Stated loans - Did you stretch the truth? - 10/05/07 12:46 PM
What is a stated loan designed for? It was intended for a self employed borrower that didn't claim all of his income. For example Bob Jones opens a new store. The first few years he barely pays himself a salary. By the 4th or 5th year,hes has established a well known store and business is great. He still take a modest salary, his perception is that he should leave as much money in the company so that he is able to pay cash for stock and upgrades to the store without extending any credit that is not necessary. I forgot to … (5 comments)

Why add a pre-pay penalty to a subprime loan? - 10/05/07 10:27 AM
I have the answer to this age old question. There are two ways that a sub-prime borrower may benefit from this.
 The first is in the rate. A subprime borrower is someone that has not so perfect credit
including but not limited to:repossession,Bankruptcy,tax-leins, just to name a few there is considerably more risk to
do a loan for someone in this position. Based on the credit history, they show that they have already had
 situations that caused them to default on payments. The Rate on a sub-prime loan is much higher than a
conventional loan due to the risk involved. With the payment so … (8 comments)

No credit scores- No Problem. - 10/05/07 08:36 AM
Do you have a customer that has payment history but no credit? We can use alternate credit, such as: Cell phone bill,insurance payments,home telephone bill,cable bill,satellite bill,water bill,electric bill, just to name a few. These are all acceptable lines of credit that normally do not report to the credit bureau. A customer may be renting now and we may be able to use that rental history too. This is a loan program that has been set up to help a customer with as little as 3% down to buy a home. We have helped many people reach the dream of home ownership. … (3 comments)

Adjustable or Fixed? Make it adjustable and the Govt. will fix it later. - 10/04/07 02:45 PM
According to the carnival of content, Most mortgage professionals agree that an adjustable rate mortgage is better than a fixed rate mortgage. Here I sit behind my desk reading yet another good family that is losing there home to and adjustable rate adjustment. I agree that and adjustable rate mortgage is a great mortgage. But for the right person. If there is only .250 difference to the rate , I don't think it is worth the risk. Yes you can give them a lower payment. But can you guarantee that lower payment? With a fixed rate mortgage, you can.
… (0 comments)

Is it just a new beginning? - 10/03/07 11:22 AM
Mortgage Brokers and Realtors are both paid by commissions. With the slack in the market, Both sides have been effected. Some very good people have even had to leave the profession entirely. I thought that the strongest people would survive. Unfortunately it looks like they are just being replace with people that have less experience and have the reserves to wait until the market makes a recovery. If you are looking for a home or financing, check the credentials of the people you are working with. People that have been in the business and are still here will have the experience to … (1 comments)

What did you do 5 years ago? - 10/02/07 01:04 PM
When I started my career in Mortgage, I was told the bubble will burst. I agreed 100%. But what would happen when the bubble burst? That was my question. My friend said that the value of homes would fall. I thought to my self -(The same values that have doubled and tripled over the last 5-7 years?) . Was this a bad thing? After thinking about it for a long time I question a couple of things.
1 Homes have appreciated too fast in our area and are their values really realistic?
2. How much appreciation should we expect from such an investment?
I … (5 comments)

 

SHAUN WREN

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