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Category: Mortgage Process

TIME FOR A HOME LOAN CHECK-UP: RATES DROP AGAIN

August 19, 2019 Austen Smith Leave a comment

The turmoil in the financial markets has caused home loan rates to drop to their lowest level in over two…

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Posted in: Financial & Housing Market, Mortgage Matters Daily, Mortgage Process

HOW TO SWIM WITH THE SHARKS (AND NOT GET EATEN ALIVE!)

August 1, 2019 Austen Smith Leave a comment

Getting a mortgage today is a lot like swimming in a pool filled with sharks. My role is to help…

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Posted in: Mortgage Process

HOW TO UNDERSTAND THE ANNUAL PERCENTAGE RATE (APR) ON YOUR MORTGAGE LOAN

Austen Smith Leave a comment

HOW TO UNDERSTAND THE ANNUAL PERCENTAGE RATE (APR) ON YOUR MORTGAGE LOAN The federal government requires mortgage lenders to disclose…

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Posted in: Mortgage Process Filed under: APR, Cost, Interest Rate

WHY YOU’RE IN DANGER OF CLOSING DELAYS (AND HOW TO AVOID THEM)

Austen Smith Leave a comment

Closing delays are one of the many unintended consequences of recent government regulation.  Mortgage lenders are required to prepare a…

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Posted in: Mortgage Process Filed under: Closing Delay, Closing Disclosure

WHY DO I HAVE TO PAY FOR A RATE LOCK EXTENSION?

Austen Smith Leave a comment

Here’s the scoop: mortgage rates are determined by mortgage bond prices.  Mortgage bonds trade in what’s known as a “To Be…

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Posted in: Mortgage Process Filed under: rate lock

THREE THINGS YOU SHOULD KNOW ABOUT LOAN ESTIMATES

Austen Smith Leave a comment

Beware! Not all Loan Estimates are created equal. Here are three things you should know about Loan Estimates, where all the…

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Posted in: Mortgage Process Filed under: loan estimates, rate lock

WHY YOU NEED A CMPS®

Austen Smith Leave a comment

Your mortgage is most likely your single largest debt, and your home is most likely your single largest asset. The…

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Posted in: Mortgage Process Filed under: budget, cash flow, credit score, home buying, investment, rent vs own

WHAT IS MORTGAGE PLANNING?

Austen Smith Leave a comment

Mortgage Planning is the process of carefully evaluating your mortgage options and choosing the right mortgage strategies. Your mortgage is…

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Posted in: Mortgage Process Filed under: current housing and cash flow situation, debt planning, Mortgage Planning

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Texas Recovery Fund Notice

Consumers wishing to file a complaint against a mortgage banker or a licensed mortgage banker residential mortgage loan originator should complete and send a complaint form to the Texas Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550.

The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed mortgage banker residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.

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