I love what I do and I love crunching numbers, sometimes being creative and finding a way to maximize my clients cash assets, putting them in a good financial position for years to come. Meaning that I like to act like a financial planner, making sure that the borrower doesn't always use all of their assets, especially in today's market. Before you continue with this post, you will need to read part 1, Planting Seeds in the Borrower's Head. If you want the cliff notes version, read the … (12 comments)
In regards to the world of mortgages, can one be more confused now then ever before? You betcha... As many of us know, FHA is now trying to reduce the seller concession from 6% to 3%. I wrote about it here : HUD seeks public comment on 3 issues for FHA loans & Solutions for these FHA loan changes. Let's take this up a notch now. Just the other day, I wrote a post about some listing agents not accepting offers for FHA loans and or VA loans … (31 comments)
FHA Mortgages have gained popularity in the last 2 years because of the demise of the subprime mortgages and because of conventional loans. Conventional loans have become harder and in some cases, more expensive depending on your credit score and down payment. In any case, I am still hearing some negative comments and input about FHA loans. I have been doing FHA loans since 1993 and I never felt that they hindered the loan process. These rumors are usually started by those that aren't as experienced in doing FHA mortgages. … (13 comments)
When shopping for a mortgage, it can be confusing at times, depending on where you get your information. You should not always base your information on such terms as Expert, Mortgage Expert, FHA Expert, etc, etc. Just because someone says they are an Expert doesn't always mean that they are an expert. There are so many variables to what mortgages are good for a borrower. How does a borrower determine what is good for them? What things should be important? Make sure .... -- you understand your finances first, … (21 comments)
conventional loans: FHA loans - Are they the best out there?
- 05/09/09 05:14 AM
FHA loans seem to be the most used mortgage program of 2009. Is it because it's the best mortgage out there? Probably not, but it does fit more borrowers profiles than most other loans, making it easier to obtain. Which mortgage program do I think is the best out there? VA loans, followed by USDA loans, then FHA loans, and lastly.... conventional loans.
Let's break it down very easily, so most can understand. And if your loan officer is selling against one loan or another, yet you fit the profile that I mention below, then I would … (10 comments)
I am always surfing the Internet and there always seems to be those blogs and informational pieces that are not just opinion, but completely misleading and wrong. And for the most part, that's how rumors start. When it comes to FHA loans, I will state this.... I am not god, I am not perfect, and I don't know everything. But I will say this, I would think that I am very good at what I do, that I am knowledgeable, that I think outside the box, and if I don't know something... I will ask and research it first … (35 comments)
conventional loans: Interest Rates - A quick market report - RATES GOING LOWER.. or not?
- 01/15/09 01:16 PM
Mortgage Interest Rates - They are becoming a big topic of conversation in recent weeks. About a month ago, there were many reports stating that rates will come down to 4.5%. And depending on how you look at it, we are just about there. This is all based on a FHA mortgage ..... (Conventional rates are about 1/2 pt worse and even more so, depending on your credit scores) 4.50% would cost any where from 1 3/4 pts to 2 3/4 pts, depending on your loan amount and the state that you live in. 5.00% would cost any where from … (27 comments)
FHA loans and FHA mortgages - Well, it's the same thing when it comes to any type of mortgage, may it be FHA loans, conventional loans, VA loans, etc etc. You just can't push a button, thinking that even if the outcome says yes, approved/eligible, that it's a done deal. As many of you know, I write a lot of blogs on FHA loans. I am not here to pass judgment on which loan is the best. But I do want to give you … (21 comments)
Dear Mr & Mrs Borrower, "What kind of payment do you want and or feel comfortable with?" This is a question that I always ask right in the beginning. But in many cases, what I get from the consumer when asking this question is, "what is my interest rate". And then I try to go into detail, asking my question over again and another question asking what your goals are in the near future when buying your new home. There are several reasons why rate should not be an issue. Let me tell you a quick story about … (16 comments)
for Memorial Day. Thanking all the men and woman that served our country and for those men and women who are currently serving our country. Also, for those of you here on Active Rain that had or have sons, daughters, or family members that served and who are currently serving our country. My thoughts and prayers go out to each and everyone of them and your familys. At times, it just seems like yesterday and some days, it seems … (16 comments)
conventional loans: Are 'interest only' loans just like renting???
- 05/24/08 06:57 PM
Renting your home with an interest only loan. Doesn't sound as enticing, does it. Are 'interest only' loans just like renting your apartment? An interest only loan is a type of mortgage program that allows your to pay a lower mortgage payment to where the interest is paid up front and the principal is paid back at the end of the loan or term. Many interest only loans tell you that you have to start paying back the principal by the 10th year.
Interest only loans scare me. If you really think about it and break it down, when … (59 comments)
conventional loans: The Myths behind ZERO point mortgages instead of paying points upfront……
- 05/21/08 06:10 PM
Mortgages and points, sounds like evil words, right?. It could save you thousands. I have been doing this for almost 16 years now. When I first got into this industry, I heard client's lawyers and accountants tell their clients not to do mortgages with points associated to them. Or it was the typical family member or your next-door neighbor that got this great deal with zero points and that this was the way to go. Even the talk radio shows that might have been talking about one specific thing in regards to points and zero points, but that you came into … (31 comments)
conventional loans: Good Faith Estimates - FHA loans or Conventional loans - Why is it so difficult???
- 05/14/08 03:16 PM
Earth shatering news here..... when you are shopping for a mortgage, may it be a FHA loan, a conventional loan, or a VA loan... please ask for a good faith estimate. Not every loan officer will volunteer one to you. I can't tell you how many consumers that I have spoken to this year that didn't really know their mortgage rate, what their real payment was going to be, or what the total amount of money that they were going to need. They did know round-abouts. One thing that they told me was that they were either qualified or approved. … (18 comments)
conventional loans: FHA Loans or Conventional Loans — APR vs Mortgage Rate — Knowing the differences….
- 05/13/08 03:15 PM
Shop mortgage rates… Shop APR (Annual Percentage Rate)….. Shop mortgage fees….. So which is it? Shopping for a mortgage can be very confusing to say the least. I hear so many called experts tell the average consumer to shop APR. This is not the wisest of decisions and can be argued by many mortgage professionals. Let’s add some more confusion. Most of us know what the rate is in regards to mortgages. Let’s define rate and APR. Rate : A charge or payment calculated in relation to a particular sum or quantity: interest rates. (from answer.com) APR (Annual Percentage Rate) : Is the … (9 comments)
I just want to educate people about mortgages and the process.
In regards to lending, I am very creative, intuitive, honest, and one who communicates information, may it be good or bad. I am a loan officer that looks out for your best interest.
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