Hans Iduma's (hansolo75) Blog

Mortgage and Lending
A "junk" fee is a derogatory term used to define extra fees that a lender may decide to tack on to the loan. Junk fees are charged as a dollar figure rather than a percentage. Junk fees are completely legal provided they were properly disclosed to you on time as required by law. It is important t...
A lender may structure a loan to include a prepayment penalty probably to protect their interests and discourage the customer from refinancing at a lower rate for the term of the pre-payment. In many cases, there is no penalty or just a soft penalty if you sell the home. However, when you refinan...
Rate shopping may not be as easy as having access to hundreds of internet-based mortgage companies and other sites like Bankrate.com. Many advertisers are known to make their rates look appealing but they don't always give you the whole picture or disclosure. The most common deception is to quote...
Buyers often want to know whether or not they should pay points on a loan. Some Realtors have gone as far as advising their clients NOT to pay points at all. The truth is each borrower needs to answer this question based on their own needs and financial situation. Each point is equal to one perce...
It is not enough to get up one day and say that you want to be a top performer because you have the ingenuity to become one. Just being smart and having a "cutting edge" strategy is not enough. While it is great to have cutting edge strategies, the key is to work and perfect on those strategies u...
 Fair Isac Corporation (FICO) has tweaked the formula they use in their widely used and popular credit score model known as FICO. These changes took place in March of 2008. There is no better time than now to remind your customers to go to www.annualcreditreport.com and request a free copy of the...
FHA has just announced that for the first time in history that, it will now take credit scores into account. These guidelines changes will become effective July 14th, 2008. I have put the link to the new guideline changes at the bottom of the page.                                                 ...
I have been noticing that some lenders are more intensely scrutinizing potential borrowers who are self-employed. They seem to be requiring loads of documentation, higher credit scores and heftier down payments or reduced Loan-to-values, especially with my jumbo or super jumbo loans.During the ho...
On October 1, 2007 HUD published a final regulation that establishes that a prohibited source of downpayment assistance is a payment that consists, in whole or in part, of funds provided by any of the following parties before, during, or after closing of the property sale: the seller, or any othe...

Hans Iduma

Certified Mortgage Planning Specialist
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