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Rates are flat today. Today's rates with no lender fees are 4.0% APR on a 30 year, 3.125% APR on a 15 year and 3.0% APR on a 10 year. (click here for details)

So once in awhile I like to answer a question on video. Today's question comes from Doug in New Jersey.

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Doug has a pretty long question so let me sum it up for you. It has two parts:

The first part - Well it was more of a statement due to the fact he is really frustrated that his appraisal came in $100,000 less than what he bought the property for five years ago.

Doug stated he is taking the appraisal to the New Jersey Board of Appraisals and representing the appraiser was not competent, and then he listed several reasons why.

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Check out this week's wrap-up:

Monday -  Buying a Home vs. Renting: Get a Billionaire's Take on It

Tuesday - Expect Changes in Mortgage Insurance Premiums April 1

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Rates are flat today. Today's rates with no lender fees are 4.0% APR on a 30 year, 3.25% APR on a 15 year and 3.0% APR on a 10 year. (click here for details)

So if you have been shopping around the last week or so, you have definitely seen rates tick up over the past few days. This is a normal cycle in mortgage rates. You will always have your ups and downs.

Now I am sure you know by now that rates change all the time. Seriously - all day every day.

So with that in mind - if you are talking with your loan officer about rates and costs, and he or she isn't quite meeting your expectations - tell your loan officer what you want.

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Your loan officer can give you the best rates and costs he or she can offer on any given day, but if you actually tell your loan officer the rate and costs you are looking for, he or she can watch the market and as soon as that deal becomes available, he or she can contact you.

There is nothing wrong with being up front with the originator and setting your terms. With today's technology, your loan officer should be able to simply enter in your desired rate and costs, and a system will alert him or her the minute the deal becomes available.

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Rates are flat today. Today's rates with no lender fees are 3.875% APR on a 30 year, 3.125% APR on a 15 year and 2.875% APR on a 10 year. (click here for details)

Everyone has their own way of expressing themselves and standing out in the crowd. That is what makes America great. If you really want to see what I mean, go hang out in Miami Beach for a weekend.

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But those are examples of how being unique can be a good thing.

Today I want to talk about how being unique can be a bad thing when it comes to buying a house.

When you are buying a house, one of the most important parts of the underwriting process is the appraisal. The appraisal will determine the value of your home - based on other houses similar to your in a few mile radius.

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Rates are flat today. Today's rates with no lender fees are 4.0% APR on a 30 year, 3.250% APR on a 15 year and 3.0% APR on a 10 year. (click here for details)

OK - So today is a reminder on how your lender calculates overages on your loan scenario and how those overages affect your loan transaction.

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The market has been very volatile lately, and it is important to know how that affects you. Check it out.

So take that information into consideration as you look at locking your loan or negotiating your closing costs. The volatility in the market doesn't always mean a better or worse rate. It can simply mean an adjustment in your lender credits.

If you thought this was good information or worth discussing, help me bring transparency to mortgage lending by sharing today's episode on Facebook or Twitter.

Let's change the way people shop for a mortgage…forever!

- Mike

PS. To ask a question, get advice, or find out if you're getting the best deal possible on your loan, just post a comment below. Daily comparison rates, calculators, and other cool features are available in the free Rates in Motion LoanApp by going to your smart phone and clicking on this link, activation code is 9203780002

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Rates are flat today. Today's rates with no lender fees are 3.875% APR on a 30 year, 3.1250% APR on a 15 year and 3.0% APR on a 10 year. (click here for details)

Today I will break out a few rules about to change on April 1 of this year and some rule changes that are being talked about right now.

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Let's start with the April 1 changes. FHA has announced that it will increase its mortgage insurance premiums - This is for both the upfront premium AND the annual premium.

The upfront mortgage insurance premium or UFMIP is going to go up from the current 1% to 1.75% - OUCH! That means if you are doing a 200,000 mortgage it will go from a $2,000 premium to $3,500. Now don't forget this premium is usually financed so you get to pay interest on the amount as well. They are also raising their annual mortgage insurance premium 10 bps. The actual factor will depend on your LTV and loan term but one thing is for sure. It's going up.

Hey and if you are lucky enough to have a mortgage over $625,500, you will get to pay an additional .25% annual mortgage insurance fee.

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Rates are flat today. Today's rates with no lender fees are 3.875% APR on a 30 year, 3.1250% APR on a 15 year and 3.0% APR on a 10 year. (click here for details)

Are you sick of me telling you how great rates are; how you are stupid to be renting if you have the financial capacity to buy; or that the 30-year fixed mortgage rate is the best mortgage to leverage your financial picture? You are?

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Me too! I am going to let my friend, Warren, take over today. Hey Warren - Tell these guys what you think about the price of single-family homes in today's market and what type of mortgage you think is best.

Nicely said, Warren. You must have been watching my videos. Now - remember this sentence when you are looking for a mortgage or if you are currently renting.

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Check out this week's wrap-up:

Monday - President's Day and Weird Real Estate Listings

Tuesday - USDA Pilot Refinance Program May Work for You

Rates are flat today. Today's rates with no lender fees are 4.0% APR on a 30 year, 3.1250% APR on a 15 year and 3.0% APR on a 10 year. (click here for details)

Today I want to discuss the importance of paying attention to the details of your loan transaction. In today's lending environment it is extremely important to make sure you dot all the i's and cross the t's. Now I am sure that isn't a surprise to most of you.

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But what does that mean to you really? Well, let me give you a few examples that will help save you some time with your loan in underwriting and hopefully prevent a lock extension or more work for you, and your loan officer and processor.

The first thing to pay attention to is the page number on any document you are asked to supply. So if you are being asked for a bank statement - you can't just send the loan officer the first page of the statement. If it says there are 13 pages, you need all 13 pages; not 11 of 13 - all 13.

Rates are flat today. Today's rates with no lender fees are 4.0% APR on a 30 year, 3.250% APR on a 15 year and 3.0% APR on a 10 year. (click here for details)

OK - today's topic is going to be - the top five things your loan officer wants to tell you but never will - or at least won't tell you straightforward as this.

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5. I know you don't need those documents when you did your loan five years ago. I get that. I didn't need 20 hours of education, eight hours of continuing education, a national and state license, a background check, fingerprints, a credit report or have to pay thousands of dollars to get and stay licensed to just do my job. But - I did all that because things change.

Oh - and I can tell you right now I will not need a blood or urine sample at this time. But if an underwriter asks for it. You will be the first to know.

4. Yes, market got a little bit better today, and NO I cannot relock your loan. I didn't call you three days after I locked you when rates went up to relock you either. I thought that would be rude.

Rates are flat today. Today's rates with no lender fees are 4.0% APR on a 30 year, 3.250% APR on a 15 year and 2.750% APR on a 5/1 ARM. (click here for details)

Today we are going to talk about another topic that is not very well known. It is the elusive seller second mortgage. You heard me! The seller of a property can hold a second mortgage on their property you are buying. Now this is not going to be for everyone but it could be a great option for some of you.

Check it out in today's video:

Now of course the seller needs to be in a good enough equity position to be able to offer this. So at closing any lien holders on the property will need to be satisfied like normal. Then the equity that is left over is available for a seller second mortgage. Of course there are some restrictions to this as well so let’s take a look at what those are.

1. The loan must be at current market rates of interest. So the seller can’t charge you 20% interest for the loan.

2. The loan cannot balloon in the first five years. A balloon payment means it would have to be paid in full or refinanced. That’s not an option until after the 5 years is up.

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Rates are flat today. Today's comparison mortgage rates with no lender fees are 4.00 % APR on a 30 year, 3.25% APR on a 15 year and 3.0% APR on a 10 year. (click here for details)

Today I wanted to give you a few updates on the USDA loan program.

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I know most of you heard about the Harp 2.0 program that is getting a lot of hype right now, and it is set to roll out March 17. But did you know that the USDA has come out with a Pilot Refinance program that is better?

They sure did! Now unfortunately it is only in 19 states right now. But there is talk of expanding it already. And I think that would make a lot of sense in order to help as many people as possible. So - let's take a look at a few of their guidelines on this new program.

OK - There will be NO appraisal. NO credit. NO debt ratio calculation and NOT even a property inspection.

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The market is closed in observance of President's Day. Brand new, updated rates will be available tomorrow. See you then! (click here for Friday's rates)

Check out today's video:

For today, check out these weird real estate listings for you to learn from and chuckle at. Which one is your favorite?

If you thought this was good information or worth discussing, help me bring transparency to mortgage lending by sharing today's episode on Facebook or Twitter.

Let's change the way people shop for a mortgage…forever!

- Mike

PS. To ask a question, get advice, or find out if you're getting the best deal possible on your loan, just post a comment below. Daily comparison rates, calculators, and other cool features are available in the free Rates in Motion LoanApp by going to your smart phone and clicking on this link, activation code is 9203780002

Share These Videos!

Check out this week's wrap-up:

Monday - Think A Bigger Mortgage Lender Is The Way To Go?

Tuesday - Looking For Loans In All The Wrong Places

Share Today's Video

Rates are flat today. Today's comparison mortgage rates with no lender fees are 4.0 % APR on a 30 year, 3.25% APR on a 15 year and 3.0% APR on a 10 year. (click here for details)

Guess what! February is National Weddings Month. This is the month when a lot of lovebirds will plan their wedding and future together. Isn't love grand?

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In the spirit of National Weddings Month I brought out my Sunday's best and thought I would offer you my services. Not only can I help you get the best deal on your mortgage, but I can marry you as well. You heard me. I am a licensed ordained minister. There isn't much you can't do online.

So if you have a destination wedding that requires a passport, I am your guy. I do require an ocean view so plan accordingly.

OK so you are planning your wedding and getting all your ducks in a row. But did you remember to set up a separate bank account called "bridal registry?" before your wedding?

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Rates are flat today. Today's comparison mortgage rates with no lender fees are 3.875 % APR on a 30 year, 3.125% APR on a 15 year and 3.0% APR on a 10 year. (click here for details)

So it's the middle of February now, and most of you are either getting ready to file your taxes or already did. In the spirit of tax time, let's talk about a few things you should be aware of this time of year that has to do with mortgages and your tax returns.

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The first thing I want to mention is that if you are in the process of refinancing or buying a new home, you will definitely need that 2011 W-2s. Your employer had a deadline for Jan. 31, to get the last year's W-2. Because of that, underwriters want to see it. Nosey underwriters.

Another thing to keep in mind is that if you are self-employed and April 15 rolls around, and you don't have your taxes done - you won't be getting a mortgage. Underwriters like to see the most recent year of returns to calculate accurate income. Damn underwriters.

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Rates are flat today. Today's comparison mortgage rates with no lender fees are 3.875 % APR on a 30 year, 3.125% APR on a 15 year and 3.0% APR on a 10 year. (click here for details)

So in my daily research about loan programs and changes in the mortgage industry, I came across a company that has actually created its own unique loan program.

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They designed a loan program to help any veteran looking for a VA home loan who may have some credit challenges. The company is offering to fix his or her credit at no cost to help veterans take advantage of either buying a home or refinancing their current mortgage at today's low rates.

Not only are they offering this great program, but they also reduced their rates and costs on all VA loans. They stated it was because even though it's a no money down program VA home loans are one of the best performing loans out there. That means they pay.