the mortgage buddy: Nice Client Testimonial After the Rock Fight
- 01/19/12 04:14 AM
The mortgage underwriting process can best be described as a rock fight from start to finish. The key to today's pipeline is preparation on the front end of the transaction and having the biggest rock for the fight. Another key to success is having a client that will follow direction and not fight you every step of the way. The kiss of death to keeping time-lines in check are when clients say things like "I think I have given you enough" or "I shouldn't need to get you that for my loan". GRRRRR is all you can say and try and … (1 comments)
the mortgage buddy: 4 Steps to Prepare for Your Purchase Pre-Approval
- 12/27/11 12:56 PM
Prepare for Success Making the jump from renter to home owner can seem a bit intimidating, and like any big step in life, being prepared is the key to a successful transition. Whether you have been living at home with parents, shacking up at a friends house or making a check out to a landlord every month, understanding the steps to a successful pre-approval require attention to detail, and self education. That’s why I have designed this 4 step Mortgage Buddy checklist for the 1st time home buyer to help turn uncertainty into confidence.The following list will help to pre-screen your … (3 comments)
the mortgage buddy: Please Follow Me on Twitter for Daily Mortgage Industry Updates
- 12/14/11 04:42 AM
Hello Activerain family. I hope everyone is finishing up a very successful year. This year has been so much fun for me. I joined Activerain at the beginning of the year and used this blogging platform as a springboard into the blogging world. I have since taken the knowledge I have accumulated here and started my own WordPress blog, a YouTube Page, a FaceBook page, and now my new avenue for releasing information, Twitter. This is why I am reaching out to my Activerain family today. I started putting some extra focus into my Twitter account over the past 2 weeks … (0 comments)
the mortgage buddy: Homeowner's are Ready to Play the HARP
- 12/01/11 08:14 AM
According to details released by Fannie Mae; today, Dec. 1st. is the first day applications can be taken for the New Obama Refinance Program. This program is an updated version of the HARP program The Federal Housing Finance Agency (FHFA) and the Department of the Treasury introduced in early 2009 as part of the Obama Administration’s Making Home Affordable program. HARP as it is more commonly referred to as provides borrowers a mortgage weapon in this horrible housing market war. There are incredible changes that will help home owners take advantage of this current low mortgage rate environment. Let's take some … (2 comments)
the mortgage buddy: What the Heck is APR?
- 11/14/11 02:39 AM
So often when I am reviewing loan disclosures with a client they get confused with what the heck APR is. It's a sort of sticker shock when they see that it's different from the interest rate we had discussed. I'm hoping that this will give everyone a little insight into frustrating little acronym known as A.P.R. What is A.P.R.? A.P.R. stands for Annual Percentage Rate. And with that ladies and gentlemen the confusion starts. Most borrowers look at their mortgage paperwork & see “percentage rate” and assume that the A.P.R. is their interest rate (or note rate). In fact, the A.P.R. … (7 comments)
the mortgage buddy: The Mortgage Buddy Rate Outlook for the Week Beginning Oct 31st
- 10/30/11 05:24 AM
The Mortgage Buddy is writing this week from Nu Cafe in Worcester, MA. We had about a foot of snow yesterday and there are trees and power lines down everywhere. This week will be highlighted by the release of some manufacturing data, the big unemployment report on Friday, and the promise of a new EU deal to keep the band-aid on the debt crisis for our cousins across the pond for at least a little longer. Last week saw a big move to the upside in mortgage rates. Now big is a relative term because the rates are still in the low to … (0 comments)
the mortgage buddy: Winter Plumbing & Heating Tips from The Mortgage Buddy
- 10/20/11 12:23 PM
Hi everyone, Up here in Worcester, MA we are easily reminded every year about this time of the changing seasons. The beautiful autumn colors are in the air and the Jack Frost is right around the corner. Now is a great time to review your plumbing and heating systems to make sure everything is in working order before you have to actually use them on a full time basis. Turn on the heat to ensure it is working Schedule a furnace/boiler cleaning Turn off and drain all outside faucets For all central air conditioning systems, try pouring antifreeze or windshield washer-fluid in … (0 comments)
the mortgage buddy: Mortgage Buddy Sees Potential up Tick in Mortgage Rates this Week
- 10/16/11 01:48 PM
The stock market was on an absolute tear last week driving money out of bonds and into stocks which pushed up stock values and interest rates. The rates below 4% are already old news for many lenders and clients who procrastinated are now looking at 4.25% according to Freddie Mac data. This week is going to be huge for the market. There are earnings being reported from large banks like Citi and Goldman Sachs, not to mention a full calendar of economic date being released. www.freemortgagebuddy.com Let's take a look at the economic data that could move rates. Tues & Wed will … (4 comments)
the mortgage buddy: The Mortgage Buddy Sees Rates Come off Record Lows
- 10/10/11 11:36 AM
Are we starting to break the downward trend or is this recent rally in the market and bump up in rates just a blip on the charts? After rates touching under 4% as a national average on a conventional mortgage, according to Freddie Mac, the stock market is in rally mode and rates have started the move towards 4.5%. Still an amazingly low rate but if you were one of those people floating your mortgage rate in hopes of that magical 3.5% you might have wished your way right back over 4%.
The stock market has had a big jump … (1 comments)
the mortgage buddy: The Mortgage Buddy Reviews the October 1st Changes to Home Financing Part 1
- 10/02/11 07:35 AM
The world of mortgage financing has been changing over the past few years as a result of the credit crisis of late 2008. October 1st marks the next chapter to these changes. The pendulum of regulation has gone from the free for all of the middle 2000s, when it was debatable if you actually needed a pulse to get financing, to the current time, when you need a mortgage professional like The Mortgage Buddy to be thoroughly educated on the ever revolving door of underwriting guideline changes. It can be a frustrating time for real estate professionals and their clients. It sometimes seems like loan … (0 comments)
the mortgage buddy: Unemployment Numbers & Manufacturing in Focus for the Coming Week
- 10/01/11 07:54 AM
Once again we have reached that time. The first Friday of the month is almost upon us and with that comes the county's unemployment report. This past Thursday we had some promising numbers with the continuing jobless claims taking a larger than expected drop. The question remains, how will we recover from the horribly flat jobs number last month? We are coming off the worst quarter for the stock market since the crash in 2008, and with the European debt fears it won't take much to send us back towards a double dip recession. But let's stay positive people. Economic Data for … (0 comments)
the mortgage buddy: FHA Condo Event for Management Companies, LOs, and Condo Residents
- 09/27/11 06:13 AM
Hi Everyone, This is a bit of a follow-up from my last "Refresher on the FHA Condo Approval Process". I'm on the board of trustees for my condo association and this fantastic informational webinar was brought to my attention. I think this is great for property managers, loan officers, and residents. FHA lending has significant benefits in this market, and having your condo FHA approved and certainly add value and appeal to your complex.
Paul K. Mengert, CMCA, PCAM and HOAcruise.com are hosting a webinar featuring a discussion nationally known experts on the recent changes to FHA guidelines for manager certifications. … (1 comments)
the mortgage buddy: FHA Condo Approval Refresher from "The Mortgage Buddy"
- 09/26/11 12:09 PM
Happy Monday Active Rain. The Mortgage Buddy is here with a FHA condo approval refresher. Here is the results of some condo homework I did and hopefully was able to provide everyone with some valuable information and links in regards to how FHA Condo approval can be done as well as some of the benefits of FHA financing can be done. Here
Benefits of FHA Financing
1. Only 3.5% down payment required for purchases or rate and term refinances 2. Up to 85% LTV (Loan to Value) for cash out- compared to 80% conventional 3. Once you have a FHA loan … (2 comments)
the mortgage buddy: FHA Gift Funds Refresher from The Mortgage Buddy
- 09/21/11 03:43 PM
Hi everyone. I hope the Activerain community is finishing up the month strong, don't forget to keep orginating every day no matter what. The Mortgage Buddy just wanted to blast out a few FHA Gift Funds underwriting guideline refreshers. I know these can be stumbling blocks sometimes, so hopefully this well assist you in side-stepping any issues.
An outright gift of the cash investment is acceptable if the donor is a relative of the borrower, the borrower’s employer or labor union, a charitable organization, a governmental agency or public entity that has a program to provide home ownership assistance to low- … (3 comments)
the mortgage buddy: Urgent Reminder About Loan Limit Expiration This Month
- 09/20/11 10:02 AM
Currently, temporary high-cost area limits for the GSEs (Government Sponsored Enterprises) were initially established by the Economic Stimulus Act of 2008 and have been extended annually since then. Unless Congress steps in sometime in the next 10 days to again extend these levels, they will move back on October 1, 2011 to the lower permanent criteria for high-cost areas determined according to the Housing and Economic Recovery Act of 2008. The base limit will remain at $417,000, but the formula for establishing limits for high-cost areas will change from 125 to 115 percent of the area median home price and the national … (1 comments)
the mortgage buddy: The Mortgage Buddy Rate Outlook for the Week Beginning 9/19/11
- 09/18/11 05:39 AM
Happy Sunday fellow Rain Makers. I hope the world is treating you all well and you are approaching life with a positive attitude. Remember the only thing we can control is our "responsibility" response-ability. So choose positive instead of frustration or negativity. Let's take a look at "The Mortgage Buddy" rate outlook for the upcoming week. We started to see a little bit of movement in the market this past week. Stocks finally were able to accumulate some consecutive up days and the S&P is back up over 1,200. This could be a bullish sign if we have some follow through … (0 comments)
the mortgage buddy: Why Mortgage Rates and Trigger Leads Can Be Challenging For Lenders
- 09/17/11 09:00 AM
As many of us are aware, we are experiencing record low mortgage rates right now. The debt crisis in Europe and a slowing economy in the United States has pushed mortgage rates to historic lows. The 10yr treasury rate has been hovering around 2% and even crossed below that a week ago. I never thought mortgage rates were going to go lower than they were last summer when the Greek Debt Crisis first showed it's ugly head, but here we are. I have been locking in FHA 30yr fixed rates at 3.75% with 0 points. WOW you say, well it's not all kittens … (0 comments)
the mortgage buddy: GenGen Tour Inspires The Mortgage Buddy... Try This Great Idea for Your Clients
- 08/26/11 03:59 AM
I attended the seminar, read the book, teamed up with an amazing buyer's agent, and put the plan into action. What transpired yesterday was more than a house warming party, it was a fun, personal ,relationship building experience. I had recently attended a seminar by Michael Maher, the #1 best selling author of the book 7 Levels of Communication. Michael is a top real estate professional in the Kansas City area. He has built his business on cultivating long term relationships and connecting people. His nationwide tour Generation Generosity made a stop in Maine a couple of months ago and I was … (4 comments)
the mortgage buddy: Using "Sweat Equity" to Fund Your FHA Down Payment
- 08/15/11 07:51 AM
So many times we hear excuses why things won't work, and it's our job to present options that do work This week I'm going to be showcasing different ways to meet your the 3.5% FHA mandatory requirement for down payment. There are many ways that we all know about but in a world of higher commodity prices and less in our paychecks, it's becoming harder and harder to save money to buy a home. My hope is that we can think outside the box and work to increase home ownership for hard working Americans who just can't save as easily. All of the … (6 comments)
I decided to start writing this blog to be an education resource to my referral partners and my clients. We live in a new world of mortgage lending in which we need to be up to date on the changing underwriting guidlines and mortgage products offered. It's through these updates that we will all be able to provide our clients with the customer service they derserve and expect. It's my belief that this industry insight is what will take our business to the next level.
Education = Confidence
The mortgage underwriting process can best be described as a rock fight from start to finish. The key to today's pipeline is preparation on the front end of the transaction and having the biggest rock for the fight. Another key to success is having a client that will follow direction and not fight you every step of the way. The kiss of death to keeping time-lines in check are when clients say things like "I think I have given you enough" or "I shouldn't need to get you that for my loan". GRRRRR is all you can say and try and … (1 comments)
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