The Loan Process Outlined - 06/28/07 08:06 AM
The Loan Process
Together we identify your specific goals and determine the best way to meet them. In doing this we discuss personal information such as name, address, employment, income & savings.
We review three areas impacting eligibility for the loan options you choose.
Your FICO credit midscore. There are three credit reporting … (0 comments)
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People Are Smart - When it comes to questionable mortgage advertising - 06/27/07 11:33 AM
Recently I visited the website of a mortgage competitor seen daily on TV to inquire about the below market rates they regularly advertise. I used their online chat function to memorialize this conversation.
People are smart - enough to know when they are being told ½ a storyNote: online web chat on 05-21-07
Welcome … (3 comments)
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My Community Loan Programs offer eligible buyers up to 100% financing - 06/27/07 10:45 AM
This program for owner occupying buyers is sponsored by Fannie Mae. MCMprograms offer qualifying low & moderate-income home buyers lower rates & better terms than subprime loans with the same credit scores. Areas defined as "undeserved" may have no income limits for eligibility and qualify for 100% financing. Other programs within MCM provide even greater benefits … (8 comments)
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Pre-Qualifed vs. Pre-Approval whats the difference? - 06/25/07 09:56 AM
Use the Savings & Contacts page of my website to request your Pre-Approval Certificate Today!
Greg Zaccagni @ www.MortgageAdvisor.info
… (3 comments)
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Subprime Lender Guidelines - 100% financing after the fallout - 06/24/07 09:33 PM
Here are recent guidelines from one of my preferred lenders for late June 07. You will be pleased to note that 100% finance options are still available! Though you might want to know :-)
Loan amounts <$1m & requiring 2/3 documented trade lines open & active not less than 12 months:
Owner Occupied … (1 comments)
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Understanding Reverse Mortgages - 06/24/07 08:15 PM
Many seniors don't know about Reverse Mortgages or have preconceived misconceptions. Did you know that many programs are insured by our government? These are Home Equity Conversion Mortgages (HECM's). Most programs require you to reside in your home and be a senior 62 years or older.
You cannot go into default … (2 comments)
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The Myth of the No Cost Refinance - 06/21/07 03:48 PM
Do you want a no cost refinance? Traditional refinance expenses may not be directly charged to the consumer on this loan type creating the impression there is no cost for these services. If you can find a title company to close your loan without charging anything please tell me.
Loan originators are generally compensated in 1 … (1 comments)
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Mortgage Lenders, Bankers, Brokers & Originators - what's the difference? - 06/19/07 05:19 PM
What's a Mortgage Banker, Broker & Direct Lender?
As an independent Broker I'll identify lenders most likely to approve your loan. As a Mortgage Banker I'll fund your loan at closing just like any direct lender. Unlike direct lenders limited to their own product portfolios, I have hundreds of lenders to choose from including the … (2 comments)
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Identity Theft - Knowing When it Happens is just the beginning... - 06/18/07 11:41 AM
Your identity may become compromised compliment of the state of Illinois.
I received a letter in the mail from our "great state" of Illinois that they failed to protect the personal information we are required to provide to be licensed to do business.
I followed their advice and put a fraud alert on … (0 comments)
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Active Rain Anniversary / Birthday Party - Saturday 06/16 Oak Brook IL - 06/16/07 05:14 PM
I had a great time at Maggiano's and wish to thank our hosts for their hospitality. The food was terrific and the price was right! One of my favorite places to eat. I even learned the Active Rain name stems from rainmakers which all of us must be every day.
Speaking of … (2 comments)
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Mortgage Buydowns can save money for buyers & sellers - 06/02/07 11:24 PM
A mortgage buydown occurs when prepaid interest is applied to lower a mortgage rate. Buydowns can be for the life of a loan or a period of years.
Lower qualifying rates increase the number of buyers eligible to purchase properties. Homebuilders often use this to sell more properties. Homeowners can do … (3 comments)
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FHA Loans back in style for "FICO challenged" & high LTV financing - 06/02/07 11:19 PM
With Subprime Lender options now more limited some are rediscovering FHA loans. Here's why:
PROS:
Better pricing than most subprime programs
Virtually no FICO Requirement
Only 3% down for 1-4 units (O/O - required)
Down payment can be gifted from seller to approved not for profit payable to buyer @ close … (7 comments)
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Construction & Permanent in a single loan product can save you money & risk - 06/01/07 02:06 PM
Most buyers seek move in ready properties at the top of their price range because they don't have money left for improvements after close. The smaller a down payment the less likely to qualify for home equity lines to finance improvements. Changes to the lending industry make obtaining high LTV 2nd … (0 comments)
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5 areas that determine your FICO Score - 06/01/07 01:40 PM
Your credit data is grouped in five categories for FICO scoring.
1. Payment History
Payment history on credit cards, mortgage, etc. Public records (bankruptcy, judgments, suits, liens) etc. Amount & severity of delinquency (how long past due) Regency of past due items or collection items (if any) Number of past due & … (0 comments)
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FICO credit scoring vs. Mortgage rates - 06/01/07 12:40 PM
Credit Scoring vs. Mortgage Rates
Many lenders are tightening guidelines making it more difficult to qualify for some mortgage programs. It's a good idea to know you credit score. Low scores cost you money in higher interest rates & lost opportunities.
There are three credit reporting agencies independently tracking your credit history. TransUnion, … (1 comments)
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Mortgage insurance goes tax deductible - 06/01/07 12:10 PM
Mortgage Insurance Goes Tax Deductible
Congress passed a new tax relief bill with a deduction for Mortgage Insurance (MI) premiums effective in 2007. Limited to homebuyers with incomes < $100k, it's a major victory for Mortgage Insurance Companies who have lobbied for several years. MICA executive Suzanne Hutchinson stated, "We are pleased … (2 comments)
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