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loan approval: Reserves---Not the National Guard - 11/30/08 09:44 AM
Before I begin with the content of this post let me express my gratitude for those that serve in the reserves. Many have been or are to be called to active duty. Thank you for your service to our country.
 Reserves as it pertains to a mortgage loan is quite simply how much money do you have left after you satisfy the down payment and closing cost. Reserves are generally measured by a number of months.
 If you had to make your payments from your liquid assets how many months could you do this? Many conventional loans have reserve requirements varying … (0 comments)

loan approval: PITI—Should We Feel Sorry For You?—Maybe - 11/29/08 11:24 AM
Every industry has its own lingo and anachronism. None more than the government, but that is a discussion for another day. Let's discuss one for the mortgage industry.
PITI: Principal, Interest, Taxes and Insurance. Wouldn't payment be simpler? But you would be surprised how many, especially first time home buyers, don't include property taxes and homeowners insurance in their payment calculations. They go online plug into a mortgage loan calculator and viola; they go cruising around looking for real estate.
A real estate agent shows them property in the chosen price range without verifying they have actually engaged in a mortgage … (3 comments)

loan approval: Everybody’s Talking?—All This Stuff… I Wish People Were Talking - 11/23/08 09:16 AM
The line from a song, by whom I can't remember, has been running through my head lately. Why, I do not know. Except one of the issues I'm experiencing are prospective buyers, here in Greenville NC, ARE NOT TALKING.
 This has been a year of massive change for the mortgage industry. I get a report monthly of the number of loan program guideline changes we've had and most months it has been over 100 changes a month.
 We need prospective buyers consulting with lenders to determine what they must do to qualify for a home loan. I've seen reports, on several … (3 comments)

 

Jay Williams, Mortgage Loan Officer Getting You The Right Loan

Greenville, NC

More about me…

Greenville, NC

Address: 218 E. Arlington Blvd, Greenville, NC, 27858

Office Phone: (252) 493-4802

Cell Phone: (910) 527-1809

Email Me

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