ny refinance: Mortgage Clients Looking for a Change - 02/18/08 05:07 PM
Do you ever tire of fancy solicitation letters, phone calls, emails or pop-ups from "big name" mortgage companies telling you that you are "pre-approved" for a mortgage loan.   Inevitably, these approvals are reserved for those with perfect credit, a large income, or an expensive house with a small mortgage balance.  And even then, … (1 comments)

ny refinance: Back to Basics: The Mortgage Guys Take You to School - Lesson 7 - 02/18/08 02:44 PM
WHAT IS NEGATIVE AMORTIZATION?  AND IS IT REALLY NEGATIVE?
DefinitionNegative Amortization, or "Neg Am" is defined as a "gradual increase in mortgage debt that occurs when the monthly payment is insufficient to cover the interest due, and the balance owed keeps increasing."What Does this Mean?Quite simply, this means that as a result … (0 comments)

ny refinance: Back to Basics: The Mortgage Guys Take You to School - Lesson 5 - 02/18/08 02:12 PM
WHAT ARE ALL OF THESE "INITIAL DISCLOSURES" THAT MY BROKER IS ASKING ME TO SIGN?
When presented in person by a qualified Mortgage Professional or received via snail mail or email, you are most likely asking yourself, "What am I about to sign?"  Needless to say, this is a valid question and one … (0 comments)

ny refinance: Back to Basics: The Mortgage Guys Take You to School - Lesson 4 - 02/18/08 11:20 AM
WHAT EXACTLY IS THE MORTGAGE PROCESS?After agreeing in principle to the terms of the loan by signing disclosures, the first step is to have your home appraised.  Once an  inspection has been conducted, it usually takes the appraiser about 3 business days to send the report.  Your appraisal, disclosures, and other documentation … (0 comments)

ny refinance: Who Is Today's Mortgage Client? - 02/18/08 09:55 AM
Today's borrowers face unique financial and life challenges never before dealt with.  As a result, some lenders hav come up with creative ways of home financing.  Please see the below chart to understand exactly how much disposable income an average homeowner has each month.  In this example, we will use the … (0 comments)

ny refinance: Are There "Good" or "Bad" Loans - 02/18/08 09:31 AM
This is a question around which there is much confusion.  In and of themselves, mortgage loans are neither bad nor good.  As a result, no one can truly, categorically say that a particular loan is either "bad" or "good."  What one can determine, however, is whether or not the particular terms being … (0 comments)

ny refinance: Something Old & Something New: Keys to Success in Today's Mortgage Environment - 02/15/08 11:33 AM
If I have learned one thing as a mortgage professional over the past year it is that I still have quite a lot to learn.You see, I entered the business almost accidentally in 1999 after completing a Master's degree in, of all things, Public Communications. With virtually no background in finance, … (2 comments)

ny refinance: Are All Mortgage Professionals Bad People? - 02/13/08 04:38 PM
If perception were reality, then the answer to this question would be a resounding "Yes."  But before we paint a segment of society with such a broad and negative stroke, wouldn't it be wise to ponder the question a bit further? 
Take me, for example.  I am a married, 33-year-old father of two … (0 comments)

 
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