Bruce Reichstein's (brucereichstein) Blog

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Mortgage and Lending - www.OneTimeClose.com
RECENT BLOG POSTS
A reader asks, "We are selling a property which has two homes on it but one is not livable. The story is our parents were living in a very old home but when they got older, the upkeep was too much. So, they bought a manufactured home and put that on the property. The house effectively became a st...
07/14/2013
When you want to purchase a home with a VA mortgage, one of the things you'll need to do is to negotiate the interest rate on the loan with the lender. In some cases the most advantageous interest rate might not be available due to a variety of factors--a borrower's credit scores, the lender's in...
07/12/2013
The House Committee on Veterans Affairs official website has a page dedicated to The Honoring America’s Veterans and Caring for Camp Lejeune Families Act of 2012, also known as H.R. 1627. This act changed important aspects of the VA home loans program and those changes directly affects many VA lo...
07/10/2013
There are many reasons to consider refinancing into a VA mortgage loan. Those who have adjustable rate mortgages and want to get into a stable interest rate after the introductory or "teaser" period ends should definitely consider the option, as should anyone who wants a lower monthly mortgage ra...
07/10/2013
A reader asks, "I’m a veteran and I have never used my VA Loan benefits. I’ve been in my home for 7 years under the FHA program and would like to inquire how I can refi with the VA?" This raises an important questions for veterans who are in FHA home loans and want to refinance into a VA mortgage...
07/09/2013
One very important VA benefit for certain qualifying veterans is the exemption from having to pay the VA loan funding fee when purchasing a home with a VA mortgage. Veterans who receive or are eligible to receive VA compensation for service-connected injuries or disabilities are exempt from payin...
07/09/2013
A VA loan applicant finds a home, negotiates with the seller, and works with a lender. In most cases once the loan is approved and the process begins moving towards a closing date, it's just a matter of working out the details and getting tasks like the appraisal, inspection, and other things com...
07/09/2013
The Department of Veterans Affairs has issued some guidance for lenders about principal reduction for VA mortgages. Borrowers who get into trouble with conventional or FHA home loans often wind up discussing foreclosure avoidance options that include principal reduction--where the lender may modi...
07/07/2013
A reader asks, "I would like to know more about the refinancing and credit check. I own a home in which I only owe around $80,000 fairly new, built 2003. I’m at around 7.4%, can I refinance and pay this house off and repay the new loan at around 3.5%? I only pay $650.00 a month now which is unhea...
07/05/2013
Appraisal fees are among the most frequently-asked-question topics we handle on a daily basis. One not-so-common question, but a relevant one depending on the circumstances involves "duplicate charges" related to the appraisal. If a VA loan applicant is trying to purchase a home that has a previo...
07/02/2013
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Bruce Reichstein

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