For those of you who subscribe to my blog, I encourage you to please move your subscription to the RJ Baxter Colorado Mortgage Blog. I will not be blogging on this blog any more.
posted by rjbaxter January 21, 2010 9:45 | permalink | comments(0) | Real Estate RJ Baxter Lowers Payment by $200 With No Closing Costs
RJ Baxter has helped yet another family save money with a no closing cost refinance. Pete from Colorado has lowered his payment by $200 on a new 30 year fixed rate mortgage with no closing costs.
We wanted you to be aware of the vast changes that have once again challenged our industry beginning January 1, 2010. The new Regulation X (as it is being called) dramatically affects the way disclosures are handled on the loan side of a purchase or refinance. This has hit the whole industry nationally, whether the loan is done through a bank, broker or mortgage banker.
posted by rjbaxter January 12, 2010 13:13 | permalink | comments(0) | Real EstateDecember, 2009 New Good Faith Estimate Great for Consumers!
Set to release January 1, 2010, the new good faith estimate that the government has mandated is a great development for consumers.
No longer will dishonest mortgage brokers be able to pull scams like bait and switch tactics, or low-balling settlement fees to "earn" business. With the new good faith estimate, the quote you receive from your broker will be locked in, so you will be guaranteed the cost of your loan will not ...
posted by rjbaxter December 30, 2009 10:21 | permalink | comments(0) | Mortgage ConceptsNovember, 2007 Home Values- Where Are They Headed?
Where is real estate market going? Are home values going to continue their downward trend, or have we hit bottom? Home buyers are wondering if now is the time to buy or if they should wait a little longer to enter the market.
Buying a home should first and foremost be a decision that is made based on what your family needs are at the time. Timing the market, or looking for the best ...
posted by rjbaxter November 14, 2007 13:05 | permalink | comments(1) | Real EstateJuly, 2009 CARD- Credit Card Reform
The new Credit Card Accountability, Responsibility, and Disclosure Act became law in May, triggering sweeping reform of the credit card industry.
Among the changes that credit card companies will be subject to are the elimination of double-cycle billing, opt-in requirements for over-the-limit protection, increases in rate not allowed unless borrower is 60 days or more past due, and payments required to be applied to highest rate balance first.
You may have read articles recently that mortgage rates have risen. Unfortunately, that is the case. Rates approached 6% on a 30 year fixed which is very high compared to what we have seen this year so far. Still historically low, these rates still put a damper on refinance activity, and many people who were waiting for rates at 4.5% or lower were left in the dust.
If you have applied for a mortgage in the past year, you know that documentation standards have gotten more and more stringent. Even the most credit-worthy borrowers with assets and equity in their home or high down payment are being scrutinized. Gone are the days of reduced documentation or "stated" income.
All borrowers must now provide a myriad of paperwork in order to qualify for a mortgage. Here is a summary of some of the ...
