borrow?  Your answer to the above question would probably be, "As soon as I make my first payment."Unfortunately, you would be incorrect.  But this is a common mi...
02/18/2008
This is a question around which there is much confusion.  In and of themselves, mortgage loans are neither bad nor good.  As a result, no one can truly, categorically say that a particular loan is either "bad" or "good."  What one can determine, however, is whether or not the particular terms bei...
02/18/2008
If I have learned one thing as a mortgage professional over the past year it is that I still have quite a lot to learn.You see, I entered the business almost accidentally in 1999 after completing a Master's degree in, of all things, Public Communications. With virtually no background in finance, ...
02/15/2008
If perception were reality, then the answer to this question would be a resounding "Yes."  But before we paint a segment of society with such a broad and negative stroke, wouldn't it be wise to ponder the question a bit further?  Take me, for example.  I am a married, 33-year-old father of two wh...
02/13/2008
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Steven Odierno

NJ Mortgage & Marketing Professional
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