Brett Reichel- Mortgage Banker Your Senator and Congressman hate the yield spread premium…..because they don’t understand it, and they don’t understand why a yield spread premiumcould be beneficial to a borrower. A yield spread premium is the only time that your mortgage lender will pay you! That’s correct it’s an opportunity to GET money from your mortgage lender. But [...]
Brett Reichel, Mortgage Broker To pay for a two month extension in the payroll tax, Congress (both sides of the aisle), and the President have decided to tax real estate loans for the next ten years. This was voted in recently, and will now start affecting real estate transactions. It’s not been publicized as a [...]
Brett Riechel, Mortgage Mortgage insurance is viewed nearly universally as a bad thing, but in reality, it’s a tool to be used that can be very good for home buyers, the housing market and the economy in general. Why do many complain about mortgage insurance? Because its expensive, and sometimes difficult to get rid [...]
Brett Reichel, Mortgage The Small Business Saturday promotion is a great one that’s going on today. Your local small business is run by your neighbors, family and friends. They spend their profits and wages in your local economy. They employ your neighbors, who spend their pay in your local economy. Oftentimes, they support local charities [...]
Brett Reichel, Mortgage Your loan hasn’t ben sent to the Doctor-to get healthy. We don’t have a secret “loan hospital” for sick loans. No when we refer to a loan as having gone to “Doc’s”, we are referring to sending your loan to have the Loan Documents prepared or drawn. What this means to you as a [...]
Brett Reichel – Mortgage Banker Yesterday, a fairly sophisticated home buyer called me about a pre-approval. He and his wife own a home, and a vacation home. This is a successful business couple who are doing well in the residential construction market despite the current economy. He indicated that they wanted to buy a new [...]
The Hive Daily So….if you haven’t heard, there’s been a bit of a recession, brought on by the housing and mortgage crisis. Many so-called “experts” tell us it’s really hard to get a mortgage, and speak of ridiculous rumors as fact (things like you have to have 20% down, and it’s harder than ever to [...]
Brett Reichel- Mortgage Banker Someone told me that once – and they weren’t referring to a woman….it’s kind of like the bumper sticker – “my karma ran over your dogma”. A play on words – Carmen will get you really means, karma will get you. You know what goes around comes around. You reap what [...]
POINTS - Whoo boy….if I had a nickel for every time someone told me they didn’t understand “Points”, I’d be a very wealthy man. What are “Points”? Simply stated, a “Point” is 1% of the loan amount. So, if you have a $100,000 loan, 1 point = $1,000 (1% of $100,000). So, 1 and 1/2 points [...]
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