mortgage advice: Don Quixote, Mortgages and Going With the Flow
- 11/16/20 09:01 AM
Don Quixote, Mortgages and Going With the Flow
Do you remember the story of Don Quixote? Or the Broadway play and musical, "Man of La Mancha"?
If so, you probably remember it includes a windmill, a donkey, and some pretty great music. But a brief synopsis I found condenses this classic's storyline to ...
"Don Quixote teaches us that life is to be challenged.
That Don Quixote does not accept current reality".
Our world has been blessed and well-served by many that have chosen NOT to give in or give up. Consider these people as prime examples:
Franklin Delano Roosevelt: He was struck with paralysis when he was 39 years old. … (14 comments)
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mortgage advice: The Mortgage Advice & Options Un-Married Couples Need to Know
- 01/15/20 09:14 AM
The Mortgage Advice & Options Un-Married Couples Need to Know
It probably comes as no big surprise, when it comes to the housing market, the younger generations make up the largest percentage of home buyers.
The following statistics from the National Association of REALTORS® Research Group April 2019 Report proves that to be true ...
Millennials made up the largest share of home buyers at 37%. (Breakdown: Older Millennials (Ages 29 yrs to 38 yrs) made up 26%. Younger Millennials (Ages 21 yrs to 28 yrs) made up 11% of the shares reported) 86% of Younger Millennials and 52% of Older Millennials were first-time homebuyers … (34 comments)
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mortgage advice: The Many "Species" of Student Loans & How They Can Affect Your Home Buying
- 10/18/19 11:58 AM
The Many "Species" of Student Loans
& How They Can Affect Your Home Buying
Did you know that it is now thought that there are almost 18,000 bird species to be found across the world?
A recent study released by the American Museum of Natural History revealed a new accounting ... one that almost doubled the number previously known and detailed by researchers. This new larger number came as a surprise, as scientists have studied birds intently and been "birding" for a long time.
The new study also revealed that long-held beliefs and methods of scientific bird species classification were antiquated or wrong. Scientists now believe there is a "hidden" diversity … (47 comments)
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mortgage advice: FHA Changes to Condo Guidelines ... Why They Matter
- 08/22/19 08:18 AM
FHA Changes to Condo Guidelines ...
Why They Matter
FHA (Federal Housing Administration) has announced that it is issuing new guidelines for Condominiums and Condominiums projects. The new guidelines will take effect as of October 15, 2019.
While the new rules extend the time period for FHA Certifications on condominium developments from 2 to 3 years (a long-awaited and very welcomed change) and make more mixed-use approvals possible, for me the most exciting portion of this announcement centers on single Condo units.
In a nutshell, these changes should make it easier for individual Condo units to qualify for FHA-backed mortgage financing. That's an important and … (26 comments)
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mortgage advice: Stay Calm and Take These Steps if You've Received a Mortgage Denial
- 01/15/19 10:06 AM
Stay Calm and Take These Steps
if You've Received a Mortgage Denial
Emotions play a big part in the home buying and financing processes. In fact, an emotion (or two) may have provided most people the initial motivation to begin the process to buy in the first place ...
Emotions, such as curiosity, optimism, joy, excitement, pride, and even surprise drive people's desire to buy a home.
Add to those the emotions someone may feel during mortgage pre-approval and application ... such as nervousness, fear, stress, and anticipation ... and it's easy to see why the processes of home buying and financing are likened to an emotional … (24 comments)
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mortgage advice: This Message is So Important, it Bears Repeating
- 11/15/18 02:17 PM
This Message is So Important, it Bears Repeating Home buying is often spoken of as an uphill, stressful challenge ...
And while it's true that there's much to know and do during the mortgage process ... the following is also true:
Buyers retain much of the control in determining how quickly and fluidly they navigate the process.
You ask, "how?" Education and knowledge. Simply, borrowers that gain a working knowledge of how the mortgage process works and progresses, know what will be expected of them, and stay engaged and utilize that knowledge ... help themselves immensely prior to and throughout their mortgage process. That knowledge is powerful. That knowledge helps … (38 comments)
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mortgage advice: You Need to Put a Fantasy Team Together
- 01/17/18 02:10 PM
You Need to Put a Fantasy Team Together
Years ago, I took part in a few Fantasy Football Leagues. And yes, I said a few ...
Admittedly, I'm a sports fanatic. Just ask my wife. I played basketball, football, and baseball in high school. Participated in softball, basketball, and golf leagues afterward for years. (Yep, that's me in the pic, #40 for the Lincoln-Way Knights.)
Marilyn and I dated to the glow of a radio receiver tuned to the Chicago Blackhawks. I took her to a hockey game on our honeymoon. We celebrated our 25th anniversary at the Masters. Having only sons, our family vacations were known as "Stadium … (18 comments)
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mortgage advice: Ingredients for SUCCESS - A Puppy, Documentation, and a Mortgage
- 10/26/17 03:16 PM
Ingredients for SUCCESS -
A Puppy, Documentation, and a Mortgage
Mortgage financing is a "people business" ...
Because of that, human emotions, reactions, and life itself are on full and glorious display throughout the life of a mortgage transaction.
And surprises ... especially when young, first-time home buyers are involved ... sometimes occur.
An Originator's life is never dull ...
Experience has taught me: No matter how long I've been in the mortgage business (and I have 40 years under my belt), I can still encounter "firsts", "never befores" and outright surprises while assisting my clients and referral partners.
A transaction I had this last spring proved that point by containing … (39 comments)
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mortgage advice: Creating Options for Yourself Will Put YOU in the Driver's Seat During Your Mortgage Financing
- 10/25/17 11:16 AM
Creating Options for Yourself Will Put YOU in the Driver's Seat During Your Mortgage Financing
Blogging's always been a great outlet for me as a Mortgage Originator ...
While it's served me well in many capacities, I've always found the greatest benefit takes place during the preparation of my articles.
The research, studying, and reading required of me in the production of my posts continually provides me ample and additional opportunities to learn. That's a huge plus for me ... and my clients.
The comments and questions left in response to my posts also prove very valuable too. They often serve as a catalyst for future posts.
Such was the case when … (30 comments)
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mortgage advice: Part #2 of Game Plans & Options: Determining the "Best" Loan Type for You
- 07/11/17 07:04 PM
Part #2 of Game Plans & Options:
Determining the "Best" Loan Type for You
In Part 1 of this post, I likened my role as a Mortgage Originator to that of a coach on a sports team ...
The goals are surely similar. And some of the skills, responsibilities and aptitude demanded of each, including the ability to conduct a deep analyzation of their "team" abilities, talents, and options, are much the same.
At initial contact, many of my Borrowers, especially those that are First-Time Home Buyers, have a preconceived notion about the type of loan they're seeking. This is usually a result of their having performed an internet search ... or … (16 comments)
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mortgage advice: Are Some Credit Reports "Fake News"?
- 03/27/17 03:24 PM
Are Some Credit Reports "Fake News"?
Per a Housing Wire report, Experian (one of the 3 major credit bureaus) was fined $3 million for representing that their "purchased" credit scores were the same scores used by Lenders for Mortgage Underwriting decisions. (Housing Wire article link)
Their consumers were, (and I am paraphrasing), "receiving the exact same credit scores that Mortgage Lenders use to make loan and credit decisions". This, they promised, would prove to be a great advantage to these consumers as they started their home shopping and mortgage search.
The CFPB (Consumer Financial Protection Bureau) found Experian's sales approach very misleading ... because it was. They took appropriate action and … (45 comments)
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mortgage advice: Have a Mortgage? It's Wise to Review it Periodically
- 03/08/17 01:04 PM
Have a Mortgage?
It's Wise to Review it Periodically
Have you asked yourself any of the following questions?
Is the mortgage I presently hold on my Chicagoland home still the best financial/loan option available to me? Is it fulfilling my current needs? Does it help me reach my short and long-term goals? Could my mortgage be working harder on my behalf?
If you've not asked yourself these questions yet, you should ...
After closing on your mortgage, it's understandable that you'd want to celebrate, take your victory lap, and just get to the business of paying your monthly loan payments. But be aware: Over time, Mortgage programs … (29 comments)
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mortgage advice: Your Tax Refund can Help You Become a Will County Home Buyer
- 01/30/17 01:37 PM
Your Tax Refund Can Help
You Become a Will County Home Buyer
Last week, the Internal Revenue Service (IRS) announced it had started accepting 2016 Income Tax Returns for processing ...
If you're one of those estimating you'll receive a refund on your taxes ... and you dream of buying a Chicagoland home in the future ... now is the perfect time to:
Get Started Contact Me Ask your financing questions Discover what options you have to borrow and buy Position yourself for the mortgage best suited to your needs
The refund money you receive can be extremely helpful in buying a home. A common use for the refund money is to use … (5 comments)
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mortgage advice: Can Buying in an HOA Affect Your Chances of Buying a Home?
- 11/22/16 02:48 AM
Can Buying in an HOA Affect Your Chances of Buying a Home? Homeowners Associations (HOA) ... and the fees/dues associated with them ... come in all sizes, shapes, and forms ... While many Chicagoland properties are not associated with any Homeowners Association (HOA), many ... especially those built after or during the 1980's ... are likely to lie within a subdivision with an established HOA - Homeowners Association. These Associations usually provide commonly owned facilities or services for the benefit of ALL property owners within the Development. Some examples of amenities and services supported by Homeowners … (9 comments)
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mortgage advice: Gifting of Down Payment Funds: An Early Christmas
- 08/03/16 04:52 AM
Gifting of Down Payment Funds: An Early Christmas Many of today's Millennial First-Time Homebuyers have learned from previous homebuyers' experiences and their financial struggles ... The previous decade's housing crisis and financial recession taught them that they should buy a home that's well within their financial means. One that is under-budget and below the maximum levels at which they can be Pre-Approved for a Mortgage.
The crisis also shaped many Millennials new view of home ownership. One that differs greatly from previous generations.
Many are willing to consider and buy homes that fly in the face of what is considered … (50 comments)
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mortgage advice: For Current Rate Locks & Refinancing: There's No Rule of Thumb
- 06/20/16 05:09 AM
For Current Rate Locks & Refinancing:
There's No Rule of Thumb
I'm working with a young couple that is currently obtaining financing for a newly constructed home (started the process in February this year). During the last week, we reached the important step in their financing where we wanted to "lock-in" their loan interest rate, as their home is now nearing completion. At the time their mortgage application was taken, I quoted what that day's going rate was for their financing. Because the markets had been moving up and down somewhat erratically at that time, I'd advised we monitor the rates … (11 comments)
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mortgage advice: Beyond Down Payment: What Will My Mortgage Closing Costs Be?
- 04/06/16 08:27 AM
Beyond Down Payment:
What Will My Mortgage Closing Costs Be?
When I first speak with new mortgage clients … especially those that are first-time home buyers … there's often a bit of confusion regarding what costs will be involved in the obtaining of their loan.
After I've spent some time with them detailing the costs of their loan, I find that many say they were surprised to find that they’ll incur additional costs beyond the funds needed for down payment. (Unless, of course, they’re using a 0% down payment program).
Many had incorrectly assumed that their down payment was all that was needed to buy. But it's a fact. There are … (14 comments)
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mortgage advice: Have Credit Challenges? Don't Sell Yourself Short. Mortgage Options May be Available
- 03/04/16 03:29 AM
Have Credit Challenges?
Don't Sell Yourself Short
Mortgage Options May be Available
FACT ...
Just because you faced credit issues in the past, doesn't mean you can't obtain an Approval on a home loan today ...
I, (via, American Portfolio Mortgage Corp.) have a FHA loan option available for you if:
2 of the 3 credit scores on a mortgage credit report pull are 580 or higher.
Other positive factors must exist within your credit history ... and additional compensating factors must also be present when these lower credit scores are reported.
Employment history Reasonable debt Stable income Down … (12 comments)
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mortgage advice: Is 20% the Perfect Down Payment When Buying a Home? Maybe … Maybe Not
- 01/13/16 06:23 AM
Is 20% the Perfect Down Payment
When Buying a Home?
Maybe … Maybe Not
A 20% down payment is often heralded as the perfect goal for those contemplating the purchase of a home ...
And it's hard to argue that there's anything wrong with having that goal in mind when saving for an upcoming home purchase. The financial discipline it takes to save that amount of money is considerable.
Yet I have found as a Mortgage Lender, that this goal often seems totally unattainable to many dreaming of buying a home. And as a … (6 comments)
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mortgage advice: Buying a Home After Extenuating Circumstances: Get Started Early
- 10/05/15 05:09 AM
Buying a Home After Extenuating Circumstances:
Get Started Early
Presently there are many people that previously suffered a Short Sale, Bankruptcy, or Foreclosure during the housing crisis becoming eligible to purchase a home once again ...
The waiting periods surrounding each financial hardship varies, depending upon the mortgage program being utilized for the new purchase.
The waiting periods can range from:
2 years (Conventional Loans AFTER Extenuating Circumstances) 2 years for VA Loans 3 Years for FHA Loans year ... if meeting FHA's Back-To-Work Program Parameters (extremely rare cases) … (51 comments)
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