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FHA Loans Making a Great Comeback!

admin writes, "Written by Lee Iverson, Loan Officer, PRMG - Paramount Residential Mortgage Group, 39959 Sierra Hwy, Ste. 130; Palmdale, CA 93550) FHA is poised to make a comeback as a popular loan program for first time buyers, although you need not be a first time buyer to purchase a house with FHA financing! With the collapsing of many sub-prime loans, FHA is once again an attractive way for buyers to obtain financing!"

Posted on Oct 03, 2008 12:53pm. (Read More... | 2469 bytes more)

Veterans Can Get 100% Financing When Purchasing a House!

admin writes, "Written by Lee Iverson, Loan Officer, PRMG - Paramount Residential Mortgage Group, 39959 Sierra Hwy, Ste. 130; Palmdale, CA 93550) If you are a Veteran who was honorably discharged you may qualify to purchase a house without a down payment. You also do not have to pay a monthly mortgage insurance premium each month! It's an entitlement you automatically received for serving our country."

Posted on Jun 16, 2008 20:58pm. (Read More... | 1248 bytes more)

How Do Loan Officers Determine An Interest Rate?

admin writes, "Written by Lee Iverson, Loan Officer, PRMG - Paramount Residential Mortgage Group, 39959 Sierra Hwy, Ste. 130; Palmdale, CA 93550) When I visit real estate agents in their office the question most asked is "What's today's interest rate?" The simple truth is that the interest rate depends on the buyer! To determine the best loan program for a buyer a Loan Officer asks many questions during the interview process. By asking these questions he determines the loan program that best fits the buyer."

Posted on Jun 16, 2008 18:11pm. (Read More... | 2839 bytes more)

How Your Credit Report FICO Scores Are Derived

admin writes, "Written by Lee Iverson, Loan Officer, PRMG - Paramount Residential Mortgage Group, 39959 Sierra Hwy, Ste. 130; Palmdale, CA 93550) A FICO score is a credit score developed by Fair Isaac & Co. Credit scoring is a method of determining the likelihood that credit users will pay their bills. There are three FICO scores computed by data provided by each of the three bureaus, Experian, Trans Union and Equifax. Most lenders use the middle score as your average FICO."

Posted on Jun 16, 2008 17:58pm. (Read More... | 3650 bytes more)

Refinancing Your House - LOWER YOUR MONTHLY PAYMENTS!

admin writes, "Written by Lee Iverson, Loan Officer, PRMG - Paramount Residential Mortgage Group, 39959 Sierra Hwy, Ste. 130; Palmdale, CA 93550) ADJUSTABLE RATE MORTGAGES: When you bought your house you may have been on a loan program that offered a fixed interest rate for a specific period of time. At the end of this time period, depending on the loan program, your interest rate will generally adjust every six months or perhaps every year. When your interest rate adjusts the first time it will most likely increase - thus increasing your monthly payment! In most cases the percentage can increase 2-5%! You may even have two loans that equal 100% financing - perhaps an 80% first and a 20% second. Typically, the interest rate especially on the 2nd loan is high. You can refinance your house to combine these two loans into one, lower monthly payment."

Posted on Jun 16, 2008 17:54pm. (Read More... | 2080 bytes more)

WHAT NOT TO DO WHEN BUYING A HOUSE!

admin writes, "Written by Lee Iverson, Loan Officer, PRMG - Paramount Residential Mortgage Group, 39959 Sierra Hwy, Ste. 130; Palmdale, CA 93550) When purchasing a home your debt, credit score, employment, etc. is viewed through a microscope. It is imperative that you do not make any changes that will affect your application until you have closed Escrow and the home is officially yours."

Posted on Jun 16, 2008 17:43pm. (Read More... | 852 bytes more)