mortgage: FSBO's - See What Happened to the Guru of forsalebyowner.com when he went to sell his home.
- 04/16/12 06:45 AM
Recently, Colby Sombrotto, founder and guru of forsalebyowner.com, decided to practice what he preaches about selling your home yourself. Very interesting outcome. Here's the link to my blog where I wrote about the crow he had to eat. Use this information to your advantage when you go on listing appointments and to go after FSBO listing! Let me know any thoughts or experiences you have had with FSBOs.
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mortgage: 10 Ways to Avoid Your Buyers Loan From Falling Through
- 03/20/12 05:47 AM
How many times has it happened to you that just when you're about ready to close a transaction, the buyer has quit their jobs, put a lump sum of cash into their bank account, bought a car, etc? Print this and hand this to all of your buyers. Enjoy!
10 Commandments When Applying for a Mortgage Loan Thou shall not change jobs or become self-employed Thou shall not buy a car, truck or van unless you plan to live in it Thou shall not use your credit cards or let your payments fall behind Thou shall not … (0 comments)
mortgage: Breaking News!!! Here's the latest buzz!!!
- 01/10/12 10:36 AM
Ok like the commercial says "That was so 47 seconds ago" . But for those of you that do not have your nose to your social media or email networks, another mortgage company is leaving the business. Metlife has decided to call it quits except for their Reverse Mortgage Department. If you have someone who has been pre-qualified with MetLife now is the time to have them prequalified with another lender to ensure a timely closing. If you are currently in a closing situation you should be ok but it surely could be a very bumpy closing and I'm thinking the … (2 comments)
mortgage: Join In My Holiday Contest
- 12/15/11 10:34 AM
All you have to do is like my facebook page and answer the questions up until Christmas. Check out my facebook page by clicking here for the rules and the prize. That's it! Merry Christmas and Happy New Year! … (0 comments)
mortgage: First Cal is hosting the Season of Giving Facebook Contest
- 11/22/11 09:49 AM
Starting Monday 11/21 First Cal will be hosting our Season of Giving Facebook Contest. We will be giving away $5 starbucks cards daily and a GRAND PRIZE of an Apple iPad. To enter simply answer our daily holiday themed question by commenting on the post. All the daily winners will be entered into the grand prize drawing. STOP BY OUR WALL MONDAY TO JOIN THE FUN! Click here … (1 comments)
mortgage: Have you heard of the new changes to appraisals? Are you prepared to help your Customers when them come to you?
- 09/06/11 10:57 AM
After September 1st, your appraisals are going to look a bit different. Basically, the agencies have been warning us for the last year or so that they were creating a uniform set of "codes" that will be used by all appraisers, nationwide. Fannie and Freddie have impletemented the new codes as of 9-1-11. FHA just announced that they are delaying implementation unitl 1-1-12.While most of the changes involve changing the written explanations to codes, here are 6 of them that you and your clients will definitely want to know about.1. Bathroom Code - Instead of saying 2.5 bathrooms, the appraiser will … (2 comments)
mortgage: Fact or Fiction? This Could Affect Your Buyers and Sellers!
- 07/13/11 09:37 AM
I received word this morning that the rumor is that Bank of America has stopped accepting high balance conforming loan amounts over $625,000 on Tuesday, July 12. We are assuming that this is to ensure they are able to close all the loans over this amount no later then September 30, 2011 when the high balance conforming rate will drop. Again, this is only a rumor and I would highly suggest that if you have a client that is prequalified with Bank of America that this holds true. I am not surprised by their move and I believe we will begin … (2 comments)
mortgage: So You Think You Know About Credit and Credit Scoring?
- 05/16/11 05:46 AM
Ok so this isn't any bad news or changes coming but just a fun short quiz to test your knowledge on credit and credit scoring. Find out if you know more then the average Joe! www.creditscorequiz.org
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mortgage: Are you looking to sell or buy a home over $417,000? Think again come fall!
- 05/12/11 07:41 PM
Here's a great article that explains what our government is planning to do next to the real estate market. In the article it also talks about the further tightening of credit. Please pass this on to everyone you know! http://finance.yahoo.com/news/Federal-Retreat-on-Bigger-nytimes-3995455694.html?x=0
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mortgage: How to Get a Mortgage Loan for Non-Citizen Borrowers (FHA)
- 11/29/10 06:14 AM
FHA financing is available to borrowers who have legal residence in the U.S. The two categories of legal residents are: Permanent Resident Aliens Non-Permanent Resident Aliens Permanent Resident Aliens Provide valid Social Security Number Provide copy of the Alien Registration Receipt Card (Resident Alien Card), I-551 OR Unexpired foreign passport with an I-551 stamp. Non-Permanent Resident Aliens Provide valid Social Security Number Provide EAD (Employment Authorization Document) issued by the U.S. Bureau of Citizenship and Immigration Services (BCIS), formally the INS. Typical EAD documents for non-permanent resident aliens would be a type of visa: -H1B - Specialty … (3 comments)
mortgage: President Agrees to increase in FHA Insurance Premium
- 09/01/10 11:17 AM
So do you wait to see IF they will release a new homebuyer tax credit before buying a new home. Effective October 4, 2010, FHA will lower their upfront mortgage insurance premium to 1.00% from 2.25%. Sounds great right? Well, not so fast. They will be increasing the monthly insurance premium depending on your loan to value. See the chart below:
So if you have been sitting on the fence hoping the tax credit may be extended, you might want to think twice. The increase in the monthly premium will increase your monthly payment and your ability to qualify. For … (4 comments)
mortgage: Why are more loans being denied in 2010?
- 09/01/10 07:40 AM
Prior to 2003, underwriters were required to dot all the "I"s and cross their "T"s. Then all hell broke loose - where anyone who could fog a mirror, was able to get a mortgage. Well, the pendulum has swung back the other way. Fannie, Freddie, FHA and even VA have issued more stringent rules and regulation updates in the last 24 months. The last big shake up like this was in the early 80s, with the savings & loan crisis! So, what are the 6 top reasons why more loans are being denied? What can you do to help your clients? … (2 comments)
mortgage: Short Sale or Foreclosure?
- 07/16/10 02:27 PM
Finally, Fannie has coherent rules for foreclosures, short sales, deed-in-lieu events...if a borrower avoids a full foreclosure, it's easier to get a mortgage the next time. October 1, it will get tougher if a borrower was full foreclosure - 7 years (vs. 5 yrs) or 3 years - extenuating circumstances (vs. 2 yrs). Who do you know that might qualify under the old rules? Or perhaps your an agent that would like to go back and see if your past short sales and foreclosure clients are now eligible. Email and I will send you my cool little handly chart. … (0 comments)
Recently, Colby Sombrotto, founder and guru of forsalebyowner.com, decided to practice what he preaches about selling your home yourself. Very interesting outcome. Here's the link to my blog where I wrote about the crow he had to eat. Use this information to your advantage when you go on listing appointments and to go after FSBO listing! Let me know any thoughts or experiences you have had with FSBOs. 
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