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mortgage lending options: Mortgage Lending Guidelines and Advice 101 - 11/11/09 11:54 AM
The new cliché in the mortgage industry is that "We are getting back to basics." I have heard this phrase thrown around lately, but sometimes I wonder if anyone except other lenders knows what we are talking about? I have a theory that if you get 2 or more mortgage lenders in a room at a party and they start talking shop, others watching probably think we are speaking Klingon, or what I been calling for a long time "mortgagese." You see, we like to throw a lot of words and acronyms around like FICO, DTI, LTV, flipping, deals, etc. But … (4 comments)
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mortgage lending options: Battle of the Home Mortgage Products: FHA vs. Fannie Mae HomePath - 08/12/09 12:58 PM
Recently I have had several inquiries about a number of special loan programs available. The latest, attractive looking product in the market is the Fannie Mae HomePath loan. Depending on your individual needs, this product could be the right fit. However, compared to FHA, the HomePath loan does have some drawbacks.
Here is a comparison of the two loan products:
FHA:
Down payment requirement: 3.5% down payment minimum. Requires financed upfront mortgage insurance premiums and monthly mortgage insurance premiums. FHA appraisal conditions required. No declining market conditions. Interest rates are extremely competitive. Pricing of the loan is extremely competitive. Minimum 620 … (5 comments)
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mortgage lending options: 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 options: 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 options: 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 options: 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 options: Tempe Mortgage Lender for First Time Homebuyers - 10/31/07 01:24 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 over 14 years experience in the Real Estate and Mortgage Services Industry. The purchase of your first home will be one of the largest investments you will ever make. You will need a plan and guidance along the course of that long term investment. I am the Trusted Advisor that … (0 comments)
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mortgage lending options: 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 options: 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 options: Another Update about the Ameridream DPA Program - 10/19/07 08:06 PM
I have been trying to keep everyone updated on what is going on with Ameridream, and just got another update from them today. They have asked for me to share with as many people as possible. I am a big supporter of DPA's and feel they do have a viable market for their services for certain homebuyers.
At the request of AmeriDream, HUD has voluntarily agreed today that the HUD rule banning seller-funded down payment assistance will not be effective with respect to AmeriDream until February 29, 2008. HUD will recognize all applications that have a signed sales contract prior to the … (2 comments)
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mortgage lending options: 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 options: 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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mortgage lending options: Tempe, Arizona: Mortgage Lending Services for Unique People - 10/15/07 05:02 PM
Everytime I turn around the mainstream media is providing the consumer with another article on the mortgage crisis. There is not a day that goes by now that I know of someone who was a mortgage lender who recently has exited out of this business. They a making a mass exit because they state "the business is slow", or "its a bad market". My opinion is different. They are leaving because they did not provide their customers a unique experience and did not build a great relationship. My entire business has been built on providing unique services that not many other mortgage lenders … (2 comments)
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mortgage lending options: Another Update about the Ameridream DPA Program - 10/15/07 02:41 PM
I have been trying to keep everyone updated on what is going on with Ameridream, and just got another update from them today. They have asked for me to share with as many people as possible. I am a big supporter of DPA's and feel they do have a viable market for their services for certain homebuyers.
Attached is a letter from the President of Ameridream.
Dear Friends and Colleagues:AmeriDream is alive, well and still "Doing things right for America's homebuyers."Despite overwhelming opposition from the public and Congress, on October 1, 2007, HUD issued its regulation entitled "Standards for Mortgagor's Investment in Mortgaged … (2 comments)
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mortgage lending options: An Update from Ameridream as a Viable Down Payment Assistance Program - 10/09/07 06:08 PM
I do not usually like to do like to continue a discussion from another post, but I have been getting so many calls myself about if Ameridream will be in existence at the end of the month, that I thought I would share what I have gathered from Ameridream themselves.
First of all, there has been some great posts that have already covered this topic, and I would not feel right talking further without referencing these other posts.
Jeff Belonger has a great post about this recent challenge: HUD / Down Payment Assistance programs -- DPA & Nehemiah -- Alive for a while.... … (4 comments)
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mortgage lending options: FHA Loans and the Back End Investor Buying the Paper - 10/08/07 02:08 PM
Ok, I learned something that I was not aware of until recently and thought I would share with everyone.
Recently (during the last 6 months) I switched to a different mortgage company. In my prior life, I worked for one of the big box lenders who we did about 98% of all our loans in house. What this means is we the lender would originate the loan, process it, underwrite it, sell it to an investor and retain servicing rights to our loans. Since the amount of mortgage production this company did was huge, they could take a little more risk … (7 comments)
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mortgage lending options: Tempe, Arizona, Mortgage Planning Services for The Small Business Professional: - 10/04/07 10:58 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 options: Don't get your Head Caught in the Sand - 09/27/07 12:06 PM
Reality is sometimes hard to deal with. I recently got back from vacation, and coming back to work has been really hard. Its hard to comeback after spending a week visiting places I may never see again. But I realized I cannot live on a cruise ship for the rest of my life, and that I had people I needed to help when I get back. So now I am back and wanted to get busy right away. What's funny about being gone, is how quickly life zooms right by you. Halloween is approaching and then follows the rest of the family … (4 comments)
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mortgage lending options: Tempe, Arizona, Mortgage Planning Services for First Time Homebuyers: - 09/27/07 10:54 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 over 14 years experience in the Real Estate and Mortgage Services Industry. The purchase of your first home will be one of the largest investments you will ever make. You will need a plan and guidance along the course of that long term investment. I am the Trusted Advisor that … (0 comments)
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mortgage lending options: Credit repair might be required to refinance your adjustable rate mortgage - 09/09/07 04:06 AM
Recently, I have been calling my clients that are in adjustable rate mortgages(ARM)s about refinancing their mortgage loan before the rate adjusts on them. Most ARM's have a certain amount of time that the interest rate is fixed. Most are fixed for 2,3,5 or 7 years. After this period of time is up, the loan then converts to an adjustable rate that is tied to both an index and a margin. The index is rating system based on short term borrowing. The 2 most common indexes is the 1 year Libor and 1 year MTA. The margin is the profit point that the lender charges … (6 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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