Programs
Our mission statement: We are dedicated to delivering a new standard of service and innovation to mortgage lending that builds long-term relationships that result in customer for life. Getting to know each client and always treating them with the utmost consideration and professionalism are the qualities found in our team. At Prospect Mortgage LLC., we offer a variety of loan products and programs to suit your financial situation. Our menu starts with the traditional 30-year fixed rate mortgages for primary residences as well as loan terms for either 25-, 20-, 15- and even 10-year amortizations. If you believe that you will be in your ...
What is a FICO Score?
A FICO score is a credit score developed by Fair Isaac & Co. Credit scoring is a method of determining the likelihood that credit users will pay their bills. Fair, Isaac began its pioneering work with credit scoring in the late 1950s and, since then, scoring has become widely accepted by lenders as a reliable means of credit evaluation. A credit score attempts to condense a borrower’s credit history into a single number. Fair, Isaac & Co. and the credit bureaus do not reveal how these scores are computed. The Federal Trade Commission has ruled this to be acceptable. Credit scores ...
FHA Loans
An FHA Loan is a mortgage loan insured by the Federal Housing Administration (FHA). The FHA does not provide the loan; rather, it insures the loan for the lender. If the borrower defaults, the lender can seek recourse from the FHA. This lowers the lender's risk and makes them more likely to issue a loan. The FHA was formed in 1934, and joined the Department of Housing and Urban Development in 1965. The organization has insured more than 33 million home mortgages since its inception. Today it continues to help families who may have credit issues or need low down ...
Today’s Economic Headlines
- Fed debates options for economic backslide
Thursday, 29 July 2010, 1:31 pm
The Federal Reserve should revive a crisis-era program to buy government debt if the U.S. seems headed toward a bout with deflation, a Fed official said Thursday.MSNBC - Business
- Amazon CEO hopes new Kindles stoke sales
Thursday, 29 July 2010, 1:17 pm
Jeff Bezos isn't just confident you'll want a Kindle e-book reader. The CEO of Amazon.com is bracing for a future in which you'll also want ones for your kid , your spouse and perhaps even Grandpa. - Fed official eyes revival of crisis-era program (AP)
Thursday, 29 July 2010, 1:14 pm
AP - The Federal Reserve should revive a crisis-era program to buy government debt if the country seems headed toward a bout with deflation, a Fed official said Thursday.Yahoo! News: Economy News
- Stocks retreat as investors await GDP report
Thursday, 29 July 2010, 1:10 pm
Stocks fell Thursday as investors took a dim view of the latest report on unemployment and warily waited for the government's reading on second-quarter gross domestic product. - Toyota recalling 412,000 vehicles in U.S.
Thursday, 29 July 2010, 1:07 pm
Toyota is recalling 412,000 passenger cars, mostly the Avalon model, in the U.S. for steering problems in which three accidents have been reported, the automaker said Thursday.
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Financial Regulation Becomes Reality
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So much for rates rising
Published in The Daily Record, July 2 OK, so I was wrong. Everything in the first quarter of the year pointed to a slow rise in mortgage rates. If you...
Tax credit closing deadline extended to Sept. 30
The National Association of Realtors® on June 30 commended Congress for timely passage of two bills to extend the home buyer tax credit closing deadline...
How the mighty players have fallen
Published in The Daily Record, May 7 If you really want to see how the mortgage landscape has changed in the last four years, all one has to do is take...
