February 21, 2012 at 10:54 pm 
February 17, 2012 at 8:27 am 
Blog
Mortgage Rate Update
30 yr fixed as low as 3.875% with 0 points, 15 yr fixed as low as 3.000%, all with minimal or no closing costs. Interest rates are again at the lowest levels we have ever seen and homeowners are taking advantage of the opportunity to lower their payments. Due to poor economic conditions both here and abroad, investors are once again in a “flight to safety” and looking at Treasuries and Mortgage Backed Securities as safe investments. The FED announced on Jan 25th, 2012 that they intend to keep rates at current levels through 2014....
read moreTestimonials
Our clients are impressed by our service, professionalism and the value we bring to them. Feel free to share your experience with Choice One Mortgage. Scroll down to the bottom of the page to leave your comments. Here’s what people are saying about Choice One Mortgage . . .
read moreUnderstanding No-Cost Mortgages
Is it really possible to get a mortgage and pay no closing costs? Yes and no . . . The reality is, you won’t pay any closing costs up front – but you will pay for them over time. In a no-cost mortgage, lenders charge a higher interest rate to compensate for the fact they’re not collecting any closing costs. They cover your closing costs up front, but gradually get their money back through the higher interest rate – which the borrower pays. So you’re still paying for closing costs, you’re just not doing right up...
read moreHow Interest Rates Move
Here’s a great video discussing how interest rates move. Although produced in 2010, the principles still apply in our economy today and should for the foreseeable future. – Bill Lewis
read moreShould I Lock or Should I Wait?
“Interest rates rise like a rocket and fall like a feather.” This old axiom holds a lot of truth. Generally speaking, rates tend to fall in a poor economy and rise in times of prosperity. But more to the point, it takes a long time for rates to fall while they tend to rise very quickly when conditions change for the better. While it’s hard to predict what interest rates will do from day to day and from week to week, we do know that in periods of historically low interest rates (like we are in now), it’s far...
read moreShould I Impound my Taxes and Insurance?
Many of our clients prefer to have their taxes and insurance impounded in their monthly loan payment (the lender adds 1/12 of your property tax and homeowners insurance bills to the normal payment, sets them aside in an escrow account and then pays the bills for you when they are due). Some rule it out and prefer to handle the payments themselves. It usually comes down to a decision of whether you find it more convenient to pay the bills on your own or prefer to lessen the pain and pay them monthly with your mortgage payment. Here’s...
read moreA Brief History of the Housing Bubble
This is a really good summary of the causes of the recent housing bubble. Click on the link below: A Brief History of the Housing Bubble Courtesy of OCHousingNews.com.
read moreProperty Tax Info
Property taxes are typically paid in two installments, the first in the fall (usually before December 10th) and the second in the spring (usually before April 10th). Click on the link below to see the property tax calendar for California. Property Tax Calendar for California Here are links to local County Tax Assessor websites. Many offer the ability to pay your taxes online. Los Angeles County Ventura County Santa Barbara County Orange County San Diego County San Bernardino County Riverside...
read moreNot all homeowners who are under water qualify for relief
Many homeowners who are “under water” on their mortgage loans can’t find relief under Fannie Mae’s Making Homes Affordable program. See why . . .
read moreMortgage Industry Links
Here are links to useful Mortgage Industry related tools and websites: FNMA Loan Level Pricing Adjustments Does FNMA Own Your Mortgage? Fannie Mae Website FHA Website FHA and FNMA Loan...
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