financing: The NEW Loan......... - 12/11/06 03:57 PM
While I was in the gym this morning-
(Better intro than - So I'm on line at the bank.....)
Someone came up to me and asked if I still did mortgages.
ME: Sure - what can I do for you?
HIM: I'm going to need a loan for a new house.
OK, have you found a place yet....?
… (41 comments)
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financing: State and National Mortgage Fraud Laws... - 12/08/06 03:01 PM
I just read a comment added to Jeff Corbet's blog: Warning! More Pornogarphic Mortgage Content!
Here's part of it:
"What needs to be done to curb this type of fraud is for the states and Washington to actually pass mortgage fraud specific laws. Georgia, if I am not mistaken, is the only state with a mortgage … (2 comments)
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financing: Some tips for Newbie Mortgage Brokers... - 12/01/06 10:39 AM
I was talking to a friend earlier this morning and we were laughing about the 'Good old days'.
(not too long ago really)
And we went over some of the things we wished we knew then - that we know are so important now.
I don't know about YOUR state but frankly, in some states, … (9 comments)
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financing: Time to Vent: Realtors - find Lenders you can trust and Lenders - let's work on weeding out the GARBAGE in our own ranks! - 11/30/06 01:10 PM
I can't believe what just happened....
A Broker friend of mine just lost a sale because the Buyer couldn't get financed - not the worst thing, but this all happened because the Pre-Approval was BS! The Buyer thought she really qualified for the loan.
We write about Pre-Quals and Pre-Approvals all the time - … (16 comments)
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financing: There seems to be a little confusion regarding Interest-Only loans.... - 11/30/06 11:44 AM
In the past few weeks I have seen several comments that have made Interest-Only loans seem horrible - It sounds like a lot of people have gotten them confused with the Minimum Payment choice available with Option ARMs.
They are 2 completely different things!
When you make a 'typical' mortgage payment, the amount … (13 comments)
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financing: What is the 1 question that you DON'T want to ask your Mortgage Broker? - 11/28/06 08:53 AM
Now- before you get the wrong idea, you can and should ask your Real Estate Agent and your Mortgage Broker any and all questions you have - and if they don't seem to want to answer them and / or educate you, you MAY want to consider using someone else!! … (5 comments)
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financing: A Good Faith Esitmate is NOT an option! - 11/22/06 05:50 PM
Here's another favorite of mine - Mortgage Brokers and Loan Officers that don't give out REAL Good Faith Estimates (GFE's).
Here is the description of a GFE straight out of The US Department of Housing and Urban Development's publication HUD-398-H(4) - "Buying Your Home - Settlement Costs and Helpful Information":
The … (15 comments)
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financing: A few more terms that should raise a flag!! - 11/21/06 10:21 AM
A lot has been posted lately about words and/or phrases that Customers need to look out for.
Yael Warman's post from yesterday was great and it featured a long list of things that the NAR's Program for Compliance defines as "Dangerous". If you haven't already read it, you should.
Not only do we in the business … (36 comments)
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financing: Wonderful way to start off the morning! - 11/17/06 06:17 AM
I've only read two posts so far this morning and I'm shocked at some of the stuff I read!
The posts themselves were great - the stories were really horrible.
The fact that people in our business act like this make me sick. We've all written about it, hopefully working together on these … (12 comments)
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financing: Ahhhh, time to have some coffee and get cozy with Cody... - 11/09/06 05:30 PM
I know, I know - I can hear the groans!
Just something to catch you eye -
I'm actually talking about several of the more well known Mortgage Indices: COFI, COSI and CODI.
(I can imagine someone with a very dry British accent commenting: 'Well, this is FRIGHTFULLY exciting stuff...')
Let's go with a few … (3 comments)
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financing: HELOC Confusion......... - 11/09/06 04:27 PM
I got a call from a potential Client today that had some questions about a loan he'd gotten a while back (from another Broker). He was a bit confused.....
Such a simple loan, SOOO much trouble!
HELOC:
H ome
E quity
L ine
O f
C redit.
Why would you get one? You … (7 comments)
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financing: More on the .Com 'Lenders' - 10/15/06 08:07 AM
I just finished reading George Souto's post about the .Com guys and all of the confusion that can result.
I got a knot in my stomach! Not from the article - it was very good - but from some bad memories.
In the past I had worked for a company that spent a TON … (3 comments)
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financing: Continuing the 'Finance Reality' trend - More on Good Faith Estimates. - 10/12/06 06:49 PM
Hello Everyone-
I've been on ActiveRain for about week now and one of the things I'm very happy about is the number of Mortgage Brokers that seem sincerely driven to educate and help Customers. Believe me - this isn't an ethics lecture! It is just Good Business!
You can't talk about being … (6 comments)
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financing: Pre-Qualification vs Pre-Approval - 10/11/06 03:26 PM
A Customer contacted me the other day and she was a bit annoyed that her Realtor wanted to see proof that she had, or could get, the money necessary for a purchase - THE NERVE!
Customer Reality Check: Quite a bit of effort goes into getting the property that you really want - No … (4 comments)
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financing: Dear Realtors - what do you think of this? - 10/11/06 01:58 PM
I'd been asking questions to local Realtors - face-to-face and on line - about what they want from the Financing side of the Real Estate world. I have gotten a lot of responses - good and bad!
So that you all know, this is how I like to operate:
I am NOT:
The doughnut delivery guyThe … (6 comments)
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financing: Real Estate and Financing working together?!?! - 10/10/06 04:38 PM
Can't we all just get along, sob,sob? Sorry, I couldn't resist!
Seriously though, I just read a post by Amy Grashel that talked about some issues she had in the past with Mortgage Brokers gumming up the process and, unfortunately, I have to say that I agree with her observations.
I've been a … (6 comments)
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financing: What Pre-Pay Penalty?!? - 10/07/06 06:13 PM
Hello!
Some things never cease to amaze me - One of the worst is when I am refinancing someone's property and I have to break the bad news to them that they DO, in fact, have to pay a Pre-Pay Penalty on the loan that they are paying off. I've seen … (2 comments)
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financing: GFE's that 'stretch' the truth. - 10/07/06 05:31 PM
Hello-
I'm wondering if anyone else has come across this problem AND what you did or would do. A potential Customer showed a competitor's GFE to me - they wanted to know why their fees were lower than mine. Reasonable question - I commented on the fact that the total closing costs … (2 comments)
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