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Prepayment Penalty

Prepayment Penalty

A prepayment penalty is a fee that applies to some mortgages if you pay all or part of your loan early. Most mortgages are sold in the secondary market such as to Fannie Mae (FNMA) or Freddie Mac (FHLMC). The penalty is an incentive for borrowe...

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The lender you choose makes a difference

The lender you choose makes a difference

In this heated seller's market the lender you choose makes a difference. A very big difference. Earlier this month, I closed escrow on a Tujunga fixer.  There were multiple offers and most over asking price. Not only does the lender the buyer ...

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The Wells Fargo Debacle

The Wells Fargo Debacle

I previously worked in the mortgage banking industry and know firsthand how corrupt, and dishonest many bankers are. I followed the mortgage meltdown carefully and am trying to keep current on the recent Wells Fargo debacle. Wells Fargo ...

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Not all mortgage lenders are created equal

Not all mortgage lenders are created equal

"We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness." — The Declaration of Independe...

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Reverse Mortgage and Foreclosure

Reverse Mortgage and Foreclosure

Is a reverse mortgage more foreclosure prone? Last month, I closed escrow on a San Fernando Valley foreclosure. The former owner obtained a reverse mortgage.  When there is a reverse mortgage and the owner passes, the estate has six mon...

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Low Down Payment Loans are back but who do they help?

Low Down Payment Loans are back but who do they help?

.   Now that real estate prices have rebounded, low-down payment loans are back. I don’t understand why there isn’t more griping over the fact that while real estate prices are low, loans are difficult to come by. When values reach the n...

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New Real Estate lending changes coming on January 10

New Real Estate lending changes coming on January 10

This just in from Russell Cerpa, one of my preferred mortgage lenders: As it stands some lenders can qualify loans up to 48%-50% of the applicant's monthly gross income.  Real estate lending changes are coming! Next year the debt-to-income thr...

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Harb & Co. Real Estate Wrap Up

Harb & Co. Real Estate Wrap Up

I was hoping for one quick mini vacation before my daughter starts her new job, but it looks as if my husband George will be taking a boy’s fishing trip to Cabo…. Someone needs to watch the dogs and it appears that’s me.  Perhaps there�...

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