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credit score: Have a Lender - Loan Tips for Buying Real Estate - 01/30/13 03:39 AM
This week I wanted to talk about what goes into making your loan actually work. This is a very relevant topic being how just about everyone who is purchasing a house these days requires a loan. The first thing people need to do is talk to a lender. A lot of people actually want to talk to a Realtor or see houses before knowing what they can invest. A lender is essentially the middle man between the bank and the borrower and they negotiate the terms and run the figures for the amount being borrowed. What the lenders are looking (0 comments)
credit score: Is mortgage rate envy a sin? - 08/02/12 06:41 AM
Is mortgage rate envy a sin? I have no idea, because I am a mortgage banker and not part of the clergy. But I do know that mortgage rate envy is usually based upon misinformation, and prevents mortgage borrowers from thinking clearly. They are so focused on rate that they do not see the whole picture. Focusing solely on the note rate can cause people to make imprudent financial decisions. The annual percentage rate (APR) is the number borrowers should be looking at. APR is defined as the total of all costs imposed on a borrower as a result of granting (0 comments)
credit score: Fees DROPPING for eligible FHA streamline refinances! - 05/31/12 12:06 AM
It has been some time since we have heard about a government agency dropping fees, but FHA is doing that for FHA mortgages that were insured prior to June 1, 2009. Remember that it may take up to 90 days after the note date for the loan to be insured. If your FHA mortgage closed prior to March 1, 2009, you should be eligible. After March 1, 2009 you should have your mortgage professional check your FHA case number to see if you qualify. The Up Front Mortgage Insurance Premium (UFMIP) is a one time fee collected by FHA and (0 comments)
credit score: The impact on your credit of marriage or divorce - 05/03/12 04:27 AM
As always, accurate information is critical to help you manage your finances. While we all know the importance of a good credit score, the many factors that determine a good credit score are often not understandable to the average consumer. When questions come up about what happens when a person gets married or divorced, I see a lot of myths and inaccurate information. The experts at Advantage credit have done a great job addressing this subject. The best explanation I have seen on this is at http://www.advcredit.com/ under Yours, Mine and Ours: Marriage, divorce and credit. Your questions and (2 comments)
If you have an existing government loan, either FHA or VA, project approval is not required for either a Federal Housing Administration (FHA) "streamline" refinance or VA Internal Rate Reduction Refinancing Loan (IRRRL). Both loans are designed to help people refinance to either a lower interest rate or change from an Adjustable Rate Mortgage (ARM) to a fixed rate mortgage. These loans do not (0 comments)
credit score: Purchasing a condo that is not FHA approved - 02/16/12 11:00 AM
In the Denver metro area a trend, that is further depressing home sales, is the increased standards required for a condominium project to have Federal Housing Administration (FHA) approval. Thankfully, these standards do not currently apply to townhomes. Astute real estate agents will verify the exact status of what appears to be a townhome, however some townhomes have a condo legal description which makes it fall under FHA rules for a condo. Not a good situation to see a buyer pay for an inspection and appraisal, then find out that the buyer is approved, but the property is not.
credit score: They May Change the Game at the Last Minute. By Dan Polimino. - 02/07/12 02:52 AM
A house is listed with me and my business partner Gary Lohrman. It’s under contract; everything is moving along smoothly, we are past inspection, appraisal, and all the big contingencies. We are just a few days away from closing when the buyer’s agent calls to say that there is a problem. At the last minute, the lender has decided that 20% down is not going to be enough and they will not close the loan unless the buyer comes up with 30% down. Now mind you, these buyers have a pre-approval letter from the lender, have acted in good faith, and (6 comments)
credit score: The mutual benefits of a Divorce Mortgage - 01/18/12 07:13 AM
A divorce mortgage is a refinance transaction that removes the departing spouse from the current debt secured by the home or other real estate. The spouse retaining the property refinances the loan that is currently in both parties name with a loan in their name alone. A common misconception is that the departing spouse is no longer liable for the mortgage if they sign a Quit (not quick) Claim Deed to surrender their interest in the property. Even if the departing spouse no longer has an ownership interest in the property they are still liable for the mortgage unless the mortgage (2 comments)
credit score: $400,000 to $800,000 Can Be A Tough Sell. By Dan Polimino. - 01/17/12 02:16 AM
Last week, I broke down the various price ranges in real estate and what we might expect for the coming year. I mentioned that the 400-800K price range might be the toughest price range to sell for a variety of reasons. Let’s take a look at what we know about this demographic. The buyer for the 400-800K range is generally what we refer to as a ‘move up buyer.’ They are probably living in a 300-500K home and are looking for their next move up. The problem with this demographic is that they have been hit hard by the economy. Many (4 comments)
credit score: Give yourself a Christmas present! - 12/01/11 08:21 AM
About half of the mortgages I will close in December are for people who have an existing FHA mortgage and thought they could not refinance because of all the misinformation floating around about the current mortgage environment. The borrowers will be getting a nice Christmas present in terms of monthly savings for years to come. The most common misbelieves I encounter is that people with a FHA mortgage could not refinance because: 1. I owe more than my home is worth. 2. I do not have perfect credit. 3. I do not have an FHA mortgage. 4. I have an FHA mortgage, but the property is now a rental. (1 comments)
credit score: Average mortgage rate jumps up. Why average mortgage rates are worthless! - 10/20/11 09:59 AM
Freddie Mac reported last week that the average on the 30-year fixed mortgage rose sharply from 3.94% to 4.12%, which according to the National Bureau of Economic Research was the lowest rate ever. When looking at this rate it is important to remember that it is an AVERAGE rate. If we measured two people, and one person was 5 feet 8 inches tall and weighed 150 pounds and the other person was 6 feet 4 inches tall and weighed 260 pounds, the average height and weight would be six feet and 205 pounds. Clearly, while this average is accurate, it is worthless. The same thing applies to mortgages. Loan (0 comments)
credit score: Has it become easier to get a mortgage in the last three years? - 08/04/11 07:01 AM
Has it become easier to get a mortgage in the last three years? Not from what I am seeing. Whether it is a conventional, FHA, or VA mortgage, in most instances, it is harder to obtain a mortgage than it was just three years ago. The good old bad days are gone forever, and the mortgages must meet higher standards with increased documentation for verification. A mortgage must fit precisely into the box with very little wiggle room. Policy and procedure always reflects the worst abuses in the past and we are seeing that now. It is vital to understand how the process works. Underwriters are in essence referees who make (4 comments)
credit score: Great info from the Federal Reserve on Credit Reports & Credit Repair - 02/10/11 06:28 AM
The Federal Reserve has a new website, www.federalreserve.gov/creditreports, that for a change is a good expenditure of taxpayer money. Hopefully this could start a trend. The "Consumers Guide to Credit Reports and Credit scores" offers a wealth of advertisement-free, accurate information. Besides explaining why credit is so vital to many areas of your life, besides just getting a mortgage, it also covers: who can see your credit report, how to opt-out of receiving unsolicited offers for credit, who collects the information, and where credit bureaus get the information. While the credit reporting bureaus do a good job overall of reporting information, mistakes do happen. One link on the site covers the issue (1 comments)
credit score: The Purple Cow. By Dan Polimino. - 01/04/11 07:41 AM
We have all watched and been affected by the rapidly changing landscape of lending over the last two years. Sometimes, the new restrictions and precautions can be maddening and sometimes, they are just laughable. More than once in the last two years, I have heard this statement come out of a buyer’s mouth, “Why does the lender need that information? It has nothing to do with the loan.” In most cases, that buyer is correct. The requests that come from the lender (more importantly, underwriters) have gotten more bizarre with each passing day and usually, they have nothing to do with (4 comments)
credit score: The Real Cost Of The Recent Jump In Interest Rates - 12/01/10 06:23 AM
I closed a $222,000 FHA streamline loan for a client last week at 4.25% for a thirty year mortgage. The client had no closing costs and received a generous escrow credit. The loan was locked on November 9. I priced the same loan on Friday, the 26th, and the cost has increased by over $4,100! I was fortunate that this client was astute. He was smart enough to know that he could not predict interest rates, and looked at the numbers and wisely decided to take the money and run. Of course a borrower could still do a no closing cost loan, but the rate would now be (1 comments)
credit score: New FHA Program for Borrowers with Negative Equity - 09/10/10 09:15 AM
FHA loans registered on or after October 4, 2010, will have a lower upfront mortgage insurance premium (MIP) and a higher annual premium paid monthly. The upfront MIP will decrease to 1% from the current 2.25%. On a $200,000 mortgage, a borrower would save $2,500 in upfront costs. Thirty year fixed rate mortgages with a loan to value (LTV) under 95% will increase to 85 basis points (bps) and thirty year loans with a LTV over 95% will increase to 90 bps. For a $200,000 mortgage this means increases of $60 or $70 per month. On a fifteen year fixed rate loan, the annual MIP paid monthly will be 25 bps if the LTV is over (0 comments)
credit score: Don’t let your credit score or down payment stop you from buying a home - 08/05/10 05:05 AM
http://www.coloradodreamhouse.com/index.php/news/ Two things stop more people buying from purchasing a home more than anything else…down payment and credit score. In this week’s market update Dan Polimino tells us that there is help for people who need down payment assistance and how anyone can easily clean up their credit. To find how you can get money to buy a home or how to clean up your credit watch this week’s market update with Fuller Sotheby’s International Realty agent Dan Polimino. (1 comments)
credit score: Credit Still Tightening - 08/03/10 04:32 AM
Elizabeth Duke, a governor on the Federal Reserve board, reported last month that credit for both consumers and businesses continues to tighten. Banks tighten credit by raising credit score requirements, reducing credit limits, and/or increasing requirements for "skin in the game". "Skin in the game" refers to a larger down payment for a mortgage or car loan, or increased collateral for commercial loans. For a variety of reasons both strong and weak banks are cutting back on lending. An uncertain economic outlook as well as concerns about government intervention are commonly cited. What can you do? The importance of a good credit score can not be overstated. The (1 comments)
credit score: Disputed Accounts - 07/20/10 05:28 AM
So, you’ve exercised your rights as dictated by the FCRA and disputed some inaccurate information on your credit report. Statistics show that 80% of credit reports contain inaccurate information. Disputing these inaccuracies is your legal right and is encouraged by the Federal Trade Commission and consumer groups. But now you’ve applied for a mortgage and your lender is telling you there is a “problem” because you have done this and it could cost you your loan. The dispute was valid, so why should this be an issue? Fannie Mae’s underwriting software flags tradelines listed with a dispute comment. The application is (0 comments)
credit score: Credit Card Limit Cut? - 07/13/10 02:29 AM
Been making your credit card payments on time, careful not to exceed your limit, and been shocked when the credit card company cuts your limit or closes the card without warning? This is occurring more and more because some companies are getting out of the credit card business or trying to limit risk. Even cardholders with strong (720 +) credit scores are having their limits cut or the account closed if it is inactive. The impact on your credit score can be devastating. Your credit utilization ratio- the amount of debt you owe divided by your available credit- is responsible for about 30% of your credit score. (5 comments)
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.