mortgage loan: What is an ITIN loan?
- 01/11/07 02:25 AM
In the aftermath of 9/11, Congress passed the Patriot Act which changed a lot of little things in a multitude of areas. One significant impact was the merging of databases between the IRS and the Social Security Administration. The result of that merge was an identification of the vast number of illegal immigrants in this country and a better insight into their financial situation. Prior to the merger, an illegal immigrant would pay for a fake social security card or borrow someone else they knew in order to get employment. If the employer deemed the information to be valid, they put … (32 comments)
mortgage loan: What If I Have No Credit Score?
- 12/19/06 01:21 AM
Credit scores, primarily FICO scores are the predominant method of making a CREDIT decision on a mortgage loan applicant. Some loan programs rely specifically on the credit score, such as:Alt-A or Expanded Criteria Loans: These are loans for people who can't verify income or employment80/20 loans: programs to buy a home with no downpaymentSub-prime or Non-prime loans: programs for people with less than perfect creditNote that what is missing from the above bullet-points are the majority of mortgage programs written in the USA: FHA - government insured loan which only requires 3% down-payment. There is no score requirementVA - government entitlement for … (2 comments)
mortgage loan: Shopping for a mortgage on-line, a how-to guide
- 09/05/06 01:09 PM
Mortgage "SPAM" is the junk e-mail marketing approach of my industry, the mortgage lending business. As owner of AMC-TradeMark Financial it pains me to see the direction our competitors are taking with their marketing. The effect is an overall diminishing respect for mortgage professionals in addition to increased confusion of the general consumer. My purpose for writing this is to help explain why you are being "spammed" so that you understand what to do with these e-mails. "Click Here to save over $200 per month on your mortgage" To understand why you are bombarded with mortgage spam in your e-mail inbox, one must understand … (6 comments)
In the aftermath of 9/11, Congress passed the Patriot Act which changed a lot of little things in a multitude of areas. One significant impact was the merging of databases between the IRS and the Social Security Administration. The result of that merge was an identification of the vast number of illegal immigrants in this country and a better insight into their financial situation.
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