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
- Greek PM meets Obama amid finance crisis (AFP)
Tuesday, 9 March 2010, 1:52 pm
AFP - Greek Prime Minister George Papandreou held talks Tuesday with President Barack Obama seeking US action against speculators he says are deepening his country's financial crisis.Yahoo! News: Economy News
- Fed's Evans says labor market weakness pervasive (Reuters)
Tuesday, 9 March 2010, 1:28 pm
Reuters - Weak U.S. labor markets are likely to justify easy money policies for quite a while longer, a top Federal Reserve official said on Tuesday. - Stocks rise a year after market hit bottom
Tuesday, 9 March 2010, 1:26 pm
A year after the stock market began its comeback from 12-year lows, investors are looking for the next big thing.MSNBC - Business
- Toyota, U.S. officials probe runaway Prius
Tuesday, 9 March 2010, 1:07 pm
U.S. safety regulators and Toyota Motor Corp dispatched investigators to San Diego on Tuesday to inspect a Prius that sped out of control on a California freeway a day earlier. - Britain's trade deficit widens (AP)
Tuesday, 9 March 2010, 1:00 pm
AP - Britain's trade deficit with the rest of the world widened unexpectedly in January after lower sales of chemicals and other commodities led a drop in exports.
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As 2010 unfolds, expect mortgage costs and rates to rise
For The Daily Record The outlook for 2010 is beginning to take focus and from actions coming from the Federal Housing Administration last week and Wednesday’s...
HUD’s new good faith doesn’t answer simplist questions
If you’ve been shopping for a mortgage in these first few days of the 2010, then you may have already gotten the new good faith estimate that all lenders...
Modifying a loan: Ask and you shall recieve
Published in The Daily Record, July 27, 2009 Since the mortgage meltdown started, a number of government and private-sector rescue plans have become available...
