atlanta home loans: Tips Countdown: #23 Full Doc Income Explained - 12/10/08 11:19 PM
Mortgage Tip #23 (Counting down to #1)
What exactly does "full doc" mean? It is used regularly when talking mortgage speak and we say it just thinking we and the people we know have the same mind picture when we say it. So, when a loan officer says full doc exaclty what are they saying?
Full doc means fully documented. When speaking of income it means when the borrower is able to provide all of the documentation required by the loan guidelines to prove their income. Usually it means the last two years of tax returns and the most recent month's … (4 comments)
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atlanta home loans: It's a Racket! It's a Ripoff! It's a No Brainer! It's a LIE! - 04/29/08 03:25 PM
The Georgia Code states:
7-1-1016.In addition to such other rules, regulations, and policies as the department may promulgate to effectuate the purpose of this article, the department shall prescribe regulations governing the advertising of mortgage loans, including without limitation the following requirements:(1) Advertisements for loans regulated under this article may not be false, misleading, or deceptive. No person whose activities are regulated under this article may advertise in any manner so as to indicate or imply that its interest rates or charges for loans are in any way 'recommended,' 'approved,' 'set,' or 'established' by the state or this article;(2) All advertisements disseminated … (8 comments)
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atlanta home loans: Today's Mortgage Interest Rates - 03/25/08 10:47 AM
Marginalized. Annualized. Economically isolated. Indicators. Mean reversion. Seasonally adjusted. Negative growth. Queuing ... now there is an interesting economic term. About two years ago a colleague suggested to me and a small group of three or four others that he believed the prime lenders may be positioning to wipe out all the mid level lenders and take all the marbles. I suggested that I didn't think the controllers and economists at these larger lenders had the ability to communicate well enough to pull off such a massive undertaking. But today I ask myself, "Where have all the mid level lenders gone?" … (0 comments)
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atlanta home loans: Improving Interest Rates and Other Market News - 03/12/08 03:33 PM
YOU HAVE NO EXCUSE NOT TO BUY A NEW HOME TODAY - AT LEAST LESS OF AN EXCUSE
A must read for anyone who depends on mortgages and finance to buy or sell a home.
It's always good to see the rates in the fives. What is strange is why buyers wait "for a better rate" when the are in the fives. Then again it really is our fault and the fault of the American though process in general. When I speak with people who are "rate conscious" I also find out they are equally "rate unaware". For example people are hearing that … (5 comments)
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atlanta home loans: Market Update - Mid-day March 11, 2008 - Why Isn't It Getting Better? - 03/11/08 02:15 PM
Behind the scenes of the interest rates and market today are some strange goings on as well as some interesting discussion. One of the hot topics today is how the rating agencies will be involved in untangling the credit crisis, devaluation of the dollar and destruction of consumer confidence. Why the rating agencies? Because buyers of MBS's whether from GSE's or whomever the securitizers are depend almost solely on the powerful word of the ratings companies namely Standard and Poor's and Moody's.
Essentially it works like this parable: S&P and Moody rank Bob's Mortgage Pool as A and Bob can sell his … (6 comments)
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atlanta home loans: Georgia Mortgage Rates - Mid-day March 10, 2008 - 03/10/08 02:17 PM
Talk about movement in the rates! At least what we have seen so far is just a downward trend. The market has been in such motion today that I didn't even do the live video stream because I was too busy modifying the rates.
Even the financial news today is mixed. From Warren Buffet to Jim Paulsen they all had great information to share today. I love it when I am right especially when others really thought I was wrong. I predicted that by Spring this year we would be in negative growth and it would last through the Summer. I predicted … (1 comments)
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atlanta home loans: Just Who Says I Am In A Declining Market? (Video Market Update, Too) - 03/04/08 12:28 PM
Who determines declining markets? Simple: the mortgage insurance company - usually. MGIC, Radian, RMIC, Genworth ... the list goes on. Mortgage insurers have "taken a beating" with declined value properties over the last several months as well they should have. You see they were simply another component to carry the blame for letting the problem get so far out of hand. They are not and were not an innocent third party bystander through the strong market neither should they be free from cost and investigation in the market downturn. They do, however, act like it was all your fault.
Okay let me … (0 comments)
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atlanta home loans: The Empowerment of Active Rain - Tools For Winning! - 03/03/08 11:18 AM
You will be empowered to win! Ask me why I am still excited! Wait, no need to ask, I'll just write it here. You see I still think the United States of America and our allies are the greatest nations in the world and history of mankind. I also still thin US real estate is a great long term investment. If you know me you know I say, "real estate investing is not a get rich quick scheme". Although you CAN hit home runs there is nothing better than a good old double or single every at bat. (Yes, my friends … (4 comments)
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atlanta home loans: Friday Real Estate Forecast Looks Great For This Weekend - Video Included - 02/29/08 01:59 PM
If you or your clients have been "on the fence" this weekend may be one of the best weekends to move forward that we have seen or will see for a while. Rates are very low today and if they go into the weekend unchanged should emerge Monday just as strong. The stock market has tumbled nearly 2 percent as of the writing of this article and demand is increasing. Unfortunately the bond market is flat to down and that can hold rates from falling even farther but we'll take what we have! Fixed thirty at 5.625 with an APR of … (7 comments)
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atlanta home loans: Huge News In Mortgage Interest Rates Today - Sharp Drop Early AM - 02/28/08 11:17 AM
Today's Mortgage Interest Rates for GEORGIA HOME LOANS Effective 11:15 AM EST February 28 MUCH IMPROVED ▼
You can always check daily rates here and they always are with no discount points and show the APR.
NEW DAILY SCHEDULE
HTTP://JUSTIN.TV/REIBROKER
Topics include the real estate market in general, interest rates, short sales, declining markets, buyer trends and much more!
Hopefully I'll see each of you there and I want to get around to each of you as a guest speaker as soon as we get the bugs ironed out.
(You'll have to follow one more link from that site for now. Hope … (3 comments)
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atlanta home loans: Monday Afternoon Mortgage Rate Report - 02/25/08 01:07 PM
Let's start out by once more addressing the difference between BankRate.com rates and real rates. BankRate.com is not a lender or broker - they are a financial media website. The information posted to their website is not guaranteed accurate and there is no specific lender to stand behind it. Basically, in the industry, those rates are pretty much a joke. Their own advertisements indicate "Rates may include points." You can almost but your rump they do.
The rates I report are wholesale mortgage rates. I compare them to real lenders in my real market area. The idea that anyone is going to … (1 comments)
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atlanta home loans: Friday Rate and Market Update - Weekend Outlook - 02/22/08 11:30 AM
You have finally made it to another weekend! Sales will be either better, flat or worse this weekend and I can predict that with100% accuracy. What you know tomorrow that you didn't know yesterday will be of great value to you as you speak with clients! One major word about the rates I have been publishing is this: These aren't some pie-in-the-sky 1-800-BIGBANK-DOTCOM television advertised rates that one in a thousand, if that, can qualify for. These are the real deal every day rates for normal people with 20% down, 680 credit scores, full time jobs, etc.
With the failure of many … (3 comments)
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atlanta home loans: Mid Afternoon Mortgage Rate Update - 02/21/08 02:02 PM
So I was a bit slow today! Not really, just busy.
Stocks are down sharply which is usually good news for mortgage interest rates. What's even better is to have stock down and bonds flat or up. What's good for inflation is good for interest rates. So today, with the Dow down 7/10ths and the bond market not making any bad noises we get a fairly sharp drop in interest rates.
Today's Mortgage Interest Rates for GEORGIA HOME LOANS Effective 1:15 PM EST February 21 IMPROVED Get the most current rates at this link. Published daily at approximately 11:00 AM EST
WEDNESDAYS … (0 comments)
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atlanta home loans: Live Today 4PM Eastern - And Rates Update in This Post - 02/20/08 12:26 PM
Join me this afternoon LIVE online at HTTP://VIRALREALESTATE.COM for streaming video addressing the current market situation and outlook, answering questions about short sales, how lenders determine which markets are declining and more. We're going to talk about why even excellent borrowers can no longer get a loan from some lenders.
This morning, Wednesday, February 20, 2008 started with rates jumping another 1/8th to a new high of 6.25 at just above PAR pricing. With the market changing rapidly after the opening bell we are seeing indicators that rates will go back down 1/8th by mid afternoon but as of 1PM that information … (1 comments)
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atlanta home loans: Mortgage Rate Update - Mid-day February 19, 2008 - Market Worsens - 02/19/08 11:30 AM
The mortgage interest rates rose sharply this morning, as we predicted on Friday they would, so if you didn't lock you just lost at the game. The good news is rates are still historically low compared to the last 3 decades. Other important news includes the elimination of the Go Fast and Easy program from Fannie Mae which gave us a streamlined purchase. The reason, once again, sleazy loan officers at banks and lenders who sell to Fannie Mae abusing the system.
The rule was the file was to be entered as a full doc file and IF the results were … (4 comments)
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atlanta home loans: Media Correction: 100% Financing *IS* Still Available - 02/18/08 02:51 PM
100% Financing IS Still Available and at decent rates - fixed for thirty. This product IS available in some areas of Florida. Every time I hear some blabbering mouth from the news media talking about how 100% financing opportunities are gone I really want to reach my hands through the toob, pull out their tongue and wrap it around there head. They speak with such authority yet they know nothing.
If you are buying a home in Georgia today and you want to get it for no-money-down here is how it works.
660 middle score - very below averageDebt to income of … (8 comments)
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atlanta home loans: Georgia Mortgage Rates - Mid-day February 14, 2008 - 02/14/08 01:11 PM
*** UPDATE ***
At 2:00 PM the market conditions were improving so we expect pricing to come down later in the afternoon or early on Friday morning. Check for updates at http://novationmortgage.com/
Georgia home loans just got a little pricier this morning. 30 year fixed rates are up .25% over yesterday while 15 year fixed rates are up .5% over yesterday. The LIBOR 7 year ARM however remains only moderately increased by only .125%
Todays 3 pick rates are:
Today's Mortgage Interest Rates UP for GEORGIA HOME LOANS Effective 10:58 AM EST February 14, 2008
Based on a $240,000 loan with 20% down or … (3 comments)
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atlanta home loans: What Do You Need From A Lender? What Would You Change? What Irks You? - 02/11/08 04:08 PM
Have you ever wished you could have just a few minutes with someone at the lender who has real decision making power? Are there things you would like to say that you know could make the mortgage process a smoother, better understood process? Have you ever wondered why it takes 10 days to underwrite some files while others sail right through in a matter of hours?
Here's your chance. As a person charged with making decisions and who has the ear of others who also have great input to decisioning on the process, the product and the outcome, I truly want to … (10 comments)
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atlanta home loans: What is "Double Submitting", Why Your Loan Officer Hates It and Why You Should Do it! - 10/11/07 03:43 PM
Okay - I'm going to be railed on by some loan officers and some borrowers. I can take it, I'm a big boy. The reason I will be railed on by loan officers is because I am telling you to make someone work for free. The reason I am going to be railed on by borrowers is because I'm going to tell you that a big number of you are lazy and/or ignorant and choose to remain that way. If you already have established a relationship with a loan officer and you are absolutely positive you can trust them you can … (6 comments)
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atlanta home loans: I Guess I Am Naive -or- Why Many People Hate Mortgage Brokers - 10/08/07 10:11 AM
I don't even think this way I suppose - cramming a borrower into a certain type of loan just to make more commission from the deal. I've heard the stories from current employees who previously worked with major national lenders where the loan officer made more money by putting borrowers in a different loan even when they qualified for one at a lower cost. Seriously, when people say, "brokers make more money by putting borrowers into adjustable rate mortgages or pay option ARMs" I initially say, "That's not true!" Of course then it goes back and forth and then I realize … (3 comments)
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