lenders: Shopping by Good Faith Estimate? - You Lose! - 06/02/08 08:21 AM
The Good Faith Estimate Scam
Here's the truth.
A loan officer can out right lie on the GFE.
Surprised? Don't be. They can and some will lie to you for one reason, to get your loan.There are a lot of bad people out there in all aspects of the … (6 comments)
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lenders: It Takes Just 3 Words to Stop the Rate Lock Scam! - 05/29/08 07:50 AM
I know... "What Rate Lock Scam? Never heard of it."
The other day I gave you the power to determine if you were being Bait and Switched on your mortgage loan. There was a lot to digest there.
Yesterday, I gave you the ability to look up a Loan Officer and … (4 comments)
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lenders: The Fed's Securities Lending Program and my Tomatoes - 03/11/08 10:45 AM
What's with the Fed's Securities Lending Program?
Very early this morning the Fed's announced they are increasing their Securities Lending Program by $200 billion. Before the market opened, all financial stocks were up dramatically.
"So what is this Securities Lending Program and why should I care?" Good question. The … (37 comments)
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lenders: But I made my payments... - 11/19/07 09:23 AM
File this under "HARD TO BELIEVE" (but true!)
Do you have a Home Equity Line of Credit on your home?
How about on your rental home?
A HELOC can be a great way to tap into your home's equity. A HELOC is based on the Prime Rate. … (16 comments)
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lenders: Tale of Two Cities - 09/26/07 11:56 AM
We've all heard the cliche, "Location, Location, Location".
My Uncle Sal, the one who has never owned a thing in his life, would say "It's all about Location". Every buyer knows the phrase. I even know of a real estate agent who has a discreet tattoo proclaiming those three words. How … (2 comments)
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lenders: "Which is better Lending Tree or E-loan?" - 08/28/07 12:48 PM
That's a good question. It's something I have not yet specifically written about. Yet it is something that someone somewhere wondered about. They typed this exact question into Google and searched for it. When the search results came back they saw that I was the second organic listing on the page … (39 comments)
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lenders: Redfin Sweet Digs, The Chron, Bankrate and me - 08/15/07 02:36 PM
I do a lot of daily reading. Yesterday I was reading the Redfin Blog. In it they referenced an article that appeared in the San Francisco Chronicle last Thursday.
Mortgage crunch hits Bay Area hard because of jumbo loans The article covered most of the basics, got most of the … (3 comments)
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lenders: Zillow LOVES Me! - 07/25/07 08:10 PM
Ok, so the truth may be closer to...
Zillow liked something I wrote and decided to feature it.
LINK
Diane Tuman wrote that,
"I spend a lot of time in the Real Estate Guide, editing content, organizing content, and “redirecting” spam when I see it. Lots of similarly-themed titles flow one after … (5 comments)
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lenders: Of Pools and Puddles... - 06/22/07 11:18 AM
Long term mortgages and the rates and terms they carry are determined by a couple of different factors.While many people mistakenly think the Fed's control mortgage rates they are in fact determined by Mortgage-backed securities (M.B.S.).M.B.S.'s are created by pooling loans and selling bonds with coupons based on the mortgage … (0 comments)
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lenders: Floors & Ceilings - 05/21/07 06:25 PM
I wanted to show an interesting chart as of today.If you are familiar with stocks and stock charts you know that the prices of those stocks tend to fluctuate between specific ranges.Over a period of time it is easy to see what traders call a Floor or a Ceiling.For a stock … (0 comments)
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lenders: Should We Bail? (continued) - 04/17/07 01:30 PM
Here is a follow up to my post yesterday titled Should We Bail?
I was reading that Fannie Mae and Freddie Mac are both working on programs designed to keep people from going into foreclosure. At this point, no specific details are available. Most of the loan amounts in my area, Walnut … (2 comments)
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lenders: Should We Bail? - 04/16/07 11:18 AM
There's a fierce debate going on right now.It's a national debate but reaches right into my area.It's going to have an influence on the home loans that happen right here in Contra Costa County.It involves the collapse of the sub prime lenders.It involves the coming rise in foreclosures.It involves politicians.It … (4 comments)
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lenders: Close the Window! - 03/30/07 06:58 PM
You may have heard reference to the "Credit Window".You haven't? You will soon because it's closing!Don't worry, it won't close all the way, just part way.Maybe a little explanation is in order.The term refers to the availability and ease of granting credit.You've read the headlines and heard of the Sub … (2 comments)
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lenders: Jargon-R-Us! - 03/26/07 12:14 PM
I had to laugh as I sent out an email to wholesale reps this morning describing a difficult loan I was working on.I laugh because of the H.D.C. (High Density Conversations) we use in the business.Here's my scenario:
Purchase, SFR, $1.9 Million, 63% LTV,SIVA, 1099, or possibly No Ratio,Assets sourced not … (0 comments)
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lenders: Commercial is Different - 03/19/07 10:14 AM
My main project today is to get to started on a 6 Unit Complex refinance. (Obviously this isn't the property)This is a new client. We met and discussed ideas last week and very late on Friday she bought in the paperwork I requested.Since she is a new client, I'm starting from … (7 comments)
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