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mortgage lending advice: Positive Mortgage Changes Shed New Purchase and Refinance Options - 03/09/12 12:29 PM
Maybe the government is finally listening or maybe it’s the luck of the Irish upon us, but I have some great news to share about some positive changes to help clients purchase a home again and refinance their existing loans.
Positive Purchase Mortgage News: On Conventional loans, a homeowner who had a Short Sale or a Deed-in-Lieu 2 years prior may re-qualify again for a purchase of a home if the borrower can put 20% down. 5% of that 20% must be from your own funds, but the rest can be gifted (certain gifting rules apply). The guidelines read: … (3 comments)
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mortgage lending advice: Getting a mortgage loan in today’s market - 08/27/09 01:06 PM
I'll be honest; the entire process of purchasing a home is not fun. Having your teeth pulled by a dentist may be more comfortable than getting a mortgage approval these days. When I am asked about my system, I make it clear the more that is accomplished early on will make for a smoother closing. The system from the beginning to the end is time intensive. I will walk through some of these steps:
1. You hire a "team," meaning the right players that will help make the outcome a positive. First, you hire a lender and see how much you … (5 comments)
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mortgage lending advice: It's really difficult to time the real estate market and interest rates - 06/04/08 02:11 AM
Lately I have been getting many calls from buyers who ask me if now is a good time to purchase real estate.
My simple answer: It really depends on your unique situation. If you are one of those folks out there that is trying to time the market perfectly to get the lowest price possible and the best interest rate than I think you might be waiting a long time.
You see the truth is no real estate professional or mortgage professional can time the market perfectly. We have to look at historical data from the past to draw conclusions for the … (0 comments)
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mortgage lending advice: 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 this lately, I thought I would elaborate further. Also, I found some other interesting blog posts who covered this exact topic and thought I would share their viewpoint. Declining Market Values " Oh My, Oh My"! Effective Today Fannie Mae's Declining Markets Reinstated Guideline Takes Effect Declining Market Values-a lenders … (4 comments)
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mortgage lending advice: 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 tips to help you make that decision.
Refinance only if it benefits you in the long haul. For example if you are planning on selling in the next 2-5 years, repaying closing costs again may cost more money then the saved amount on the payment. A smart mortgage advisor can calculate your … (6 comments)
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mortgage lending advice: 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 treating us remaining loan originators like kindergartners.
I work as a mortgage lender. I originate loans through my company and then my company chooses later to sell the loans in a secondary market. I originate about 90-95% of my loans within my own company.
The only time I need to deal with … (10 comments)
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mortgage lending advice: 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 servicers who will not help work out the problem with the borrower and now you are writing some huge losses.
Yesterday, I got a call from one of my best Realtor partners who asked for me to try and help his client refinance their home. I knew if we could … (29 comments)
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mortgage lending advice: 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 going under, you will see these servicing departments getting worse. It is not uncommon for clients of mine to call and complain about the loan servicing. Its usually the same type of issues: Client calls mortgage servicer, client waits long hold time, client talks with person who has been on the job for … (5 comments)
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mortgage lending advice: 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 in his post. I have 6 loan files that are closing this month, and already I have had 2 of them require an appraisal review. An appraisal review is when the appraisal completed is reviewed by the underwriter and they decide to get a 2nd opinion on value. Yes, this usually requires … (10 comments)
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mortgage lending advice: Arizona Mortgage Advice in both English and Espanol - 11/07/07 04:31 PM
Maybe I am behind the times, but I have been living in Arizona for over 25 years now, and I have finally made a decision this year to offer my services in both English and Spanish (Espanol).
I have teamed myself up with a translator who I have known for a long time and trust. So if you have any clients who need mortgage services in Arizona and your client would prefer the service translated into Spanish, I can now provide this service.
I am the Trusted Advisor that you can rely on for education and guidance.
I believe it is of the up-most importance … (7 comments)
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mortgage lending advice: Picking a Mortgage is NOT like Picking Fruit - 11/06/07 05:04 AM
I am still amazed that I get offers in my mail box from mortgage companies that list out all the products they currently carry. As if someone is going to hire them because they named off a product that sparks their interest. I got an offer the other day that read something like this.
Here at XYZ Mortgage we have all types of loan products:
Full Doc, Low Doc, Lite Doc, No Doc, Stated Income, Self Employed, Bank statement loans.Conventional, FHA, VA, Government, Alt A, Sub-prime, Community ProgramsFirst Time Home-buyers, 100% financing, Little Down, Down Payment AssistancePrimary home, Investment, 2nd homes, Vacation properties, Commercial, … (15 comments)
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mortgage lending advice: Tempe Mortgage Lender for Real Estate Investors - 11/01/07 11:18 AM
Are you looking to buy an investment property, but do not understand the lending process? Well look no further, you have come to the right person to help you. I have over 14 years experience in the Real Estate and Mortgage Services Industry. Mortgage planning requires highly specialized financial expertise. It demands hands-on experience throughout the enitre investment process. I understand the time, labor, and cost involved in completing investment projects. Whether it is the short term endeavor, equity/appreciation opportunity, or long term cash flow property, I have solutions for you. I offer discounted services based on volume purchases, and is dedicated to relationships that … (0 comments)
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mortgage lending advice: Tempe Mortgage Lender for The Small Business Professional - 11/01/07 11:12 AM
Are you a small business owner who is trying to grow your business? Is extra capital hard to come by? Well look no further, you have come to the right person to help you. I have over 14 years experience in the Real Estate and Mortgage Services Industry. Locating untapped resources within your organization can be the cornerstone toward obtaining life's financial and retirement goals. I help uncover these hidden resources, By restructuring mortgage loans and equity, I can help you fund additional projects and expand your business. I also assist in freeing up funds for long term investments and retirement goals.
I am … (0 comments)
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mortgage lending advice: I am pre-approved, now what? Helpful Mortgage Tips for Closing Your Loan: - 11/01/07 11:06 AM
So you went to your mortgage lender and spent the quality time upfront to be pre-approved. You shopped till you dropped and finally found the right home for you.
Now comes the fun part. Getting the transaction closed. Once your under contract, there are things that need to be finished.
Below is a list of helpful tips and advice so your mortgage transaction will close on time.
Get all required paperwork to the lender in a timely manner. Most of the time any documentation your lender asks from you needs to be reviewed and signed off by the underwriter. If this is not done, then they will … (9 comments)
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mortgage lending advice: GET MOTIVATED? or GET SCAMMED? - 10/31/07 12:08 AM
Phoenix, Arizona
Today I went to the GET MOTIVATED! event presented by Peter and Tamara Lowe at US Airways Center in downtown Phoenix. This event comes into town about once a year, and the event is your normal inspirational, motivational speaker event to re-energize the batteries. Now, I really enjoy these events, and this year they had some great speakers. The 6 big headliners were Brian Tracy, Suze Orman, Lute Olson, Zig Ziglar, Michael Eisner and Colin Powell. My favorite speaker is still Zig Ziglar, and except for his deteriorating health, he is still such an inspiration to hear him talk and communicate. This man is powerful, and the … (31 comments)
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mortgage lending advice: Can I get 100% Financing if I am a First Time Home Buyer? - 10/29/07 11:06 AM
Lately I have been asked by a large group of people if I can get 100% financing for first time home buyers. There is been so many changes to mortgage guidelines lately that most of us get really confused on who we can really qualify for a home. So I will set the record straight by first stating that YES first time home buyers can get 100% financing, and attached below of some of the most popular financing products for this type of client.
I will rank this list based on what I feel are the best 100% financing programs:
FHA Loans with Down Payment Assistance: This … (4 comments)
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mortgage lending advice: How did I get Started in this Wacky Business called Mortgage Lending? - 10/25/07 10:37 AM
Its funny how meeting people on Active Rain can spark yourself to write your next post. 2 nights ago I had the pleasure of meeting Mike Jones at an Active Rain mixer, and what a nice guy. We started talking and he asked me how long I have been in the business and we traded stories and he said "you know, you should write about that". Then today I read Adam Waldman's post titled: The Importance Of Customer Service (Part 1 of 2) and this made me realize that I have a fun story to tell.
How did I get Started in Mortgage Lending?
I have been … (8 comments)
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mortgage lending advice: How to Choose a Trustworthy Mortgage Lender? - 10/23/07 09:55 AM
Sometimes, I have to chuckle when I look and see how our society makes the decisions that we do. When we get sick, we go see a doctor who has spent a good portion of his life in school training for his career. When we need an attorney we seek out only the best and look for law firms with a great proven track record. If we are investing our money into the stock market, we seek out professionals or insiders who understand how to protect our money for our retirement. But, for some reason when we decide to spend hundreds … (8 comments)
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mortgage lending advice: Should I use the Home Builders Lender? - 10/19/07 06:05 PM
Homebuilders are offering so many incentives today, just to get your signature on the contract. They may throw in a free pool, incentives as high as $20,000.00 to $30,000.00 and no closing costs. Heck I heard one home builder advertising the other day on the radio, and they were giving away gifts worth about $100.00 just to come by and see their home models. Homebuilders are feeling the real estate crunch just like everyone else and they are playing the incentive game to sell homes, plain and simple.
Here is the catch, when you sign contract the builder usually will make it clear in writing … (44 comments)
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mortgage lending advice: How Much of a House Payment can I Afford? - 10/16/07 10:48 AM
The days of explaining interest rates and how much of a home can I afford to buy are gone. Most of the time its a matter of knowing how much is in your monthly budget for a payment and can you qualify for that loan.
Shoppers today are very payment sensitive, and bottom line, if you can make the payment, and I qualify the loan, then we have a mortgage loan in the making.
Now there can be challenges involved when your working off a payment vs. a loan amount. Some challenges are that not every client will qualify for the same interest rate. I highly recommend … (2 comments)
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Gary Miljour - Mortgage Lending for Arizona and California
Tempe,
AZ
More about me…
My City Lender Home Loans
Address: 2350 E. Germann Road Suite 34, (Corporate Office) , Chandler, AZ, 85286
Office Phone: (480) 945-4545 x corp
Cell Phone: (480) 251-0002
Email Me
Arizona BK-0920007
California DRE-01889021
My City Lender Home Loans NMLS#161428
Gary Miljour Licensed Loan Originator NMLS#207208
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