Mortgage Blog

If you haven't heard of it, you're about to.  I've talked about it a few times, and I really like it.  It is a software that helps you pay off your mortgage, or any installment debt, in around 1/3 to 1/2 the time it would normally take you, without changing your way of life or your monthly cash flow or however you want to put it.  The MMA makes it easy to pay down debt without struggling to do so, and at the same time provides a safety net so that if an emergency comes up, you have the money there to take care of it.  For instance, my wife and I use all of our discretionary money to pound down our mortgage balance which saves us tons of money in interest, but when her transmission went out on her car, we had the safety net there to pay for the new tranny, which by the way was expensive as hell.  When you look at how much money it saves you, you think it's too good to be true, but it's really just mathematics (notice I didn't say simple mathematics, which is why you need the MMA software).  Anyway......if you have any interest in learning more about it, give me a call....620-326-3131.

Colby

On Tuesday I get this letter  http://ml-implode.com/info/Wilmington.pdf which meant that Wilmington Finance, the last Sub Prime lender we still sent loans through, was out of business.  We haven't sent any loans through them for a few months now, but they did still offer products up to 95% Loan to Value with no mortgage insurance, so every once in a while their product was better than FHA or Conventional.  I truly was wondering how they were hanging on so long, and then they finally went under.  I'll miss Patricia Kreutzer as a Rep, she was good.

On another note, it has rained here constantly, so we still only have around 150 acres of wheat cut.  Hopefully we'll be back in the field by Saturday.

Have a good weekend...

Colby

Rate spike....at least I hope it's just a spike.  Rates went up about 3/4 percent over the last 7-10 days and hopefully the rise is over. 

I found a new avenue today to take FHA loans that are under 580 credit scores, although the turnaround time on approvals of new applications is 11 business days, which seems like forever compared to the conventional loan turnaround time which is running about 24-48 hours.  I can't wait until Freddie and Fannie loosen their guidelines back up so there isn't such a bottleneck in trying to get FHA loans approved and closed.  It takes so long these days it almost feels like we back in 2001 before the internet was so prominent in the business.

Anyway, sorry for the frustration post......have a good week, and call me for some insurance quotes. 

Colby