mortgage guidance: Confidence and perseverance wins the day in the mortgage business - 10/27/09 06:28 PM
Last month I had a business partner refer me a customer that was denied by a big bank for home financing. This client was not buying the biggest of homes but just wanted to have the dream of homeownership afforded to her. Like every client, her situation was unique. She had … (8 comments)
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mortgage guidance: As Mortgage Guidelines Tighten Professional Advice is Critical: - 08/13/09 03:33 PM
The days of choosing a mortgage professional based on a personality test and box of donuts in your real estate office is changing. Today with the tightening mortgage guidelines, having a mortgage professional who can review credit, employment, debt to income ratios, calculate assets, document the file and make sure that … (12 comments)
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mortgage guidance: The Amortization Schedule: An Old Fashion Way of Creating a Savings Strategy - 07/13/08 11:45 PM
The Amortization Schedule was good for our Grand Parents and Parents, so why have so many consumers moved away from the fundamentals? To answer this question, we must dig in a little deeper of what strategies are available in the first place.
When it comes to building wealth using your primary … (11 comments)
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mortgage guidance: What Needs to be Done to issue a "REAL" Mortgage Pre-Approval Letter - 06/21/08 01:47 AM
I just got done reading a great post from Jesse Clifton titled: I'm sorry, what did you just say? and it made me think about how many loan officers everyday write up pre-approval letters and really give no real thought on the outcome of what they just did.
I have been around … (12 comments)
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mortgage guidance: Potential RESPA Violations and Mortgage Lenders Steering Buyers: - 06/05/08 09:58 AM
Brian Brady wrote a post recently entitled: Why Mortgage Brokers Love Countrywide and some of the comments got me thinking again about things going on in my market place that are real borderline RESPA Violations.
In my market place it's now common on REO listings to have it written into the comment … (79 comments)
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mortgage guidance: Paying the Bills on Time: The Building Blocks to Homeownership - 05/30/08 01:14 AM
If you have followed the real estate market and lending environment for the last 12 months, than you probably know that mortgage lenders have become quite strict on their mortgage guidelines.
The banks just do not have the money or resources to take any chances on what they deem as a … (0 comments)
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mortgage guidance: How to Avoid Credit Hijacks from Mortgage Lenders and Protecting Your Privacy - 05/30/08 12:56 AM
Have you ever applied for a home loan with a trusted mortgage lender just to have some other mortgage company call you within minutes offering you the same loan?
If you have: You have been a victim of what I consider an unethical but legal practice in the mortgage industry called "Credit … (3 comments)
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mortgage guidance: Tempe Mortgage Lender for First Time Homebuyers - 05/24/08 03:36 AM
Are you looking to buy your first home, but do not understand the process? Are you needing funds for down payment assistance? Were you turned down by other lenders who do NOT specialize in these types of loan programs? Well look no further, you have come to the right person to help you. I have … (0 comments)
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mortgage guidance: Adjustable Rate Mortgages a Smarter Alternative for the Savvy Borrower - 02/10/08 04:32 AM
In the Last 24 months, the popularity of the adjustable rate mortgage plummeted. With the inverted rate curve, it just made better sense for a mortgage lender to advise a client to stay far away from this product. When you could get a better rate on a longer term note that would not adjust … (9 comments)
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mortgage guidance: Financial Literacy Starts with a Family Budget - 02/06/08 12:11 AM
We are all feeling our pocket books being pinched in so many different way these days. The economy might be heading into a recession, costs of goods are increasing, gas prices are at an all time high, and for some homeowners it just getting tough to make ends meet.
Recently I … (10 comments)
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mortgage guidance: Subprime Lending Wearing Conforming Camouflage - 02/05/08 10:48 PM
Sometimes conforming mortgage guidelines just do not fit into every deal. This is where sub-prime lending comes into play. Even in our tightening mortgage environment sometimes an alternative bank can place a difficult loan. Today I called a sub-prime bank to find out if they can lend on a hard to … (0 comments)
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mortgage guidance: Arizona Identified as a Declining Market: 5% More Down Payment Required - 01/25/08 12:39 PM
Attention Realtors and Home-buyers in Arizona: We are in a market identified by Fannie Mae and Freddie Mac to be a moderate declining market.
This is not the first time I wrote about this issue:Arizona Identified as a Declining Market: Appraisal Reviews Required, but because I am having more people contact me about … (4 comments)
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mortgage guidance: With Interest Rates Coming Down, Should I Refinance My Mortgage? - 01/14/08 11:25 AM
In the last couple of weeks, interest rates have been at the lowest point that I can remember since September 2005. Recently, I have been locking my clients rates at around the 5.625%-6.00% range.
Now the question is: "Should YOU take advantage of these Low Rates and Refinance your Home Mortgage?"
Here are some great … (6 comments)
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mortgage guidance: Are Wholesale Mortgage Banks putting themselves Out of Business on Purpose? - 12/31/07 06:47 AM
In the last year, mortgage guidelines has changed completely. We have seen tons of mortgage companies go under. Heck I think we all enjoyed visiting mortgage implode
But now that the herd has thinned and the competition has been eliminated, I am having a hard time understanding why wholesale banks are still … (10 comments)
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mortgage guidance: Making Chicken Soup out of Oatmeal - 12/19/07 07:49 PM
Lately, getting a borrower approved has been challenging. My good Realtor Friend Christoph Schweiger has a phrase when he knows its going to be very difficult getting his clients pre-approved. He says "Let's make Chicken Soup out of Oatmeal". This seems to be the case lately and it does not help that … (2 comments)
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mortgage guidance: Creating A SYSTEM is Vital to Your Real Estate Career! - 12/15/07 10:03 AM
As the 2007 Year unwinds, I have taken a moment in my busy schedule to re-examine my business plan, start planning for next year and figure out what did not work this year.
As I started talking with more Real Estate Agents, Lenders, and others in this business, I saw one overwhelming … (10 comments)
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mortgage guidance: Want to Save Millions of Dollars in Mortgage Lossses? Hire the Right Mortgage Servicer! - 11/30/07 12:49 PM
I am going to stop feeling sorry for my end investor who keeps reporting millions to billions of dollars in mortgage losses this year and say this. "It's your own damn fault"
You put cheap money out there and now people are defaulting. To add salt to the wound, you hire mortgage … (29 comments)
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mortgage guidance: Mortgage Servicing is a JOKE!: How to Avoid the Headache - 11/15/07 10:53 AM
Have you ever had the fun experience of getting your mortgage payment in the mail, having a question on your bill and dreading the call to the mortgage company? No, Please do not answer, I already know the response.
Mortgage Servicing has hit an all time low and based on Mortgage Lenders … (5 comments)
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mortgage guidance: Arizona Identified as a Declining Market: Appraisal Reviews Required - 11/14/07 12:55 AM
Attention Realtors in Arizona: We are in a market identified by Fannie Mae to be a declining market. Tom Burris wrote a great post a couple of months back warning all about this: Attention Realtors in Declining Markets!!!
Well this is real and let me elaborate more upon what Tom stated … (10 comments)
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mortgage guidance: Mesa, Arizona: First Time Homebuyer Workshop and Complimentary Dinner - 11/08/07 06:31 PM
Special Dinner Invitation
Free first time home buyer workshop, plus a complimentary dinner at Matta's Mexican Restaurant 932 E. Main St. Mesa, AZ 85203. The workshop will teach you how to buy your First Home.
This event will be held on November 15, 2007 at 7:00P.M.
Topics Covered:
How to get into a home with … (2 comments)
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