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Mortgage news and helpful tips

New Quality Control Measures from Fannie Mae

Fannie Mae introduced a quality control measure which is for the purpose of the safekeeping of the investors against the future home buyer assuming more debt than they can manage and as a preventative measure to prevent possible future defaults.

Mortgage Loan Modification Vs. Refinance

Loan Modification, or more specifically, Mortgage Modification is a tool that you may be able to use to stay in your home rather than loose it to Foreclosure. It differs from a Refinance in that Modification programs are designed to modify the terms of your existing Mortgage. A Refinance replaces your existing mortgage with an entirely new one. Since 5% of all Adjustable Rate Mortgages are going to “Reset” in the next 10 months, you could be in real trouble if you have one of those ARM loans. Ideally, you want to refinance into a low, Fixed Rate Mortgage before your current mortgage resets and before Rates on Fixed Mortgage Loans start to rise!

Las Vegas Mortgages

Recently, Las Vegas has been the greatest place to purchase a home if you're thinking of buying a home and staying in it for many years to come.

Military Benefit: Tax Credit Extended!

Service Members... can still get the $8,000 tax credit on a First Time Homebuyer Purchase! Or you could qualify for the $6,500 tax credit for current homeowners buying a new home!

An Introduction to Mortgage Insurance

Buying your first home can be daunting if you aren't equipped with the right terms, so today we're going to introduce to you one of the most widely used terms Mortgage Insurance and Private Mortgage insurance (MI and PMI)

An Introduction to ARM Mortgages

At some point you will want to purchase a home and at that point you will need to apply for a mortgage loan. However, purchasing a home may become complicated if you aren’t aware of the various mortgage terms. One key term we’re going to define today is an ARM loan.

Rates Drop below 5%

Financial turmoil in Europe is bringing our rates back near 50-year lows.

Prequalify for a Mortgage

Sometimes applying for a mortgage loan can be the most practical way when deciding to purchase a home. However, this experience can soon become a problem when trying to get your application approved. For better chances of getting your mortgage loan approval, we have provided these simple guidelines.

Interest Rates

Go to valleywestmortgage.com to view current rates for the up coming weekend.

Mortgage Rates Falling

Now is the time to purchase your new home while mortgage rates stay low.