Joe Petrowsky's Blog

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Real Estate Mortgage Broker - Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - NMLS # 6869

ARCHIVED BLOG POSTS

2012 

“More First Time Home Buyers Take Advantage of Low Rates” Last week, I did 9 preapprovals for first time home buyers. What a great sign for future home sales. 7 out of the 9 future homeowners were referred by Realtors. The other two I was able to refer to a Realtor. Here is another good sign, I a...
Posted about 2 years ago
“Mortgage Meltdown Probe by the Obama Administration?” This was brought up during the State of the Union address. Why now? You know why. What has been going on for the last three years? This sure does make good press in an election year.   I wonder if the rating agencies that rated subprime secur...
Posted about 2 years ago
“More Truths About FHA Mortgages Going Forward?” On any given day, depending on who is writing it. The messages are diametrically opposite. A previous blog I wrote, quoted a paragraph by an FHA executive, indicating that the underwriting rules will become more strict in the next few months. You w...
Posted about 2 years ago
“Mortgage Interest Rates to Remain at These Levels”   Article after article continues to indicate, interest rates will continue at these levels for the next couple of years. The concern that I always have, when everybody is saying the same thing, that is when I become the most cautious.   Having ...
Posted about 2 years ago
  I’m told this video has been around for a while, but if you have never seen it, you should take a few minutes. Well worth the time.      
Posted about 2 years ago
EGG WHITES - WHO KNEW?                    A young man sprinkling his lawn and bushes with pesticides wanted to check the contents of the  barrel to see how much pesticide remained in it.  He raised the cover and lit his lighter; the  vapors ignited and engulfed him. He jumped from his truck,  scr...
Posted about 2 years ago
“State of the Union and Refinancing an Underwater Mortgage”   Over the past two days, after the State of the Union address, I have asked a dozen of my lenders to translate the new directive and how this will affect my clients that want to refinance a mortgage that is “UNDERWATER”. To a person, al...
Posted about 2 years ago
  It was just a matter of time. This reduction in allowable seller concession has been mentioned for months, it is getting closer to reality. Today, as seller can pay a buyer’s closing costs and escrows, up to 6%. They haven’t finalized how much reduction and when it will start.   Fortunately, I ...
Posted about 2 years ago
“Appraiser Guidance Regarding Distressed Valuations” The appraiser world feels that they are being wrongly blamed for any decline in real estate values. We see 100 appraisals a month and can certainly speak from real life experiences. When there is an appraisal issue and we look closely at the va...
Posted about 2 years ago
“Why Pay a Fee to do Biweekly Mortgage Payments!” The example below uses a 7% interest rate, but that is just for example purposes. It explains the effect over the life of a mortgage. At interest rates, at these historic lows, it doesn’t make any sense to prepay your mortgage, but not everyone ca...
Posted about 2 years ago
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Joe Petrowsky

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