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loan: Why Don't Realtors Have FAITH in Preapproval Letters? 8 Questions Every Preapproval Should Answer - 03/17/09 01:40 AM
Via Janet Guilbault, California Mortgage Expert (Banker/Broker with RPM Mortgage, FHA Certified):
Why do Realtors think preapproval letters are about as worthless as a wet cocktail napkin? Has it become so bad that Realtors believe a do-it-yourself prequalification is better than one from the mortgage office?
I believe the time has come for preapproval letters to gain some respect. We can accomplish this by offering a much more detailed picture of where the borrower is in the process of becoming approved.
In this post I will tell you the 8 questions that every preapproval letter should answer.
THE COMMENTS THAT … (3 comments)
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loan: Ready for Congressional Oversight of Mortgage Loan Products?? - 03/10/09 03:58 PM
According to a news release today, Congress has just introduced legislation that if passed would establish a panel to provide independent mortgage advice. The new "panel" would be called the "Financial Products Safety Commission," and would "provide independent advice to consumers on mortgage products. It would also be charged with approving new financial and home loan products before they can be marketed to consumers." Is this just one step closer to governmental control of banking and finance? Or is this potentially some much needed and long over-due oversight of mortgage loan products?
Search Homes in: Chandler - Gilbert … (19 comments)
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loan: What Does It Mean to "Lock the Rate" or "Rate Lock"? - 03/02/09 12:17 AM
Here's an outstanding explanation and definition of Loans Locks, by Ken Cook, a gentleman in Atlanta, Georgia for whom I have immense respect. Enjoy!
Via Ken Cook - Lender - Investor Specialist:
Yesterday I had a customer who is an engineer at one of the largest cable companies in the world tell me he was feeling pressured from me to get his mortgage loan origination agreement so I could lock his rate. Just as I read his email a man was in my office to pick up my son's XBox360 and that man is a career firefighter. He overheard … (6 comments)
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loan: This Is You. This Is You On Paper (And You Just Got Shredded) - 02/28/09 03:14 AM
Via Janet Guilbault, California Mortgage Expert (RPM Mortgage):
Remember the old TV commercial that went like this:
This is your brain. This is your brain on drugs.
For those of you too young to remember this anti-drug TV spot, your brain on drugs is supposed to look like a fried egg on the sidewalk (not so subtle message of "you can fry your brains out if you take drugs").
But here's a newer version for you:
This is YOU: Good person. Good credit. Hard worker. Pays the bills. Pays taxes. Contributing member of society. Needs a mortgage.
This is YOU ON PAPER: Loser. Application declined. … (6 comments)
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loan: Calling all Bankruptcy Attorneys - 02/24/09 01:32 PM
I've been hoping I would never have to blog this story, but it's become such a prevalent story in our country and economy, I suppose it was inevitable. The law of averages caught up to me!
One of my homeowner clients in Arizona is in financial trouble. Due to circumstances beyond her control, Elaine (we'll call her) is not able to keep with her mortgage loan payments. She has a first loan and a second loan on her home, and has made a valiant attempt at negotiating loan modifications with both lenders. Elaine's first is an interest-only loan, and the … (10 comments)
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loan: Mortgage Loan Approvals: Nightmare on Main Street? - 02/13/09 02:35 PM
I received an email today from the President of one of the finest Mortgage Lenders in the greater Phoenix area. Following are a couple of his comments to me.
I need to make sure you and your clients are aware of a couple of things:
Loan level adjustments are stricter and will impact the rate and costs of a mortgage. Now, to get the best available rate on a generic 20% down purchase scenario, a borrower must have a qualifying FICO score of 740. From 740 on down, you have potential adjustments for every 20 points below 740 (i.e. from … (15 comments)
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loan: Native American HUD Section 184 Mortgage Loan - 02/07/09 03:16 PM
A client of mine sent me some information this week on a loan product that his Loan Officer presented to him. I've never heard of this particular loan before, and I'm wondering if any of you have had anyexperience with it. Here are the details.
Eligible borrowers for a HUD 184 loan:
An individual who is recognized as a Native American by a tribe, the Federal Government or any State A Native American Tribe (Tribal Government) A Tribally Designated Housing Entity (TDHE) A Native American Housing Authority Loan Features:
Available on tribal trust, individual allotted trust or fee simple land (on … (7 comments)
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Randy Hooker ~ Gilbert, Chandler, Mesa, Queen Creek
Gilbert,
AZ
More about me…
Dreamcatcher Realty / Greater Phoenix Area
Address: Gilbert, Chandler, Mesa, Queen Creek, Phoenix - Arizona
Office Phone: (480) 926-8777
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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.
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