mortgage advice: Score: What is it Good For? - 10/09/08 02:07 PM
The Elements of a Credit Score
(click here to watch a video)A credit score is an extremely important financial tool. It provides access to the financing you need in order to buy a car, a home, or pay for college tuition, among other things. Since higher scores equate to lower … (0 comments)
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mortgage advice: Mark to Market - What's the Scoop? - 10/09/08 01:47 PM
Dear Valued Partners,
The Chinese have a proverb: "May you live in interesting times." And we are living through interesting times indeed.
Whatever the political posturing regarding the rescue plan, a plan needed to be passed. Credit markets are frozen and banks are going bust every day. This is not totally … (2 comments)
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mortgage advice: 29 Low-Cost or Free Marketing Ideas - 10/07/08 09:06 PM
29 Low-Cost (even free) Marketing Ideas
Keeping in touch with your clients and staying visible in your community doesn’t have to cost you a bundle. Take a look at some creative, inexpensive and even free ways you can keep your business growing.
1. Send a Digital Newsletter … (11 comments)
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mortgage advice: Sick and Tired of the Mainline Media - 10/07/08 08:47 PM
Let me ask you a question. Am I the only one who is sick and tired of the mainline media giving us nothing but bad news about the economy? I know I know we are in a terrible position right now and as a mortgage consultant I believe I am part … (0 comments)
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mortgage advice: Who We Helped This Month! (The single mom with the 480 credit score at 14.99% mortgage) - 10/07/08 12:20 PM
A young single mom was referred to me for help on refinancing her mortgage that she had with a private lender, and it is a good thing that she came to a professional. Prior to contacting me, she applied through one of the big National lender (now the biggest lender in … (2 comments)
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mortgage advice: Mortgage Blog News - Week of Sept 2- Oct 3 - 10/07/08 09:27 AM
1. The "NO" vote turned into a "YES" vote last week... I guess that is the biggest news... and boy did that [cough] stabilize things [cough]...
2. Top 3 things to watch this week...
The 8 scheduled Fed speakers, including Bernanke on Tuesday
Wednesday's Pending Home Sales report
A "surprise" Fed … (3 comments)
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mortgage advice: Understanding Loan Discount Points - 10/04/08 10:13 AM
The term "loan discount points" is somewhat misleading. First off, there's no discount involved. Secondly, it's not about points, it's about dollars.
Loan discount points are a one-time fee charged by the lender at closing in order to give you a lower interest rate on your loan. Each point is 1 … (0 comments)
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mortgage advice: Yes you CAN still get a loan. - 10/02/08 04:06 PM
For the past week or two we have been receiving calls from our clients asking if they are still able to get a loan. These calls have been for clients who are buying homes, are approved and just weeks away from closing. All of the negative articles and news has … (5 comments)
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mortgage advice: Credit Scores: Why Should I Care? - 10/02/08 08:23 AM
… (6 comments)
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mortgage advice: No Closing Costs - 10/02/08 06:12 AM
If you live in the Atlanta Metro or other big cities I am sure you have heard the guy talking about the no closing cost mortgage. He calls it the biggest no brainer in the history of the universe.
It goes something like... Don’t pay closing costs. Don’t give those pimps … (10 comments)
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mortgage advice: “WaMu went down… Woo hoo, I don’t have to make payments anymore!” Uh, not so fast!… - 09/27/08 12:38 PM
SO, a big-wig lender goes down. Now what? Really, most Americans don't even know how that impacts them. Without getting into all of the financial issues on the aggregate scale of this mess, most people are asking... well, they were MY lender... do i still have to pay? The answer may … (6 comments)
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mortgage advice: Buyers: Are they their OWN WORST ENEMY? - 09/26/08 09:17 AM
Are buyers going to miss the Boat?
Since human nature is “inaction” when there is uncertainty… it is quite possible. To the casual observer, things are just as bad as ever. But to even the untrained eye, if the stats are analyzed there are some encouraging trends out there. For … (9 comments)
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mortgage advice: Mortgage Chili: Gas Prices and Mortgages - The relationship... - 09/24/08 12:07 PM
Crude oil prices jumped $25 at one point Monday, ending the day up by 16 percent.
This is an unwelcome development for home buyers because the same market forces that pushed up oil prices had a similar impact on mortgage rates.
I know, I know.... "What Chris?!"
Well, with respect to … (0 comments)
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mortgage advice: FHA Down Payment Change January 1, 2009 - 09/24/08 10:58 AM
This one bothers me. It feels "anti FHA". But it is what we have to look forward to.
On January 1, 2009 the guidelines for FHA Down Payments change.
Currently a buyer can put as little as 2.25% on the typical FHA transaction with the only caveot being a 3% down … (2 comments)
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mortgage advice: All Real Estate is Local. Well, Is it? - 09/20/08 02:37 PM
We have always said and always heard that
..................All Real Estate is Local.
Well, is it...
...............still?
I believe it is.
I recently wrote a blog on my personal MORTGAGE CHILI BLOG entitled, All Real Estate is Local. Well, is it? That really expounds [is … (1 comments)
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mortgage advice: How To Increase Your Business Using This Crazy Week - 09/19/08 03:26 PM
What a week!!! It seems every morning I awoke to new earth-shattering economic news. If you want drama, don't watch the new fall lineups on your favorite network, just watch the news channels. The past month has brought us the collapse of big banks, bailouts of even bigger banks and insurance … (18 comments)
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mortgage advice: Understanding the Home Appraisal Process - 09/19/08 08:22 AM
… (2 comments)
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mortgage advice: The Art of Home Purchase Negotiation - 09/11/08 09:41 AM
There is much give and take involved in negotiating a property purchase. That's why it's important to have a checklist of what you want to get out of the deal as a buyer. Bear in mind, the home must be appraised and the lender will be looking at the … (0 comments)
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mortgage advice: Mortgage Chili: New Active Rain Group for CMPS designation holders - 09/01/08 03:58 PM
In the fast changing world of mortgage financing, we need to stay on top of those changes together. The intent of this new group is for CMPSers to do just that.
If you are a CMPS Designation holder, please join this group. If you KNOW SOMEONE that is, please pass … (6 comments)
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mortgage advice: Mortgage Rate Shopping - DON'T DO THIS!!! - 08/29/08 03:19 PM
I just got off the phone with a customer that is about to get taken advantage of, but there is nothing I can do about it.
It all started with a voicemail I received. The customer, who I have never previously spoken to, left a message requesting a Good Faith Estimate for … (11 comments)
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mortgage advice: Mortgage Chili: Seminar junkie finds place to land. - 08/27/08 07:00 AM
I just have to chuckle when I even think about calling myself that... it is so true. I guess it is the manifestation of being an eternal student. [Whuda thunk education could be an addiction.]
Anyway, I have seen the slick seminars and the valuable ones. I never fault someone for needing … (9 comments)
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mortgage advice: Should I lock or Should I float my loan this week August 17, 2008 - 08/17/08 05:58 PM
I am always asked this question, and it isn't always an easy one to answer, especially in today's environment. If you just put contracts in on a house this weekend and you are applying for a loan I would advise that you lock in at the application if you are closing … (5 comments)
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mortgage advice: August 17-22 Market news. What is Happening in the Interest Rate Market? - 08/17/08 05:53 PM
What is Happening in the Interest Rate Market?
The Market has been in turmoil with investors being overly cautious to invest in anything with the word "mortgage" attached to it. And it is this pessimism that is leading the movement in the markets more so than the economic data. The problem … (5 comments)
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mortgage advice: Question for Mortgage Agents - Loan Tool Box or Mortgage Coach? - 08/11/08 07:26 PM
I have been trying to determine what mortgage marketing service to utilize. I have come down to my last two picks and would like some feedback on which one I should use, and Why. I have heard from their sales people why I should use each of them, but I would … (5 comments)
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mortgage advice: Should I Lock, or Should I float - 08/11/08 12:13 PM
This Weeks Economic Data August 11, 2008
I am aways asked "where will rates be next week?" Honestly the only answer is "I don't Know" I can take an educated guess about what is happening in the market and do a quick analysis of the calendar for you to help … (1 comments)
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mortgage advice: August 11, 2008 This weeks Market news - 08/11/08 12:08 PM
This is yet another week where it will most likely be the World Economy that drives the credit markets. There is a hand full of economic data being released on the calendar this week as well, with the most important information coming towards the end of the week
Monday and … (2 comments)
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mortgage advice: In Life a Push is a WIN! - 08/10/08 12:40 PM
Anyone out there a fan of the game BlackJack? I always enjoyed this game from the moment my father taught it to me as a youngster. We used to play against each other and when I first learned it I used to hate having a push. If you are not familiar with … (13 comments)
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mortgage advice: What is the Difference between a Pre-Approval and a Pre-Qualification? - 08/04/08 11:33 PM
Jennifer Allan posted a blogand in the comments we discussed the above subject. She asked me to explain the difference between a Pre- Approval or a Pre-Qualification. I know there has been a lot of chat in the rain about deals falling apart in underwriting etc... I have posted a … (65 comments)
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mortgage advice: Divorce and Mortgages: My client wants to remain in her house but I am not sure it is the best move financially. How can I explain this to her as she is holding fast to her position? - 07/30/08 01:09 AM
Many people going though a divorce want to remain in the home for sentimental reasons. Other times it is out of spite that they want to keep the house the soon to be "ex" worked so hard to get or was proud to have. But staying in a house they cannot … (0 comments)
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mortgage advice: This weeks economic forecast and Economic Data 7/28/2008 - 07/28/08 08:58 AM
Weekly Economic Report
This weeks calendar starts off slow and ends up with the "Biggie of the Week"
Monday 28: No report
Tuesday 29th: Consumer Confidence. Estimate is for 50.0, A reading below will support lower rates, a Reading above 50.4 may nudge rates higher. Investors usually are more interested … (6 comments)
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mortgage advice: Please Call Me, I am the Advertised Interest Rate - 07/24/08 11:33 AM
"Hi my name is Mr. Mortgage Billboard. I am the big sign you see on the way to work each day. My colors are nice, pretty, and my font type is Helvetica, most appealing to my audience who drives by me each day. My goal is to become your friend. I … (5 comments)
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mortgage advice: You just applied, Should you lock or float? This weeks Forecast July 21, 2008 - 07/21/08 03:05 PM
July 21, 2008
The Economic Calendar is a busy one this week, but there is not one piece of data that is expected to move the market. If you wrote a contract over the weekend you may be asking, should I float or should I lock? This information should help you … (2 comments)
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mortgage advice: Mortgage Insurance Change (PMI) makes FHA even MORE attractive - 07/18/08 10:07 AM
Mortgage Insurance Changes
We have seen Private Mortgage Insurance rates climb. We just received an announcement that the factors for Monthly PMI (the most common form of PMI) have gone up.
Why? Much like any insurance company, they do not want to pay out... since they have been paying out more … (5 comments)
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mortgage advice: Financial advice and news for this week. - 07/14/08 07:35 PM
This weeks Financial Calendar
The million dollar question when you are in the process of buying your home and put in your mortgage application: "should I lock or Should I float?" Here is this weeks news to help you make that decision:
This is a busy week on the financial calendar … (2 comments)
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mortgage advice: This Week's Financial Calendar - 07/14/08 07:32 PM
This weeks Financial Calendar
This is a busy week on the financial calendar and it promises to have potential for a bumpy ride. Sunday the Fed Governors and the Treasury announced that they would lend money and buy stock to support Fannie and Freddie. These comments will insure a flow … (3 comments)
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mortgage advice: The Amortization Schedule: An Old Fashion Way of Creating a Savings Strategy - 07/13/08 11:45 PM
The Amortization Schedule was good for our Grand Parents and Parents, so why have so many consumers moved away from the fundamentals? To answer this question, we must dig in a little deeper of what strategies are available in the first place.
When it comes to building wealth using your primary … (11 comments)
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mortgage advice: The Best Time to Trade Up to Your Dream Home - 07/11/08 07:04 PM
The best time to make the move to your dream home is in a buyer's market like the one we are in right now. While the value of your current home may have fallen, the good news is that the same thing has happened to the home you want to buy.
… (1 comments)
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mortgage advice: Benefits of Local Banks Versus Large Corporations - 07/10/08 10:30 PM
Most individuals trust their banks with their money every day. These individuals cash all of their checks, pay their bills, and store money at these banks. These banks are trusted with out finances every day, but they are not usually the place that people think to look for their mortgage. Large … (2 comments)
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mortgage advice: Know the Real Facts about Adjustable Rate Mortgage (ARM) Resets - 07/06/08 03:01 PM
This morning I read an article in the The Arizona Republic titled: "Arizona rate increases to peak in July". To paraphrase this article quickly, it basically states that Arizona homeowners will be faced with higher foreclosures due to the number of Adjustable Rate Mortgage that are about to reset.
Let me … (8 comments)
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mortgage advice: Just Because the Market Stinks Doesn't Mean You Have to! - 07/04/08 05:14 PM
Take CHARGE of those things which influence your thinking, behaviors and actions. Associate with like-minded, successful, and responsible people. They can make a significant difference in not only how you think about money, real estate and wealth, but the association you develop will bring to you more opportunities for finding deals, … (3 comments)
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mortgage advice: Mortgage news, interest rate outlook - 07/02/08 03:08 PM
Last week's interest rate improvements were mostly driven by a flight to quality. As money was flowing out of a weak stock market investors have to find a safe haven which typically means the Credit Markets... Which is where Bonds and Mortgages are traded. As the money flows in, the … (2 comments)
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mortgage advice: Financial Health: What are your symptoms? - 07/02/08 07:50 AM
By Doug Crowe www.dougcrowe.com
Money, credit, and living...it seems that there are seasons in our lives where there is often more debt than income. This can create stress, anger, indecision, and sometimes poor decisions. If you find yourself in a situation where there is more debt than income, you may be … (0 comments)
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mortgage advice: Should I lock or float? This weeks Market news - 06/23/08 10:44 AM
Market update
Should you lock or Float this week? Here is this week's news:
The FED Begins its FOMC meeting this Tuesday and we should have the outcome of that meeting about 2pm on Wednesday. In addition to the FED meeting we have a slew of reports on New and Existing … (0 comments)
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mortgage advice: The FED meets this week, Market update. - 06/23/08 10:40 AM
Market update
The FED Begins its FOMC meeting this Tuesday and we should have the outcome of that meeting about 2pm on Wednesday. In addition to the FED meeting we have a slew of reports on New and Existing Home Sales, Consumer Confidence, 2 Treasury Auctions, ending the week with Personal … (3 comments)
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mortgage advice: How accurate is your Pre Approval? - 06/21/08 12:10 PM
How good is your approval letter?
The pre-qual letter is only as good as the Loan Officer and the experience of your L.O.
If Your LO has experience and knows what questions to ask, and what answers should cause him to ask more questions... Then a Pre-qual can be as … (4 comments)
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mortgage advice: How good is your Pre Qual letter? - 06/21/08 12:04 PM
How good is your approval letter?
The pre-qual letter is only as good as the Loan Officer and the experience of the L.O.
If Your LO has experience and knows what questions to ask, and what answers should cause him to ask more questions... Then a Pre-qual can be as … (0 comments)
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mortgage advice: Is that pre-qual worth the paper it is written on? - 06/21/08 04:49 AM
I was inspired to write this post after reading Jesse Clinton's post "I'm sorry, what did you just say?"
The mortgage market is changing daily. It used to be pretty easy to qualify a borrower and even when it took a while for them to find a home, we'd be confident in the letter … (8 comments)
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mortgage advice: What Needs to be Done to issue a "REAL" Mortgage Pre-Approval Letter - 06/21/08 01:47 AM
I just got done reading a great post from Jesse Clifton titled: I'm sorry, what did you just say? and it made me think about how many loan officers everyday write up pre-approval letters and really give no real thought on the outcome of what they just did.
I have been around … (12 comments)
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mortgage advice: Keep Your Deals Alive - 06/13/08 09:36 AM
When Was Your Buyer Last Qualified?
In today's ever evolving world of mortgage guidelines it is important to be sure the buyer you are putting in the car this weekend is still able to get a loan.
In the past year I have seen more guideline changes than I have seen … (14 comments)
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mortgage advice: 2008 is the year to buy a Home - 06/09/08 11:20 AM
Why should I buy a home now?
I firmly believe that we will all look back on 2008 and say "I wish I got that house back in 2008!"
It is truly a buyers market.
More inventory than we have seen in years... So Many choices for buyers.
Interest rates are … (6 comments)
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mortgage advice: Potential RESPA Violations and Mortgage Lenders Steering Buyers: - 06/05/08 09:58 AM
Brian Brady wrote a post recently entitled: Why Mortgage Brokers Love Countrywide and some of the comments got me thinking again about things going on in my market place that are real borderline RESPA Violations.
In my market place it's now common on REO listings to have it written into the comment … (41 comments)
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mortgage advice: It's really difficult to time the real estate market and interest rates - 06/04/08 02:11 AM
Lately I have been getting many calls from buyers who ask me if now is a good time to purchase real estate.
My simple answer: It really depends on your unique situation. If you are one of those folks out there that is trying to time the market perfectly to get the … (0 comments)
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mortgage advice: Market Shifts to Higher Interest Rates as Inflation becomes a Huge Concern - 05/30/08 01:02 PM
I have been watching rates move in an upward direction all week. Mortgage insiders such Barry Habib with "The Mortgage Market Guide" has been preaching this all week and the signs are there.
Now that rates are moving in that direction, what does this mean to a buyer who is shopping … (0 comments)
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mortgage advice: Paying the Bills on Time: The Building Blocks to Homeownership - 05/30/08 01:14 AM
If you have followed the real estate market and lending environment for the last 12 months, than you probably know that mortgage lenders have become quite strict on their mortgage guidelines.
The banks just do not have the money or resources to take any chances on what they deem as a … (0 comments)
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mortgage advice: How to Avoid Credit Hijacks from Mortgage Lenders and Protecting Your Privacy - 05/30/08 12:56 AM
Have you ever applied for a home loan with a trusted mortgage lender just to have some other mortgage company call you within minutes offering you the same loan?
If you have: You have been a victim of what I consider an unethical but legal practice in the mortgage industry called "Credit … (3 comments)
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mortgage advice: FHA and New Homes- The 50% rule in a new community - 05/26/08 09:52 PM
This weekend I had a new experience. I have a buyer that has been approved for an FHA loan. We are looking at condos and were wanting to look at and in one case, even purchase at a new community. However, I found out that if the community is not more … (4 comments)
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mortgage advice: Mortgage Advice - 05/25/08 08:59 PM
Mortgages are among the most popular types of loans that are provided to people. Because of the loans’ attractive terms and conditions and the reasonable interest rates, it is not surprising if the number of mortgage providers is rapidly rising.
In every market, for sure, there are numbers of mortgage loan … (1 comments)
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mortgage advice: Is the LSR (Loan Status Report) Pointless? - 05/24/08 04:16 AM
WARNING THIS POST IS FOR ARIZONA REAL ESTATE PROFESSIONALS ONLY
Unfortunately in the State of Arizona Loan Originators are not required to be licensed. This then trickles down to the professional integrity and honesty of that individual loan officer and the company they work for of who is the burdened party to … (2 comments)
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mortgage advice: Tempe Mortgage Lender for First Time Homebuyers - 05/24/08 03:36 AM
Are you looking to buy your first home, but do not understand the process? Are you needing funds for down payment assistance? Were you turned down by other lenders who do NOT specialize in these types of loan programs? Well look no further, you have come to the right person to help you. I have … (0 comments)
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mortgage advice: Know Someone Having Trouble Paying Their Mortgage Lately? - 05/15/08 09:50 PM
We recently received the information below about a non-profit resource they can access.
It was given to us by a fellow Realtor, who serves on the Risk Management Committe with me at San Diego Association of Realtors, and I believe it is very good information to pass on to … (0 comments)
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mortgage advice: ARE "REHAB" LOANS EXTINCT? - 04/28/08 03:21 PM
Hi everybody out there! Yup, I'm looking for answers again! I need to pick your brains again! I know the best minds in the industry are all here on Active Rain, so it's the best place to post a blog in order to get the best answers! I have a woman … (4 comments)
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mortgage advice: Real Estate Professionals How Far Will You Go? - 04/24/08 09:26 PM
Today I attended a training about Predatory Lending it was quite interesting and it made me wonder, how far will you go to give a buyer or seller mortgage advice.
Just how far will real estate professionals will go? Meaning do you try to get them a better deal or step … (24 comments)
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mortgage advice: Funds for Handyman-Specials and fixers 203(k) FHA loans - 04/17/08 01:22 PM
Even though I blog here normally as a Realtor and Agent I am also a Originator with 1ST Choice Mortgage here in Columbia SC. I have been involved in Mortgage lending now for longer than I care to admit. I find my knowledge and the capability to offer my clients a total package … (0 comments)
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mortgage advice: How To Show Your Home - 04/01/08 09:13 PM
OUTSIDE: Trim all shrubs. Pull all weeds. Flowers planted. Leaves raked. Water lawn to keep green. Pick up and discard or store all implements, materials and debris that are not part of the lawn decor. All windows washed. Garage should be swept, neat and tidy. During the winter, all walks and … (0 comments)
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mortgage advice: Improving Your Credit Score - 03/31/08 08:15 AM
Improving your credit score
It is more important than ever to keep your score high. Since 12/26/2008 Fannie Mae added significant add ons for credit scores below 680 and there are more changes coming. Rumors are that we will begin to see add ons to interest rate with scores below 720 on … (1 comments)
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mortgage advice: Questions For You Mortgage Brokers Out There! Is This The Luck of The Draw? - 03/21/08 03:46 PM
Have any of you done a loan for a customer who has been through a short sale?
Have any of you seen a credit report of someone who has already been through a short sale?
I am not talking about the ones in foreclosure, that is obvious their credit will reflect the foreclosure, … (24 comments)
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mortgage advice: Confessions of A Rehabilitated Banker - 03/12/08 01:05 PM
MSI: Mr. Banker, why did you agree to this Q & A session?
Banker: I've just grown tired of how homeowners have been Treated and misguided by the banking industry and now the industry is even blaming borrowers' for the current mortgage mess.
MSI: Could you tell us more about what you call … (0 comments)
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mortgage advice: The Best Mortgage Alternatives in the Declining Arizona Desert - 03/06/08 03:45 PM
Lately, I feel that I have beating a dead horse over here with all the changes due to a declining housing market. Our lending environment has became so tight that good borrowers feel that there are really no options to help them get into a home today.
Recently the mortgage guidelines have become more … (5 comments)
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mortgage advice: Is your ARM (Adjustable Rate Mortgage) Really Broken? - 03/02/08 11:33 AM
I wanted to talk about some situations that have been coming lately that has lead me to believe that the average "Joe Borrower" is still not aware of yet.
If you think your ARM (Adjustable Rate Mortgage) is BROKEN and this is going to cost your payment to skyrocket, you might be completely … (4 comments)
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mortgage advice: Stated "Sub-Prime" Mortgage Products Pulled by 2 More Lenders: Good or Bad? - 02/28/08 09:06 AM
This is certainly not the scoop of the year, but I thought it worthwhile to pass along. We have learned from our Account Executives that both Accredited and Wilmington Finance have, as of this week, stopped offering Stated Income Loans. Needless to say, the reason for the cessation of the product is that … (6 comments)
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mortgage advice: Marketing to Those NOT Doing Business With You - 02/27/08 05:21 PM
I was just going through my old Windows folders, and came across one titled "Not Interested Letters." This folder was buried in another folder on my server, and I had not opened it in years. When I first went out on my own in 2002, I had employed a strategy of … (11 comments)
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mortgage advice: Beware of Mortgage Fraud - 02/10/08 03:17 PM
I have an investor wanting to purchase two homes. They are relatively inexpensive, but the investor wants to use two different mortgage companies and close on the same day. In this way, the investor can qualify for each property without the debt to income ratio being compromised.
I informed the investor that … (0 comments)
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mortgage advice: Subprime Lending Wearing Conforming Camouflage - 02/05/08 10:48 PM
Sometimes conforming mortgage guidelines just do not fit into every deal. This is where sub-prime lending comes into play. Even in our tightening mortgage environment sometimes an alternative bank can place a difficult loan. Today I called a sub-prime bank to find out if they can lend on a hard to … (0 comments)
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mortgage advice: Mortgage Company Reviews...It Gets Ugly! - 01/21/08 03:43 AM
So I have been writing a few mortgage company reviews on my mortgage advice blog, The Mortgage Insider Blog-Site, to show my "learned" opinion of many of the national mortgage companies. After 15 years in the industry, I'm increasing disturbed by the TV, radio, and print ad deceptions the national mortgage advertisers propagate.
… (7 comments)
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mortgage advice: Counseling and Hope for Sub Prime Mortgage Holders - 01/18/08 03:41 PM
You may think that holders of a sub prime mortgage need more than just counseling - true! But there is a new program out which includes counseling as part of its scheme to help distressed borrowers.
The counseling is intended to help people to hold onto their homes after they have … (0 comments)
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mortgage advice: With Interest Rates Coming Down, Should I Refinance My Mortgage? - 01/14/08 11:25 AM
In the last couple of weeks, interest rates have been at the lowest point that I can remember since September 2005. Recently, I have been locking my clients rates at around the 5.625%-6.00% range.
Now the question is: "Should YOU take advantage of these Low Rates and Refinance your Home Mortgage?"
Here are some great … (6 comments)
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mortgage advice: SELLING AND BUYING SIMULTANEOUSLY - 01/13/08 02:44 PM
I have been approached my many people recently for advice on whether or not to wait for the market to "bottom out" before they buy their next house. These clients wonder if it would be more beneficial to move now or to wait for a better (different) market.
These questions can only … (3 comments)
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mortgage advice: Declining Values in California and Florida! - 01/05/08 06:44 PM
Hi again from Intuitive Loans!
As you may have become aware, many lenders are now requiring 5% of the purchase price of a home to come from the borrower. Lenders want to make sure that the borrower has some of their own money invested in the property. This helps to insure that … (1 comments)
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mortgage advice: Another big one bites the dust! - 12/31/07 03:23 PM
With National City announcing their exit from the wholesale lending arena by March, there aren't too many players left. I used them for 2nd's until they got out of that business and they did a good job. I also know they're strong on the construction lending side.
I think the game is quickly becoming … (0 comments)
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mortgage advice: More than just a mortgage - 12/20/07 07:55 AM
We are Top Flite Financial Group, a local broker in home financing dedicated to helping people get into a home with less stress. It starts with my complimentary pre-qualification and continues with an easy application process. And I will make sure you get to the closing table quickly and efficiently.
In addition to a … (0 comments)
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mortgage advice: Helping homeowners avoid forclosure - 12/11/07 12:29 AM
Our jobs go beyond helping people buy and sell homes. It doesn't make sense to help a person purchase a home that will eventually end in foreclosure. Which is why it's also our job to help homeowners and future home buyers avoid facing foreclosure, or a mortgage payment they just can't … (0 comments)
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mortgage advice: Straight Talk on the Mortgage Mess from an Insider - 12/08/07 12:39 AM
Even before this mortgage mess started, Mark Hanson kept emailing Herb Greenberg over and over saying that this is going to get real bad. He kept saying this was beyond sub-prime, beyond low FICO scores, beyond Alt-A and beyond the imagination of most pundits, politicians and the press. When I asked … (2 comments)
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mortgage advice: Getting a Mortgage today - 11/30/07 02:33 PM
After the banks and big lenders made a bundle on the sub-prime market, they now have to give some of their profits back as the worst of their loans begin to default. Due to this, lending requirements have tightened up. How do you get a mortgage today?
Let me tell you about … (2 comments)
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mortgage advice: FHA, Conventional, & other related mortgage blogs -- The Best of the Best - Part 2 - 11/15/07 11:51 AM
Has your dream of buying your new home or refinancing your current mortgage been stolen from you because of broken promises? Mortgages can sometimes be a complex issue and if you aren't speaking to a mortgage professional that will be upfront with you from the start, then you might know what … (15 comments)
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mortgage advice: Insurance Question for Loan Officers - 11/13/07 06:16 PM
I was talking to a neighbor at one of my listings. She asked if I knew any L.O.s and asked me a question that I have never heard before. She is doing a refi and her home is in an area of San Diego that was evacuated during our recent fires. WAMU … (0 comments)
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mortgage advice: FHA, Conventional, & other related mortgage blogs -- The Best of the Best - Part 1 - 11/04/07 02:26 PM
Did history classes bore you to death when growing up? Do you feel like this when reading a mortgage related topic? Gee, it can be tiresome talking about them sometimes. But because I have so much passion in what I do when it comes to helping people with their financing needs … (9 comments)
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mortgage advice: mortgage originations predicted to fall 18% in 2008 - 10/17/07 08:27 AM
Good morning: I was reading my local paper the Seattle Times (www.seattletimes.com) this morning and saw a national release that stated that mortgage originations would fall by 18% in 2008. The prediction was that the market wouldn't start to correct until 2009 at the earliest. I think they're right. Yes, I know, … (5 comments)
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mortgage advice: Why Mortgage Rates Go Up After the Fed Cuts Benchmark Rate - 09/23/07 01:04 AM
The Fed this week cut the benchmark rate by a full half percentage point, yet fixed mortgage rates actually rose by week's end.
Consumers are flocking to the phones expecting to refinance their mortgages into lower rates only to find disappointment. Many are confused and some even think a banking conspiracy is afoot.
I assure you this is … (8 comments)
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mortgage advice: Is Your "Lost Home Equity" Working for You? - 09/18/07 11:22 AM
I am sure you are asking yourself, "what the heck is this guy talking about?" Well, if you have been focusing on paying off your mortgage, you probably have no clue. Here is what I am talking about.
You may have missed this stat recently released...US 2Q Homeowner's Equity Falls to 13 … (0 comments)
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mortgage advice: Don't FIX It if Your ARM is Not Broken - 09/18/07 11:19 AM
Many homeowners have been rushing to refinance their Adjustable Rate Mortgages (ARMs) into a Fixed Rate Mortgage, mostly out of fear.
While it is true that many ARMs adjusting this year will put homeowners into increased mortgage payments, some of which they will not be able to afford. However, I am … (5 comments)
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mortgage advice: Prepayment Penalties Waived 90 days prior to rate reset! - 09/18/07 01:28 AM
This applies specifically to California loans, though I'm sure there are similar civil codes in other states.
Wow.....I actually like this liberal policy!! YIPPEE!!!
OK, back to reality.....seriously.....I believe that this can help plenty of distressed homeowners....not the ninnies who are whining about their increase......or the ones who took cash out … (19 comments)
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mortgage advice: Advice on Co-Signing for a Mortgage - 09/17/07 12:26 PM
Homer and Marge first contacted me because their son Bart was looking to buy a house. Bart was working at a car parts store and his credit history, though it was not long, was in great shape. But Homer did not think that Bart had enough down payment or income to … (0 comments)
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mortgage advice: Creative Ways To Fund a Home Down Payment - 09/12/07 01:05 PM
Remember the 60's song 'Tighten Up'?
Lenders are tightening up loan qualifications for borrowers. A high FICO score and large down payment are your strongest allies to obtaining a home loan.
Here are three alternative creative ways to find those down payment funds (consult with your tax preparer prior to taking any … (1 comments)
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mortgage advice: Real Estate purchase and mortgage- It's Your Money- KEEP IT! - 09/08/07 11:22 AM
Welcome to my Blog. I'm new at this, so please forgive any etiquette issues, but don't hesitate to let me know of any indiscretions. My blog is written with the home buyer/ seller and mortgage client in mind and for for client's benefit.
I have been following the financial market for … (5 comments)
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mortgage advice: FHA Assisting Mortgage Holders Delinquent After ARM Resets - 09/05/07 12:48 PM
Yay! This is something we have all been waiting for! We can finally help some of those folks that got into some trouble after their Adjustable Rate Mortgage Payments adjusted!
Exerpts from MORTGAGEE LETTER 2007-11 sent by HUD to all FHA approved mortgagees and Appraisers on 9/4
The FHASecure initiative, which is a temporary program … (2 comments)
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mortgage advice: Mortgage Blogs -- FHA, Conventional, VA, or Subprime -- Knowledge can be powerful..... - 09/02/07 06:24 AM
Albert Einstein was a smart cookie who was ahead of his time. In popular culture the name "Einstein" has become synonymous with genius. Mortgages aren't physics, but it can certainly seem like it if you don't have a loan officer that is not only good at explaining things to you, but … (37 comments)
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mortgage advice: FHA Shopping, rate shopping, fee shopping.... call it what you want, just be careful!!! - 09/01/07 09:36 PM
There are a few analogies that we all could use when comparing shopping for a mortgage, shopping for rates, and mortgage fees. We could use shopping for shoes, shopping for cars, or even shopping for Christmas trees. I thought I would use shoes as an analogy so Ines Hegedus-Garcia, Kristal … (10 comments)
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mortgage advice: Friday's Emergency Fed Move Garners "Maestro" Accolades for Bernanke - But Who Did He Really Help? - 08/19/07 03:26 AM
The Federal Reserve Chairman Ben Bernanke called an emergency session Friday and announced a .5% discount rate reduction about 90 minutes before the opening bell. The futures trading prior to the announcement showed a much weaker opening before the announcement and quickly reversed once the Fed move circulated.
Traders, analysts, and talking heads all praised the move … (6 comments)
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mortgage advice: Mortgage Loans & Topics -- Knowing what is out there - 08/15/07 09:35 AM
Mortgages can be confusing at times. Sometimes making feel like you are jumping out of a plane without a chute. It doesn't help when some loan officers don't take the time to walk you through the process. One piece of advice, no matter if you are purchasing or refinancing, but … (13 comments)
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mortgage advice: Those Annoying "No Cost" Countrywide TV Spots and Lenox Radio Ads Have To Go! - 08/11/07 12:31 AM
I am so sick of hearing all those "No Cost" TV and Radio commercials touting a very dangerous misconception...basically that home loans are "free"...that I'd like to fling myself out a plate glass window.
"No Costs" mortgage advertisers are simply preying on the financially "unsophisticated" with these ad campaigns and further muddying … (17 comments)
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