MortgagesUndressed

Congress Passes Tax Deductibility of Mortgage Insurance Premiums

A rare bit of good news from the beltway: Early last Saturday morning, congress passed a “tax extender” package that included the deductibility of mortgage insurance on new mortgages originated in 2007. Though this is great news, and a long anticipated change, there are some restrictions, so not every homeowner will benefit. The rules, as we understand them, follow:

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Q: If I buy a second home and move into it, and rent the old home, would that be fraud too?

A: Probably not. You would want to consider how long you had the first home’s mortgage and what you told that lender. It is your intent in that loan that will be important. Usually, if you had that mortgage 6 months, your intent to live in it as your primary residence would be probable.

Good Question.

Lar

      
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You must read this book. Written by 33 of the brightest minds in business, writing for us and charity.

All about being remarkable. Great messages for all: from the bike shop to the .com.

Some snippets: Remarkable is is telling the truth, always. Remarkable is failing, then trying again. Remarkable is knowing that a risky idea might fail, but a boring idea will definitly fail. Remarkable is being unafraid to stand out

A must read and a must gift.

A place I used to work has gone from 300 loan officers to 35.

When I worked there I was amazed how every time rates dropped the number of loan officers in the building grew, and as rates went up they dropped out.

That is one reason I pitch so hard to use loan officers referred by real estate agents. If a loan officer has built their practice on real estate sales transactions, real estate agents, they stay in the business in good times and slow times. To them, all times are good times.

This is important. Mortgage financing is a profession. Deal with a professional that has learned the business and has the support of real estate agents.
Larry Cragun

Yesterday Tiger Woods did. Sure he won the British Open, but it was after where he really showed class.

It makes you think that what we do for a living in life is less important than how we go about doing it. If you have had a chance to see or hear his acceptance speach you know what I mean.

I hope to use this site to motivate people to step a bit higher in how they do their business, in this case buying, borrowing, and providing those services. Larry Cragun

Michael T Mahoney has just posted a good article on this. CLICK HERE

I am going to pass on a little thing I learned a long time ago. Know your banker. Let them know you. This has been an important thing for us over the years. We never make deposits at the drive through. We go in, smile, take time to chat. We send the bank customers for seconds, we help them.

Our bank knows us. In return, we have had an edge of trust when we have needed something. Try it. You will like it.

Larry Cragun

I was approached yesterday by one of the faithful 25 visitors to the site. He had been turned down for his loan. It turns out that neither he or the lender did a good job. I quickly drilled him with the questions that are important and to my dismay learned he had omitted disclosing about $60,000 in cash and accounts receivable that would be in shortly. This would have been the difference in the approval. He also didn’t disclose about a million dollars in personal assets.

When I say tell it all, tell it all. The good and the bad.
Larry Cragun

Should you lock your rate today?

The Mortgage Reports posts that each week BankRate.com surveys experts on the 30 -45 day direction of rates.

OK , that make’s the question easy for you. Just follow the advice of those who know.

This week: 29% would say lock, rates are going up. 29% don’t lock, rates are going down. 42%, you choose, they are going to stay the same.

Now, wasn’t that easy. All because I found it for you. Larry Cragun