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What's Ahead For Mortgage Rates This Week - August 10, 2015 - Michael Santos
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What’s Ahead For Mortgage Rates This Week – August 10, 2015. August 10, 2015. This week’s scheduled economic news includes reports on construction spending, a survey of senior loan officers, and reports on labor markets including ADP private sector jobs, the federal government’s reports on non-farm payrolls, core inflation and the national unemployment rate. Construction Spending Slows, Loan Officers Survey Suggests Growing Confidence. According to a survey of senior loan officers conducted by the Federa...
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Mortgage FAQ - Michael Santos
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What are my options if I have no down payment, or only a small down payment? Some loans will do 100% financing. Another similar loan option is called a piggy-back loan, where you get approved for the first and second mortgage at the same time. FHA loans require only 3% down. No matter which of these types of loans you obtain, the payment will be larger, your interest rate will probably be higher, and you will be required to buy private mortgage insurance (PMI). What is private mortgage insurance (PMI)?
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Home Appraisal - Michael Santos
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What is the purpose of a home appraisal? A home appraisal is generally required by the lender in order to establish that the value of the home will be sufficient collateral for the amount of the loan. The appraisal fee is generally paid by the buyer, sometimes required at the time of the loan application but typically paid at the loan closing. Providing assurances that the home is not over-valued. Justifying the amount of the loan. Qualifying you for certain terms. Protecting against negative home equity.
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Testimonials Archive - Michael Santos
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8220;Great personalized customer service and care! July 5, 2016. Michael Santos, Tina Koenig, and the whole Mlb team helped us every step in the way in the purchase of our 1st home, Great personalized customer service and care! 8220;You guys were with me every step of the way until closing! July 5, 2016. Thank you Santos team for making my home buying experience and dream come true! You guys were with me every step of the way until closing! Thank you again all! July 5, 2016. January 27, 2016. My clients ...
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Closing Costs - Michael Santos
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What costs should I expect at the loan closing? Before you make long term decisions about the terms of your mortgage, such as locking in an interest rate, you should review the Good Faith Estimate to determine if there are hidden costs that may change your decision. A percentage of the mortgage (generally 1%), charged to set up and evaluate the loan application. Required by the lender to process your loan application, often required with the application, generally non-refundable. Often required by the le...
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A Guide for Those Intrested In Refinancing a Traditional Mortgage to a FHA Mortgage - Michael Santos
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A Guide for Those Intrested In Refinancing a Traditional Mortgage to a FHA Mortgage. August 4, 2015. Understand the Rules and Requirements. There are specific rules in place regarding refinancing under the FHA program. For example, the loan amount may be up to 96.5 percent of the value of the home, but the homeowner cannot take cash out of the refinance transaction. If cash is taken out, the loan-to-value limit under the FHA program is usually 86 percent of the property value. Each homeowner will be in a...
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Home Inspection - Michael Santos
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When should I have a professional home inspection done? An independent professional home inspection, done at the right time, could save you thousands of dollars. The results may influence your purchase price, the terms of or contingencies to the purchase agreement and the type of. May set the value of the home, the inspection verifies the specific details of the condition of the house such as:. The cleaning or repairs needed. The structural aspects of the house (such as the foundation, framing, roof).
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Loan Checklist - Michael Santos
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Documents required vary from loan to loan, but generally the following are required, often for up to two years back:. Statements of income such as last two years W-2’s, two current pay stubs, and the last two years complete tax returns. Two current bank statements. A list of any assets that you own. Rental or mortgage history for the last 2 years. Employment history and current information for the last 2 years. Personal identification, including Green Card if applicable. Top Loan Originator Since 2001.
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Michael Santos - Michael Santos
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What’s Ahead For Mortgage Rates This Week – August 29, 2016. August 29, 2016. Last week’s economic reports included readings on new and existing home sales, a speech by Fed Chair Janet Yellen, and a report on consumer sentiment. Weekly reports on mortgage rates and new jobless claims were also released. New Home Sales Rise in July as Pre-Owned Home Sales Fall. Lawrence Yun, chief economist for the National Association of Realtors, noted that a slowdown in home appraisals may have contributed to July̵...
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The Down Payment: Four Great Reasons To Make The Largest Down Payment You Can Afford - Michael Santos
http://michaelmortgage.com/personal-finance/the-down-payment-four-great-reasons-to-make-the-largest-down-payment-you-can-afford
The Down Payment: Four Great Reasons To Make The Largest Down Payment You Can Afford. August 5, 2015. If you’re looking for a new home, you’ve probably heard lots of advice about down payments. About how it’s okay to just have a five percent down payment – you’ll still get approved. About how you should make the down payment as small as possible to avoid cash flow problems. You Can Avoid Useless Insurance Premiums. You’ll Pay Much Less Interest. You’ll Have More Ammunition In A Bidding War. If you can sh...
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