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refinance: Some People Take the Cake - An honest to goodness phone call - 04/29/07 03:08 AM
I'm sitting here minding my own business when the phone rings, Sally Shopper is on the other end. Sally want's to refinance her current 30 year fixed 5% mortgage to take out $100,000 to purchase an investment property.
Sally would like to remain at a 5% fixed rate and not pay any points, and also purchase her investment property with the same 5% fixed rate. After asking all the obligatory questions, I get around to qouting Sally rates.
Sally: Ed I know there are 5% 30 year fixed loans available because I have one, are they just all sold out?Me: No, Sally they're … (86 comments)
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refinance: Great Interest Rate News - 30 Year Mortgage Rates Fall - 02/08/07 05:58 PM
By: Ed BrophySynergy Mortgage
Interest Rates on 30 Year Fixed Mortgages fell for the first time since December 2006 due to lower than expect job growth. 30-year fixed-rate mortgages averaged 6.28 percent this week, down from 6.34 percent last week. Last week's level had been the highest for mortgages since October as reported by Freddie Mac.
This rate drop is due in part to less than the expected job growth, experts were expecting some 100,000 new jobs to be created, this edged the unemployment rate up by almost 5%. This increase in unemployment eased concerns that the economy was growing so strongly that … (1 comments)
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refinance: Mortgage Lender Files Chapter 11 - 02/06/07 07:06 PM
Another sub-prime lender bites the dust. With the instability of rates and the slow down in home sales it makes you wonder if we're headed for a late 80's early 90's market. I guess it all depends on which expert you listen too. Expert: "ex" as has been - "pert": a drop of water - "expert" a has been drop of water!
"Mortgage Lenders Network USA Inc. filed for Chapter 11 bankruptcy protection Monday, becoming one of the largest casualties among so-called sub-prime lenders as the U.S. housing market slows. The Middletown, Conn.-based company, which had been the 15th-largest U.S. sub-prime lender, … (3 comments)
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refinance: Make Your Next Open House a Winner - Provide Prospects with Finance Options - 02/01/07 08:59 PM
I have had many of my Realtor partners ask me what they can do to make their next open house productive and a winner. Having worked on the other side of the fence there's nothing more frustrating than working an open house and watching potential clients walk away.
I spend at least one weekend day stopping by local open houses and introducing myself to the Realtors who don't know me and one thing I have noticed since jumping ship and working the mortgage side of things is that the open house lookers are more at ease when a lender is on the scene. They're not as reluctant to give me their information … (3 comments)
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refinance: Don't Get Stuck in the Contingency Wasteland! - 01/19/07 01:26 PM
Mathew Ryan recently wrote Backup offer for more than original contract. In a nutshell he and his client accepted an offer with a 20 day finance contingency, and then received a backup offer for $11,000 higher. My 1st question is why one would accept a 20 day finance contingency in today's day and age of almost automatic approvals.
When I worked as a Realtor (Listing Agent) I always required a potential Buyer to be pre-approved with the Mortgage Broker I had developed a strong relationship with. I'm not saying we required the Buyer to use our Mortgage Broker, what I'm saying … (7 comments)
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refinance: Why Loan Officers Shouldn' t Work Sundays - 01/14/07 05:47 PM
I really have to stop making promises to clients and prospective clients that I'm always available by phone should they need to talk to me.
This morning the phone rings, on the other end is Nick. Nick wants a loan in the $200,000 to $1,000,000 range. Now that's a wide range for a loan and honestly I stuttered a little bit when he threw the loan range out. I'm thinking this guy is either not really picky on the type of house he wants or he has delusions of grandeur.
Once again I go through the obligatory questions that any good mortgage … (42 comments)
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refinance: Credit Scoring - Part IV: Credit Remediation - 01/13/07 11:38 AM
If you have clients in need of credit remediation, and especially if you live in an area where this is an overall problem within the population, you should seek to align yourself with a credible referral source for credit repair. While government web sites will suggest that self-help may be the best option, keep in mind that for the most part these people lack discipline when it comes to spending and making payments. They are not likely to have the diligence to research and remedy their own credit problems.
The Federal Trade Commission regulates credit repair services, and they provide free information … (1 comments)
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refinance: Credit Scoring - Part III: Dealing with Challenges - 01/12/07 01:05 PM
Typically, a person with a bad credit score is in this position because they lack structure in their life. There are, of course, cases where unplanned health or employment complications are to blame, but for the most part, these are individuals who lack the discipline to pay their bills on time or curb their spending. This is your opportunity to be the "knight in shining armor" that provides them with a simple roadmap to get back on track.
Let's take a look at some examples that can help to quickly improve less-than-perfect credit scores for the potential homebuyer:
Let's say we have a … (4 comments)
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refinance: Credit Scoring - Part II: The Five Factors of Credit Scoring - 01/11/07 10:16 PM
There are five factors that comprise the credit score. They are listed below in order of importance, just as an underwriter would look at the score:
Payment History: 35% impact. Paying debt on time and in full has apositive impact. Late payments, judgments and charge-offs have a negative impact. Missing a high payment has a more severe impact than missing a low payment. Delinquencies that have occurred in the last two years carry more weight than older items.
Outstanding Credit Balances: 30% impact. This factor marks the ratiobetween the outstanding balance and available credit. Ideally, the consumer should make an effort to keep … (1 comments)
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refinance: Credit Scoring - Part I: Good Credit Translates into Lower Rates for the Consumer - 01/11/07 06:45 PM
In the 1960s, Fair Isaac Corporation started working on a system lenders could use to evaluate the likelihood of receiving repayment on loans. Prior to that, it was really a matter of trusting an individual to be a "man of his word," so to speak. Fair Isaac sought to take human error out of the equation with a reliable system that could determine whether or not consumers were truly worthy of credit, and thus FICO was born. This evolved to become the standard for lenders by the 1980s.
Credit scoring has an enormous impact on a borrower's ability to purchase a home. … (0 comments)
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Ed Brophy - REALTOR® - DRE #01344385
Palm Springs,
CA
More about me…
Ed Brophy, REALTOR®
Address: Rancho Mirage, CA, 92270
Office Phone: (760) 844-3736
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A place to learn about mortgages, interest rates, credit and ask the guestions you've been wondering about.
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