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Blog entries tagged with "approval":
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We all know there is alot of tough news out there right now. I just need to dispell the myth that you can't get a loan. You CAN get a loan and interest rates remain very attractive. I asked my friend and motgage broker James Adair www.pdxhomeloan.com to share what kind … (0 comments)
A few weeks ago, I came across an Active Rain post from a very nice Realtor named Debra Brooks from Huntsville, TX who was very upset with the lender on a purchase transaction. Yes, it was another one of those infamous 11th hour loans blowing up again as I mentioned in … (0 comments)
To all you Realtors out there, as if there weren't enough details to concern yourselves with such as legislative changes, Fannie and Freddie interventions, and down payment assistance eliminations; more issues keep coming along that make things even more complicated. To that end, if you're representing a buyer with either an … (0 comments)
Well as an update, after my song the BPO was ordered and done on day 7 of the 7-10 day period given. This morning, day 10 CitiMortgage called with approval information. It seems loss mitigation passes the file on to a closing agent, and to do that takes 3 business days. … (10 comments)
By being up front with your Realtor you can avoid headaches or even worse losing the opportunity to purchase your new home due to last minute financing issues.
You got a new listing and now you need to try your best to sell this home, later on you get 4 offers with their Prequalification Letters..., now, your seller asked you about which offer is the best one, stronger and solid..., what to say?..., don't worry, now you have the … (20 comments)
As a buyer, you may find yourself drifting on an ocean of financing options. As lenders tighten their requirements, there are a few aspects of the loan application of which you should be aware before applying for a mortgage.
Have any of you been involved or heard about doing a third party simultaneous close on a short sale?
June 25, 2008 - I just love days like this! A short time ago, a client had been referred to me by a Lexington Realtor who was given my name by one of her fellow Realtors. Her client, a single mother, had been turned down for a home loan and she wondered if I … (2 comments)
A young lady, active military duty, was referred to me by her Realtor. She had been turned down at least twice for a VA loan and another Realtor in her office recommended me. She was told if anyone could get her client approved for a VA loan, I could. Statements like … (6 comments)
The most common question agents ask about our services is: What is our turnaround time? How long does it take for us to get a short sale approval?
5 Factors That Decide Your Credit Score
First off let me thank you for all of the past business and congratulations for still being in business as well. As you may or may not know pending home sales increased over 6% last month, giving us some hope that this real estate downturn may be over. I have clients … (0 comments)
Listed a home in North Fort Myers as a Short Sale 11 months ago, had an offer on the table about 45 days after taking the listing. The offer was for $230,000 on a home that the sellers owed about $255,000 on. Only one Mortgage. Lender sent out someone to do … (7 comments)
This is a topic near and dear to my heart. I do a lot of loss mitigation work. This is where banks ask me to meet with a homeowner and look for ways to work things out to keep the homeowner in the home (translation: see if the loan can be … (1 comments)
Tonight I took a call from someone who wanted to see one of our listings. So I sent the appointment and then asked some qualifying questions.
Pre-qualifying for a mortgage allows you to visualize the monthly payment and costs incurred with home buying. It's during this process that a loan program is chosen to best fit your needs. How do you begin this pre-approval process?
http://countrywide.dorado.com/danielhelvey/calculators.html … (0 comments)
Has this happened to you? If not, it probably will soon!! Your customer has a written Pre-Approval from a good and reputable lender. After a nice slow search, and taking lots of your time, they find a house they really like. They make an offer, the seller counters, they all agree on … (1 comments)
What is the best way to approach someone about a 'Reverse Mortgage'? I have spoken to several people and they are very interested, but I was not the initiator of the conversation. It's kinda hard telling someone "hey, you look 62 or over, how much equity do you have in your … (3 comments)
As the ongoing financial crisis continues across the country, signs of foreclosure become more prominent. Agents from every section of the country are in large part chasing the curve. Rather than work for a solution, we are part of the problem. Signs like this do not mean short sale. Signs like … (46 comments)
Every Tuesday and Thursday I go to my gym and play full court basketball with other guys my age. Established salt of the earth types between 30 to 50 years old. I went to the gym on Thursday and there was a new guy there. When I walked in he was … (7 comments)
When buying a home, there are two stages in the home loan approval process.
The Difference Between Being Pre-Qualified and Pre-Approved
Short Sale Suicide...and How To Prevent It!
Once upon a time a deal was a deal at the time of the handshake. That is precisely why I shake hands when the deal is completed. I just got off the phone with a real estate broker who brought a deal to me out of Florida. It sounded like a … (5 comments)
Yesterday was a HUGE day for 19 day old Alyssa! She had her very first real estate appointment and turned in her first contract. It was a HUD home. She even stayed patient as she went to Bank of America with the buyer to get an updated approval letter to submit … (23 comments)
The next 6 months will be the sweet spot for purchasing. I suggest you take time to finish your financial house keeping. Pay off bills, Pay any liens or judgments, and limit your spending over the holidays.
Good Credit Habits Mean More to Lendersby Frank SchiefelbeinInterest rates are reasonable these days, and homeownership has become more affordable thanks to a strong economy. Whether your clients are homeowners moving up into larger residences, or first-time home buyers, their credit history is a key component in the success of their … (0 comments)
Talk about gratifying. Even if the comments made by agents were pure lip service, still... very gratifying.Since I'm a native to the area, and not exactly new to the business, I pride myself on knowing the local property values. Of course, I also try to convince my clients to be realistic … (0 comments)
I want to clarify some mortgage lingo. I had a Realtor get mad at me this summer because I poured out some terms that she did not understand and she thought I was trying to talk over her head and I was not.I am going to do this in several different … (6 comments)
It is a box on your APPRAISAL - "Property Values: Increasing, Stable or Declining." Be very aware, if your appraisal gets the box checked "Declining," you are in for a 5% reduction in what your loan to value ratio is on your loan! It will force you to put 5% more down … (7 comments)
I know buying your first home or any home, is exciting. Its a rush. With so many homes to choose from it can become the thrill of the chase. But listen up....there are ALOT of mistakes you make whether you want to admit them or not. As a Real Estate Agent, … (1 comments)
Many owners of condos in Florida have difficulties to find a buyer in the current down market. Now times are getting even harder. Condo boards across Florida have begun raising their approval standards for buyers because of concerns about the applicants' ability to pay their monthly maintenance fees. The condo boards are … (0 comments)
Buying a home is a BIG step! This step-by-step question and answer guide should give you the information you need to get started on your way to being a First Time Homebuyer.
Security Pacific National Lending, Inc. is hiring Mortgage Bankers and Loan Officers for its new Westside Group. Applicants must be self-motivated, tenacious, and strongly interested in succeeding in the mortgage and loan business. Positions available for both experienced and new bankers/loan officers working in the West Los Angeles and surrounding areas. … (0 comments)
Hey homebuyers....this is a sticky market. Buyer's think that since the market is down...that they're going to grab a great deal on a new home. Sellers are holding out for the price that they believe that their home is worth. The problem is that there is a huge stalemate going on … (4 comments)
Utah Homebuyers should be Pre-Approved BEFORE they make an offer.We strongly recommend that all our clients get Pre-Approved for a mortgage so they know in advance exactly how much you can afford and that their loan will go through. It also adds credibility and strength to their offer and is a … (1 comments)
A lot of REALTORS and mortgage brokers seems to be on different pages when it comes to the various letters that the broker should supply to the borrower. Below is a short list of these which any mortgage professional should willingly provide "free of charge."
Working With Credit Repair Companies 
Hi Everyone. I wrote this a while back in response to a real estaet agent asking how I went about pre-approving a buyer. They had an anxious seller and wanted to present the pre-approval in a way that made the seller comfortable. 
Despite having just launched this profile (and not even having a picture up yet) it seems appropriate to touch on something that recently affected one of my clients in their homebuying experience. But first a kind of legend I want to debunk before getting to the meat of this story.