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Last update: 2013-04-13

FHFA extends HARP to 2015

2013-04-13

In what is great news for many homeowners, The Federal Housing Finance Agency directed Fannie Mae and Freddie Mac to extend the Home Affordable Refinance Program by two years to Dec. 31, 2015. The program was set to expire at the end of this year. FHFA determined that extending the program will provide borrowers additional [...]…

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Fannie and Freddie Need Another $14 Billion, but Losses May Be Slowing

2011-11-12

This news slipped past the mainstream media. Original story from The Atlantic Although their performance was worse in the third quarter, it had more to do with derivatives than the housing market. Late Tuesday, U.S. taxpayers got some more bad news: Fannie Mae announced a big quarterly loss and requested another $7.8 billion from taxpayers. [...]…

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Using the Services of a Mortgage Broker

2011-08-13

The California Department of Real Estate was in a writing mood and updated their guide “Using the Services of a Mortgage Broker”, or as they like to call it RE35A. Written in huge font, it won’t take you long to read it, but save your time. It explains negative amortization loans which don’t exist today, [...]…

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A Visualization of US Debt

2011-07-23

I came across this website with a nice way of visualizing the debt our politicians have accumulated. While this won’t help your mortgage it could hurt it one day if our country’s borrowing costs start rising. But as a friend of mine said, “The U.S. is still the only game in town so we are [...]…

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DYI Loan Modification

2011-07-17 :: Rck Gundzik

If you’re looking for something to do on a weekend have I got a project for you. The California Department of Real Estate has published a handy dandy guide to doing your own loan modification. This is certainly time well spent, if for no other reason then to have a huge bucket of financial reality [...]…

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To ARM or not to ARM – June 30, 2011

2011-06-30

I recently received several questions about whether or not someone financing a home today should get a fixed rate loan or an adjustable rate mortgage (ARM).  Also an old friend alarmingly pointed out to me how many ARMs are being done in this low interest rate period.  Notice the foreshadowing…..Don’t get an ARM.  While I [...]…

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Refinance Considerations – April 1, 2011

2011-04-01 :: Rck Gundzik

Today we answer a listener’s question. The question is simply, “Is it a good time to refinance, what are interest rates at, and what must one consider if they have no equity and about refinances in general.” Listen to “Capital gains and Equity Sharing” If you have any questions you would like us to answer [...]…

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The State of the FHA Streamline Program

2009-10-01

Today we welcome a guest blogger… Brandon Laughridge from MortgageLoanPlace.com Mortgage refinance applications continue to pour in nationwide as homeowners look to take advantage of falling rates. As a whole, mortgage applications in mid-September hit their highest level since May, with refinancing applications increasing 17 percent from the week prior, according to data from the [...]…

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Capital gains and Equity Sharing – September 17, 2009

2009-09-17

On this week’s show we handle two interesting equity questions. The first is “You have a property that has substantial amounts of equity, you want to sell the property and move to another property, can the equity from Property A follow you to Property B without having to pay any capital gains? What other alternatives [...]…

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Non Recourse loans and Cash Out Refinances – September 10, 2009

2009-09-10

What’s the difference between a recourse and a non-recourse loan? and How much equity should one have in a property before considering a cash out refinance? This week we answer these two listener questions. A recourse loan allows the lender to try to collect the money they lose on a foreclosure or short-sale from the [...]…

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Pay off Your Mortgage Faster – September 3, 2009

2009-09-03

This week we answer another listener question; “How does one know if they’re paying just interest or they’re paying down principal? Would their mortgage payment be just the interest or would it be substantially more? Who decides what gets applied to the mortgage payment once the interest has been calculated and figured out by the [...]…

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Upside down on Your Mortgage and Jumbo Loans - June 18, 2009

2009-06-20 :: mortgagesmadesimple@gmail.com (Rck Gundzik)

This week we're replaying a podcast where we answer 5 more questions from loyal listeners. 1. If someone is upside down in there mortgage, what advice would you give them? 2. Could you explain what it means to be upside down in a mortgage? 3. Can a person…

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FHA Streamline Refinance - April 23, 2009

2009-04-23 :: mortgagesmadesimple@gmail.com (Rck Gundzik)

FHA Streamline refinances are the best thing since sliced bread. They allow you to refinance with no appraisal, no paystubs and essentially no qualifying. Make sure your loan officer isn't charging any points and you'll be lowering your monthly payment in…

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Refinance vs. Loan Modification - April 16, 2009

2009-04-16 :: mortgagesmadesimple@gmail.com (Rck Gundzik)

Is it better to do a simple refinance or a loan modification? I, of course, prefer a refinance. It's straight forward, actually cheaper and it's a sure thing. And with President Obama's MakingHomeAffordable.gov plan, refinances should be easier if you hav…

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$8,000 Tax Credit and More - March 26, 2009

2009-03-26 :: mortgagesmadesimple@gmail.com (Rck Gundzik)

Is the $8,000 tax credit going to help you out? Find out on today's podcast if it will and we give details on California's new home tax credit. $8,000 tax credit details: Must be a 1st time homebuyer, haven't owned a home in the prior 3 years Must live in…

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Upside down on Your Mortgage and Jumbo Loans - March 19, 2009

2009-03-19 :: mortgagesmadesimple@gmail.com (Rck Gundzik)

This week we answer 5 more questions from loyal listeners. 1. If someone is upside down in there mortgage, what advice would you give them? 2. Could you explain what it means to be upside down in a mortgage? 3. Can a person use the equity from there prope…

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Seller Financing, What is it and More Listener Questions - March 12, 2009

2009-03-14 :: mortgagesmadesimple@gmail.com (Rck Gundzik)

This week we answer 6 more questions from loyal listeners. 1. There are 3 phases of development, undeveloped, pre-construction and developed. What type of financing is available for the purchase of raw land. If there's financing available, what do lenders…

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FHA, VA origins and Low Down Payment loans - March 5, 2009

2009-03-05 :: mortgagesmadesimple@gmail.com (Rck Gundzik)

This week we answer 6 more questions from loyal listeners. 1. Will FHA Loan limits apply when house prices start to stabilize? 2. How Did FHA and VA loans develop? 3. In pre construction is a construction loan used by developers? 4. Are there any high lev…

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