“BOA has B-O today” — Beware of “Bank of America” Mortgage
September 26, 2008
If you’re about to start your own home buying process and are considering employing the services of an out of town mortgage rep, please peep this cautionary tale:
I’m writing this post as 4 buyers and seller’s nervously await a call back from a Bank of America Mortgage Representative in another time zone.
Here’s the story.
Last Minute Yesterday: After sellers and buyers spend hours waiting for closing papers to arrive at settlement table underwriter decides that about $1200 worth of roof work cited on property’s home inspection needs to be confirmed by a roofer’s estimate. Buyer and buyer’s agent work frantically to produce effort prior to 5pm pacific time so mortgage processor can get final approval and have paperwork sent to title clerk via email.
Mortgage rep vows to do his best to have papers sent last night, but warns that worse case is that the process would resume at 10:30 am, eastern time, this morning.
9 am, eastern time, today: Title clerk verifies that she has received no closing paperwork from Bank of America.
10 am, eastern time, today: Buyer and Seller begin to get nervous, Buyer’s agent assures all parties that we’ll likely here something at 10:30 am.
11 am, eastern time, today: Still no word, no documents from Bank of America.
11:30 am, eastern time, today:Sellers need to return uhaul truck by 2pm. Are getting very nervous, because they need this closing to occur before they can close on their own new house. Buyers are nervous that something is wrong with their loan.
12pm, eastern time, today: It’s 9am in Oregon, where the mortgage reps office is. Everyone starts calling and leaving messages. No answer. No answer. No answer.
1pm, eastern time, today: Still no response from Bank of America Rep. No paperwork. Everyone nervous….
What Happen’s Now
It’s probable that settlement will eventually occur on this property: Buyers want to buy, sellers want to sell. But at the end of the day Bank of America deserves to lose a few loans over every incident like this, don’t they?
Will the buyers talk to their friends about BOA in a positive light? Will the sellers? Will I? Will you?
-Ryan Hartman, Re/Max City Space
[Special message to BOA follows...]
What’s a 203(k) mortgage?
August 19, 2008
Traditionally if you buy a house that needs work you have to fix it with out of pocket money. Meaning first you acquire the property (probably with a mortgage) for the market value in it’s current state (disrepair). Then you use cash or some other line of credit to fix the house. And finally you refinance to get rid of high interest loans or consolidate the repair efforts into one more permanent mortgage. Whew, that was exhausting!
HUD thought the same thing, so in 1978 they created the 203(k) program. The borrower can get just one mortgage to finance both the acquisition and the rehabilitation of the property. The mortgage is based on the projected value of the property post repairs.
Don’t be a lofty dreamer! These aren’t for the weak of heart, there’s a whole lot of paperwork involved. But it does present an alternative method of financing for those individuals willing to put forth the effort.
For more information about this subject, txt your phone number to 215.630.1550.
Enter your email address to be notified everytime I feature a new Hud property in Philadelphia.
Melissa Centifonti
Philadelphia Hud Home Specialist
melissa@realtorsinphilly.com
215.630.1550
Current Mortgage Rates
July 7, 2008
Arlington Capital Mortgage
Rate Sheet
Date: 07/07/2008
1.Fixed Rate 30 year Conforming Loan Amount
( up to $417,000) 5% Down 6.625%
2. Fixed Rate 15 year Conforming Loan Amount
(up to $417,000) 5% Down 6.25%
3. Jumbo Loan up to $1.25 million
30 year Fixed 6.5%
15 year Fixed 6.125%
3/1 Arm 5.625%
5/1 Arm 5.75%
7/1 Arm 6.00%
Any questions please contact Chris MacFarland 215-480-3974
Upgrade Your Space with a GreenLoan(TM) From 3rd Fed…
June 25, 2008
If you’re considering doing some repairs to enhance the overall eco-friendliness of your property, Third Federal’s GreenLoan mortgage program could be the answer.
What’s GreenLoan About?
Philadelphia’s Greenest local bank is offering favorable home equirty mortgage terms to anyone “installing an item” on the following green project list:
* Personal solar panel systems
* Geothermal heating systems
* Radiant floor heating
* Double-paned, low E windows
* Skylights and suntubes
* Solar outdoor lighting
* Personal wind turbines
* Xeriscaping
* Low flush toilets
* External awnings
* Greywater treatment system
* Insulation
* Micro-hydro system
* Retrofit kits
* Solar hot water heaters
* Solar power
* Water storage tanks
* White goods and appliances
To learn more about obtaining a GreenLoan, check out the GreenLoan Mortgage Info Page or email ndecosta@thirdfedbank.com.
Or you can also receive awesome in-person service by stopping by the local Third Federal branch on 2nd Street in Northern Liberties.
Mortgage Rate Update
May 23, 2008
Hello Philadelphia. Here below is the latest mortgage rate update from Arlington Capital. Feel free to contact Jade with any questions you might have about mortgages in general, or to get pre-approved.
RATES as of May 22, 2008
Conforming (up to $417,000)
Product Rate
30 year fixed 6.000
20 year fixed 6.250
15/10 year 5.625
40 year fixed 7.000
FHA 30 year 5.875
PHFA 30 year 6.000
Jumbo (above $417,000)
Product Rate
30 year fixed 6.250
15 year fixed 5.750
ARMS
Product Rate
3/1 ARM 5.750
5/1 ARM 5.750
7/1 ARM 6.000
10/1 ARM 6.250
Jade A. Sullivan
Private Mortgage Banker
Arlington Capital Mortgage
3260 Tillman Drive, Suite 90
Bensalem, PA 19020
Office 267-525-0301
Cell 215-840-7193
Fax 1-866-361-5945
Reverse Mortgages Explained.
May 21, 2008
The following Article was provided to us by Arlington Capital’s Reverse Mortgage Division.
5 Great Reasons To Consider a Reverse Mortgage
One common misconception about Reverse Mortgages is that the Lender becomes the owner of the property. This is not true. The deed to your property will not change hands when you secure a reverse mortgage. Instead, the lender will either make a lump sum payment or a serious of payments to you which you can use however you’d like.
Many people obtain a reverse mortgage use the funds to pay off debt, take a long vacation, or help pay for the education of a grandchild. Bottom line is that the proceeds from a reverse mortgage are yours, tax free, and you use the money however you’d like.
When you bought your property you likely obtained it with a mortgage, the terms of which were determined in large part by your credit score and the income you received from your job. Things work a bit differently with reverse mortgages. The amount you’ll be eligible to receive from a reverse mortgage is based solely on the amount of equity you have on your property. Your Credit score and income do not factor. (Equity = The difference between the market value of your property and any amount currently owed)
If you’re concerned that a sudden infusion of cash may make you ineligible to receive Social Security or Medicare, don’t worry. Social Security and Medicare benefits will continue even after you’ve received the cash proceeds from utilitzation of a Reverse Mortgage.
The term mortgage is most often associated with monthly payements. With a Reverse Mortgage, instead of you making payments to a lender, the lender makes payments to you, either in the form of one lump some at the closing of your loan, or as a monthly annuity.
SOME COMMON WAYS PEOPLE UTILIZE REVERSE MORTGAGES
- To Eliminate existing mortgage payments
- To Pay off credit card, home equity loan, or other debt
- To Cover in-home healthcare expenses
- To Make home improvements
- To Hire in-home maintenance services
- To Set up a cash account for emergencies
- To Purchase long-term care insurance
- To Buy a vacation home
- To Pay insurance premiums
- To Pay property taxes
- To Buy An Investment Property - Yes, even folks who have no pressing need for a reverse mortgage find that applying the proceeds from the Reverse Mortgage transaction toward the purchase of an investment property is a sound way to ensure future generations will have a sound financial future.
CLICK HERE TO GET MORE INFO AND TO TRY A NIFTY REVERSE MORTGAGE PROCEEDS CALCULATOR
If you’d like to be connected with a Reverse Mortgage Specialist right away to discuss your Reverse mortgage options, call an Arlington Capital representative at 1.800.839.3049. Don’t be shy. They’re nice!
Gateway Funding Diversified Mortgage Services, L.P., DBA Arlington Capital Mortgage Corp.
Licensing information available at www.gateway-funding.com
