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Blake Kleckner's Blog

Never Underestimate the Importance of Property Taxes
Updated Oct. 24, 2014
When you purchase a home, be very cognizant of what the property taxes will be. Here in California, most realtors and loan officers calculate annual property taxes at 1.25% of the purchase price. While that may be a safe percentage in the majority of cases, in others it most certainly is not.. In Los Angeles County,...
Mortgage Brokers Versus Banks--Which to Choose
Updated Oct. 9, 2013
When it comes to getting a mortgage loan, borrowers are often unsure about whether to go directly to banks, or work with mortgage brokers. On the surface, it would seem that doing business with banks is the wisest decision to make because they have the money, and, consequently; will offer the best interest rates...
Much Ado About HARP 2
Updated Oct. 9, 2013
Now that HARP 2.0 (H2) has been with us a few months, some clarifications about it need to be made. I know, I know, almost everyone has access to the internet so they can get all the information they need there, right? However, what happens when it is contradictory, which, quite often, is the case? Where can the right...
FHA Or Not FHA--That Is The Question
Updated Oct. 24, 2014
The FHA is about to make some monumental changes to its mortgage insurance (MI) requirements, and the duration of mortgage insurance. So, if you are contemplating getting a FHA loan this information is most definitely for you.. It appears that the FHA seems to think it can continually increase its MI and change its...
Sooner Rather Than Later--Much Sooner!
Updated Oct. 9, 2013
While Wall Street and the media are heralding the resurgence of the housing market, a sizable number of home buyers who have been well qualified to purchase the homes of their dreams for many years are still sitting on the sidelines waiting for home prices and interest rates to get even better. Well, the wait is...
When 5 Years = 9 to 11--The FHA Mortgage Insurance Cancellation Myth
Updated Oct. 24, 2014
If you are one of the fortunate homeowners who has a FHA loan that was originated before 6/3/13, according to FHA guidelines you are able to cancel your mortgage insurance (MI) when your home's loan-to-value ratio (LTV) declines to 78%, but no sooner than 5 years from the start of your loan. Or, can you? Well,...
There's No Time Like the Present
Updated Oct. 24, 2014
Last Wednesday, the Federal Housing Finance Agency (FHFA) announced that in March a .10 basis points, or .10%, increase in the G-fees, aka Fannie's and Freddie's guarantee fees, or in just plain talk "fees," is scheduled to occur. The FHFA will also be making changes that will require borrowers with poor credit to...
The Only Way Out! Getting Rid of FHA Mortgage Insurance
Updated Oct. 24, 2014
If you have had an FHA mortgage loan for a year or more, and are tired of paying its expensive mortgage insurance (MI), perhaps you should consider refinancing now. Believe it or not, your home may have a high enough fair market value (FMV) to eliminate MI once and for all, even after just one year from when your FHA...
FHA's 2015 Grand Surprise! Lower Mortgage Insurance Premiums Are Here
Updated Feb. 12, 2015
Well, it's about time! The Department of Housing and Urban Development (HUD) finally got some smarts and made a decision that was not only great for all homebuyers and homeowners, but also for the preservation of the FHA. After 4 mortgage insurance (MI) increases from .55% to 1.35% annually in just 2-1/2 years, the...
Time To Give Yourself Some Extra Credit!
Updated Mar. 24, 2018
Typically, credit card interest is 15% to 30%. Outrageous as this is, most Americans are paying it every month.Credit card debt in America is almost $1,000,000,000,000--that's trillion with a T! At a conservative 15% credit card interest rate, that means $150 billion is being wasted on credit card...

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