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hard money: Are you really approved for that mortgage? -- FHA - 04/24/07 03:42 PM
Consumer - "I have been approved for that mortgage."
Me (loan officer) - "How do you know this for sure?"
Consumer - "Because I was told by the loan officer that they ran it in their system and it came back with an approval."
Me - "That sounds great. So did you show them all of your information, your pay stubs and bank statements?"
Consumer - "No, they had my information from before."
Me - "Okay, I am confused. They said that you are approved, but they didn't physically see any of your W-2's, pay stubs, or even your bank … (26 comments)
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hard money: Mortgage Shopping -- Rate vs Payment...... - 04/18/07 10:38 PM
Me - "What kind of payment do you want and or feel comfortable with?"
Consumer - "I want that rate of 5.5%."
Me - "Your payment is going to be $2,500 based on that $200,000 house ."
Consumer - "That's too much. Why is it so much?"
Me - "Sir, it would be better if I asked you a few questions first. Again, what payment would you feel comfortable with? 2nd, what are your goals? (I would go into more detail at this time) These are 2 great questions that will allow me to get to know more about you, so I can … (23 comments)
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hard money: Understanding FHA financing.... Part 2 -- Creative Financing & no money down - 04/18/07 03:07 AM
The easily recognized HUD symbol shown has given confidence, trust, and hope to first-time home buyers over many decades. HUD programs have enabled millions of people to fulfill their dreams of home ownership and enjoy a richer and fuller life. The HUD symbol signifies that discrimination based on race, color, religion, sex, family status, or disability is prohibited.
In my first blog,Creative FHA financing -- No money out of pocket from the buyer! Part 1, I talked about using non-profit companies to help a consumer get into a property with little or no money out of pocket. These programs came out in … (35 comments)
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hard money: Help, I can't make my mortgage payments....... - 04/15/07 03:40 PM
The media, it's just news which is not always accurate. Sometimes the news is based on facts, sometimes opinion, and sometimes a combination of both.
I have read many blogs in the last several months taking one side or the other, pointing the finger at several of the different industries that are related to the world of real estate. Sure, some even mentioned that the consumer needs to be accountable for their actions.
What we have now is an epidemic of foreclosures and 1st payment defaults on loans across the United States. Did we see the writing on the wall? Or does the … (27 comments)
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hard money: Dealing with Negative Situations................... Part 2 -- Negative People - 04/03/07 08:48 PM
Negative people can tend to be like germs. They can eat away at you, make you sick, bring you down, and have an impact on your business and personal life. About a week ago, I wrote Part 1 -- "You have been fired"................... Part 1 -- Negative People
Trust me, I hate talking about negative things just for the main reason that I don't want to sound negative. But it's always good to talk about things, good or bad. One source of therapy is to talk about it, confide in a friend or colleague, or... yes, seek help if there is … (19 comments)
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hard money: Purchase Contracts (agreement of sale) VS Assignment Contracts - 10/23/06 02:46 PM
This is something that is starting to show up more and more in todays' industry. Nowadays, a realtor might not see this as often as a loan officer would in todays market. The reason being is that investors are the people that are using assignments more than your normal purchase agreements and usually use hard money lenders for their financing.
This is a defination directly from a financial dictionary. Assignment Contract: A contract with a provision permitting the contract holder to convey his or her rights of assignment to a third party. This enables the contract holder to assign the rights and … (24 comments)
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Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
Cherry Hill,
NJ
More about me…
Social Media - Infinity Home Mortgage Company, Inc
Address: Cherry Hill New Jersey 08034 08002 08003, Haddon Heights New Jersey 08035, Haddonfield, NJ, 08033
Cell Phone: (609) 440-5133
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