Purchase Debt Consolidation Example

In our first video blog entry, Scott talks about restructuring your mortgage to help consolidate debt.

Until Next Time!!

The FMT

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Top 5 Ways to Position Yourself if You Want to Buy a Home

Top 5 Ways to Position Yourself if You Want to Buy a Home

1. Get a copy of your credit report through www.MyFico.com. This will give us your true mortgage scores without a hard inquiry on your credit. You can also get a free copy of your report through someone like www.freecreditreport.com but it won’t give you the scores we use. There are 48 different FICO scoring models but only one that mortgage lenders use. No surprise, that this model is more conservative than most.

2. Through an ...

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11 Ways to Supercharge Your Database

11 Ways to Supercharge Your Database

You have a database that you use but deep down you know that it could be utilized to provide you with more referrals and long-term relationships. Use these tips to jump start your efforts.

Database Tips:

1) Make a commitment to call between two and five past clients / prospects per day to reconnect on a personal level and update their contact information. If you don’t already have it, get the day / ...

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Recasting Your Mortgage

Recasting Your Mortgage

In this market, it is challenging to make a move if you must utilize the equity from the sale of your existing home for the down payment on a new home. Most Sellers will not accept an offer that is contingent on the successful closing of your existing property. But there is simple solution. Assuming you can qualify for both mortgage payments, and you have a 3 – 5% down payment for a conventional loan, you ...

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My Rate

The Family Mortgage Team can help you get a personalized interest rate quote.

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Credit Repair Companies

Credit Repair Companies

If you have had credit challenges in the past, beware of unscrupulous companies that promise they can solve all your problems. Far too many take advantage of you. They typically will charge you an upfront setup fee and then a monthly charge for as long as you remain a client. Most of them just take the “shotgun” approach and dispute every negative item on your report, every month. The credit reporting agency is then required to ...

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Paying Cash for a Home? Beware of the 90 Day Rule

Paying Cash for a Home? Beware of the 90 Day Rule

With inventory levels low in this competitive housing environment, some people are opting to make cash offers on homes to make their purchase agreement look more attractive to potential sellers. While this may help you get your offer accepted, there is a large pitfall you must understand. The IRS gives you a 90-day window to put a mortgage on a property to gain the benefits associated with this loan being considered “acquisition indebtedness”.

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SO, YOU NEED A MORTGAGE

SO, YOU NEED A MORTGAGE

IS YOUR BANK THE BEST PLACE TO GO?

You’ve decided to make a move and buy a new home, what’s next? It may seem like a logical step to call your bank. They have your banking accounts and since the Bank has your financial information, the process will be easier. Unfortunately, this is rarely the case. In fact, it is typically a much more streamlined process to obtain a loan through a Mortgage Lender. Banks will have to collect all the ...

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The Only Constant is Change…

The Only Constant is Change…

…and as witnessed over the past 20 years, nowhere is it more evident than in the mortgage industry. Much of it, as with any business, occurs because of the rapid and ever evolving technological advances making the process easier and more efficient.

Enter Government Regulation
But, as rapidly as it happens, the most change we’ve seen in the past years has come from government regulation. Hindsight is 20/20, of course, and looking back at the events leading ...

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Interest Rate Update

Interest Rate Update

Since I last wrote this update back in April, interest rates have been amazingly steady. The Federal Reserve raised short-term rates again in June. That is having a direct impact on adjustable rate mortgages (that are now adjusting), home equity lines of credit, and car loans. The prime rate has now risen from 3.25% in 2015 to 5% today. They have penciled in two more increases this year potentially, which would bring it up to 5 ...

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