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Beware of New Mortgage Scam

Beware of New Mortgage Scam Beware of  the new mortgage scam I’ve heard about recently. It happened in Nevada, but could happen anywhere. I’m surprised I haven’t heard of this mortgage scam before, it’s pretty slick! The new mortgage scam plays off the sale of mortgage loans. Banks buy and sell residential mortgages all the [...]

Does per diem interest affect refinance?

Dear Ed, I’m considering refinancing into a 15-year fixed-rate loan. I currently have a 30-year loan that was refinanced in 2005 for $120,000 at a rate of 5.375 percent. I’ve been making additional principal payments every month and the current balance is $95,000. My lender said it will refinance my loan into a 15-year mortgage [...]

Mortgage Points

When people want to find out how much their mortgages cost, lenders often give them quotes that include both loan rates and points. What exactly is a point? A point is a fee equal to 1 percent of the loan amount. A 30-year, $150,000 mortgage might have a rate of 7 percent but come with [...]

Mortgage Closing Date: Does it Matter?

On a purchase transaction, there is no financial advantage in closing on any day of the month, as compared to any other day. On a refinance, it is a good idea not to close on a Friday because it will increase the number of days in which you pay interest on both loans. And if [...]

For Sale: 351 Gran Via, Palm Desert – Monterey Country Club

  351 Gran Via, Palm Desert, CA Bed/Bath: 2 br, 2.00 ba Property Type: Condo Square Footage: 1,800 square feet Property Subtype: Condo Attached Asking: $379,000 Cross Street: Gran Via & Monterey MLS: #21422784 Map: click here to view map See Picture Gallery Below Virtual Tour: click here to view Location, Location !!!This 300 plan,a [...]

Five Tax Tips, Tricks and Traps for Homeowners

Ask a roomful of homeowners what’s so great about owning versus renting, and you’ll hear them holler in unison: “the tax deductions!” And it’s true – homeowners who itemize their taxes are able to deduct 100% of their mortgage interest and property taxes from their income tax returns. That means that if you’re in a 28% tax bracket, Uncle Sam [...]

Coachella Valley Home Prices Have Fallen From This Time Last Year

Tepid demand, tight credit and bargain hunters seeking distressed properties have pushed down home prices across the valley compared to January 2010, real estate analysts said. The valley’s median sale price fell 15.7 percent to $181,250 in January compared to the same month a year earlier, San Diego-based DataQuick Information Systems reported. Price declines in [...]

When is the best time to buy a home?

Home Prices are back down where they should be! It is possible to buy a home and pay roughly the same per month as you would for rent on a similar house taking in account the tax advantages of deductible mortgage interest.** I could not afford to buy a home in 2001 at $410,000. I [...]

Existing Home Sales Down 40% in the Last 6 Months

Home re-sales rose another 2.7 percent last month, according to the National Association of REALTORS® monthly Existing Home Sales report. An “existing home” is a home that’s been previously occupied and is not considered new construction. The number of existing homes sold on a rolling 12-month basis is now at its highest point since May [...]

California Home Buyer Grants Available – CHF Platinum

The CHF Platinum Grant Program will give a California home buyer 3% of the loan amount to pay down payment or closing costs. This program is, at this point, perpetually funded with no pre-determined limit to availability of the down payment or closing cost assistance. The CHF Platinum program is being administered by the National [...]