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mortgage: The State Of Mortgage Lending Today - 10/25/11 03:12 PM
The state of today’s mortgage lending is characterized by three major factors: market volatility, accountability, and challenges in selecting the right mortgage lending source.
Market volatility refers to both mortgage rates and home prices. Mortgage rates, which depend on publicly traded bond markets for mortgage backed securities (MBS), fluctuate daily, if not several times a day, due to global and domestic economic events. Threats of inflation, government borrowing, economic trends, foreign debt and trade, political unrest affecting commodity prices, stock market activity—all of these cause reactions in the bond market that affect mortgage rates. Although rates are at all time … (0 comments)
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mortgage: 7 Questions to Ask Your Asheville Lenders - 07/06/11 02:43 PM
DO YOU KNOW WHAT QUESTIONS TO ASK WHEN YOU’RE SHOPPING FOR A MORTGAGE? MOST ASHEVILLE LENDERS WILL BE PRETTY CLOSE TO EACH OTHER IN RATES AND FEES. RATES MEAN NOTHING IF YOUR LOAN IS NOT APPROVED OR CAN’T CLOSE ON TIME.
Today, with all the uncertainty and strict loan guidelines, you really need to work with an Asheville Lender who can get your loan approved and closed quickly and efficiently. But how do you find such a lender? Here are 7 Questions to ask a prospective lender.
1. Are you lending your own money? Alpha owns the process from application … (0 comments)
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mortgage: "I want to get a mortgage" - 11/22/10 11:52 AM
If ever you're at a loss on creating a video, you can always make one by simply writing a script and using a simple web-based editor. I was amazed at how quickly one can produce a short cartoon with just a little bit of effort.
I've watched a lot of movies in my time, and never fully appreciated the importance of the script and directing until I made my tiny screen debut.
If you're shy about being in a video, you can still produce video without showing your face. So here's to you, creative Rain members, another outlet for your inner Scorsese!
… (0 comments)
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mortgage: FHA's New Mortgage Insurance Premiums--Will This Affect Buying Power? - 09/02/10 04:12 PM
The answer is...yes it will, and it might be best for them to go under contract before October 4.
With the passing of H.R. 5981 and the resulting Public Law 111-229, FHA was given authority to change the amount charged to borrowers for both the Up Front and the Annual premiums. These changes as outlined in Mortgagee Letter 2010-28, are effective for all case numbers assigned on or after October 4th, 2010. Here are the 6 things you need to know about these changes:
The Up Front premium is now 1.0 % for all standard FHA programs (purchase money mortgages, full credit-qualifying … (2 comments)
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mortgage: Make Upgrades Count: Ask Your Lender to Use A Local Appraiser - 02/27/10 04:58 PM
Tony has written a nice summary and provided useful links to appraisal requirements. Anyone interviewing potential lenders should ask the question "Who orders your appraisal and where do the appraisers come from?"
If the lender cannot guarantee experienced local appraisers who are familiar with the area, you should find a lender that does or risk a lot of unhappiness.
If the lender orders appraisals via a third party appraisal company who puts appraisals out to bid and takes the low bidder, you could get an appraiser who does not know the area, and now you have set the stage for a disappointing … (1 comments)
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mortgage: Do You Suffer From Information Overload? - 01/27/10 09:35 AM
I was talking to my nearly 80-year old mom yesterday about how I just got set up on Facebook. People from my elementary school from 40 years ago are finding me and reconnecting. My mom said she just wasn't ready for another stream of information, and I started to list the different streams of information that hammer at me:
3 e-mail accounts (1 work, and 2 personal, one used for mostly receiving advertising mail and the other for friends) Instant messaging Text messaging Land line phone Mobile phone Voice mail Twitter Facebook Linked In ActiveRain Mortgage bond market information Lender guideline … (9 comments)
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mortgage: What Everyone Needs to Know About the New Good Faith Estimate - 01/12/10 01:37 PM
Recent guidelines from Washington have forced a change to the way that loan originators will disclose closing costs for all borrowers. The purpose of the new Good Faith Estimate is to level the playing field for borrowers comparing loans to be able to make apples to apples comparisons for loan scenarios. In essence, HUD is working to bring all lenders up to the same standard of excellence in reporting closing costs that good lenders have always adhered to, estimating realistic fees that a borrower should expect to pay at closing with no last minute surprises. Below are some important points … (0 comments)
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mortgage: How to Prevent or Mitigate HVCC and AMC appraisal issues - 01/06/10 11:53 AM
This blog entry is more for sellers and realtors, but the issues are important for everyone. Buyers, too, should seek to work with lending sources who use local, experienced appraisers.
Although on its face, having a low appraisal may seem to benefit buyers, this is a short term benefit. Someday, perhaps sooner than expected, buyers will become sellers, and then the appraisal issue suddenly affects them in the other direction. So it behooves buyers also to have accurate appraisals.
The key is to have an accurate appraisal done by someone who knows the locale and the market. An appraisal fundamentally is … (1 comments)
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mortgage: Who's Ordering Your Appraisal? How HVCC Affects Your Next Mortgage. - 07/02/09 10:15 AM
Once upon a time, we lived in a perfect world where everyone knew everyone and things went smoothly with the appraisal process. Your loan officer (mortgage broker or mortgage banker) had a list of appraisers that she knew understood the market, and ordered appraisals directly. In a perfect world, loan officers and appraisers never argued about property values, and never collaborated to inflate values to commit loan fraud. Loan officers never put pressure on appraisers to increase values so they could fit a loan into the right ratios, and appraisers never deliberately ignored good comps that didn't support the property value. Since the borrower relied … (0 comments)
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mortgage: Locking a loan in a time of extreme volatility (Asheville, NC) - 06/19/09 06:10 PM
In the last several weeks, loan rates have changed between .125 and .5% in a matter of hours. The mortgage bond market has never been so volatile before, and rarely has anyone been able to predict the moves with any certainty. Now, more than ever, I advise my clients to lock.
When advising a borrower about locking or not locking, I have stopped trying to time the market, because it ends up causing heartache nearly every time. Just ask the people who floated their loans on May 28 only to see rates skyrocket the very next day because the experts called … (0 comments)
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Kabir Mahadeva NMLS #182829 Alpha Mortgage www.kabirm.com
Asheville,
NC
More about me…
Address: 29 N Market St, Suite 603A, Asheville, NC, 28801
Office Phone: (800) 457-0714
Cell Phone: (828) 552-0330
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