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subprime: Renters Fight Back - 04/15/08 02:44 PM
Watch this video and let me know what you think....
Questions to ponder: Is it fair to have tax payers pay to bail out people who made poor financial decisions? What about the fact that some of the people who are in trouble didn't actually realize what they were getting into and just jumped in on the bandwagon? My full take is at AzMortgageGuru.Com. … (7 comments)
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subprime: Refinance Your Subprime Mortgage Tops AMG Blogs Report (Oct. 16, 07) - 10/16/07 03:32 PM
The mortgage market remains in flux. Refinancing a subprime loan into a regular conventional mortgage is the big topic here in the Phoenix, Arizona market. The Arizona Mortgage Guru addressed this issue with a practical six step guide on how to refinance a subprime mortgage. The refinance post received heavy traffic, so it's on a lot of borrowers minds, however, the Arizona Mortgage Guru also wrote some very relevant posts for borrowers.
Facing Foreclosure? 12 Things You Should Know When You Call Your Lender - The Mortgage Bankers Association has created a foreclosure avoidance center website. Under this page it has published a twelve-step guide … (0 comments)
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subprime: Refinance a Subprime Mortgage Loan ARM to a Conventional Fixed Rate Home Loan - 10/08/07 12:12 PM
"I have an adjustable rate subprime mortgage, the interest rate and payment will adjust soon. I need to know the options available so I don't find myself strapped to make my mortgage payment."
Recently I have received quite a few inquiries along the lines described above. I've guided a few borrowers through a subprime to FHA re-finance process. If you find yourself in a similar situation, I want to share with you a checklist of six things you need to do so you do the right mortgage re-finance from an adjustable subprime mortgage to a conventional one. This is not a quick fix but will be very … (3 comments)
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subprime: Foreclosure looming, now what? - 04/17/07 02:27 PM
My wife talked to a "near-client" the other day. She is a "near-client" because we looked at her re-finance application last year and advised her NOT to re-finance her loan or, get a second loan. We told her she couldn't afford it and the situation with home valuation had not stabilized. We warned her that if she did a 100% cash-out there was a good chance she could be up side down in the near term.
Sadly we found out, she rejected our advice and went to a different lender who happily did a 100% cash-out for her. Now she's upside … (3 comments)
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subprime: Good credit marries bad credit - 04/09/07 01:25 PM
It's always a bit awkward. You've just pulled credit on the soon to be newly-wed and her credit is 720+ but he'd never qualify! They know they're a match made in heaven but for some reason their credit just doesn't jive. Most people do not think about credit scores when they're looking for potential matches. Even though this score can drastically determine the lifestyle and living standard they will enjoy. Of course dad's who are Loan Officers do think about credit scores of their daughters' potential mates, as the dad in the movie "Guess Who" does.
Why is this an issue you ask? Well if the … (3 comments)
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subprime: 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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subprime: 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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subprime: A suitability test for borrowers? - 03/30/07 03:16 PM
Are you suitable for that mortgage? That is the line of thinking in government circles these days as they grapple with the sub-prime mortgage meltdown. The closest analogy is how in the securities industry financial advisers put a potential investor through a suitability test or evaluation. In other words they can only sell high risk investments to sophisticated investors. Would a similar provision be the right remedy for the mortgage industry? The article below tackles this question and does a very good job (it's part 1 of 6, so there is more to come.)What do I think? I haven't made up … (1 comments)
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subprime: Putting the impact of subprime in perspective - 03/29/07 10:48 AM
Lets take a look at the real impact of the subprime meltdown. I am even hesitant to call it a meltdown. Media buzzwords always seem to have a "hype" to it that both captures attention and yet doesn't quite tell the story right. I digress.
This is a purely numerical analysis designed to determine the impact it will have on purchase transactions. I heard this in a Mortgage Market Guide telephone conversation late last week and here it goes:
Last year almost 20% of mortgages were subprime (lets assume this is still the case) In today's market 40% of transactions are purchasesThis means 8% of … (5 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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