The Mortgage Report

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Mortgage and Lending - NMLS License #113781
I'm here to educate homebuyers and/or sellers on topics related to mortgage lending and share fun and educational facts about the real estate market. My company, FirstTrust Home Loans, offers highly competitive rates through our direct to consumer lending channel (no middleman) known as “Direct Rate.” We do this with transparency, service, speed, and a human touch. To meet these requirements, we offer an engaging, concierge user experience. Our Direct Rate system provides an intuitive borrower portal that offers simple, transparent interaction, the ability to easily, safely, and securely upload and store documents with real-time status updates and the ability to engage with experienced lending professionals at any point in the process. We have been in business since 2003. Choosing a mortgage lender is a major decision, and at FirstTrust Texas, we take our jobs as lending professionals very seriously. Please consider us for an opportunity to earn your business. Hope you find my blog educational.
Home shoppers know to consider the impact that a new home will have on their household budget and that is called keeping your eye on the ball. Unfortunately, most shoppers are keeping their eye on the wrong ball.The proper way to answer the "How Much Home Can I Afford" question is to think in ter...
Did you know:After 30 years, a 30-year mortgage term is paid in full.After 30 years, a 40-year mortgage term has 57% of the original borrowed amount remaining.After 30 years, a 50-year mortgage term has 81% of the original borrowed amount remaining.Of course, it's not all bad for the holders of l...
More commonly called "points", discount points are up-front fees charged by mortgage lenders in exchange for lower mortgage rates. The cost of one point is one percent on the loan size and discount points appear on Line 802 of the HUD-1 Settlement Statement.As a general guideline, each point paid...
Most lenders, when figuring the borrower's escrow account look for 14 months of reserves.  The key in figuring how many months will be collected at closing will depend on when the first mortgage payment will be due and when the renewal dates of their insurance policy is and when the taxes, if any...
For the third month in a row, the economy shed jobs, suggesting that the U.S. is in a recession.March's monthly loss of 80,000 jobs is the largest since March 2003 and follows January and February's losses of 76,000 each. The weak data edged mortgage rates lower on Friday. The connection between ...
As mortgage guidelines loosened between 2002 and 2006, homeowners often used their home equity to retire credit card and other consumer debt.  They did this by increasing the size of the mortgage and taking "cash out" from their home.As you'd expect, this type of mortgage transaction is called a ...
Absorption Rate is a real estate term for the length of time required to sell all of a given stock in a given area. We can use it to determine how quickly homes are selling in a neighborhood, city, or region.The formula to calculate Absorption Rate is simple:    * Add up the number of homes on th...
Another day, another batch of Gloom-and-Doom stories in the news.  Remember to keep a level head -- the media's job, in part, is to sell newspapers and capture eyeballs.  Using the word "crisis" repeatedly is one way to meet that goal.One fact to keep it all in perspective:  There are still BILLI...
Line 901 of a mortgage settlement statement is commonly confused for a closing cost.  It's actually an "advance payment" on the mortgage.Often called a per diem by mortgage professionals, line 901 itemizes a borrower's prepaid mortgage interest charges due at closing.  The total amount due equals...
FHA stands for Federal Housing Administration, a by-product of the National Housing Act of 1934 and now a sub-group within the U.S. Department of Housing and Urban Development (HUD). The FHA is not a lender nor does it build homes.  The FHA exists to insure lenders against loss in the event that ...

Kevin Whatley

Professional Mortgage Lender
local_phone(817) 930-2575
smartphone(469) 993-9395
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