Ken Mascia

The New Good Faith Estimate: Is it Easier to Understand? Over the past year the Federal Government has made some sweeping changes to the way mortgage loans are originated, how appraisals are ordered and how and what is disclosed to the consumer. The change I want to address here is a change in what’s known [...]

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There is a lot of misinformation going around about what the impact of a Short Sale is on your credit and whether you can get a new mortgage after short selling a home. Below are the current Guidelines for FHA, and Fannie Mae. FHA has recently changed their rule so that if a short sale [...]

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Credit scoring models are a mystery that boggles the mind. There is no way to know exactly how specific changes to your credit report will impact your credit score. We do know the factors that go into calculating the score – 1) Your payment histories 2) Number of accounts that have balances. 3) Proportion of [...]

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The homebuyer tax credit has been extremely successful and has really had a positive impact on the real estate market. Hundreds of thousands of homes have been sold as a result of buyers taking advantage of the tax credit. The credit was scheduled to expire on November 30th but has been extended and expanded! The [...]

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In February the government amended and improved the first time homebuyer tax credit. Just to refresh your memory: 1) First time homebuyers will receive a federal tax credit of 10% of the cost of the home with a maximum credit of $8,000. You get the credit when you file your tax return for the 2009 [...]

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Once again the Federal Government is making getting a home loan more difficult, time consuming and cumbersome. The Mortgage Disclosure Improvement Act (MDIA) has good intentions, like many government mandates, it seeks to protect us, boneheaded citizens, from every possible harm because we are apparently not smart enough to make decisions on our own or [...]

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Mortgage loan modification is something that has been talked about a lot over the past year as financial hardships have made it difficult for some to manage their monthly payments. Loan Modification is when your lender agrees to make a permanent change to the original terms of your mortgage loan. This could be in the [...]

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Mortgage Market Update June 9, 2009 Well, it’s Wednesday, May 27th and I’m cruising along at the office working out various underwriting issues working towards closing a bunch of loans because for the first time in over a year, I’m really busy! Oh happy day! Until today. On the day I am writing about interest [...]

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Michigan on a Positive Note! Okay, really, I have absolutely had it with some of the doom and gloom we are all hearing about. Sure industry is going through some dramatic changes right now and in my opinion it’s not all bad. The various things happening in the auto industry in Michigan today are going [...]

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Many potential Oakland County home buyers in today’s market are looking for creative ways to purchase homes. There are a couple of options which are widely overlooked but present opportunities to accomplish specific goals of buyers in the market. If you want to buy a house that needs minor repairs – perhaps a new roof, [...]

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I have been hearing people saying lately that foreclosure is so common now that being foreclosed really doesn’t have the same negative impact on credit and borrowing ability as it used to. Can this be true? Absolutely not. This article is directed at those folks who are considering walking away from a property they own [...]

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