Jason Holter's Blog

Purchasing a foreclosure? Full steam nightmare ahead.

ProLending Mortgage — Sat, 21 Jun 2008 15:54:04 -0500

I recently helped two seperate buyers with their mortgage financing buying bank owned foreclosures. Only one of them closed. The one that closed had to wait a week after signing paperwork for the sellers (bank) to get the docs back to the title company to fund. The title company that was involved would not return calls, emails and seemed to be understaffed. on the other one I did a favor for a realtor I work with and agreed to help with his clients manufactured home purchase. When the file came out of underwriting there were 10 funding conditons. I emailed my processor to send those conditons to the title company to verify they could meet them and we would have no hangups when it came time to fund this file. We only had one prior to doc conditon. Title company says everything is fine and I met the one outstanding condtion we had to get the file clear to close. Two days after docs were at the title company we receive a phone call from the title company that states that they cannot close this transaction because the manufactured home was not foreclosed on. The land was but not the home. They stated that the bank would have to re foreclose on the manu home and that process could take 4-6 months. During the past month or so the program I had the borrower approved on has changed and must now contribute 5% more to the downpayment. To top it off the manufactured home was on the market for a year before the buyer made an offer. I would like to think that foreclosures would be paid more attenetion to. Due to the buyer not being able to qualify anymore is there any way to get the seller to pay for the survey and apprasial?

I would appreciate any feedback I could get.

Frustrated in Houston,

Jason Holter

Internet Mortgage Deception BEWARE

ProLending Mortgage — Sun, 02 Mar 2008 21:33:25 -0600

An increasing number of astute borrowers are using the internet to shop for the best mortgage rates. Unfortunately, it is easy to forget that the rates reflected on the rate monitor web sites are advertisements, specifically designed to generate leads for the companies who pay fortunes to have their rates listed.

The other day, while the most competitive local mortgage companies were quoting 30 year fixed rates at around 5.875% with no points. I received a call from a valued client who had just come to us for mortgage financing for the third time. Although she had always been a very loyal client she expressed some concern that the zero point rates she found on the internet were around 5.125%.

What's the deal Jason?
After all these years, and all the customers I've referred to you,
why are you trying to rip me off??

Everyone had heard the old adage about things that "sound too good to be true" and internet mortgage rates are no exception. Upon hearing the doubts created by the internet mortgage advertisements, I felt compelled to research the credibility of the rates quoted. I logged onto a mortgage rate monitor website and found a rate of 5.125% and zero points listed by a number of internet mortgage factories. I then proceeded to each individual website as if I were going to apply for a mortgage and acquitted quotes for rates and closing costs.

The rates were a half to a full percent higher than advertised, the zero points did not pertain to the excessive lender fees and there were more disclaimers than the fine print on a new prescription drug advertisement. So why are these companies flooded with business? Why are people willing to pay more and trade in personal service for technology? Would we rather deal with a dropdown click than an uplifting visit with a mortgage professional that can help us make the best choices? How did something called a mouse come to wield so much power?

Your home mortgage is one of the biggest decisions in your life and the smallest mistake can cost you and your family a fortune. Surfing is no way to navigate through the maze of mortgage products available today. There's nothing wrong with doing your best to get a great deal, but remember...

There is no secret pool of cheap money,
and you cannot go directly to the manufacturer to get a mortgage.

The best mortgage lenders have access to the most programs at the lowest rates. Additional information and assistance with any home related questions are available free at ProLending Mortgage through Jason Holter. You may email Jason at Jholter@prolendingmortgage.com or visit the website at http://www.yourclearlakemortgage.com/.

Changing times in the mortgage industry in Texas

ProLending Mortgage — Fri, 29 Feb 2008 20:50:32 -0600

We have seen some pretty significant changes in the mortgage industry this past week. 100% financing is still available but you must have at least a 680 credit score to obtain. Some of the major banks are taking away the 100% programs all together and limiting maximum financing to 95%. The mortgage insurance companies will no longer insure these loans in the event of a foreclosure and the lenders have to adapt and overcome. Their are several changes that are supposed to be taking place next week and I will provide additional information as I recieve it. Another major change is that mortgage insurance companies are no longer insuring second home cashouts or investment property cashouts above 80%. I am going to call the mortgage insurance companies next week and report what I find.

I've written several articles and blogs that will help inform you of the changes in the industry. You may view these on my website at www.yourclearlakemortgage.com

FAIR ISAAC AND YOU!

ProLending Mortgage — Tue, 22 Jan 2008 01:46:27 -0600

I thought that Fair Isaac, the inventor of a prevalent credit-scoring model, might be a good place to start to get some reliable and useful information. Wrong!

Here are some non-answers to questions taken directly from a FAIR ISAAC publication:

• QUESTION: If derogatory information is removed, how much will the score increase?

ANSWER: "...it is not possible to estimate how much the score will change..."

• QUESTION: What would happen to the score if an applicant were to pay off his or her balances and/or close some accounts?

ANSWER: "It is not possible to ensure that credit scores would increase in this case."

•QUESTION: Do inquiries affect the credit bureau score?

ANSWER: "...inquiries may or may not be a factor in the score..."

Get the picture? These answers are not really evasive. The truth is, there are 60 different factors that are used in determining credit score. The mathematical formula utilized is very complex, so it's extremely difficult to predict how isolated factors will affect a particular score. Generally, the borrowers with the highest credit scores probably hold these things in common:

They use credit sparingly.
They always pay on time.
Their credit accounts have not been recently opened.
They have not been in pursuit of new credit.

How would you like to have the answers to these questions?

How can using more credit raise my score?
How can paying off collection accounts lower my score?
When does opening new accounts raise my score and when does it lower them?
Which accounts should I pay off to raise my score the most?

"Well, Jason, don't you have a magic "What If Machine" that would allow you to make changes on an individuals credit report and then tell you how the score will change?"

I thought you would never ask! We just got one.

Now, when you apply for a mortgage at ProLending Mortgage, we can run a brand spankin' new... fresh out of the wrapper... ink still wet computer program that discloses what changes you can make to your credit profile to maximize your credit scores. WE CAN EVEN HAVE YOUR SCORES RAISED WITHIN A WEEK! This extra step can end up saving you a fortune if it qualifies you for a better mortgage at a lower rate. This is just another advantage of working with a local broker who cares rather than responding to countless Internet, phone, and mail solicitations thinking that banks are "competing for your business."

If you would like to enjoy the confidence of knowing that the best mortgage brokers in the business are serving your best interests, call ProLending Mortgage at 281-957-5318 and make an appointment for a FREE consultation. You may also e-mail questions or comments to jholter@prolendingmortgage.com. Please visit my website at http://www.yourclearlakemortgage.com/.

Clear Lake Texas Commercial Mortgage Rates

ProLending Mortgage — Sun, 20 Jan 2008 00:51:18 -0600

You may have heard that Clear Lake, Texas is booming. That is great news, because Texas has so much real estate available. Your Clear Lake Mortgage has a finger on the pulse of commercial mortgage rates; we will get you the best rates.

Click Here For Clear Lake Texas Commercial Mortgage Rates!

We proudly serve the Clear Lake area as well as the entire Houston area. We strive to provide you the most accurately defined commercial mortgage product available.

Clear Lake Texas Commercial Mortgage Rates for Your Property

We'll cover all of your commercial real estate financing needs. When searching for commercial mortgage rates in Clear Lake or around the Houston area, contact us for the best rates. We want to meet your lending needs and exceed your expectations in service and professionalism.

If you are in the market to purchase commercial real estate, we are the mortgage lender for you, but don't take our word for it get a second opinion, read what satisfied clients have to say on our testimonials pages. We offer the "your time" is our money guarantee. This means that if we don't get your loan documents to the title company two days before closing we wave our origination fee. As a cautionary note, we have never missed a closing date or had to wave our origination fee. For more information or a free consultation please contact us at jholter@prolendingmortgage.com

Clear Lake Texas Mortgage Rates

ProLending Mortgage — Mon, 14 Jan 2008 21:30:21 -0600

The federal government of the United States wants you to achieve the American Dream, and but a new home. We want to assist you in finding your dream home in Clear Lake, Texas, or taking advantage of refinancing options. Because of the federal government's lowering of the prime rate, we're able to help you secure the lowest current mortgage rates possible. Now is the time to lock in these rates.

Click Here For Clear Lake Texas Current Mortgage Rates!

It has never been easier to obtain a new mortgage. With low interest rates and the possibility, they could go lower still we'll gladly help you to refinance in the future. Regardless of your current credit situation, Your Clear Lake Mortgage can find a product that works for your situation.

Check out Clear Lake Texas Current Mortgage Rates

Clear Lake is becoming a favorite destination with vacationers and homebuyers. When searching for refinancing or mortgage requirements in Clear Lake or around the Houston area, contact us for the best rates. We want to meet your lending needs and exceed your expectations in service and professionalism. If you are in the market to refinance, purchase a home or use your home equity to get a loan we are the mortgage lender for you, but don't take our word for it get a second opinion, read what satisfied clients have to say on our testimonials pages.

We offer the your time is our money guarantee. This means that if we don't get your loan documents to the title company two days before closing we wave our origination fee. As a cautionary note, we have never missed a closing date or had to wave our origination fee. For a free consultation, please contact us at jholterprolendingmortgage.com

Clear Lake Texas Mortgage Refinancing

ProLending Mortgage — Thu, 10 Jan 2008 23:23:36 -0600

Refinancing may be your best opportunity to lower your payments because of the tremendously lucrative real estate market. Refinancing your Clear Lake, Texas home is a great way to capitalize on the equity that has amassed. To see if refinancing is right for you take advantage of ProLending Mortgages free financial checkup.

Click Here For Important Information about Refinancing in Clear Lake Texas!

Once you refinance, you can lower your monthly payments, remodel your home, or even purchase a vacation home. Don't be the last one to take advantage of the possibilities. Make sure your Clear Lake, Texas home is working for you and not the other way around.

Refinancing Your Clear Lake Texas Mortgage

The rates and points on each mortgage loan will vary. As with any major consideration, it is imperative to consider all of your options and utilize all of the resources available to make an educated financial decision. Talk to a reputable mortgage lender and ask them to explain some important points in finding the right loan for you.

I am so confident about my service I offer a Two Day Doc Guarantee. If your closing documents are not delivered to the title company two days before closing, I will waive your loan origination fee. By the way, I have not had to waive this fee so far.

Appraisals in Texas "soft market"/Info for realtors in Texas

ProLending Mortgage — Tue, 08 Jan 2008 21:47:35 -0600

On the past few residential deals that I have done the findings stated that the property is in a possible "soft market". What this means is that on the appraisal their has to be four comps. 2 of the comps must have been sold within the last 3 months and one listing/pending sale. The appraiser must also note the days on the market for each comp. If the appraiser is unable to give this info the ltv will be lowered by 5%. This could possibly kill a deal if the borrower does not have the extra 5% to close. Pay close attention when making offers and listing homes. Make sure to do your homework. Also rates are near a 2 year low. There are great programs available for primary, vacation homes and investment properties.

Galveston the Last Frontier of Affordable American Waterfront

ProLending Mortgage — Tue, 08 Jan 2008 11:27:03 -0600

Vacations homes are homes that can be occupied year round by the owner. Most times the vacation home should be at least 50 miles away from your primary residence and be in a resort location (by the beach, lakefront). Vacation homes include single-family residences, half of a duplex, and condominiums.

To get a good mortgage on a vacation home you should be aware of what obstacles you may face when purchasing. When purchasing a vacation home in Texas the maximum financing allowed by Fannie Mae and Freddie Mac is 90%. These homes usually require a 10% down payment. You may be able to find a portfolio lender who will allow for up to 95% financing.

Always, always when buying a new home get an inspection. Professional inspectors are licensed to determine the problems with a home before you buy and are worth their weight in gold.

Understand that the rates on second homes are comparable to rates on primary residences. They are almost exact. Don't be fooled by someone telling you that second homes carry a much higher interest rate. This just is not so. Compare good faith estimates from banks and local mortgage brokers.

The good news about Galveston, Texas property is that it has not seen a steep drop in prices or has yet to deal with declining value. There are nice beachfront homes for less than five hundred fifty thousand dollars. Compared to California or Florida real estate although not cheap is far less expensive. Also seek the expert opinion of a seasoned real estate agent who will be able to give you some background on the homes that you are interested in. We are in a buyers market and many homes are available.

Is There A Doctor in the House?

ProLending Mortgage — Tue, 08 Jan 2008 11:19:41 -0600

If you answered no then you aren't using the right mortgage lender.

The reality is that many doctors are so busy trying to establish their practice that record keeping and organization can fall by the wayside. In the past missing or incomplete paper trails were enough to keep a potential homebuyer, even with good credit, from getting the home of their dreams.

With technology and experience at our disposal, we are able to make the obstacle of the paper trail a stepping-stone to funding your loan. In our experience, doctors have good credit and higher than the average income if this is true in your situation you may be making a house call sooner than you think, and to you very own address. What then if you are a doctor that already owns a home?

Several solutions may be valuable either now or in the future including but not limited refinancing, home equity, investment, or vacation property loans. One of the benefits of a higher credit score and income is a reduced documentation loan process that requires less paperwork and about half of the time of traditional loans. As a doctor, you wouldn't operate on yourself, and you would definitely seek a second opinion before making a life altering decision, so why not go with the expert in mortgage lending when it is time to make a purchase, refinance, or create investment income.

It is essential that you use discernment in choosing the mortgage lender that best serves your needs. More often than not when closings run late it is due to errors on the part of the mortgage lender. An error on the paperwork, not enough documentation, or perhaps the lender has too much on their plate and is just running behind. How can you avoid late closings? Simple, we offer a your time is our money guarantee. This means that if we don't get your loan documents to the title company two days before closing we wave our origination fee. As a cautionary note, we have never missed a closing date or had to wave our origination fee.

We want to meet your lending needs and exceed your expectations in service and professionalism. If you are in the market to refinance, purchase a home or use your home equity to get a loan we are the mortgage lender for you, but don't take our word for it get a second opinion, read what satisfied clients have to say on our testimonials pages