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Despite what you hear from a co-worker or the media, interest rates are still good. It is only the sub-prime lending community that is in trouble. FHA, VA, and standard Conforming loans are still going strong. If you currently have a sub-prime loan you may qualify for better loan terms. You may have qualified before but weren't told you were.
I am a Mortgage Broker with Cascade Financial & Co. Call me and I will work up several scenarios for you to consider and give you my recommendations of what type of loan program you should choose and why.
As you browse my web site you may notice that I am not spending a lot of time talking about how great my bank is(even though it really is). I want you to get to know me. The name or size of the lender is one of the costliest misconceptions a person can have. Fact of the matter is this. Fannie Mae, Freddie Mac, FHA, and VA are the ones that set the guidelines for the loans they secure. When getting a loan, you need a Loan Officer who knows the what the underwriter needs and can prepare you for any pitfalls that could occur from the get go.
I do not sell sub-prime loans! In any instance where there is no other alternative, my first piece of advice to you is going to be to wait. 95% of the time you save more by taking the time to repair your credit than it is to take a higher interest rate loan.
Please browse through my site and call me if you have any questions or would like for me to give you a quote on purchasing or refinancing your home.
Thank you,
Paul Burke
Copyright 2007 PaulBurke.net. All rights reserved.
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Mortgage Industry News for the Mortgage Industry
Fed Receives 25 Apps to Acquire Banks
In recent Federal Register notices, the Federal Reserve Board reported that it received 25 applications for proposed mergers and acquisitions. Some of the applications involved the acquisition of 100 percent of voting shares. Others involved only a portion of ownership.
Monthly BK Filings Down
During June, 116,365 consumer bankruptcies were filed, the American Bankruptcy Institute reported. Filings fell from 124,838 in May, the report indicated. More than 12,000 attorneys, judges, lenders and other bankruptcy professionals reportedly are members of ABI.
7 Banks Seized
The Illinois Department of Financial and Professional Regulation, Division of Banking seized five small financial institutions. Another Illinois institution was closed by the Office of the Comptroller of the Currency. The Texas Banking Commissioner closed down a Dallas bank. The Federal Deposit Insurance Corporation, which announced the failures, was named receiver of all the failed banks.
Millions Released for Displaced CA Mortgage Workers
In February 2008, the U.S. Department of Labor announced a $5.6 million grant for the California Employment Development Department. The funds were targeted for career counseling, skills training and other employment and training assistance. The second of two installments has been released, according to a new announcement.
GMAC Restructured, Renamed
GMAC LLC converted from a limited liability company to a corporation, according to a filing with the Securities and Exchange Commission. As part of the transition, the firm was renamed GMAC Inc. "The conversion will facilitate implementation of the registration rights that GMAC has provided to its common and certain of its preferred shareholders," the filing said.
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