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Rates are up today. Today’s rates with no lender fees are 4.125% APR on a 30 year, 3.375% APR on a 15 year and 3.375% APR on a 10 year. (click here for details)

Today, I’m on-location at a foreclosure trying to pick out what gets caught in a home inspection. Most of these problems will have to be fixed PRIOR to the loan closing.
Check it out in today’s video:

Now, who pays for the renovations, you might ask? The buyer does, and good luck to you if you think the bank is going to come out and fix it.
If you’re still thinking about purchasing a foreclosure with the amount of work it needs, look into an FHA (203k) loan.
An FHA (203k) allows you escrow the cost of repairs into the loan.
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 mortgageā€¦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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