fixed rate loans

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Can Leprechaun Buy Homes?

March 17, 2011March 6, 2019 By Diane Gerdes

Answer: Yes and No. The Equal Credit Opportunity Act of 1974 prohibits discrimination in granting credit to individuals based on race, color, age, religion or national origin.

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Fracking Banks

March 10, 2011March 6, 2019 By Diane Gerdes

Fracking (noun, slang) – 1. the process of drilling with chemically treated water through the ground smashing through layers of rock, freeing oil or natural gas to flow to its rightful owners. 2. term used by the TV series Battlestar Galactica to replace expletive.

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Charlie Sheen and the US

March 4, 2011March 6, 2019 By Eric McAllister

Charlie Sheen, Muammar Gaddafi and Uncle Sam walk into a bar. Who will pay? Gaddafi hates America so much that all of his money is tied up in U.S. banks and investments. Charlie ranted his way out of his billion dollar T.V. show plus he isn’t sure rehab allows drinking with non-strippers. Uncle Sam is the only one of three that has a job and he can’t pay due to budget constraints.

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RIP Arizona Housing

February 25, 2011March 6, 2019 By Diane Gerdes

It’s official. Our government is slowing killing the Arizona housing market.

President Obama torpedoed the already distressed home financing industry by announcing the gradual raising of down payments to a minimum of 10% on conventional loans. He touted a 2009 survey by the Federal Reserve Bank of St. Louis that reported…

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Say Goodbye Fannie

February 17, 2011March 6, 2019 By Diane Gerdes

Goodbye Fannie Mae and Freddie Mac, Hello Wall Street
Discussions are under way to restructure the $11 trillion mortgage industry and wean Fannie Mae and Freddie Mac’s dependence from Uncle Sam’s battered pocketbook. Fannie was created in 1938 after the collapse…

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Attention FHA Shoppers

February 15, 2011March 6, 2019 By Eric McAllister

The time to buy is now as FHA Mortgage Insurance will be Increasing.
FHA Commissioner David H. Stevens announced FHA’s annual mortgage insurance premium (MIP) will increase by a quarter of a percentage point 0.25.
This will impact new loans insured by FHA on or after April 18, 2011.

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Getting a Mortgage After a Short Sale

February 10, 2011March 6, 2019 By Diane Gerdes

Question: My Client sold his home with a short sale and now wants to purchase another home. What are the options?

Answer: Fannie Mae or conventional loans up to $417,000 has finally addressed the issue of buying after a short sale. The following guidelines are effective after July 1, 2010:

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Truth in Lending

February 10, 2011March 6, 2019 By Diane Gerdes

Question: What is the Truth In Lending Statement?
Answer: In our office it is also called the “Oh, my goodness statement!”
Regulation Z or The Truth in Lending Act (TILA) of 1968 is a United States federal law designed to protect consumers in credit transactions, by requiring clear disclosure of key terms of the lending arrangement and all costs.

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Top Ten Reasons Phoenix Will Have A Prosperous 2011

January 26, 2011March 6, 2019 By Diane Gerdes

Most of us begin the day with our favorite morning beverage and tune in to our very own live-in horror story: The U. S. Economy.
Phoenix has withstood additional blows with negative press, but all in all 2010 showed small signs of recovery for our great state.
2011 will be even better. The top ten reasons Phoenix will have a prosperous 2011:

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A Recipe for Foreclosure

January 7, 2011March 6, 2019 By Diane Gerdes

A Recipe for Forclosure….Short Sales and Private Mortgage Insurance…. Are you a real estate agent working on short sale approval for your seller? Under the best of circumstances it can be a challenge. But there could be the delays could be contributed to private mortgage insurance companies (PMI). Private Mortgage Insurance companies provide mortgage insurance to protect lenders from losses

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