All About Mortgages

Mortgage Calculator - Find out how much home you can afford

Dawn Rupersburg — Fri, 05 Sep 2008 11:47:00 GMT

Find out how much home you can afford with my mortgage calculator. ... Mortgage Caculator ... Total Loan(Mortgage) Amount:. Principal & Interest: ... Rent vs Buy Click Here:

http://www.ocalaflhome.com/Calculators/page_1719519.html

Ocala Florida Foreclosures and Ocala Florida Short Sales Financing Tip

Dawn Rupersburg — Sun, 23 Mar 2008 13:40:00 GMT

If your looking for a Foreclosures or Short Sale and are going to finance the purchase please make sure

your mortgage broker has the right loan product for you. There are several loan products that do not allow the

financing of foreclosures or short sales. Make sure you tell your mortgage broker that you are looking to

finance a foreclosure or short sale and ask them to confirm that the loan product they chose for you

does allow financing for those type properties. If your a buyer's agent this is a good heads up for you.

Visit www.ocalaflhome.com for all your Ocala Fl Real Estate needs.

100% Financing Ocala Florida, No Private Mortgage Insurance, Great Rates!!

Dawn Rupersburg — Tue, 19 Feb 2008 22:39:00 GMT

A great loan product for people having a hard time comining up with a down payment

and No Private Mortgage Insurance monthly fee.

100% Loan

Great Rates

No down payment required

Lower credit scores accepted

Primary Residence only no mobile homes

No private mortgage insurance

No pre-pay penalties

Repairs wrapped into loan

Seller concessions

Closing costs and pre-paids rolled into loan up to appraised value

Call me if you’re interested in financing a home in Ocala Florida –

Marion County Florida

Dawn Rupersburg

Florida Licensed Mortgage Broker

www.ocalaflhome.com

352-553-3369

Buyers in for down payment shock for mortgages

Dawn Rupersburg — Fri, 15 Feb 2008 04:35:00 GMT

WALNUT CREEK, Calif. – Feb. 14, 2008 – The second-largest U.S. mortgage insurer announced Monday it would no longer insure homebuyers with less than 10 percent down in California and other “distressed markets” to protect the company from a tsunami of anticipated losses in the housing market.

PMI Group Inc., a Walnut Creek-based corporation, reported it would end underwriting mortgage insurance for those buying homes with less than 10 percent down in California, Florida and most of Arizona and Nevada starting March 1. It would also stop insuring loans nationally for homebuyers with less than 3 percent down.

“In looking at the data, even a 3 percent downpayment makes a big difference whether a loan is ultimately successful,” said spokeswoman Beth Haiken. “In those declining markets we are requiring a minimum of 10 percent down. I think we’re certainly not alone in trying to manage that risk effectively.”

Other industry giants, like the largest U.S. mortgage insurer, MGIC Investment Corp., announced plans last week to limit their exposure by demanding higher credit scores and larger downpayments.

Starting March 3, the company said it will require at least 5 percent down on homes in so-called restricted markets. They include the entire states of Arizona, California, Florida and Nevada and major metro areas such as Washington, D.C., Detroit, Chicago, Boston and Atlanta. Those buying condos would have to put down 10 percent.

The Milwaukee-based insurer will require higher credit scores as well. Homeowners in the restricted markets who put at least 10 percent down will have to have scores of at least 620 out of a possible 850.

MGIC announced last month that it could pay $2 billion in claims this year, up from previous estimates of $1.5 billion. MGIC blamed rising delinquencies and claim sizes.

PMI reported paying $92.6 million in claims for the third-quarter of 2007, a rise from $62 million year-over-year. The company also reported a net loss of $65.2 million in the third quarter of 2007, compared with net income of $70.8 million the year before. PMI plans to release its fourth-quarter report on Feb. 26.

Haiken said that 32 percent of PMI’s mortgage insurance went to homeowners with less than 3 percent down. By the end of the fourth quarter it declined to 21 percent.

“But we thought it was still too high for our taste,” Haiken said.

Buyers typically must get mortgage insurance when they put down less than 20 percent of their home’s value. When borrowers miss payments, as more have been doing, the insurers pay lenders. If homes end up in foreclosure, both the lenders and insurers lose money.

“Despite warning signs throughout the industry that (high loan values greater than 97 percent) was a contributing factor in losses, it does not appear that PMI or the industry took steps to rein in production until recently,” reported Steve Stelmach, an analyst with Friedman, Billings, Ramsey & Co. Inc. in Arlington, Va.

Stelmach, who penned a third-quarter report on PMI, said in the report that PMI’s diversification made it able to withstand more risk than other mortgage insurers but it also increased its reserves by $263 million to cope with losses. The average claim size was $68,000, a year-over-year rise of 20 percent.

“What lenders are concerned about are appraisal values in softer markets, and most of California qualifies for that right now,” said Howard Shapiro, a senior equity analyst with Fox-Pitt, Kelton in New York City. “You can’t charge enough for some of the riskier borrowers.”

© 2008, Contra Costa Times (Walnut Creek, Calif.), Barbara E. Hernandez. Distributed by McClatchy-Tribune News Service.

Visit www.ocalaflhome.com for all your Ocala Fl Real Estate needs.

Tips For Avoiding Foreclosure

Dawn Rupersburg — Fri, 08 Feb 2008 15:10:00 GMT

Are you having trouble keeping up with your mortgage payments? Have you

received a notice from your lender asking you to contact them?

Don't ignore the letters from your lender, contact your lender immediately!

Contact a HUD-approved Housing Counseling Agency

Toll FREE (800) 569-4287

If you are unable to make your mortgage payment:

1. Don't ignore the problem.

The further behind you become, the harder it will be to reinstate your loan and the

more likely that you will lose your house.

2. Contact your lender as soon as you realize that you have a problem.

Lenders do not want your house. They have options to help borrowers through

difficult financial times.

3. Open and respond to all mail from your lender.

The first notices you receive will offer good information about foreclosure prevention

options that can help you weather financial problems. Later mail may include

important notice of pending legal action. Your failure to open the mail will not be an

excuse in foreclosure court.

4. Know your mortgage rights.

Find your loan documents and read them so you know what your lender may do if

you can't make your payments. Learn about the foreclosure laws and timeframes in

your state (as every state is different) by contacting the State Government Housing

Office.

5. Understand foreclosure prevention options.

Valuable information about foreclosure prevention (also called loss mitigation)

options can be found on the internet at www.fha.gov/foreclosure/index.cfm.

6. Contact a HUD-approved housing counselor.

The U.S. Department of Housing and Urban Development (HUD) funds free or very

low cost housing counseling nationwide. Housing counselors can help you

understand the law and your options, organize your finances and represent you in

negotiations with your lender if you need this assistance. Find a HUD-approved

housing counselor near you or call (800) 569-4287.

7. Prioritize your spending.

After healthcare, keeping your house should be your first priority. Review your

finances and see where you can cut spending in order to make your mortgage

payment. Look for optional expenses-cable TV, memberships, entertainment-that

you can eliminate. Delay payments on credit cards and other "unsecured" debt until

you have paid your mortgage.

8. Use your assets.

Do you have assets-a second car, jewelry, a whole life insurance policy-that you can

sell for cash to help reinstate your loan? Can anyone in your household get an extra

job to bring in additional income? Even if these efforts don't significantly increase

your available cash or your income, they demonstrate to your lender that you are

willing to make sacrifices to keep your home.

9. Avoid foreclosure prevention companies.

You don't need to pay fees for foreclosure prevention help-use that money to pay

the mortgage instead. Many for-profit companies will contact you promising to

negotiate with your lender. While these may be legitimate businesses, they will

charge you a hefty fee (often two or three month's mortgage payment) for

information and services your lender or a HUD approved housing counselor will

provide free if you contact them.

10. Don't lose your house to foreclosure recovery scams!

If any firm claims they can stop your foreclosure immediately if you sign a document

appointing them to act on your behalf, you may well be signing over the title to your

property and becoming a renter in your own home! Never sign a legal document

without reading and understanding all the terms and getting professional advice

from an attorney, a trusted real estate professional, or a HUD approved housing

counselor.

Visit www.ocalaflhome.com for all your Ocala Fl Real Estate needs.

___________________________________________________________________

Buyers Beware of Mortgage Brokers trying to get you to commit Fraud.

Dawn Rupersburg — Tue, 28 Aug 2007 15:07:00 GMT

I showed a buyer a house of mine a few days ago. They were working with a mortgage broker out of Miami and he told the buyers they were all approved for a loan.

Knowing what type of loan program they wanted and knowing what the guidelines are for that loan program I asked them a few questions.

The plan to buy the home was that they take out a line of credit on the home they own for the down payment on the new home. After the loan closes the seller is to give them a check back for the down payment. This is illegal and its committing Fraud. Everyone involved with this transaction would be liable.

If you’re working with anyone who suggests working a deal like this I suggest you find someone else to work with. Cash back from the seller must be disclosed to all parties.

The Lenders will only allow a very small amount of cash back for repairs and or property tax money. The mortgage broker was telling them to commit fraud in that the seller after closing would provide the buyer with a large sum of money. I straight forward told the buyers this was fraud.

If you’re getting a cash back rebate in the form of a check this must be disclosed to all parties at the time the contract is written and you need to confirm with the lender who is doing your loan that this is acceptable. Rebates in the form of helping buyers with closing costs are no problem.

Visit www.ocalaflhome.com for all your Ocala Fl Real Estate needs.

30-Year Fixed-Rate Mortgages Since 1971

Dawn Rupersburg — Wed, 04 Jul 2007 16:39:00 GMT

	2007		2006		2005		2004		2003
	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts
January	6.22	0.4	6.15	0.5	5.71	0.7	5.71	0.7	5.92	0.6
February	6.29	0.4	6.25	0.6	5.63	0.7	5.64	0.7	5.84	0.6
March	6.16	0.4	6.32	0.6	5.93	0.7	5.45	0.7	5.75	0.6
April	6.18	0.5	6.51	0.6	5.86	0.6	5.83	0.7	5.81	0.6
May	6.26	0.4	6.60	0.5	5.72	0.6	6.27	0.7	5.48	0.6
June	6.66	0.4	6.68	0.5	5.58	0.6	6.29	0.6	5.23	0.6
July			6.76	0.5	5.70	0.5	6.06	0.6	5.63	0.5
August			6.52	0.4	5.82	0.5	5.87	0.7	6.26	0.7
September			6.40	0.5	5.77	0.6	5.75	0.7	6.15	0.6
October			6.36	0.4	6.07	0.5	5.72	0.7	5.95	0.6
November			6.24	0.5	6.33	0.6	5.73	0.6	5.93	0.6
December			6.14	0.4	6.27	0.5	5.75	0.6	5.88	0.7

Annual Average			6.41	0.5	5.87	0.6	5.84	0.7	5.83	0.6

	2002		2001		2000		1999		1998
	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts
January	7.00	0.8	7.03	0.9	8.21	1.0	6.79	0.9	6.99	1.4
February	6.89	0.7	7.05	1.0	8.33	1.0	6.81	1.0	7.04	1.2
March	7.01	0.7	6.95	0.9	8.24	1.0	7.04	0.9	7.13	1.2
April	6.99	0.7	7.08	0.9	8.15	1.0	6.92	1.0	7.14	1.0
May	6.81	0.7	7.15	1.0	8.52	1.0	7.15	1.0	7.14	1.1
June	6.65	0.6	7.16	1.0	8.29	0.9	7.55	1.0	7.00	1.0
July	6.49	0.6	7.13	0.9	8.15	0.9	7.63	1.0	6.95	1.1
August	6.29	0.6	6.95	0.9	8.03	1.0	7.94	1.0	6.92	1.1
September	6.09	0.6	6.82	0.9	7.91	1.0	7.82	1.0	6.72	1.0
October	6.11	0.6	6.62	0.9	7.80	1.0	7.85	1.0	6.71	0.9
November	6.07	0.6	6.66	0.8	7.75	0.9	7.74	1.0	6.87	0.9
December	6.05	0.6	7.07	0.8	7.38	1.0	7.91	1.0	6.74	1.0

Annual Average	6.54	0.6	6.97	0.9	8.05	1.0	7.44	1.0	6.94	1.1

	1997		1996		1995		1994		1993
	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts
January	7.82	1.8	7.03	1.8	9.15	1.8	7.07	1.7	7.99	1.6
February	7.65	1.7	7.08	1.7	8.83	1.9	7.15	1.8	7.68	1.5
March	7.90	1.8	7.62	1.8	8.46	1.8	7.68	1.7	7.50	1.6
April	8.14	1.7	7.93	1.8	8.32	1.9	8.32	1.8	7.46	1.7
May	7.94	1.7	8.07	1.7	7.96	1.8	8.60	1.8	7.47	1.8
June	7.69	1.7	8.32	1.7	7.57	1.8	8.40	1.8	7.42	1.6
July	7.50	1.8	8.25	1.8	7.61	1.8	8.61	1.8	7.21	1.6
August	7.48	1.7	8.00	1.7	7.86	1.8	8.51	1.8	7.11	1.5
September	7.43	1.7	8.23	1.7	7.64	1.8	8.64	1.8	6.91	1.5
October	7.29	1.7	7.92	1.7	7.48	1.9	8.93	1.8	6.83	1.5
November	7.21	1.7	7.62	1.8	7.38	1.8	9.17	1.8	7.16	1.6
December	7.10	1.8	7.60	1.7	7.20	1.8	9.20	1.8	7.17	1.7

Annual Average	7.6	1.7	7.81	1.7	7.93	1.8	8.38	1.8	7.31	1.6

	1992		1991		1990		1989		1988
	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts
January	8.43	1.8	9.64	2.1	9.90	2.1	10.73	2.1	10.38	2.0
February	8.76	1.8	9.37	2.0	10.20	2.1	10.65	2.2	9.89	2.1
March	8.94	1.9	9.50	2.1	10.27	2.1	11.03	2.2	9.93	2.0
April	8.85	1.7	9.50	2.0	10.37	2.1	11.05	2.2	10.20	2.1
May	8.67	1.7	9.47	2.0	10.48	2.0	10.77	2.1	10.46	2.1
June	8.51	1.7	9.62	2.1	10.16	2.0	10.20	2.1	10.46	2.0
July	8.13	1.6	9.58	2.0	10.04	2.0	9.88	2.1	10.43	2.0
August	7.98	1.7	9.24	1.9	10.10	2.0	9.99	2.1	10.60	2.2
September	7.92	1.7	9.01	1.9	10.18	2.1	10.13	2.0	10.48	2.1
October	8.09	1.8	8.86	1.9	10.17	2.2	9.95	2.0	10.30	1.9
November	8.31	1.9	8.71	1.8	10.01	2.1	9.77	2.0	10.27	2.1
December	8.21	1.6	8.50	1.8	9.67	1.9	9.74	2.0	10.61	2.1

Annual Average	8.39	1.7	9.25	2.0	10.13	2.1	10.32	2.1	10.34	2.1

	1987		1986		1985		1984		1983
	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts
January	9.20	2.2	10.89	2.3	13.08	2.5	13.37	2.3	13.25	2.2
February	9.08	2.1	10.71	2.3	12.92	2.4	13.23	2.4	13.04	2.0
March	9.04	2.1	10.08	2.3	13.17	2.6	13.39	2.4	12.80	2.2
April	9.83	2.3	9.94	2.2	13.20	2.6	13.65	2.4	12.78	2.1
May	10.60	2.3	10.15	2.3	12.91	2.5	13.94	2.5	12.63	2.1
June	10.54	2.2	10.69	2.3	12.22	2.5	14.42	2.5	12.87	2.1
July	10.28	2.2	10.51	2.2	12.03	2.5	14.67	2.6	13.43	2.2
August	10.33	2.1	10.20	2.1	12.19	2.6	14.47	2.6	13.81	2.2
September	10.89	2.2	10.01	2.2	12.19	2.6	14.35	2.6	13.73	2.2
October	11.26	2.2	9.98	2.1	12.14	2.5	14.13	2.6	13.54	2.1
November	10.65	2.1	9.70	2.0	11.78	2.4	13.64	2.5	13.44	2.1
December	10.64	2.1	9.32	2.1	11.20	2.3	13.18	2.5	13.42	2.2

Annual Average	10.21	2.2	10.19	2.2	12.43	2.5	13.88	2.5	13.24	2.1

	1982		1981		1980		1979		1978
	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts
January	17.48	2.2	14.90	2.0	12.88	1.6	10.39	1.5	9.01	1.3
February	17.60	2.2	15.13	2.0	13.04	1.6	10.41	1.5	9.14	1.3
March	17.16	2.2	15.40	2.0	15.28	2.0	10.43	1.5	9.20	1.3
April	16.89	2.3	15.58	2.0	16.32	1.9	10.50	1.5	9.35	1.3
May	16.68	2.3	16.40	2.1	14.26	1.9	10.69	1.6	9.57	1.3
June	16.70	2.2	16.70	2.1	12.71	1.8	11.04	1.6	9.71	1.4
July	16.82	2.2	16.83	2.1	12.19	1.8	11.09	1.7	9.74	1.4
August	16.27	2.3	17.28	2.1	12.56	1.7	11.09	1.7	9.78	1.3
September	15.43	2.3	18.16	2.1	13.20	1.7	11.30	1.6	9.76	1.3
October	14.61	2.2	18.45	2.3	13.79	1.7	11.64	1.7	9.86	1.2
November	13.82	2.2	17.82	2.1	14.21	1.7	12.83	1.7	10.11	1.2
December	13.62	2.2	16.95	2.1	14.79	1.7	12.90	1.6	10.35	1.4

Annual Average	16.04	2.2	16.63	2.1	13.74	1.8	11.20	1.6	9.64	1.3

	1977		1976		1975		1974		1973
	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts
January	8.72	1.1	9.02	1.1	9.43	1.2	8.54	1.0	7.44	0.9
February	8.67	1.1	8.81	1.0	9.10	1.2	8.46	1.0	7.44	1.0
March	8.69	1.2	8.76	1.3	8.89	1.1	8.41	1.0	7.46	0.9
April	8.75	1.1	8.73	1.3	8.82	1.0	8.58	1.0	7.54	0.9
May	8.83	1.1	8.76	1.3	8.91	1.1	8.97	1.1	7.65	0.9
June	8.86	1.1	8.85	1.3	8.89	1.0	9.09	1.2	7.73	0.9
July	8.94	1.1	8.93	1.2	8.89	1.1	9.28	1.3	8.05	1.0
August	8.94	1.1	9.00	1.2	8.94	1.1	9.59	1.3	8.50	1.0
September	8.90	1.1	8.98	1.2	9.12	1.1	9.96	1.4	8.82	1.1
October	8.92	1.2	8.92	1.2	9.22	1.1	9.98	1.5	8.77	1.1
November	8.92	1.1	8.81	1.3	9.15	1.1	9.79	1.4	8.58	1.0
December	8.96	1.2	8.79	1.2	9.10	1.1	9.62	1.3	8.54	1.0

Annual Average	8.85	1.1	8.87	1.2	9.05	1.1	9.19	1.2	8.04	1.0

	1972		1971
	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts
January	7.44	1.0	na	na
February	7.32	0.9	na	na
March	7.29	0.9	na	na
April	7.29	0.9	7.31	na
May	7.37	0.9	7.43	na
June	7.37	0.9	7.53	na
July	7.40	0.9	7.60	na
August	7.40	0.9	7.70	na
September	7.42	1.0	7.69	na
October	7.42	1.0	7.63	na
November	7.43	1.0	7.55	na
December	7.44	1.0	7.48	na

Annual Average	7.38	0.9	na	na

Visit www.ocalaflhome.com for all your Ocala Fl Real Estate needs.

Interest Rates are based on the type of documentation you provide and Credit Score

Dawn Rupersburg — Thu, 07 Jun 2007 15:59:00 GMT

The best interest rates are given to people with good credit scores, credit history, and who provide full documentation of their income and assets. If you have a great credit score, but choose a No Doc loan your interest rate will be higher than a person with a good credit score who chooses the full documentation loan.

How much money you have down is also another indicator of the interest rate you will get. The interest rates you see published on all these web pages is for a person with a good score, Full doc loan, and is putting 20% down.

I encourage all buyers before they physically go shopping for homes to have their credit pulled and discuss their real estate needs with a loan officer. This is in the best interest of the buyer to do this and shows the buyer is serious about purchasing a home if they are going to make the offer to purchase contingent on financing.

Besides being a licensed Realtor I am also a licensed Mortgage Broker. Please feel free to contact me for a free pre-qualification and consultation.

Types of Documentation for Geting A Mortgage

Loan Terms

Full Doc Loan: Requires verification of employment, income, and assets.

Full Income/Stated Assets: Requires verification of employment and income. Assets are stated.

Stated Income/Full Assets: Income is stated. Verification of employment and assets

No Ratio: Income is not disclosed or verified. Verification of employment and assets.

Stated Income/Stated Assets: Income and Assets are stated. Verification of employment only.

No income/No Asset: Employment is verified, but no assets or income is on the application.

No Doc: Nothing is verified goes on credit score. No income, employment, or assets are on the application.

Credit Scores:

700 and higher Excellent

680 to 699 Good

660 to 679 Fair

580 to 659 Poor

Visit www.ocalaflhome.com for all your Ocala Fl Real Estate needs.

Free 20 page Report Understanding Your FICO Score

Dawn Rupersburg — Sat, 17 Feb 2007 03:24:00 GMT

When you're applying for credit-whether it's a credit card, a car loan, a personal loan or a mortgage-lenders want to know your credit risk level. To help them understand your credit risk, most lenders will look at your FICO score, the credit score created by Fair Isaac Corporation which is available from all three major credit reporting agencies. What is a credit Score and how is my score determined? How can I make my score better? A better FICO means better financial options.

Go to my web site www.ocalaflhome.com and send me an email and I will send you a 20 page report: Understanding your FICO. Great report I recomend everyone get one.

All About Mortgages

Mortgage Calculator - Find out how much home you can afford

Ocala Florida Foreclosures and Ocala Florida Short Sales Financing Tip

100% Financing Ocala Florida, No Private Mortgage Insurance, Great Rates!!

Buyers in for down payment shock for mortgages

Tips For Avoiding Foreclosure

Buyers Beware of Mortgage Brokers trying to get you to commit Fraud.

30-Year Fixed-Rate Mortgages Since 1971

Monthly Average Commitment Rate And Points On 30-Year Fixed-Rate Mortgages Since 1971© 2007 Freddie Mac

Visit www.ocalaflhome.com for all your Ocala Fl Real Estate needs.

Interest Rates are based on the type of documentation you provide and Credit Score

Types of Documentation for Geting A Mortgage

Free 20 page Report Understanding Your FICO Score