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mortgage: Mortgage Blog Report: Arizona Mortgage Guru - 08/17/07 04:09 PM
Here is a round up of some recent posts on the Arizona Mortgage Guru blog:
Mortgage Market Update: Liquidity Crisis Persists: This is a summary of the recent turmoil afflicting the mortgage industry. This article has some tips for consumers and mortgage brokers on how to best navigate the suddenly unpredictable terrain. Real Estate Blogging Seminar Re-cap: On Thursday August 16h I conducted a real estate blogging seminar for newbies. This post contains the powerpoint presentation used in this seminar. It's freely available for anyone to use.Doing business while driving? Here's a tool you MUST know about!: Jennifer Furrier is a guest blogger … (2 comments)
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mortgage: Phoenix Event: Real Estate Blogging Seminar - 08/07/07 11:11 AM
Blogging is really becoming more and more a part of my work. I have been asked to speak at the Real Estate Blogging Seminar sponsored by Grand Canyon Title Company. The event will be held at SEVRAR on August 16th at 3PM. This event is geared towards agents seeking to learn the fundamentals of blogging. In the first hour I’ll cover the very basics such as how to blog, when to blog and such. The second hour will be devoted to promoting your blog and building professional online networks.
Please contact Adam Saunders via asaunders(at)gcta.com to R.S.V.P. I look forward to … (1 comments)
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mortgage: Mortgage Blog Report: The Arizona Mortgage Guru - 08/01/07 11:28 AM
As you know I maintain an independent blog as the Arizona Mortgage Guru. For those of you who have not been over there in a few weeks, here is a summary of the recent posts:
Honey, Interest Rates Shrunk the Loan : This is a post which has a really cool chart showing how the loan amount decreases for a change in interest rate. For example, if a borrower can handle a $1500/month mortgage payment (not including taxes and insurance) then at a 6.00% interest rate this translate into a $250,000 loan. Click here to read the full article.
Number One Tip for Overcoming a … (0 comments)
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mortgage: Home Loans in Phoenix, Arizona (AZ) - 07/30/07 11:06 AM
Are you looking for a home loan in Phoenix Arizona?Well you have come to the right place. I am a home loan (mortgage) expert in the Phoenix area with several years experience as a home mortgage lender. I can help you with home loans for the surrounding cities such as, Tempe, Chandler, Gilbert, Scottsdale, Mesa, Paradise Valley etc. Whether you have good credit, bad credit or no credit I can look at various home loan options and provide you with intelligent options.
As a home loan expert I can help with purchase transactions as well as re-finance transactions. I can do investment loans, construction loans, home equity … (0 comments)
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mortgage: Would You Like a Realtor With That Loan? - 07/24/07 09:31 PM
Jay Thompson recently wrote about a real estate agent doing double duty as a loan officer on the same transaction. It seems to have garnered quite some buzz. I know real estate agents should be very well educated when it comes to home financing, but it would be hard to wear both hats. It’s better to specialize in one and not have to worry about the other. How about lenders wanting to cross over?
I will say that when we deal with for sale by owners or sellers without agents, we lenders can be forced into a situation where those whom we … (5 comments)
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mortgage: Obtaining a mortgage despite dealing primarily in cash - 06/15/07 04:03 PM
It’s hard for me to believe sometimes but there are plenty of people who still deal primarily in cash. There is nothing wrong with this and often times such an approach can save you from much heartache. However, when you need to make a large purchase like a home things can get a bit complicated. In fact it is very difficult to extend a loan to someone who has been largely operating outside the mainstream banking system. Despite the difficulty, you need not despair, there are plenty of ways to obtain a mortgage and still stay “cash-only”. Many loan programs offer … (1 comments)
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mortgage: Changes to credit scoring model - 06/05/07 01:01 PM
Fair Isaac announced some rule changes today. They announced that they will ignore authorized-user credit card accounts when calculating credit scores. Under the old rules if you had poor credit you could sign up to be an authorized user to a credit card in good standing. This could be your parent’s account, your siblings or any other person willing to take the risk with you. The verbal agreement is of course that you will not have access to the credit card, only that your name will be on the account for a period of time. By signing up your credit score … (8 comments)
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mortgage: Mortgage Mechanics Part 1 of 10: Acronyms that affect life - 05/24/07 07:30 PM
Most homebuyers make their purchase decision based on the monthly mortgage payment. For many this is where the rubber meets the road if you will. For lenders too, monthly payment is very important. They use this amount to calculate the important Debt-to-Income ratio (DTI). Stocks have P/E ratios and mathematics has pi, which is the ratio of circumference of a circle to its diameter. Mortgage lenders have the DTI ratio.
When it comes to lending everything revolves around DTI. As we’ll see later, you squeeze this number and you get lots of upset folks holding empty brown bags! The recent proliferation … (1 comments)
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mortgage: Should buyers pay their own agents? - 05/21/07 08:47 PM
Jim Duncan solicits some debate on Cooperative Compensation, where the seller's agent pays the buyers agent in a purchase transaction. Greg Swan (Bloodhoundrealty) wants the lenders to take the lead instead of a more legislative approach.
Here is part of what Jim says:
As a profession, we need to rid ourselves of Cooperative Compensation and the practice of the listing broker paying the Buyer's Agent.
Here is part of what Greg says:
If mortage underwriters disallow any commission over 3% or 3.5% from the seller, with all of that going to the Listing Broker, while simultaneously allowing a commission of up to 3% or 3.5% from … (3 comments)
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mortgage: Lender in Gilbert, Arizona (AZ) - 05/08/07 01:47 PM
Are you looking for a lender in Gilbert, Arizona (AZ)? Well you have come to the right place. I am a home loan (mortgage) expert in the Gilbert area with several years experience as a home mortgage lender. I can also help those in the Greater Phoenix area such as Scottsdale, Chandler, Tempe etc. Whether you have good credit, bad credit or no credit I can look at various home loan options and provide you with intelligent options. I work for your long term financial success, so you can be sure to receive excellent service! I can help with purchase transaction, … (0 comments)
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mortgage: Lender in Scottsdale, Arizona (AZ) - 05/08/07 01:39 PM
Are you looking for a lender in Scottsdale, Arizona (AZ)? Well you have come to the right place. I am a home loan (mortgage) expert in the Scottsdale area with several years experience as a home mortgage lender. I can also help those in the Greater Phoenix area such as Scottsdale, Gilbert, Tempe etc. Whether you have good credit, bad credit or no credit I can look at various home loan options and provide you with intelligent options. I work for your long term financial success, so you can be sure to receive excellent service! I can help with purchase transaction, … (0 comments)
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mortgage: Lender in Tempe, Arizona (AZ) - 05/03/07 12:22 PM
Are you looking for a lender in Tempe, Arizona (AZ)? Well you have come to the right place. I am a home loan (mortgage) expert in the Tempe area with several years experience as a home mortgage lender. I can also help those in the Greater Phoenix area such as Scottsdale, Gilbert, Chandler etc. Whether you have good credit, bad credit or no credit I can look at various home loan options and provide you with intelligent options. I work for your long term financial success, so you can be sure to receive excellent service!
I can help with purchase transaction, … (0 comments)
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mortgage: Does pulling credit hurt your score? Learn the truth! - 05/01/07 12:30 PM
I often speak with potential borrowers who do not want their credit pulled because they fear the inquiry might ruin their credit. There have been many instances where the Realtor has coached the buyer to not have their credit pulled. The mortgage application process essentially starts with pulling credit on the potential borrower. There is very little a lender can do without knowing your score.
I try to explain that an inquiry can not ruin a credit score, it certainly affects the score but not to the degree the public believes. Even with a great job history and high income, a bad credit score … (15 comments)
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mortgage: Mortgage Lender: Broker or Banker? - 04/19/07 02:15 PM
"I am looking for a mortgage lender in Phoenix" said the prospect over the phone. He was referred by a friend and I had been expecting his call all week. He said they were moving to the Phoenix area from the Midwest. We started talking about the type of loan he was interested in and the types of mortgage loans he had used in the past. In the course of the conversation I told him that I was a mortgage broker in the Phoenix area and that I help people obtain mortgage loans best suitable for their long term financial success. … (2 comments)
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mortgage: Home Loan Expert in Arizona - 04/16/07 01:55 PM
We are home loan experts serving the Greater Phoenix area and are available to help you with the most important financial decision of your life. This site is here to help you make an informed, educated and financially sound decision regarding your mortgage loan. Whether you are a first time home buyer, someone wanting to refinance for a better rate, do a cash-out refinance or, relocating to the Phoenix area (Gilbert, Mesa, Chandler, Tempe, Scottsdale area), I can help you find the best home loan. Read what my past clients have to say..
Today we will focus on the First Time Buyer
Purchasing … (0 comments)
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mortgage: FHA Kiddie Condo Program and College Tuition - 04/12/07 02:12 PM
As we approach the end of the school year a good way to gain some buyers is to talk to parents with children going to college. Talk to them about the FHA Kiddie Condo Program. This is where the child can own a condo near campus, charge roommates rent, and potentially pay off almost $45,000 in college debt when the graduate.
The FHA allows non-occupant co-borrowers. This means parents can purchase a condo using their credit and their income but not live there. This isn't a second home and not an investment. That is important to understand because the interest rate is … (4 comments)
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mortgage: Home Equity Management - 04/07/07 04:01 PM
"Using the equity in your to generate wealth". This has been a popular topic within mortgage circles the past few years. Spurred by the popular book "Missed Fortune 101" by Douglas Andrew many mortgage professionals are advising their clients on how to best manage the equity in their homes.
In addition to reading Missed Fortune I have attended several seminars to learn about this topic. I must admit that initially I was very resistant to this idea. However after thinking about the implications of these ideas I have come to the conclusion that this strategy can yield results for the right person within … (2 comments)
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mortgage: Revisiting the FHA loan - 04/04/07 08:45 PM
Now that subprime lenders are pulling back dramatically it is time to re-visit FHA loans. As recently as seven years ago (2000) FHA accounted for 14% of the mortgage market. This market share had dropped to below 3% by 2005. I do not have the numbers for 2006 but I am assuming that it dropped even further.
FHA almost blew it
I remember in the middle of 2006 I sat in a conference call listening to some speakers talk about the changes that were coming to the FHA. The powers to be at HUD had finally recognized the loss in market share and the way … (4 comments)
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mortgage: Pre-qual vs. pre-approval - know the difference! - 04/03/07 02:11 PM
I run Mortgage Education classes in the Phoenix area for real estate agents. Newer agents in my class usually ask me the difference between a pre-qual and a pre-approval. I recently saw this post by Randy L. Prothero and I was going to comment on it before I realized I really want to address this question in detail on this forum.
Pre-qualification is when the loan officer takes the basic asset, income and debt informationn and determines how much of a loan the borrower qualifies for. Often this can be a simple calculation on your financial calculator. The originator may or may not … (5 comments)
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mortgage: Do you stop making payments if your lender goes bankrupt? - 04/03/07 11:35 AM
Since New Financial Corp, the nations second largest subprime lender is officially in bankruptcy protection I am reminded of a question a friend had asked me a few weeks ago. He wanted to know if he would own his home outright if his lender went out of business. It was a very pointed question and I wonder how many of borrowers are thinking those same thoughts right now.
The answer to that question is no. You still have to continue making your payment. The reason being that the lender will eventually sell that loan to someone else. That new owner will have full rights … (8 comments)
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Aimee Ghimire
Phoenix,
AZ
More about me…
Phoenix Home Loan Expert (www.aimeeloans.com)
Address: 1201 S Alma School Road, Ste 8950, Mesa, AZ, 85210
Office Phone: (480) 346-8383
Cell Phone: (480) 516-1819
Email Me
I am a mortgage professional serving the Greater Phoenix market. This includes Phoenix, Mesa, Gilbert, Scottsdale, Chandler, Tempe and surrounding communities. I am with PrimeLending.
When it comes to Arizona mortgage loans I have the expertise, the experience and the professionalism you should expect. I have been working in the Arizona home loan market for almost five years and have a history of satisfied borrowers.
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