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Mortgage and Lending - The Federal Savings Bank
The mortgage industry is changing almost daily. My blog is dedictated to updating readers so you and/or your clients can make educated choices and find the best loan options currently available.
RECENT BLOG POSTS
We hear the term nearly every day.  What does "subprime" really mean?  Greg Z @ http://www.mortgageadvisor.info/ Subprime mortgages As with subprime lending in general, subprime mortgages are usually defined by the type of consumer to which they are made available. According to the U.S. Departmen...
09/16/2007
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With all mortgage ads it's easy to see why some think mortgage rates are an off the shelf item.  Truth is they are more like life & health insurance quotes - subject to your personal situation. Just as an insurance agents ask height, weight, family health history etc... a meaningful mortgage rate...
09/13/2007
financing unexpected & planned home improvementsBad News:Unsecured lines of credit are really glorified credit cards without tax deductible interest. Non-deductible interest for homeowners is like throwing money away unless you're able to pay it off in short order or plan to default on the loans....
09/08/2007
Mortgage lenders are asked this question all the time.  I send inquiries directly to the source for an unbiased answer.  According to the Fair Isaac Corporation (FICO) same "type" inquiries will be treated as a single credit pull as it is apparent you are shopping for one loan.  Here is what they...
09/03/2007
This is the legal means a mortgage company may use to repossess their collateral, your home should you default on making timely payments. If the property is sold for less than the total amount owed on the mortgage loan, the mortgage company or HUD could seek a deficiency judgment against you. A d...
08/31/2007
To qualify for some mortgage loans you will be asked to meet their reserve requirements.  Lenders want to know that in the event your current source of income is interrupted you have sufficient cash "reserves" to meet your mortgage payment obligation for a specified period of time.  Reserves are ...
08/30/2007
Like oil & water, cash payment histories & mortgage approval don't mix.  Mortgage lenders use your demonstrated use of credit to predict the likelihood to make timely mortgage payments in the future.  Vendors don't report your cash payments to credit reporting agencies. Only your debts (what you ...
08/28/2007
Adjustable Rate Mortgages (ARM's) have existed since the 1980's but only recently have they been described as "toxic ARM's."  The subprime variety has more dramatic increases but why don't they just refinance out of these bad loans?  What's changed? Stated income loans may be referred to as liars...
08/24/2007
This week I had the unpleasant responsibility to explain foreclosures to three different clients.  Two were in foreclosure with their current lenders having well over $100,000.00 in equity! They were seeking cash out refinances and didn't understand why they couldn't qualify for a new loan? They ...
08/23/2007
Looks like some relief is finally arriving for the mortgage market.  The following has been taken from a recent news article on this subject.  See the entire article @  http://bloomberg.com/apps/news?pid=20601087&sid=aE1A7RkmKsag&refer=homeThe Fed, in a surprise announcement in Washington, cut th...
08/18/2007
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Greg Zaccagni

Illinois Mortgage Lender
smartphone(630) 853-8555
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