Hello Michigan,
Many people do not follow the mortgage market. Here is the latest update. Mortgage rates for 30 year fixed mortgages have dropped below 6% in the last few weeks. The people that this might be good for:
For people with adjustable rate mortgages this may be an opportunity for you to refinance and lock in a fixed rate. It may even pay to lock in a rate now if you are a year or two out.
For people who bought a home last year, mortgage rates are much lower right now. If you put money down you may be able to refinance and save money. You can even do a no-cost loan and save a substantial amount of money over the 30 years. It may not cost you a dime.
If you want to find out how much you can save or whether you can refinance to a lower rate feel free to call me on my cell at (313) 310-9855 or email me at ourmortgageguy@yahoo.com Feel free to visit my website at www.russravary.com for more mortgage information, or credit scores, credit info.
Showing posts with label Mortgage information. Show all posts
Showing posts with label Mortgage information. Show all posts
Monday, January 21, 2008
Saturday, May 19, 2007
basic mortgage information
How to stop renting and buy a home of your own your
Are you looking to buy but have no money,
You can buy with no money down your
Looking to re-finance click here ,
Credit & Credit Reports- How do I improve my credit score,-
Have no idea how credit scores work find out how, -
did you know best credit is unused credit, -
tell me everything about a credit report that you can-
did you know that you can get a free credit report-
how to read your credit report - by doing doing these things can hurt your credit,
Different types of Mortgages-
Can you tell about the key elements of a mortgage?-
what is the difference between a home equity loan and line of credit?, -
here are 6 things you should know about mortgages-
here is a general over all view of the different types of mortgages -
What is an FHA , VA mortgage?-
what is the difference between a fixed rate loan and an adjustable rate mortgage?-
what is PMI? -
determine if an adjustable rate mortgage is right for you -
What types of mortgages does Global Mortgage do?
- here are different types of ARMS (adjustable rates loans) and definitions-
did you know that a forty year mortgage payment is about the same as an interest only payment,
Thinking of buying a home and need a mortgage- Do I need to get pre-approved to buy a home? -
What are the benefits or advantages to own versus renting?-
before you raid the 401K for your down payment read this-
what's the difference between pre-approved and pre-qualified?-
Should I should I buy points to lower my rate?-
Can you explain the bi-weekly programs or how to cut the years down, -
I am thinking about taking a home equity to buy stocks, should I?-
I have had a bankruptcy and I want to buy a home
I have been in the mortgage business for seven years now. I have worked in shops that have specialized in hard to do loans, and a shop that specialized in people with good credit (we beat the banks rates and fees day in and day out) So whether you are self employed, have financial difficulties, been in bankruptcy, or have great credit I can help you out with good rates and lower closing costs. My philosophy is to do more loans at a lower price and I will get more referrals. I will make up the money but getting more loans. It has worked for me over the years. I have done over a $100 million dollars of loans for my clients over the years. What that means to you is that I have a lot of experience in doing loans for people with great credit and for people who have had credit problems. So check out what I can do for you. I am the type of person that I will not do the loan just to make money if it does not make sense for you. There are a lot of mortgage guys that will put you into a bad loan just to make money. So if you are looking for a Michigan Mortgage give me a call at (313) 310-9855 or email me at ourmortgageguy@yahoo.com.
FHA Loans General FHA Loan Information
Are you looking to buy but have no money,
You can buy with no money down your
Looking to re-finance click here ,
Credit & Credit Reports- How do I improve my credit score,-
Have no idea how credit scores work find out how, -
did you know best credit is unused credit, -
tell me everything about a credit report that you can-
did you know that you can get a free credit report-
how to read your credit report - by doing doing these things can hurt your credit,
Different types of Mortgages-
Can you tell about the key elements of a mortgage?-
what is the difference between a home equity loan and line of credit?, -
here are 6 things you should know about mortgages-
here is a general over all view of the different types of mortgages -
What is an FHA , VA mortgage?-
what is the difference between a fixed rate loan and an adjustable rate mortgage?-
what is PMI? -
determine if an adjustable rate mortgage is right for you -
What types of mortgages does Global Mortgage do?
- here are different types of ARMS (adjustable rates loans) and definitions-
did you know that a forty year mortgage payment is about the same as an interest only payment,
Thinking of buying a home and need a mortgage- Do I need to get pre-approved to buy a home? -
What are the benefits or advantages to own versus renting?-
before you raid the 401K for your down payment read this-
what's the difference between pre-approved and pre-qualified?-
Should I should I buy points to lower my rate?-
Can you explain the bi-weekly programs or how to cut the years down, -
I am thinking about taking a home equity to buy stocks, should I?-
I have had a bankruptcy and I want to buy a home
I have been in the mortgage business for seven years now. I have worked in shops that have specialized in hard to do loans, and a shop that specialized in people with good credit (we beat the banks rates and fees day in and day out) So whether you are self employed, have financial difficulties, been in bankruptcy, or have great credit I can help you out with good rates and lower closing costs. My philosophy is to do more loans at a lower price and I will get more referrals. I will make up the money but getting more loans. It has worked for me over the years. I have done over a $100 million dollars of loans for my clients over the years. What that means to you is that I have a lot of experience in doing loans for people with great credit and for people who have had credit problems. So check out what I can do for you. I am the type of person that I will not do the loan just to make money if it does not make sense for you. There are a lot of mortgage guys that will put you into a bad loan just to make money. So if you are looking for a Michigan Mortgage give me a call at (313) 310-9855 or email me at ourmortgageguy@yahoo.com.
FHA Loans General FHA Loan Information
Sunday, May 13, 2007
Bankruptcy and buying a home
You have been through bankruptcy and you would like to buy a home. Here are the steps you need to take to get you on the right path of good credit.
When banks look at you for credit cards and home mortgage applications they look at your credit score. You credit score is determined by many factors. One is your credit history or payment history. This is one of the key factors in determining your credit score. They look at how many times you have been late on a payment, or how many accounts you have not paid at all or went to collection. Even if it is a small payment of $15 you still need to make the payment on time. They look at how many times you have been 30 days late, 60 days late, 90 days late, and 120 days late. The more often you are late and the longer you are late will lower your credit score. If you don’t pay at all or let the account go into collection then it is even worse.
If you have ten accounts and eight of them have been late and only two are paid on time your credit score is going to be low.
So the key is to get as many accounts paid on time each and every month. Be consistent. Strive to make every payment on time. If you have come out of bankruptcy you most likely have no open credit lines. You want to get at least 2 or 3 open credit lines. If you have to get a secured credit card. Go to http://www.russravary.com/ and go to the site map and see secured credit card in the credit section for more info on secured credit cards.
What do you mean get more credit after coming out of bankruptcy? You have to have credit in this world to get ahead. The secret is learning to live within your means and to use credit sparingly. You must have a credit history to buy a house. So you must learn must learn to use credit correctly. And you must have open credit lines. Learn to use credit cards to buy necessities such as gas or food and be sure to put the money aside and pay the bill on time each and every month.
That is number one to get at least one open line of credit open immediately. The longer you have the open line paid consistently on time the better the lender likes you. Over time you need to get 2 –3 open lines of credit.
The number two step is if you are renting is to pay your rent out of your checking account. If you do not have a checking account get one opened and pay your rent out the account every month. You need to be able to prove to the bank that you have paid it on time. Cashiers checks, money orders, and rent receipts mean nothing to the lender. They want to see a cashed check and nothing else. So remember the number one thing to do is to get at least one open line of credit started right away, make the payments on time each and every month. Pay the credit card off each month. This will get you started on the path to home ownership.
Remember live within your means, have some extra savings and that will help you buy a home and keep it with out going into foreclosure.
Russ Ravary
When banks look at you for credit cards and home mortgage applications they look at your credit score. You credit score is determined by many factors. One is your credit history or payment history. This is one of the key factors in determining your credit score. They look at how many times you have been late on a payment, or how many accounts you have not paid at all or went to collection. Even if it is a small payment of $15 you still need to make the payment on time. They look at how many times you have been 30 days late, 60 days late, 90 days late, and 120 days late. The more often you are late and the longer you are late will lower your credit score. If you don’t pay at all or let the account go into collection then it is even worse.
If you have ten accounts and eight of them have been late and only two are paid on time your credit score is going to be low.
So the key is to get as many accounts paid on time each and every month. Be consistent. Strive to make every payment on time. If you have come out of bankruptcy you most likely have no open credit lines. You want to get at least 2 or 3 open credit lines. If you have to get a secured credit card. Go to http://www.russravary.com/ and go to the site map and see secured credit card in the credit section for more info on secured credit cards.
What do you mean get more credit after coming out of bankruptcy? You have to have credit in this world to get ahead. The secret is learning to live within your means and to use credit sparingly. You must have a credit history to buy a house. So you must learn must learn to use credit correctly. And you must have open credit lines. Learn to use credit cards to buy necessities such as gas or food and be sure to put the money aside and pay the bill on time each and every month.
That is number one to get at least one open line of credit open immediately. The longer you have the open line paid consistently on time the better the lender likes you. Over time you need to get 2 –3 open lines of credit.
The number two step is if you are renting is to pay your rent out of your checking account. If you do not have a checking account get one opened and pay your rent out the account every month. You need to be able to prove to the bank that you have paid it on time. Cashiers checks, money orders, and rent receipts mean nothing to the lender. They want to see a cashed check and nothing else. So remember the number one thing to do is to get at least one open line of credit started right away, make the payments on time each and every month. Pay the credit card off each month. This will get you started on the path to home ownership.
Remember live within your means, have some extra savings and that will help you buy a home and keep it with out going into foreclosure.
Russ Ravary
Saturday, April 28, 2007
Plan your mortgage
Well foreclosures were up 47% in March. Don't let that happen to you. If you are just planning to buy a home. Be one of the smart ones. Just because somebody will allow you to borrow 50% of your income doesn't mean you should.
50% of your income to go towards your house payment is too much. You are going to be house poor. You want to be in the 35% range. The only reason you should be stretched out that far is that you are going to get big raises in the next few years. Or you are a young professional like a doctor and you know for sure your income is going to rise dramatically.
28-38% used to be the range that banks would loan you. The banks like you to have reserves (savings). Do you have savings in the bank? Do you have 6 months to a year of savings to pay all your bills? For example do you have enough to pay all your credit card bills, car payments, cell phone bills, utility bills and house payments and taxes.
The good borrowers do, they have back up so they can pay their bills even in bad times. That's how they keep their good credit rating. I'm not saying you shouldn't buy a house if you don't have that much saved. What I am saying is that is what you want to strive for. Live within your means, feel relaxed, be able to take vacations, be able to help your kids through college, be ok if your have medical problems in life. You don't want to be that Walmart greeter. Sure it is ok to be the Walmart greeter at 70 years old because you want something to do, but it is a whole different thing to have to go to work so you can afford your house payment or be able to eat.
Too many people want the big beautiful house and the fancy cars. But think how embarrassed you would be to tell your family and friends that you lost your house in foreclosure. Be one of the smart ones in life. Once you start on this path you will be glad you did.
So when you are out shopping for a mortgage, don't ask how of a house can I buy. Instead figure out yourself what payment can you afford comfortably. Then ask your mortgage professional the interest rate and how big of a house that payment can buy.
May unexpected money come your way this week. For more mortgage information and Michigan real estate information go to www.russravary.com
Russ Ravary
"your real estate and mortgage specialist"
50% of your income to go towards your house payment is too much. You are going to be house poor. You want to be in the 35% range. The only reason you should be stretched out that far is that you are going to get big raises in the next few years. Or you are a young professional like a doctor and you know for sure your income is going to rise dramatically.
28-38% used to be the range that banks would loan you. The banks like you to have reserves (savings). Do you have savings in the bank? Do you have 6 months to a year of savings to pay all your bills? For example do you have enough to pay all your credit card bills, car payments, cell phone bills, utility bills and house payments and taxes.
The good borrowers do, they have back up so they can pay their bills even in bad times. That's how they keep their good credit rating. I'm not saying you shouldn't buy a house if you don't have that much saved. What I am saying is that is what you want to strive for. Live within your means, feel relaxed, be able to take vacations, be able to help your kids through college, be ok if your have medical problems in life. You don't want to be that Walmart greeter. Sure it is ok to be the Walmart greeter at 70 years old because you want something to do, but it is a whole different thing to have to go to work so you can afford your house payment or be able to eat.
Too many people want the big beautiful house and the fancy cars. But think how embarrassed you would be to tell your family and friends that you lost your house in foreclosure. Be one of the smart ones in life. Once you start on this path you will be glad you did.
So when you are out shopping for a mortgage, don't ask how of a house can I buy. Instead figure out yourself what payment can you afford comfortably. Then ask your mortgage professional the interest rate and how big of a house that payment can buy.
May unexpected money come your way this week. For more mortgage information and Michigan real estate information go to www.russravary.com
Russ Ravary
"your real estate and mortgage specialist"
Saturday, April 7, 2007
FHA Mortgages
I believe a FHA Mortgage is great for most first time home buyers that do not have 5% or more to put down. The reason I say this is that they allow people with past bruised credit to buy a home. They allow people with limited credit history to buy a home. They allow you to buy a home with very little down and allow the seller to pay closing costs. And the best reason a FHA mortgage is great is that the rates are good. You are not usually going to pay an exorbitant rate!
FHA is home buyers program that allows you to get a good rate if you had bad credit in the past. FHA usually wants you to have good credit for the past year. FHA loans are sometimes the stepping stone between bad credit and excellent credit.
If you are thinking of buying a home whether it is the first time or you have bought homes before I would ask your mortgage person about them. It may be the way for you to go and get into a home at a great rate. Visit my Michigan mortgage information page for more information or email me at my website http://www.russravary.com/ to see if I can get you a great rate.
Hug your children just for no reason and tell them how much you love them.
Russ Ravary
FHA is home buyers program that allows you to get a good rate if you had bad credit in the past. FHA usually wants you to have good credit for the past year. FHA loans are sometimes the stepping stone between bad credit and excellent credit.
If you are thinking of buying a home whether it is the first time or you have bought homes before I would ask your mortgage person about them. It may be the way for you to go and get into a home at a great rate. Visit my Michigan mortgage information page for more information or email me at my website http://www.russravary.com/ to see if I can get you a great rate.
Hug your children just for no reason and tell them how much you love them.
Russ Ravary
Subscribe to:
Posts (Atom)
