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John Desmond's Blog

Reverse Mortgage FAQ
Updated Oct. 9, 2013
A Reverse Mortgage is a government backed mortgage program which allows eligible seniors to withdraw some of the equity in their home with no requirement to repay the amount lent until the borrowers no longer reside in the home. A Reverse Mortgage is a safe plan that can give older Americans greater financial...
VA IRRL Closing Costs
Updated Oct. 9, 2013
We are currently recommending our clients take advantage of the large lender credits on VA IRRL loans. Most of our customers have been locking their rates at around 3.625% (30 year fixed) and getting a lender credit that covers all of their closing costs, including the costs charged by the title company and clerk...
How to Pick the Right Loan Consultant
Updated Oct. 9, 2013
When selecting a loan consultant, don't assume that your local bank hired the best in the business. Most banks hire relatively new salesperson as mortgage loan officers. The secret to selecting an expert is a combination of experience and training.. An experienced loan consultant can help you understand...
Should You Choose An Adjustable Rate Mortgage?
Updated Oct. 9, 2013
Adjustable rate mortgages are good choices for people who do not plan on staying in the home long term. You can get an adjustable rate that does not adjust for the first year, the first three years, the first five years, the first seven years, or the first ten years.. Once the initial term is over, the loan will...
Can You Have More Than One FHA Loan?
Updated Oct. 24, 2014
If you currently have an FHA loan, there are restrictions to obtaining a second FHA loan. Here are the actual FHA guidelines (with a bit of editing for ease of reading):. To prevent circumvention of the restrictions on FHA-insured mortgages to investors, FHA generally will not insure more than one principal...

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