mortgage: Misleading FHA loan disclosures & mortgage disclosures in general - Red Flags
- 06/16/10 05:18 AM
As some of you know, I only have a few major pet peeves, but one of them is false or misleading disclosures, or not disclosing at all. Especially when it comes to FHA loans in New Jersey and FHA loans in Florida, because of the FHA monthly mortgage insurance premium changes that have occurred. Over the years, I always hear different stories on how payments were never disclosed, or had changed, how some documents weren't presented until later on, etc, etc. Even with the new good faith estimate laws that have gone into affect January 1st, 2010 and because of … (7 comments)
mortgage: Market Report Update - Feds cut RATES !!!!! Do you know which rates though?
- 10/08/08 05:59 AM
WARNING.... WARNING...... WARNING..... This is not to say that mortgage interest rates have dropped today. Sometimes in the past, mortgage interest rates did become lower in weeks after the Fed dropped the fed rate. There have been times when rates went up. There are many variables for these two factors to take place. Sometimes rates were lowered previously to the Fed lowering the discount rates because Wall Street had a good idea that the Feds would lower the Fed Rate. But then there is the discount rate which is for short term lending. The interest rates for mortgages are when it comes … (12 comments)
FHA credit revised........Piecing together your credit can sometimes be confusing. That's why you should always seek a qualified loan officer that is a FHA Expert. In all honesty, credit is not as difficult as it may seem and FHA has made it easier for you to qualify for your dream home. There are just some important facts that the average consumer needs to know.
Several key facts : You don't need credit scores. No minimum credit scores. You need to pay attention to this part, because many lenders will advertise this. But they fail to tell you initially … (13 comments)
mortgage: Mortgage 101 - FHA and Conventional Mortgages - The Basics
- 03/10/08 02:28 PM
Welcome class..... After reading many blogs and advertising on the internet that talk about "best rates", "no closing costs", "little closing costs", "7 day closings", "hard to close loans", etc, etc..., I decided to give a brief and basic list of what you should be asking. These are also things that I hear from the average consumer on a weekly basis.
No matter if you are applying for a FHA mortgage or a Conventional mortgage, all basic questions should be the same. Don't let anyone tell you differently or confuse you. No matter how you came across this particular … (7 comments)
Has the real estate market been your wheel of misfortune? Have you been made promises after promises? Have you bought into the hype of what one company or person might promise you, but at the very end, it's not even close to what they promised? Does a realtor promise you a high listing price, higher than anyone else did in recent months? Did a loan officer from a mortgage company promise you a great rate with low to no fees? Currently we are in a credit crunch, no matter how you look at it. Credit card companies are losing … (11 comments)
Shouldn't buying a home be fun, not as stressful as some make it out to be. And I am not here to point the finger, but the major of complaints have come against the loan officer or lenders. As business has slowed down, I thought the bait & switching, the lying, and just outright misleading the consumer would have not be taking place as much as in previous years. But I am hearing more and more stories now than ever. My thoughts? So many are trying to hang onto a pay check. Some are not … (9 comments)
The good old Good Faith Estimate.... it could sometimes be your worst enemy, depending on the loan officer and how they actually fill it out. It doesn't matter if you are applying for a FHA mortgage or a conventional mortgage, all good faith estimates should be accurate. I have seen many loan officers low ball their estimates not only on their points, but on the 3rd party charges. This can make shopping for a mortgage frustrating and more difficult. I just had a client recently compare my good faith estimate with that of another lender. My title charges were … (13 comments)
mortgage: FHA, Conventional, & other related mortgage blogs -- The Best of the Best - Part 2
- 11/15/07 03:51 AM
Has your dream of buying your new home or refinancing your current mortgage been stolen from you because of broken promises? Mortgages can sometimes be a complex issue and if you aren't speaking to a mortgage professional that will be upfront with you from the start, then you might know what I am talking about. Home ownership can be such a joy, especially if your transaction goes smoothly. I guess a huge reason why I love what I do is because I have so much passion in what I do when it comes to helping people with their financing needs. And something … (15 comments)
mortgage: FHA, Conventional, & other related mortgage blogs -- The Best of the Best - Part 1
- 11/04/07 06:26 AM
Did history classes bore you to death when growing up? Do you feel like this when reading a mortgage related topic? Gee, it can be tiresome talking about them sometimes. But because I have so much passion in what I do when it comes to helping people with their financing needs and because I love what I do, it makes it that much easier when talking about mortgages. And something that has helped in the last year is meeting others in the industry, especially those here on ActiveRain, that have the same passion and love for what we do. As stated, … (10 comments)
mortgage: Is a FHA Loan Officer like a Doctor?
- 10/12/07 07:47 AM
How does a loan officer compare to the life of a doctor that performs surgery? One thing for sure is that there is no comparison when it comes to the years of schooling that one has to go through to become a doctor. Matter of fact, you don't even need to have an education to become a loan officer. This might sound scary to many because buying a home is one of the biggest investments that one will make in his or her lifetime. Is education needed to get by in life? Is education and college important? Can you be successful … (20 comments)
Albert Einstein was a smart cookie who was ahead of his time. In popular culture the name "Einstein" has become synonymous with genius. Mortgages aren't physics, but it can certainly seem like it if you don't have a loan officer that is not only good at explaining things to you, but one who is knowledgeable and can show you the many differences in loan programs. As stated, mortgages can be confusing at times. It doesn't help when some loan officers don't take the time to walk you through the process. One piece of advice, no matter if you are purchasing or refinancing, … (37 comments)
mortgage: FHA Shopping, rate shopping, fee shopping.... call it what you want, just be careful!!!
- 09/01/07 02:36 PM
There are a few analogies that we all could use when comparing shopping for a mortgage, shopping for rates, and mortgage fees. We could use shopping for shoes, shopping for cars, or even shopping for Christmas trees. I thought I would use shoes as an analogy so Ines Hegedus-Garcia, Kristal Kraft, and other females could possibly relate to this. Should I include Mike Mueller because he wrote a post, Choose Your Mortgage As You Would Your Shoes, which was a good post. So, what does shoes have to do with shopping for mortgages? It's quite simple. Each shoe has a different fit, … (10 comments)
When shopping for a mortgage, the general consumer can get very confused at times. Even if you have bought or refinanced several times in the past, it can still be confusing. It doesn't matter if you are applying for a FHA, conventional, VA, or subprime mortgage. The Good Faith Estimate (GFE) is very critical when shopping for a mortgage. But you have to be careful because more than 75% of this piece of paper is an estimate. Some loan officers will cut corners just to make their total estimate look cheaper.
Three things that you want to look for when you first look … (26 comments)
mortgage: Mortgage Rates -- Locking or Floating -- Part 2 of 2
- 08/24/07 02:26 PM
I had told a short story in regards to a first time homebuyer being very confused over the mortgage process, even though I explained it well to them. Why did this happen? Because they started to talk to family members who got them to shop around and a realtor that told them one fee was too high. No matter if you are going for a FHA, conventional, VA, or subprime mortgage, you not only need to feel comfortable, but educated. The story turned out in my favor because the previous lender wasn't keeping in touch with his clients after application in … (10 comments)
Client's shopping for a mortgage who get to the loan officer first. They feel really comfortable with this particular loan officer and actually tell this loan officer that they trust them. Mr. Loan officer, thanks for educating us, says the client. It's been a few days now and the loan officer has not heard from the buyers after leaving a message on their cell phones, at home, and both of their e-mails for 2 days straight. This couple prior to this was calling this loan officer every day for 1 1/2 weeks. Yippie. I caught the buyer, Mrs. Client, at work. We … (36 comments)
Mortgages --- May it be a FHA, conventional, VA, or a subprime loan, you don't have to have a college education in mortgages or real estate. Yes, it can be confusing at times, especially for first time homebuyers. And what can even make it more confusing is if you are shopping for a mortgage or a home and you have two different answers or opinions when shopping from 2 different people. What do you do then? Just remember..... the cheapest or best rate doesn't always mean that it's the best deal. So how do we make sure that this doesn't happen to … (19 comments)
mortgage: Mortgage Loans & Topics -- Knowing what is out there
- 08/15/07 02:35 AM
Mortgages can be confusing at times. Sometimes making feel like you are jumping out of a plane without a chute. It doesn't help when some loan officers don't take the time to walk you through the process. One piece of advice, no matter if you are purchasing or refinancing, but if it takes a full day to get a good faith estimate from a lender, this is usually a red flag. Unless they tell you that they are just busy. And by sharing some of these well written blogs, it might give you some good insight to as what to look … (13 comments)
They say baseball is America's pastime. They also say buying a home is an American dream. What do they both have in common? In regards to stats and figures, these can both be tarnished and blurred in both baseball, real estate, and mortgages.
I am a die hard Philadelphia Phillies fan and each year we seemed to be teased that they will make the playoffs. What irks me even more is that we have a pitcher whose name is Adam Eaton who has a 9-8 record. Okay, we might say that this is not bad, that he has a .529 … (13 comments)
mortgage: The Explanation of Mortgages : From the beginning of time......
- 08/07/07 02:08 AM
I want to share with you on how mortgages work, how they are sold on the secondary market, and the reason why some of these companies are closing their doors. We have seen some major changes in the lending industry, more so than ever before. What we need to do is to stay positive, focused, and move forward. But at the same time, explain to the consumer what is happening in the market today, educating everyone on the ins and outs of what a mortgage is and how it works. Just a few days ago, Kurt Jackson gave us some insight on … (21 comments)
"I want your business! Why won't you give me a try? I promise to do a good job. We should give each other a chance to work with each other because we are both on Active Rain." This seems to be the theme as of lately, 'asking for business'. I am not here to knock the way people ask for business, but I just wanted to give my .02. I have read 3 different posts this week all written by loan officers talking about referrals. The problem is not so much asking for the business, but expecting it just because you are … (43 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.
;)
;)
;)
