mortgage loans: Getting a Mortgage Loan to Buy US Real Estate
- 06/04/14 10:41 PM
This is a tad confusing for me. What I've found is that, where one lives is not important. What IS important is the SOURCE OF INCOME. Hopefully, a few loan officers will chime in. U.S. citizenry is not required to buy U.S. real estate. U.S. sourced income may be. ___________________________________________________________________________________________________ Buying Real Estate in the US with a Mortgage Loan is very easy. Many foreign buyers and investors ask me frequently is they can get a mortgage to purchase property here in the US, and the answer is YES! How can you Buy Real Estate in the US with a Mortgage Loan? … (11 comments)
mortgage loans: Unrealistic Rate Expectations Threaten Housing Recovery
- 12/19/13 06:47 PM
Unrealistic Rate Expectations?? BALDERDASH!! Expectations are, IMO, NOT what fuel home buyer activities. This well written and researched article totally misses the true cause of market activity. It isn't "expectations". What causes reduced market activity in home sales is ACTUAL interest rate increases. FACT: When rates rise, fewer buyers will qualify for home loans in areas of their choice. This is REALITY. We're not guided by "expectations" nonsense. We're guided by ACTUAL rates and qualifying ratios. Ask any loan officer whether they are guided by buyer expectations or actual qualifying ratios. Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, serving home buyers in … (10 comments)
mortgage loans: HUGE FINE BY CFPB AGAINST OCWEN FINANCIAL CORP.
- 12/19/13 04:26 AM
CFPB Enforces Huge Fine Against OCWEN Financial Corp. Dec 19 2013 From the CFPB, Along with authorities in 49 states, and the District of Columbia, we’re filing an order requiring the largest nonbank mortgage loan servicer in the country, Ocwen Financial Corporation, to pay for years of systemic misconduct in mortgage servicing. SEE full story HERE.The DFPB does more than just audit our favorite mortgage loan companies. We sure hear of this activity often enough with home buyers experiencing repeated request for more documentation.Gene Mundt offers an interesting scenario of one of his borrower and it's instructive. However, on a regular basis, when … (10 comments)
mortgage loans: NO CREDIT? NO MORTGAGE LOAN!! The Key Words Are Trade Lines.
- 09/08/13 11:19 PM
NO CREDIT? NO MORTGAGE LOAN!! Brenda Mullen's post this morning reminded me of a situation that I ran into just last week. See: How to Buy a San Antonio TX Home for Sale with Little to No Credit I was contacted by a first time home buyer who wanted to buy a modest home in MD. His income easily qualified him for the price range of suitable homes/locations. He was living with parants to save up money for down payment/closing. Sounds good. I referred him to a local trusted loan officer for a credit review. I also contacted a broker/partner to … (40 comments)
mortgage loans: AH!! I Remember It Well. 1994 - Alan Greenspan Raised Interest Rates!
- 06/27/13 01:40 AM
Interest Rates go UP!! Interest Rates come DOWN!! We can predict and we can follow but, fact is, WE HAVE NO CONTROL. This morning, I received a rate-lock ALERT in my e-mail from a local loan officer. It was interesting (see below) and it also brought back a lot of memories. DO YOU REMEMBER 1994?? I surely do. ____________________________________________________________ "The stock market wobbled a little in 1994 but then started upward as the dot com technology boom began. During this time Greenspan raised interest rates but the boom kept happening. As the market raced upward from 1995 to … (51 comments)
mortgage loans: CREDIT PROBLEMS CREATED BY DIVORCE, or the Divorce Attorneys.
- 04/17/13 08:30 PM
CREDIT PROBLEMS CREATED BY DIVORCE ATTORNEYS. From the perspective of a real estate agent. George Souto offers good advice about the matter of home mortgages and how they are treated in divorce. See: Protect Your Credit During A Divorce. Over the years, this problem has surfaced in connection with prospective home buyers. I've seen this first hand. A prospective home buyer will inquire about buying a home and when asked about their credit, they mention that there is still a mortgage loan on their credit report for a home they owned either jointly or as TBE with a former spouse. The mortgage … (15 comments)
mortgage loans: Bank Or Mortgage Broker? Both Fail To Disclose Facts To Borrowers.
- 12/31/12 08:22 PM
George Souto brings us a must read article that reveals the prejudices on the part of many government officials that so often determine what information will be available to consumers in need of mortgage financing. It's hard to believe that the government official who has so little understanding of home finance is in a position through which he may influence policy. I'm shocked, shocked!! Mr. Date's appointment was (surprise, surprise) an example of cronyism that burdens so much of government. Sad when the prejudices represented by government officials effect consumers so directly as will the latest government bureaucracy, the Consumer Financial … (9 comments)
mortgage loans: Buyers DO Have The Right To Select The Lender, Right?? N E W S F L A S H!!! Sellers Don't Have To Accept Your Offer!!
- 11/28/12 08:49 PM
A BUYER CAN SELECT ANY LENDER THEY WANT. . . That doesn't mean the seller must accept your offer. An enlightening article this morning by Sally and David Hanson inspired this post. See: Buyers Choose Their Lenders....Don't They ? Over many years of real estate practice, a few things have become clear to me. One of them is that, in matters of presenting offers to buy, the experience of the buyer's and seller's agent can determine whether or not a sale is likely to reach the settlement table. THE LENDER'S LETTER. Local practice in Maryland and Northern Virginia requires that a … (67 comments)
mortgage loans: Mortgage Borrower Survey. . .Shopping Rates?? Or, Shopping Service???? (Reblog)
- 10/26/12 08:30 PM
George is quite correct when he writes that loan approvals are taking longer. THEY ARE!! My experience this year is that a government (FHA, VA, State Bond, USDA) loan will take approximately 2 weeks longer than it did 2-4 years ago. I've learned to prepare for that inevitability in the contract. We include realistic dates in the Financing Contingency so that the lender will have sufficient time to provide the "Written Loan Commitment". Of course, much depends on:: 1. how well the buyer's agent has prepared their buyer/client for the loan process. 2. deadlines agreed to by the buyer and … (4 comments)
mortgage loans: SMOKE AND MIRRORS IN THE MORTGAGE AND REAL ESTATE INDUSTRIES
- 10/26/07 03:43 AM
THE REAL ESTATE INDUSTRY WHERE TRUTH IS, INDEED, STRANGER THAN FICTION. MORTGAGE LENDING REPORTING - HEADLINE IN THE FINANCIAL NEWS THIS A.M. - "Countrywide Financial Corp., the nation's largest mortgage lender, said Friday, it swung to a loss of more than $1 billion in the third quarter due to rising loan-loss provisions, writedowns and dwindling origination volume."HOWEVER, the company insisted it will be profitable in this quarter and in 2008. A bit of restructuring should do the trick, Countrywide claims.Further, Countrywide claims that the third quarter loss of $1.2 Billionwas due to the report of an "earnings trough". For the curious, … (15 comments)
mortgage loans: MORTGAGE FRAUD THRIVES - THE PLAYERS ARE THE SAME
- 09/29/07 04:32 AM
MORTGAGE FRAUD HASN'T BEEN ELIMINATED. MORTGAGE FRAUD IS ALIVE AND WELL AND THE PLAYERS HAVEN'T CHANGED.There was never anything wrong with any of the mortgage programs made available to borrowers. The problem was mortgage fraud. Who facilitates mortgage fraud? This post was inspired by Bryant Tutas' report of the loan application with his buyer this week. Bryant witnessed first hand some of the causes of the present mortgage loan debacle; mortgage loan officers who write the loans, knowing full well that the loan application is fraudulent, buyers' agents who don't get the training necessary or be willing to supervise their buyer's … (55 comments)
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