Today’s Rate vs. Today’s Rates – Mortgage as a Second Language

The mortgage industry is almost cruelly filled with nearly impossible jargon.  Most of it is inconsequential from the consumer’s perspective and only serves to make communication easier for industry insiders.  However, when it comes to the concept of choosing an interest rate from your lender par rate, buy ups, buy downs, discount points and lender credits are a must know. Definitions: Today’s Rate – “Today’s Rate” is a myth perpetrated as a reality.  It is something the mortgage lending industry came up with because it’s an intellectually condescending industry that doesn’t believe that its clients can do math or understand …

Principles of Locking or Floating Your Mortgage Rate

At some point during the application process, your mortgage rate needs to be locked in.  This short video will provide you with the basics regarding “locking” or “floating.”  For more information, follow our interest rate forecasting page or call your loan officer for details.  Enjoy the show! Charles Dailey – Branch Manager, Loan Officer, Certified Military Housing Specialist – CA DOC, MN DOC & WI DFI The Home Buyers Scouting Report® is provided directly to the buyer by HBM II, a licensed national real estate brokerage service company, not to or through a lender. The FREE home finding service is …

When it Comes to Your Credit Report, Be Yourself.

It’s important in life and in mortgage lending that you be yourself.  Accordingly, when your loan officer is presenting you and your loan application to an underwriter, you do everything you can to be as accurate and honest as possible.  You take a detailed loan application and cough up unending amounts of documentation so, . . you’re good right?  Actually, there’s a 25% chance that’s not quite right. One in four consumers found an error in a credit report issued by a major agency, according to a study by the Federal Trade Commission.  Five percent found errors that could lead …

New Rules: If You Want an Adjustable Rate Mortgage (ARM) You Better Have Cash

Rest assured, if homebuyers or Realtors think they may have a good idea for a low down payment purchase loan program, they needn’t bother thinking since Fannie Mae has decided to make that executive decision on their behalf.  As of October 20th, the new choice will be between a fixed rate mortgage, fixed rate mortgage or fixed rate mortgage.  What’s best for the homeowner has now been mandated by Fannie Mae. The maximum Loan to Value for ARM’s (Adjustable Rate Mortgages) is being dropped from 97% to 90% for all purchases and no cash out refinances (seriously, this is not …

The Home Buyers Scouting Report® Mobile App is Here!

The Home Buyers Scouting Report® is now mobile. From the browser on your mobile phone, if you type in www.homescouting.com, you’ll see that your scouting report is now mobile friendly. From an iPhone, Android or Blackberry you should bookmark the page and add a bookmark icon to one of your home screens. You can also get the apps from the Apple Store or Google Play: For tutorials on the mobile Home Scouting app, click here. If you need mortgage calculators on the go, pull up http://calculators.charlesdailey.com/ in your mobile browser and bookmark it .  Should you want rate quotes on …

How to Choose and Calculate Your Private Mortgage Insurance (PMI)

Saving an eighth of a percent on interest rate can save a little on your monthly payment and shopping around on closing costs can save a little on your down payment but perhaps the most overlooked and costly mistake when buying a home is not choosing the right mortgage insurance if the down payment is less than 20%.  The wrong decision on this choice can cost thousands of dollars. Let’s take a generic purchase of 200,000 dollars with the minimum down payment and compare them but before that, here are some definitions that you’ll need: Borrower Paid Monthly Mortgage Insurance …

Minnesota Mortgage Refinance and Purchase Mortgage Calculators

You are in your jammies, its 1:00 AM and visions of new homes are dancing in your head.  How much is this going to cost?  What interest rate will you get?  Who are you gonna call?  No need, my friend…the internet has got you covered! Information is GOLDEN.  And if you are like most, you are a do-it-yourself-er (DIY).  You want and expect information at your fingertips until you reach a certain point in the home buying process. I GET THAT. Most people prefer to browse and learn online before shopping with the aid of a real estate or lending …

Understanding Your Mortgage Costs and Fees on Minnesota Loans

Mortgage fees can be difficult to understand.  Often times fees exist for things that don’t match what they are named, sometimes they are omitted or expectations can be mismanaged.  A lack of clarity, omissions and mismanaged expectations will always lead to a poor experience and worse yet, a loan that is inferior to what you could have had.  It’s important to make sure that they are clearly understood, presented accurately and can be relied upon throughout your transaction.  This video does not seek to interpret how other companies represent their closing costs.  It has been prepared for you, iLoan’s customer …