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Welcome to my web site!
Thank you for stopping by my mortgage web site. Even though special care and consideration has been taken to pack this online resource with a wealth of knowledge about the mortgage and real estate process, I wan ...
Helping Spokane's Seniors to Stay in Their Homes
Learn about Reverse Mortgages the easy way! I am Jack Tenold, a Spokane homeowner, and Spokane's Reverse Mortgage Specialist. I am a member of the BBB and the National Reverse Mortgage Lenders Association. ...
8 Questions Your Lender Should Answer About Mortgage Rates
Simply checking online for today's posted rate may not lead to your expected outcome due to the many factors that can cause each individual rate and closing cost scenario to fluctuate. We can preach communication ...
How Much Can I Afford?
How much mortgage money can I qualify to borrow? This is typically the number one question mortgage professionals are asked by new clients. Of critical importance when considering mortgage financing: There is sometimes a difference between what a client ***can*** borrow and what they ***should*** borrow. In other words, what makes for a comfortable long-term mortgage payment? The Quick Answer: If we're simply considering the financial math, lenders will calculate your Debt-to-I ... Read More...
Reverse Mortgage Seminars in Spokane each Tuesday afternoon
Reverse Mortgage Seminar
Schedule for May & June 2012
Jack's weekly seminars continue each Tuesday at 2 pm at his office at 4th & Maple (1500 W 4th Ave Ste 410). Just call 509-623-1623 and let him know you are coming!
Nothing will be sold s ...
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What is my home worth?
Everyone considering any type of home loan today is concerned about the appraisal for a variety of reasons. With a reverse mortgage the appraisal is a key component in determining the amount that is available to a senior home owner. The appraised value is arrived at by the appraiser comparing properties that have recently sold in the neighborhood t ...
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Advice to June Brides and Grooms
You have heard of truth-in-lending....now hear this! Truth-in-marriage! Long before they approach the alter, the couple should understand that each will maintain his and her own credit information. This information is reported separately to the various credit agencies.
Marriage is not a stepping stone to better credit. It does become part ...
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Where Does My Earnest Money Go?
Hey, I gave my real estate agent a $5000 Earnest Money Deposit check... Where does that money go?
A basic and very obvious question that most First-Time home Buyers ask once their purchase contract gets accepted.
According to Wikipedia:
Earnest Money - an earnest payment (sometimes called earnest money or simply earnest, or alternatively a ...
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Renting vs Buying A Home
Buying a home versus renting is a big decision that takes careful consideration.
While there are several biased sources that can make arguments for or against owning a home, we've found that most home buyers base their ultimate decision on emotion.
Yes, there are some tax advantages of owning real estate, as well as the potential to earn ...
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First-Time Home Buyer Credit Checklist
Getting a new mortgage for a First-Time Home Buyer in Spokane, Washington or anywhere can be a little overwhelming with all of the important details, guidelines and potential speed bumps.
Since there are so many rules and steps to follow, here is a simple list of Do's and Don'ts to keep in mind ...
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Seven Things Your Agent Should Know About Your Mortgage Approval
While many experienced real estate agents have a general understanding of the mortgage approval process, there are a few important details that frequently get overlooked which may cause a purchase to be delayed or denied.
New regulation, updated disclosures, appraisal guidelines, mortgage rate pr ...
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HOA Hurdles to be Aware of When Looking at New Properties
A Home Owner Association (HOA) can have a huge impact on your life when you buy a home in a PUD (Planned Unit Development) or Condominium Project.
According to Wikipedia:
A homeowners' association (abbrev. HOA) is an organization created by a real estate developer for the purpose of developi ...
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Assembling Your Home Buying Team - Knowing The Players
Buying a new home is literally a team sport since there are so many tasks, important timelines, documents and responsibilities that all need special care and attention.
Besides working with a professional team that you trust, it's important that the individual players have the ability to effect ...
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What IS a Reverse Mortgage?
Wait! What IS a reverse mortgage?
The other day I had a conversation that summarizes an all-too-common situation.
I was chatting with a lovely senior lady (we’ll call her Jane) who, with her husband, was shopping for a new senior-friendly home.
I suggested that she may wish to purchase the home with a reverse mortgage.
“Oh no! I don’t ...
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Ten Credit Do's and Don'ts To Bear In Mind Prior To Getting Your Mortgage Loan
How can a fully approved loan get denied for funding after the borrower has signed loan docs?
Simple, the underwriter pulls an updated credit report to verify that there hasn't been any new activity since original approval was issued, and the new ...
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Do I Need To Sell My Home Before I Can Qualify For A New Mortgage On Another Property?
Although every situation is unique, it is not uncommon for homebuyers to qualify for a mortgage on a new home while still living in their primary residence.
Perhaps you are outgrowing your current house, or have been forced to relocate due to a jo ...
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What Do Appraisers Look For When Determining A Property's Value?
Most people are surprised to learn what appraisers actually look at when determining the value of a real estate property.
A common misconception homeowners generally have is that the value of their home is determined after the appraiser has completed their physical property inspection.
However ...
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What Does Title Insurance Protect Me From?
By including title insurance when purchasing property, your title insurer takes on accountability for legal expenses to defend your property title, should it ever be challenged.
Many different occurrences can come into play to warrant the need for title insurance.
The title company responsib ...
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Understanding the FHA Mortgage Insurance Premium (MIP)
* Disclaimer – all information in this article is accurate as of the date this article was written *
The FHA Mortgage Insurance Premium is an important part of every FHA loan.
There are actually two types of Mortgage Insurance Premiums associated with FHA loans:
1. Up Front Mortgage Insurance ...
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Should I Refinance or Get a HELOC For Home Improvements?
For homeowners interested in making some property improvements without tapping into their savings or investment accounts, the two main options are to either take out a Home Equity Line of Credit (HELOC), or do a cash-out refinance.
According To Wikipedia:
A home equity line of credit is a loan in ...
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Calculating The Net Benefit Of A Refinance Transaction
Calculating the net benefit of refinancing can be a challenging task if you do not understand what to calculate. We are going to focus on the net benefits of refinancing from the standpoint of lowering your interest rate.
Although there are several reasons to refinance, lowering your mortgage rat ...
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Understanding the Difference Between an Appraisal vs Neighborhood Listing Prices
Why is there such a difference between what my appraised value is and the price similar homes are selling for on my street?
It’s a great question, and you don’t have to be a mortgage professional or a real estate agent to understand the answer.
...
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Making Sure Your Cash-To-Close Comes From The Proper Source
Providing proper asset documentation and the actual source of the funds is a critical element of the loan closing process.
There's nothing worse in a real estate purchase than making it all the way through the hoops and hurdles just to have a loan denied after the final documents have been signed d ...
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Talk the Talk – Know the Mortgage Lingo at Closing
What the heck are they talking about?
Many borrowers go through the closing process in a haze, nodding, smiling, and signing through a bunch of noise that sounds like Greek.
Even though you may have put your trust in your real estate and mortgage team, it helps to understand some of the terminol ...
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Jack Tenold
I have helped hundreds of people learn about home loans. You deserve to benefit from my experience.
