THE MORTGAGE MAN - JEFFREY BELONGER

USDA-VA-FHA-CONVENTIONAL MORTGAGE INFORMATION

TOUGH TALK FROM JEFF


Mortgage Man Jeff Belonger tells it like it is. Getting good, honest information about mortgages is often difficult.  Jeff will give it to you straight up, helping you to make informed decisions about your mortgage.
 
Jeffrey Belonger has over 16 years in the mortgage business. His honest style of writing, his strong work ethic make his posts a very interesting read, especially for those who are about to navigage the mortgage world. 
 
Jeff works at Infinity Home Mortgage Company, Inc., and can be reached at his direct line,  888.835.1663 or his cell, 609.440.5133.
 

MORTGAGE INFORMATION AT ITS BEST

 

Good Faith Estimates, Knowing and Understanding the Power of the Paper!!!

 
Good Faith Estimates - Extremely important message below!!!

If you are a consumer looking to purchase or refinance, this is a must read. It could cost you thousands if you don't pay attention. This is not a threat, but a warning from someone that has over 16 years of experience in the mortgage industry.

When shopping for a mortgage, even if shopping with more than 2 lenders, you want to get a good faith estimate from everyone that you speak to.  Read the full text here.
 

$8,000 First Time Homebuyer Tax Credit, Approved by FHA/HUD 5/29/09, But Buyer Beware!

 
The first time homebuyers tax credit of $8,000 has been approved by HUD for all FHA loans. But don't get too excited too quickly. If you get a chance to read the mortgagee letter, ML 2009-15, it states that you can't use this tax credit for the required down payment of 3.5%.

HUD originally put out mortgagee letter 2009-15 on May 12th, but was rescinded the next day. Please read about that here : $8,000 tax credit rescinded by HUD. For some reason, it was prematurely placed on HUD's web site, but apparently wasn't finalized. Now we have a new version and if not read correctly, you could be putting misinformation out there. So what does the new mortgagee letter state? Read the full text here.
 
 
 

FHA Loan Orignation Fees or Origination Fees-FHA Fees-FHA Loans - What Does It All Mean?

 
It's time to have a quick class on FHA loans, the fees for FHA mortgages, and just a basic understanding on how all of this works. This is truly frustration on my part from some loan officers blatantly lying to borrowers, just to justify their fees and such. It's total BS and it needs to be talked about.

Just today, I spoke to a borrower that is having a concern with their 2nd lender, after the first lender failed them miserably. This lender is charging them 6.00% with 1 1/2 points as an origination fee. His credit scores are above 670 and the purchase price is $272,000 with the minimum down. And they are being charged a $495 commitment fee. With this scenario, they should be getting at least a 5.50% interest rate. Here is what they are being told..... Read the full text here.