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mortgage: 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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mortgage: Making Home Affordable Loan Modification Program - 03/17/09 12:21 AM
Via Bill Gassett Metrowest Massachusetts Real Estate (RE/MAX Executive Realty):
The Obama Administration has announced new U.S. Department of the Treasury guidelines to enable servicers to begin modifications of eligible mortgages under the Administration's Homeowner Affordability and Stability Plan.
The release of detailed requirements for the "Making Home Affordable" program facilitates implementation of the critical provisions that will help bring relief to responsible homeowners struggling to make their mortgage payments, while preventing neighborhoods and communities from suffering the negative effects of foreclosure such as lower property values, increased crime and higher taxes.
You can see the complete Home Affordable Loan Modification … (3 comments)
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mortgage: 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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mortgage: 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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mortgage: 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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mortgage: NO Mortgage 'CRAM DOWN' Relief for Real Estate Agents / Self Employed?!?! - 02/19/09 11:27 AM
I've been reading a lot lately about the possibility of new bankruptcy laws that would allow judges to adjust mortgage loan terms when a person files for Chapter 13 Bankruptcy. President Obama seems to be in favor of offering such 'Cram Down' power to bankruptcy judges. Chapter 13 bankruptcy is often called "The Wage Earner's Bankruptcy" because a consistent, regular source of income must be available for repayment of debt ~~ and therein lies the rub! What if you don't have a consistent, regular source of income? I have no desire to debate the merits of 'Cram Down' power being given … (12 comments)
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mortgage: 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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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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