|
| |
refinance: Your Credit is Crucial - It Determines Your Refinance and Home Purchase Options - 08/03/07 01:39 AM
Realtors - here is an important post for all of your new clients who are wondering about what they qualify for in today's market and past customers wondering about their adjustable rate mortgages. This is part 1 of a 5 part series.
Credit is king. In the mortgage industry credit makes or breaks loans. In this five-part series we’ll look at credit from a variety of angles:
Why credit is so importantUnderstanding elements of creditImproving your score organicallyImproving your score using 3rd party helpManaging your score In a lax credit environment - like the one we’re quickly coming out of - … (5 comments)
|
refinance: Help someone you know facing foreclosure - share these 7 options with them - 07/12/07 12:09 AM
It is all too often these days that I am talking to people who are in a bind with their mortgage. They usually fall in to one of 3 groups: They have taken on too much mortgage debt with a large home or previous cash-out refinance They have fell on some hard times, either through a loss of a job, injury or loss of a spouse They have recently had their mortgage payment adjust and they can no longer afford the higher payment The first option that they look for (and that we try to consider) is a refinance out of … (13 comments)
|
refinance: This 8 Step Program Will Save You $2,500 on Your Mortgage Refinance - 07/03/07 11:43 AM
People sure are talking a lot about refinances these days - maybe it is because there is a boat load of short-term ARMs resetting over the next few years; or maybe it is because rising interest rates have short-term loan holders jumpy. Whatever the case may be - if you are out shopping for a refinance of your current home loan (subprime or prime) then you need these 8 steps. Using these 8 steps will save you at least $2,500, probably much more. So consider this Blown Mortgage’s mortgage refinance coupon - and you don’t even have to buy anything from … (0 comments)
|
refinance: Stated income from a mortgage professional's stand point - COMPLETE - 05/12/07 08:43 PM
In a recent post I looked at some of the common problems and issues that surround stated income loans from a borrower's perspective. They primarily focused around what can happen when a borrower over states their income and leaves themselves over-extended, house poor and living with too little margin to handle any adversity or changes in their income stream.
In this post I'll look at some of the pitfalls that stated income can bring on a loan consultant.
The major problems I see with loan consultants are with those who use stated income loans recklessly:
For some reason loan officers replace the word "stated" … (40 comments)
|
refinance: Stated income from a mortgage professional's stand point - 05/12/07 01:32 AM
In a recent post I looked at some of the common problems and issues that surround stated income loans from a borrower's perspective. They primarily focused around what can happen when a borrower over states their income and leaves themselves over-extended, house poor and living with too little margin to handle any adversity or changes in their income stream.
In this post I'll look at some of the pitfalls that stated income can bring on a loan consultant.
The major problems I see with stated income arise from loan consultants who use stated income loans recklessly.
Read the rest here.
… (2 comments)
|
refinance: For consumers, things to consider before stating your income - 05/04/07 01:25 AM
Stated income on mortgage applications is getting a lot of attention these days, and for good reason. Stated income loans, also called liar loans, let borrowers (and loan officers) put whatever they want within "reason" for the income used to qualify for the loan program. The underwriter looks at the income on the application and then checks a site such as http://www.salary.com/ to confirm the salary range. They then calculate the borrower's debt to income ratio (DTI) off of this income.
I wanted to look at this issue from both the consumer perspective and the mortgage professional's point of view. We'll focus … (4 comments)
|
|
|
|
|
|
|
|
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2012 ActiveRain Corp. All Rights Reserved
;)
;)
