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loan officer: Fannie Mae, Freddie Mac & Government: What it means to you in the short term - 09/09/08 01:19 PM
In case you haven't heard yet, the Federal Government took control of Fannie Mae & Freddie Mac over this last weekend. This means (among other things) that all changes to their loan programs will have to go through congress now. The potential long term effects of this Government intervention are still uncertain, however, the short term effects have been amazing. RATES ARE LOWER.
30 year rates have fallen about .5% in the last 24 Hours. Good borrowers can get a 30 year rate at 5.875% (without a buy down) as of 6:00 this morning. This is good news for people currently … (1 comments)
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loan officer: Worst underwriting experience ever... - 08/27/08 06:13 PM
I am writing this blog with the intent of warning all other Loan Officers to avoid the following lender unless you want to waste a lot of time and effort. If you like using the combination of logic and communication when dealing with underwriters please do not submit files here.
I recently submitted a file to Washington Federal Savings (Jumbo Cash Out to 90% Full doc). I admit this product looks sexy, because not many places have it. This is the main reason I pursued this lender.
Long story short - I submitted the file and it was declined after 3 weeks (at the … (4 comments)
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loan officer: How do I check my Credit Report? - 07/23/08 05:38 PM
Here is a little advice for anyone looking to get a copy of the credit report before they start the whole application process.
There are many ways to get your hands on a credit report today. But like many things in life, you get what you pay for. There are three major credit reporting bureaus and all three of them are relevant in the mortgage industry; Experian, Equifax, and Transunion. All three of these bureaus can be found on the internet and all three of them will allow you to request a free copy of your credit report.
•· experian.com
•· … (4 comments)
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loan officer: Jim's Soapbox (June 08 Newsletter) - 06/25/08 06:25 PM
Jim's Soapbox
(Arizona Real Estate Newsletter - June 08)
You may have heard recently that this is a great time to purchase investment property. One reason for this is because you can now "cash flow" them again. That sounds like a pretty good idea, but what does that really translate into? What really makes this a better time to buy and hold investment property rather than 18 months ago?
I would like to give you a brief overview on the two major concepts of making money on investment property, and why it is a perfect time to acquire and hold an … (1 comments)
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loan officer: What can I expect during a purchase? - 06/12/08 11:13 AM
What can I expect during a purchase?
Something that is often overlooked within the home loan industry is the education of the client in the steps of doing business together. As the borrower, you should want know what the process is, and what to expect from your loan officer. This is a basic account of the events that take place during a purchase transaction when you are dealing with me.
First Contact - Every loan starts somewhere, and in the technology age it is usually a phone call or an email. Occasionally, it still happens when I meet someone in … (0 comments)
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loan officer: Rural Housing in Arizona Group - 05/14/08 07:10 PM
I have seen some impressive activity on Blogs I have posted over the last few weeks regarding the RHS 102% Rural Housing Program. If Rural Housing (in the state of Arizona) is of interest to you, I would like to invite you to join a group the specializes in the topic.
You can go to the groups screen and find us under Rural Housing in Arizona. Not a very original name - but you at leats know what we are about. I would like to simply send you a link to join but I have not mastered that part of the Active Rain interface. You can find both the guidelines for the … (0 comments)
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loan officer: Rural Housing Update on Pools - 05/14/08 05:47 PM
The RHS Rural Housing Program has provided a fantastic product for people purchasing a new primary residence for years. One of the few regulations of the program I have found disappointing, has been the inability for the property to have an in-ground pool and be still be considered Rural. Knowing that this is a National loan program, I am confident that they did not consider the number of rural properties on the outskirts of Metro Phoenix and Metro Tucson that have pools, when they wrote that rule.
Recently, I heard that you can ask for an exception from the RHS to … (0 comments)
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loan officer: The Anthem Secret... - 05/12/08 01:17 PM
Did you know the Federal Govenrment (USDA) considers Anthem, AZ a rural community? As strange as that may sound to anyone who has been there - the "Rural" label is really a blessing if you want a house there. The Rural Housing Loan program will allow you to buy a new primary residence in Anthem with 100% finacing, no closing costs, and no mortgage insurance.
This loan program (RHS Rural Loan Program) has gained a lot of interest in the last 6+ months. And this program is not new either, it has been around a very long time. With the past availability of 100% financing, this … (0 comments)
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loan officer: HELOCs refusing to Subordinate makes it hard to refinance - 03/04/08 05:51 PM
If you haven't heard yet, many banks are lowering your available balances on Home Equity Lines of Credit (HELOCs) and informing you via the mail after the changes have been made. The bank that holds the Note on your HELOC can cut your line of credit right down to your current outstanding balance. They will not call and warn you first, it will just happen and you will have no recourse.
In example,... if you have a $100,000 HELOC on your house and are currently using $25,000 of it, the bank can cut your line down to $25,000 max leaving you without access to the remaining $75,000. For some people … (1 comments)
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loan officer: HELOC update - 03/04/08 04:00 PM
I posted an article in January suggesting that you take a cash advance on your Home Equity Line of Credit before they lower your limit. (This is only suggested if you have been planning on using the money in the near future and would miss it). In case you are still doubting this will happen, I can assure you it is. I have seen USAA, CHASE, Countrywide, and National City all lower available HELOC limits to people I know - so it is definitely happening.
If you think that the bank holding your Equity Line will pass you over because you have … (4 comments)
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loan officer: 30 year rates & the Prime rate - 03/04/08 03:26 PM
In case you missed it, there was big news that that the Feds dropped the Prime rate (2 times) in late January. This was portrayed in the news as a powerful force to lower all mortgage rates. The truth is that the rates had improved greatly in the three weeks before the drop in Prime in anticipation of it. After the event of the Prime rate reduction, rates quickly rose back to where they were in December (6.25%). If you find this a bit confusing, you are not alone. The connection between the Prime rate and 30 year mortgage rates is … (0 comments)
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loan officer: Return of the ARM - 03/04/08 02:33 PM
Return of the ARMs
Here is a silver lining to the lending industry; Adjustable Rate Mortgages are very attractive again. For the better part of the last three years, the difference in Interest Rates between 30 year fixed and 5 year ARMs was usually only a .125% lower on the ARM (basically not much). The idea of the ARM is to give you a significantly better rate than the 30 year fixed during the fixed period.
Well, in the last 6 weeks we have seen a significant discount for ARMs again. Today the rate on a 7 yr ARM was 5.75%. That is … (5 comments)
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loan officer: What did today's rate cut mean?? - 01/22/08 01:12 PM
Today's prime rate cut of .75% means that mortgage rates are going to continue to drop even lower,.. Right? Not Necessarily!!!
As much as I hope that rates continue to drop for homeowners, this rate cut does not mean that the 30 year rates will go down immediately. Rates have actually dropped significantly over the last 3 weeks on the assumption that the Feds were going to drop the Prime rate at least .50% (and some speculated that it might be as high as 1%). Had the Feds only dropped the rate .25% today, rates would actually have gone up today … (1 comments)
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loan officer: A MUST READ FOR ALL HELOC OWNERS - 01/18/08 04:38 PM
… (6 comments)
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loan officer: The Next Refinance Boom is Here - 01/18/08 04:33 PM
There is so much more to lending then the rate - but I feel this is important so people can see how far rates have dropped in the last 3 weeks!
THE GOOD NEWS ABOUT RATES!!
Despite all of the recent well reported real estate related woes, I have great news for everybody. RATES ARE DOWN! And truth be told, rates are actually way down. Rates are currently better than anything we have seen in the last 3 years, and by the time you read this, they could be at an all time low for the last 10+ years!
The reason they are … (0 comments)
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loan officer: Bush's subprime rate freeze problem... - 12/28/07 01:20 PM
President Bush recently signed legislation to freeze the introductory 2 year "teaser rate" on all subprime loans for an additional 5 years. The rate freeze will apply to loans taken out between January 1, 2005, and July 30, 2007, and scheduled to rise in 2008 and 2009. This is designed so that on the 25th month of a 2/28 subprime ARM your interest rate does not adjust (up) and increase your monthly payment by $100s of dollars.
Truth be told that this is nothing more than a political move. It looks like Bush is doing something substantial, but it really has no … (0 comments)
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loan officer: What is a rate Lock? - 12/27/07 07:48 PM
What does it mean when a lender "Locks your Loan".
A common misconception people have of the locking process goes something like this,... The lender/broker asks you if you want to lock in the rate at 6% for 30 days. You agree, and then the broker calls the bank and tells them to set aside X dollars at 6% for the next 30 days. And now that you are locked, you do not have any options to "change" you loan scenario. Be aware my friends, this is not true.
To lock a loan is basically an agreement to a specific "point in … (0 comments)
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Jim Cunningham
Phoenix,
AZ
More about me…
Nova Home Loans - BK#0902429
Address: 5450 E High Street , Suite #260, Scottsdale, AZ, 85260
Office Phone: (602) 296-6403
Cell Phone: (602) 434-8261
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