| |
mortgage: Credit Repair Companies That Hurt, Not Help - 05/21/12 07:38 AM
We talked to a Veteran today who wants to buy a house, First Time Home Buyer, who was referred to a “Credit Repair Company” a couple of years ago (a well known, National Law firm)… they, of course, disputed EVERYTHING on his credit report. They also suggested that he obtain a Secured Credit Card (which he did) and maintain a balance roughly equal to half of the credit line (which he did). His scores went up – and he called us about getting pre-qualified to buy a house.
We ran him through Freddie Mac’s Automated Underwriting System (LP) and it was … (4 comments)
|
mortgage: FTC Cracks Down on "Free Credit Reports" That Just Aren't - 03/10/10 11:47 AM
I'm tired of that "F-R- Double E Spells FREE" credit report commercial! Because what they are "hawkin' is NOT free! Thankfully, on March 3, 2010 the Federal Trade Commission file a revision to the Free Annual File Disclosure Rule to address the abuses and deceptive advertising for Free Credit Reports. This was part of the new Credit Card Accountability and Responsibility Act 2009.
The new disclosure is available now, but must be used after April 2, 2010, per the FTC ruling... however the Radio and Television Ads don't have to go off air until September 1, 2010 (although the advertisements must … (62 comments)
|
mortgage: Yep - We'll Take a Thumbprint of Your Second Child, Too - 02/02/10 03:26 PM
If you purchased a home in 2005 and find yourself in the enviable position of purchasing again now... you might be surprised by some of the ways the mortgage process has changed.
Oh Sure... you've heard that it's hard to get a mortgage, but you've got 800 credit scores, a ten year job, cash in the bank (2.5 kids AND a dog!)! You might think the stories about a tough time getting a mortgage is all about those "other" poor souls.
These days... it doesn't matter how much money you make, what a great deal you got on the house - … (47 comments)
|
mortgage: 12 Days Of Christmas - Mortgage Edition SOOOO Cute! - 12/21/09 02:22 PM
Okay - So, here's a Vocab cheat sheet:
HVCC is the appraisal Rule. MDIA is the Disclosure Rule. GSE is Fannie, Freddie, GinnieMae and GFE is Good Faith Estimate that is getting TOTALLY changed 1/1/09... and NINE Denied Loans... well, you know what that is!
… (4 comments)
|
mortgage: First Time Homebuyers - Don't Just Check On The Rate! - 09/14/09 04:30 PM
There are tons of first time homebuyers out there negotiating the best deal on their new home, and now it's time to get a mortgage.
Most of them only know how to ask one question: What's the Rate?
We've been in the mortgage business for over 20 years - and the only thing most people know to ask is - "What's the Rate?"
While that's a great question, it's kinda' like going into a shoe store and asking if they have any shoes in a size 9. Just shopping the rate is not necessarily going to get you the best … (27 comments)
|
mortgage: Why Recommending A DIRECT LENDER Could Make You Choke on Your Coffee - 08/21/09 06:17 PM
This is an excellent point of view regarding the differences in the types of mortgage shops you have available to them. I work for a mortgage banker that also brokers loans. You will get the BEST rates by working with someone who can shop for you!
Via Janet Guilbault California Mortgage Banker/Broker:
Why do Realtors like to recommend DIRECT LENDERS?
Could it be that somehow the lenders who are dumping foreclosures have brainwashed Realtors by insisting that anyone making an offer must be approved with a DIRECT LENDER?
Or is it because you believe that an approval from one of those BIG … (2 comments)
|
mortgage: Why Won't Rates Get BELOW 5% and STAY there? - 08/04/09 11:07 AM
So many people are waiting for mortgage interest rates to get below 5% - and then they will Refinance -
Or THEN they will purchase...
Well, with rates in the LOW 5's... NOW might be the time to act!
The thing that keeps rates ABOVE the 5% rate is simple... there are indications that the economy is recovering! (Good News in the Economy is Bad News for Mortgage Interest Rates)
"The ISM Manufacturing Index improved to 48.9 in July, jumping more than 4 points from the June score and marking the fourth straight improvement. This indicates that overall conditions remain in contraction for … (2 comments)
|
mortgage: FHA Downpayment Guidelines for NC - You might be Surprised! - 07/20/09 05:13 PM
Are you a First Time Homebuyer, dreaming of the day when you can sit among your boxes, in your new home?
HUNDREDS of first time homebuyers in Cary, Apex, Holly Springs are doing just that, and taking advantage of the now "famous" $8000 Downpayment Assistance program available through NC Housing Financing!
These same people are purchasing wonderful $300,000 plus priced homes using FHA Financing!
The North Carolina Housing Finance Agency, is advancing up to $8000 as a credit to buyers for their 3.5% downpayment. (of course there are some income qualifications, etc)
Here are some other ways you CAN obtain the 3.5% … (2 comments)
|
mortgage: USDA Home Loan Underwriting Updates - 07/15/09 09:54 AM
USDA is quickly becoming one of the Country's most popular mortgage loan programs, and with that, the USDA Rural Development Offices are getting backlogged!
USDA Home Loans are 100% (plus) mortgages - for more information about the program click here.
Because of this increase in volume, there have been several recent AN (Adminsitrative Announcements) from them regarding documentation types, and clarification of guidelines.
Gift funds are allowed with USDA Home Loans, however gift funds are not considered as cash reserves, or as a compensating factor. Gift Funds may be used for closings costs, voluntary downpayment, and to cover the guarantee fees, however … (3 comments)
|
mortgage: USDA Mortgages and Risk Based Pricing - 07/08/09 03:37 PM
Risk Based Pricing is a term now used by mortgage lenders to refer to how mortgage loans are Priced.
A mortgage with a higher risk to the bank has a higher price, or interest rate. A loan with a lower risk of default for the back, has a better price / rate.
There are several factors that currently make up the "risk" matrix. Here are a few of the items that might affect the rate:
Borrower Credit Score and Capacity to make payments (Debt to Income Ratio/ DTI) Property Condition and Location Documentation Type (did you provide income documentation and asset … (2 comments)
|
mortgage: Hey Joe! Lower Rates Might Help! - 07/06/09 07:58 AM
"We misread how bad the economy was"This is the comment made by VP Biden this weekend as he tried to explain why the administration first declared that unemployment would go to around 8% this year and last week we saw much higher numbers... and many folks are saying that the unemployment numbers are actually worse than reported, because so many more American's are parttime employees!I'm not being a "Debbie Downer" here, I'm merely pointing out that Paul Krughman and Gordon Brown (who meets with Obama this week at the G8) both said that we need MORE / ADDITIONAL Stimulus based upon the … (7 comments)
|
mortgage: Important Changes for Purchase Contracts - 06/26/09 01:18 PM
At the end of July, 2009 the Government will be IMPROVING the way consumer's receive documentation and disclosures for their mortgage loan... and in the short run, while everyone is getting use to it...it's not going to be pretty!MDIA is the new Mortgage Disclosure Improvement Act, and here's what it will probably mean to you...Delayed Closings.The lender is required to disclose a new Truth In Lending to the Borrower if the TIL has changed by as much as .125%. That's not the difficult part - it must be done 3 days before you can close.No More Last Minute Closings.We will no … (12 comments)
|
mortgage: It's EASIER To Qualify For a USDA Mortgage Today! 5/1/09 - 05/01/09 09:32 AM
USDA Home Loans have "special" qualifying guidelines that prohibit folks from purchasing if you make "too much" money!
In the past, that means that if you make more than the median income for your area - you might not qualify... but some recent "tweaks" to the system will allow more folks to qualify!!
Effective Immediately, USDA is looking at income "brackets." This means that if there are 1-4 people in the household, the maximum household income for Wake County, Johnston County is $88,400! To find out more about income rquirements for YOUR area, click here.
It's important to remember that USDA … (9 comments)
|
mortgage: Do I really need a home inspection? - 03/20/09 10:54 AM
Mortgage Companies do not require a home inspection - but we definately feel they are important! This is great information for all!
Via Lee & Pamela St. Peter Your Raleigh NC Realtors ~ GRI, CRS, ABR (Prudential York Simpson Underwood Realty):
Why do I need to get an Inspection...
So often I hear this question! Sometimes it's because my client is purchasing new construction, sometimes it's because they feel they are qualified to tell what the condition of the home is on their own.. But honestly people whether you are buying or selling a home, you should have a professional home … (6 comments)
|
mortgage: New Opportunity for Investors? - 03/16/09 02:16 PM
The Obama administration is due to release details for the "Troubled Assets" on the Bank's books later this week. Those would be the "Mortgage Loans" that went on the bank books in 2006 before all of this mess happened.
It appears to me that the plan fall along the lines of this... If the assets have been sitting on the bank books for an extended period of time, and maybe they have had a few lates on the mortgages, then the government is going to loan money to Private Investors to purchase them. If the loans have been made under the … (9 comments)
|
mortgage: First Time Homebuyers! Get Your $8000 Piece of the Bailout! - 03/03/09 10:10 AM
There is a silver lining to all of this Bailout Business (thank goodness!) and it applies all First Time Homebuyers! In the recent stimulus package, Congress, and President Obama wrote in a $8000 Tax Credit for First Time Homebuyer's who purchase a home between January 1, 2009 and December 1, 2009 (that's right, the actual law says DECEMBER ONE, so you need to close by November 30, 2009!)
The actual Credit is $8,000 or 10% of the purchase price, whichever is less. It is a CREDIT. This is much different than a Tax Deduction. If your total tax liability came to $6,000, but you … (22 comments)
|
mortgage: Contractors and FHA 203K Loans in NC - 03/02/09 01:14 PM
FHA offers a great mortgage program for folks who want to make improvements to their home (through a refinance) or those who are purchasing a home that needs some "TLC!" The program's official name is 203k.
If you are not familiar with the loan, you can find basic program details, like how the FHA 203K loan works, by clicking here. If you want to know what Improvements are Eligablie (and not Eligable) with the FHA 203K mortgage program, please click here! This program works GREAT for folks purchasing foreclosed property!
BASIC INFO ABOUT FINDING AND HIRING
A CONTRACTOR TO DO WORK … (16 comments)
|
mortgage: The Humor in Lending! - 02/23/09 11:05 AM
This is really funny! The bank's have simply been too compassionate! Ha!
Via Ruthmarie Hicks (Keller Williams Realty):
My last entry was about a great Frontline feature about the banking meltdown. It was a serious program, but worth the time and effort. This is just for fun. There is a great deal of truth in the commentary. Like much British humor, its hilariously understated and in many ways quite thoughtful. Yes, its fairly long for YouTube clip, but I think its worth the time. Isn't a smile and a laugh worth 8 minutes of your time?
… (0 comments)
|
mortgage: Why Credit Scores are Getting Tighter in NC - 02/23/09 10:33 AM
Since the beginning of the year, subtle but significant changes made their way into the underwriting guidelines in NC, and credit score requirements have been changing! As we are all learning, each market seems to be somewhat "dis jointed" when it comes to home values, and jobs - therefore we've seen some underwriting guidelines "tailored" to a geographic area.
Credit Score requirements are getting tighter, and this could be triggered by appraisal problems. There are "guidelines" and then there are the "Golden Rule" guidelines. FHA, VA and USDA do not make mortgage loans, they INSURE them (just like a PMI company) … (2 comments)
|
mortgage: Credit Boo-Boo's - 02/16/09 09:30 AM
This is a repost from last year....
Does your credit look like a train wreck? I've talked to several clients recently who hit a rough spot - and are working their way out. They had some questions I thought other people might need answered too!
How long does negative information stay on a credit report?
The Fair Credit Reporting Act says that negative information can stay on your report for a minimum of seven years (I always thought that said MAXIMUM - but I was wrong). There are some exceptions to this:
* Delinquency information like late payments remain for seven years … (3 comments)
|
|
|
|
|
|
Eleanor Thorne 919-649-5057 Cary Mortgage Loans
Cary,
NC
More about me…
Steve Thorne NC Mortgage Experts
Address: 111 Corning Road, Suite 230, Cary, NC, 27518
Office Phone: (919) 649-5058
Cell Phone: (919) 649-5057
Email Me
 Listings
Links
Archives
|
;)
;)
;)
