Posted on December 21, 2018 - 10:50 AM
by Walter Poff
Years ago, credit scoring had little to do with mortgage lending. When reviewing the credit worthiness of a borrower, an underwriter would make a subjective decision based on past payment history. Then things changed. Lenders studied the relationship be...
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Posted on December 21, 2018 - 10:50 AM
by Walter Poff
When you apply for a mortgage loan, you expect your lender to pull a credit report and look at whether you've made your payments on time. What you may not expect is that they seem to be more interested in your FICO® score. "What's a FICO® score?" is a ...
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Posted on December 21, 2018 - 10:50 AM
by Walter Poff
When buying a home, it is not enough to just come up with the money. With the exception of no asset verification loans, lenders want to verify where the money for your new home will be coming from. If you can document that the funds are coming from your p...
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Posted on December 21, 2018 - 10:50 AM
by Walter Poff
This is a detailed summary of costs you may have to pay when you buy or refinance your home. They are listed in the order that they should appear on a Good Faith Estimate you obtain from a mortgage lender. There are two broad categories of closing costs. ...
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Posted on December 21, 2018 - 10:50 AM
by Walter Poff
An adjustable rate mortgage (ARM) has an interest rate that fluctuates periodically. This is in contrast to a fixed rate mortgage, which always has the same interest rate. Every ARM has basic components: An index A margin Adjustment Period An inter...
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Posted on December 21, 2018 - 10:50 AM
by Walter Poff
Now that you know what an ARM is and how it works, you may be wondering what the advantages and disadvantages are. So let's explore that issue. Offering adjustable rates allows lenders to transfer part of the interest rate risk from themselves to the bor...
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Walt Poff is the best Realtor® that we have ever found. As the result of his innovative and creative marketing, along with all of his resourceful ideas, we sold our home for a wonderful price only 36 days after we listed it with him. We even had two buyers at the same time, both with acceptable offers. Our home had previously been on the market for two years, listed with two other Realtors®, and nothing happened. Walt is reachable seven days a week and at all hours of the day and evening. Walt is without a doubt the hardest working and most professional Realtor® that we have ever dealt with.Marilyn Kreger