The Most Expensive Home In America - 08/29/06 07:37 PM
Wouldn't this be a nice listing (or mortgage)?
According to Forbes and MSNBC (http://www.msnbc.msn.com/id/12917410/) the most expensive home in America is a seaside palace owned by Donald Trump. The property is valued at $125 Million.
It is an 80,000 sq. ft. mansion in Palm Springs, FL, complete with 18 bedrooms, 8 car garage, a conservatory, a carriage house as well as guest and pool houses.
A slideshow of the world's most expensive homes is here:
http://www.forbes.com/2006/05/19/cx_sc_0522homeslide.html?partner=msnbc
… (2 comments)

When Lenders Assist FSBO's - 08/29/06 01:48 PM
When it comes to lenders assisting FSBO's, I know there are two schools of thought from the Realtor's perspective. The first is that anything promoting FSBO's is bad for the agents. The second is an appreciation for the opportunity to get listing referrals from converted FSBO sellers.
I have had remarkable success marketing to FSBO's in the last five months, which is when I started an aggressive targeting program. I have been able to funnel several listings and buyers to a core group of Realtors that I work with. I have also closed a number of loans.
So, for me, it's great. I've … (4 comments)

Seller Concessions - 08/28/06 10:09 PM
I commented on another blog post about seller concessions, but I thought I'd expand on it here for a wider audience. Twice recently I've had deals hit speed bumps because seller concession limits weren't understood by the agents and the purchase agreement called for a greater contribution that the loan guidelines allowed. So, just in case you need a refresher, here ya go:
These are for conforming loans. If the client is going non-conforming, particularly subprime, concessions are usually a flat 6%.
First, seller concessions must be related to the financing. They are not for new furniture and they are definitely not for … (1 comments)

Can A HELOC Hurt Your Credit? - 08/25/06 05:11 PM
Can a HELOC (Home Equity Line of Credit) hurt your credit? Under some circumstances, it can.
The reason lies with the revolving nature of a HELOC and FICO's treatment of revolving accounts in their scoring algorithm. Depending on how the HELOC is coded by the lender, they can be devastating to a borrower's credit score.
If a lender codes a HELOC as a mortgage, then there will be no major credit issues from simply having the tradeline. However, if a lender codes the HELOC as a revolving account - and about half of them do - then there is a real risk of … (2 comments)

PITI Abatement - 08/24/06 08:06 PM
Realtors - do you work with home builders? If so, you may want to look into a mortgage product that is gaining momentum: PITI abatement.
This allows the builder to prepay up to six months PITI as an incentive for the borrower. Instead of negotiating down the purchase price, this can be used as a seller contribution. The money spent on the abatement can have greater appeal to prospective buyers than simply lowering the purchase price.
What does this do?
1. Keeps more dollars in the builders pocket.
2. Increases Realtors' commissions
3. Helps create buyer loyalty by incentivizing the builder, his inventory, and you as the … (0 comments)

A Case Against Pay Option ARMs - 08/24/06 09:11 AM
The Pay Option ARM is taking the mortgage industry by storm. It is an easy to sell product that, on the surface, allows homeowner's tremendous flexibility in how they choose to pay their mortgage; one option is to pay a minimum payment of only a couple hundred dollars. It is marketed as ideal for people with fluctuating incomes, such as real estate professionals, but it has a broad appeal to borrowers across the lending spectrum. However, many of the benefits so aggressively touted by loan officers are a little misleading and the Pay Option ARM has a few major disadvantages.
First, let's … (2 comments)

The Louisiana Citizens Property Insurance (FAIR plan) - 08/23/06 02:20 PM
When hurricanes Katrina and Rita barged ashore in 2005, they left the wake of destruction with which we are all intimately familiar. However, in addition to leveling towns and inundating communities with flood water, it dealt a blow to insurance in the state of Louisiana.
Many insurers have pulled out of the state altogether and those that remain are restricting which customers they'll accept and changing how they are willing to insure. Allstate, for example, is no longer writing wind and hurricane coverage and State Farm has all but stopped accepting new customers.
The FAIR (which means Fair Access to Insurance Requirements) plan is the state's … (0 comments)

First Post - 08/23/06 02:01 PM
As this is my first post, I would like to introduce myself and lay out the theme for the blog.
My name is Jason King and I am a loan officer with Coastal Mortgage Corporation. I work in New Orleans and on the Northshore and am licensed throughout Louisiana. I have been in the mortgage business since 2002 and love it. I have made an effort on my website and elsewhere to inform those who are interested about mortgage processes, trends and guidelines. I am also an expert on credit reporting and, while I am not in the credit repair business, welcome any … (1 comments)

 

Jason King

Mandeville, LA

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Coastal Mortgage

Address: 2220 Monroe St., Mandeville, LA, 70448

Office Phone: (985) 727-7704

Cell Phone: (504) 909-2337

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