mortgage loans: It Doesn't Matter That The Median Home Sale Price Rose In March 2008 - 04/24/08 03:24 AM
It Doesn't Matter That The Median Home Sale Price Rose In March 2008
The National Association of REALTORS released its Existing Home Sales report for March 2008. An "existing home" is one that is not considered new construction.
A sub-headline in the report showed that the median sales price of all homes … (2 comments)
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mortgage loans: The Mother of All Governments? - 04/23/08 09:40 AM
I received an e-mail this morning from the Certified Mortgage Planning Specialist (CMPS) Institute proposing to Congress that they (Congress) bail out homeowners with negative equity by way of a loan equal to 20% of the homeowner's current value of their home.
Gibran Nicholas, Chairman of the CMPS Institute said, "Negative homeowner … (0 comments)
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mortgage loans: Basic Credit scoring tips for a better mortgage rate... - 04/20/08 05:41 PM
Credit scoring is becoming more important to mortgage pricing so now would be a terrific time to brush up on your credit education. If you understand how the system works, after all, you can make it work to your advantage. One terrific place to start your research is at myFICO.com.
Published … (1 comments)
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mortgage loans: Take a new Look at FHA financing - 04/15/08 02:56 PM
Copyright © 2008 Geraldine Loomis
… (2 comments)
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mortgage loans: Wachovia Changes - 04/12/08 10:17 PM
Wachovia has announced that they will now imposed minimum credit scores on products they did not have one in place. They did not disclose the specific products or what the scores are, but this does mean that Wachovia is getting tighter on offering mortgage loans.
For those going directly to a bank, … (1 comments)
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mortgage loans: Are you Financially smarter than a 12th grader? - 04/10/08 12:18 PM
Every two years, the Jump$tart Coalition issues a "personal finance" exam to high school seniors.The test highlights the importance of personal financial literacy among America's youth and comes at an especially important juncture. Many experts -- including Fed Chairman Ben Bernanke -- believe that basic financial knowledge is essential for (and lacking … (0 comments)
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mortgage loans: Federal Reserve Announces Dynamic Maps on Nonprime Mortgage - 04/10/08 09:13 AM
The Federal Reserve System on announced the availability of a set of dynamic maps and data that illustrate subprime and alt-A mortgage loan conditions across the United States.
The maps, which are maintained by the Federal Reserve Bank of New York, will display regional variation in the condition of securitized, owner-occupied … (0 comments)
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mortgage loans: What 98% of Trader's think about the Fed's next Move... - 04/09/08 12:49 PM
In three weeks, the Federal Open Market Committee will meet again and markets anticipate another cut to the Fed Funds Rate.
Based on data compiled by the Federal Reserve Bank of Cleveland at the close of business yesterday, traders put the probabilities of the Fed's next move at:
62 percent chance that the Fed … (0 comments)
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mortgage loans: A Simple explaination of the "Credit Crunch" - 04/08/08 03:01 PM
News sources like to use the term "credit crunch" in describing the U.S. economy, but they rarely define what a credit crunch is and what it means for Americans. A credit crunch is when the amount of available loans suddenly decreases over a very short period of time. Usually, it follows a … (2 comments)
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mortgage loans: Looking Back And Looking Ahead : April 7, 2008 - 04/07/08 09:18 PM
Mortgage loan rates edged lower last week, buoyed by a weak employment report for March.
After shedding 80,000 jobs last month, the number of working Americans is lower by 232,000 so far this year.
Many pundits are claiming these figures are proof of a U.S. economic recession but … (0 comments)
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mortgage loans: USDA loans vs. FHA loans - there are still ways to get your poor credit high LTV loans - 04/07/08 10:50 AM
Just wanted to make a Note to Realtors - Don't forget that the USDA loans are still making it possible for low credit score borrowers to acheive 100% Loan to value.
FHA - is still a great program but most lenders are capping their minimum scores to 580 for Manual underwrites. … (11 comments)
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mortgage loans: Ready to Trade-In Your Home? - 04/04/08 10:27 PM
Perhaps You Should Remodel Instead!
By Tiffany Taylor-Rodriguez
Platinum Funding
Irvine, Ca Each year, millions of Americans move into the home of their dreams. As time goes by, families expand, kids grow older, and suddenly that home isn't quite so perfect anymore. Or perhaps you still love your home, but … (0 comments)
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mortgage loans: How Mortgage Rates Benefit From 3 Months Of Worsening Employment Data - 04/04/08 10:10 AM
For the third month in a row, the economy shed jobs, suggesting that the U.S. is in a recession.
March's monthly loss of 80,000 jobs is the largest since March 2003 and follows January and February's losses of 76,000 each.
The weak data is edging mortgage loan rates lower as … (2 comments)
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mortgage loans: Understanding Credit Scoring & Credit Repair - 04/03/08 10:51 PM
Seek a Qualified Mortgage Consultant to Ensure the Best Results
Understanding Credit Scoring & Credit Repair
By Tiffany Taylor
Platinum Funding Irvine, CA– Credit remediation is a subject consumers often face with fear and trepidation, and for good reason. With the exception of recognizing that the best score wins, the average … (0 comments)
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mortgage loans: New Government Grant Program For FHA Loans - 04/03/08 09:12 PM
Now an even better option for down payment assistance- Sovereign Grants
They fund under the name Sovereign Grants, which is approved by many lenders, including:
Taylor, Bean & Whitaker, Franklin American, GMAC, Flagstar, Alethes, MortgageIt, Plaza Home Mortgage, PrimeLending and many others. Apply at www.apollogrants.com.
Partners In Charity
They … (0 comments)
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mortgage loans: MORTGAGE LOANS Credit Standards, Burbank, Los Angeles County & Nationwide - 04/02/08 05:33 PM
Burbank, San Fernando Valley, Palmdale, Lancaster Mortgage Loans by Lupe Soto, Realtor (818)968-3718
Fannie Mae Raises Credit Standards
Fannie Mae has tightened standards for the home mortgages it guarantees or buys.The government-sponsored provider of home loan funding told lenders Monday it will require a minimum credit score of 580 for most loans it buys … (0 comments)
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mortgage loans: 100% Financing Still Exists…for Doctors - 04/01/08 10:45 AM
100% Financing Still Exists...for Doctors
Lately I've been receiving a lot of phone calls and emails from doctors with one simple question...Is the No Money Down Doctor Loan Program still offering 100% financing? I'm happy and relieved to say "yes, it sure is!"
Despite lenders cutting back their 100% financing programs like … (0 comments)
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mortgage loans: FHA gets Relaxed - 03/31/08 04:37 PM
FHA Underwriting Relaxes a bit....
To help ensure that only the best credit risks were able to buy these homes in declining markets using DPA's, many FHA mortgage lenders have imposed high credit score requirements. One major lender placed a credit score requirement of 680 for this type of FHA mortgage loan using down … (0 comments)
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mortgage loans: FHA Government Mortgage Loans Minimum Credit Score Requirements - Update - 03/28/08 07:10 PM
FHA Product Updates
Effective for all FHA loans registered and/or locked after today, Friday, March 28, minimum FICO scores will apply in all instances regardless of AUS (Automated Underwriting System) decision. Extensions will not be granted.
See the chart below for minimum FICO score requirements for all AUS FHA loans*.
Transaction … (2 comments)
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mortgage loans: Poor Man's Loan? I don't think so! - 03/24/08 11:53 AM
I don't know about everywhere else in the country, but in my area it seems that the FHA mortgage is seen as a "poor man's loan." However, this is not the case.FHA mortgage loans in Charlotte North Carolina now have limits up to $303,750. That is pretty substancial. But to think … (2 comments)
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mortgage loans: Protecting Your Credit During Divorce - 03/23/08 12:23 AM
Protecting Your Credit During Divorce By Tiffany Taylor-Rodriguez, President Platinum Funding Laguna Niguel, Ca – When a marriage ends in divorce, the lives of those involved are changed forever. During this time of upheaval, one thing that shouldn’t have to change is the credit status you’ve worked so hard … (2 comments)
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mortgage loans: What's taking so long??? - 03/21/08 09:22 AM
FHA Underwriting Taking LongerTraditionally, you could put 30 days on a sales contract and have plenty of time. But be aware of a growing trend... extended underwriting turn times.On average, most lenders are experiencing 7-10 business day turn times on FHA mortgage submissions. This means that it can take up to … (9 comments)
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mortgage loans: Elimination of all 100% Mortgage Loans - Important Updates - 03/17/08 10:40 AM
ALL LOANS THAT WILL BE AFFECTED BY THESE CHANGES MUST BE LOCKED IN NO LATER THAN FRIDAY, MARCH 21, 2008. NO EXTENSIONS OR RELOCKS WILL BE GRANTED
IMPORTANT INFORMATION REGARDING UPCOMING AGENCY UPDATES - Elimination of LTVs 97.01-100%, Revised Minimum Credit Score Requirements and Cash-Out Refinance Eligibility for Transactions Requiring Mortgage Insurance
Due … (7 comments)
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mortgage loans: What is a 203k Mortgage - 03/13/08 08:56 AM
Renovation: FHA 203(k) Renovation Loan: An important tool for community and neighborhood revitalization, the FHA 203(k) loan offers flexible qualifying and low down payments:
FHA down payment (3%) Flexible credit qualifying Finance up to 6 months of mortgage payments Purchase or Refinance and Improve all in one loan The 203(k) loan … (2 comments)
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mortgage loans: Important Mortgage Loan Program Updates - FREDDIE MAC 100 Eliminated - 03/10/08 03:46 PM
Updates- Important!.
ELIMINATION OF THE FREDDIE MAC 100 LOAN PROGRAM Effective for Locks on or after Monday, March 17, 2008
In response to the continued deterioration of credit quality and declining home values in most areas of the country, Freddie Mac is eliminating the higher risk Freddie Mac 100 loan program. As a … (4 comments)
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mortgage loans: FHA Increases Lending Limits - 03/09/08 10:24 AM
March 5, 2008
The Department of Housing and Urban Development has increased lending limits in Lake, Porter, Jasper and Newton Counties Indiana from $272,500 to $410,000.
The move is to allow relief for a stressed out housing market because to mortgage lenders who put borrowers into subprime loans that would have qualified for … (1 comments)
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mortgage loans: FHA Loan Limits Increase for Charlotte! - 03/06/08 01:05 PM
Finally, weeks after the Economic Stimulus package is signed, HUD has finally posted the FHA loan limits.
The new FHA Mortgage Loan Limit in Charlotte is $303,750!
This is great news for Charlotte home buyers!
... more information on the Charlotte FHA mortgage limit increase
... more information on lender limitations with new Charlotte FHA limits
________________________________________________________
This … (3 comments)
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mortgage loans: Rate shopping? Use this as a tool to help do it right! - 03/04/08 12:39 PM
For those people that like to shop for the best rates, I have a tool to help you find not only a good rate, but a REAL rate and find out if you are working with a true mortgage professional or not. The link below is to a form that has … (7 comments)
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mortgage loans: How do you interview your Buyers - 02/29/08 01:30 PM
Coming from a Lending point of view I usually ask what is your goal. Whether it is a purchase or a refinance. Once I establish that we are purchasing a home then we start.
Are you in a lease? ( allows me to know what the time frame is)
When will it expire. … (5 comments)
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mortgage loans: Loans by phone.... just say NO! - 02/26/08 05:29 PM
If you are thinking about getting one of those LOANS BY PHONE.... JUST SAY NO!!!!! You know the ones I am talking about, you get their mailers, see their commercials, or get the phone calls.They promise you will quailfy for a huge loan, with 5.75% interest on a 30 year fixed … (10 comments)
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mortgage loans: What is your first question to a new home buyer? - 02/25/08 11:15 AM
Coming from a Lending point of view I usually ask what is your goal. Whether it is a purchase or a refinance. Once I establish that we are purchasing a home then we start.
Are you in a lease? ( allows me to know what the time frame is)
When will it expire. … (2 comments)
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mortgage loans: Understanding Mortgages - 02/22/08 10:58 AM
Under perfect circumstances, mortgage loans and home equity wouldn’t even be a part of anyone’s vocabulary. The reality is loans and mortgages often become a necessity for homeowners and even for anyone considering buying a Miami condo. What’s worse, mortgages come in so many varieties it’s nearly impossible to … (2 comments)
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mortgage loans: Good Faith Estimate - Pre-Approved or Pre-Qualified -- The Mortgage Process - Part 2 of 3 - 02/20/08 12:03 PM
The good old Good Faith Estimate.... it could sometimes be your worst enemy, depending on the loan officer and how they actually fill it out.
It doesn't matter if you are applying for a FHA mortgage or a conventional mortgage, all good faith estimates should be accurate. I have … (13 comments)
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mortgage loans: FHA Min Credit Scores!!!!! - 02/19/08 08:59 PM
FHA lenders are now implementing minimum credit scores for FHA mortgage loans. Although FHA does not require any minimum credit scores, most FHA mortgage lenders are beginning to require certain credit score levels before they will underwrite the loan.
Why?
Blame the subprime meltdown and the trend that many loan officers are following. … (6 comments)
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mortgage loans: Thank you Active Rain! - 02/13/08 06:14 PM
Hello all: I was thinking today about how appreciative I am of being on ActiveRain. Initially, I was told about ActiveRain from Betsy Talbot of Delegate Now! Thank you Betsy! I had never heard of ActiveRain and didn't really know what it entailed. It's funny how things all come together in … (7 comments)
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mortgage loans: Interest Rate Reminder-Refinance or Consolidate Debt With A Low Rate Mortgage - 02/10/08 11:08 AM
Take Advantage of Low 30-Year Fixed Rates-Rates are still low due to economic uncertainty. How long will this last is anyone's guess.
Are you looking to buy a home? You are actually at a great advantage now, despite all the horror stories on the news every night. The astounding number of foreclosures … (0 comments)
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mortgage loans: What Are Conventional Loans - 02/05/08 03:54 PM
By, Gaurav Bhola, MSM
The federal government is the major driver of the idea of home ownership. Hence, it has become the biggest player in the residential mortgage market. Approximately one out five residential loans are either guaranteed or insured or by a federal agency. These types of loans are called … (1 comments)
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mortgage loans: Dis Arm? What To Do With Mortgage Rates at Multi Year Lows - 01/29/08 11:44 PM
I received a call Friday January 25th, 2008 from a freelance reporter in Los Angeles named Marcie Geffner who was doing a story for a well known bank website called BankRate. She wanted to interview me to get my opinion on whether those with adjustable rates should take advantage of the … (0 comments)
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mortgage loans: Wachovia Rewards Risk - 01/27/08 08:21 PM
Have you read all the news? It seems Wachovia is giving incentives to their employees to sell "Risky Loans." According to the Associated Press Wachovia is "pushing" risky negative amortization loans. And in today's negative mortgage press, this really comes off as if Wachovia is out to screw people over.
The problem here is how … (3 comments)
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mortgage loans: Monday update and tips - 01/21/08 01:15 PM
As a marketing person I am constantly involved in research to find the best resources and the best information to help me reach the next customer at the moment (or just before) they realize they will want help with a mortgage in my case for purchases or refinancing.
One of the … (0 comments)
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mortgage loans: I'm Rayne FitzMaurice, and I'm New to Active Rain... - 01/20/08 07:35 PM
As some of you know, Karen Anne Stone can be somewhat of a persuasive person at times. Well, Karen Anne has been gently talking to me (nagging, actually) to join Active Rain. I have finally given in, and decided to join. Whew !
I am a Loan Officer with DHI Mortgage in … (33 comments)
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mortgage loans: Are you in an ARM? Don't panic. - 01/15/08 09:29 AM
Good morning! Are you in an adjustable rate mortgage? Is it set to adjust this year? Don't panic. The natural inclination is to want to refinance before your interest rate goes up. But I think it's important to weigh all sides before making your decision.
It can be expensive to refinance. Beyond … (1 comments)
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mortgage loans: Applying for a Tampa Home Mortgage Loan on the Net - 01/12/08 12:40 PM
In the 21st century, with each passing week, more and more business is being transacted over the World Wide Web. This increase in online business traffic includes a marked increase in the number of men and women who are electing to apply for a mortgage online. Including people who are interested … (1 comments)
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mortgage loans: I'm looking for a loan-what should I do? - 12/20/07 11:46 AM
Good morning: I was having a chat with my friendly local locksmith this morning. He came by to open up one of my file cabinets that was locked. He asked me why would someone choose me rather than going to a bank. Great question. Here's what I told him.
Number one, people want … (0 comments)
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mortgage loans: I'm looking for a loan officer-can you help? - 12/19/07 08:58 PM
Hello everyone: I was thinking tonight about what our customer would want in the perfect loan officer. So here goes.1) A perfect loan officer would educate me and make the loan process as smooth as possible. I'm busy and don't have time to figure it out myself. I also don't want … (1 comments)
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mortgage loans: Good Faith Estimates - FHA or Conventional - What are the problems when shopping?? - 12/17/07 09:23 AM
Do you feel like you are sometimes back in time when shopping for a mortgage? Is it because you have now talked to 5 different lenders and nothing seems consistent? How is the communication level when shopping good faith estimates? Does that loan officer just give you want you think you … (14 comments)
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mortgage loans: Home Values! - 12/14/07 12:23 PM
I read a very interesting article the other day on the Home values nationally. Yes it is true that the home prices are down but there are a few factors we need to look at. The hardest-hit markets drag down the average depreciation. Mid to high priced homes were more inflated … (2 comments)
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mortgage loans: Does America really get it when it comes to debt? - 12/12/07 10:41 PM
Recently there has been allot of bad news in the mortgage industry. We're having ever increasing foreclosure rates, mortgage default as at record levels, and everyone is now pointing their finger at everyone or anything they perceive as responsible.
The problem is most American's do not point back at themselves! I'm currently … (4 comments)
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mortgage loans: 10 Steps to Home Ownership - 12/11/07 11:19 PM
Knowledge and experience are the keys to successful real estate transactions. REALTOR.com® contains an enormous amount of valuable information, and such data -- combined with the expertise, experience and training of local REALTORS® -- can be the essential keys to your success.
One of the keys to making the homebuying process easier … (1 comments)
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mortgage loans: Ouch, bonds tumbling, rates taking a beating! - 12/07/07 12:33 PM
Well, the good run we had on the mortgage backed securities (bonds) has come to an end this Friday December 7th. It was only a matter of time before bonds pulled back on their good run, and with hotter than expected Jobs Report, stocks have benefited from this news and bonds … (2 comments)
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mortgage loans: Home Refinance Loans - 11/25/07 11:20 AM
http://bob-homerefianceloans.blogspot.com/ … (1 comments)
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mortgage loans: Your Mortgage Lender Files for Bankruptcy, What Do You Do? - 11/15/07 08:55 AM
by Gaurav Bhola, MSM
The subprime mortgage market has been hit hard in the last few months due to high home loan defaults. In the boom real estate market mortgage lenders had been doling out mortgages to many unqualified borrowers and now it is coming back full circle. American Home Mortgage Investment … (0 comments)
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mortgage loans: Mortgage Turmoil Hits High End Consumers - 11/14/07 04:55 PM
by Gaurav Bhola, MSM
In what is seen as defensive posturing, mortgage lenders have decided to increase the mortgage rates on jumbo loans. Jumbo loans are considered non-conforming loans as opposed to conforming loans. The conforming loan threshold is set by two of the largest secondary market lenders, Fannie Mae (FNMA) and … (2 comments)
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mortgage loans: Are Subprime Shockwave Fears Justified? - 11/14/07 02:59 PM
by Gaurav Bhola, MSM
The specter of the subprime mortgage sector upon the economy continues to dominate the news. Many investors are worried about the effects on the economy of the downward spiral of these types of loans. Still the uncertainty has not produced a recession, but according to some analysts one … (2 comments)
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mortgage loans: From Iraq to Fort Hood - Buying a Home with Less than Perfect Credit - 11/13/07 04:22 PM
With all the talk about the condition of the housing industry, the mortgage industry, and about the impossibility of buying a home with less than perfect credit, I'm going to blow you away with this great story about what a determined couple and their realtor and mortgage lender accomplished via fax, … (0 comments)
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mortgage loans: We offer UP TO 70% Financing for Foreclosure Bailout Nationwide-1-888-803-REFI(7334) - 11/10/07 03:42 AM
Cohen Financial Group specializes in conventional (FHA,VA,) www.cohenfinancialgroup.org apply onlineand unconventional financing where speed and attention to special CALL SPECIALIST: 1-888-803-7334circumstances are critical. Our team of experience Loan expertswill find the right loan for any challenge situation. We lend Nationwide,and in many cases we can issue loan approval within 48 hours.At … (0 comments)
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mortgage loans: The place to come for all of your FHA and Down Payment Assistance Questions! - 11/09/07 03:47 PM
So you have heard that lenders do not do Subprime Loans anymore?
Here is my FHA Scenario for the month of November?
545 Middle Credit ScorePurchase Price $125,000Full Income DocumentationPast Due Child Support$25,000 in Medical Collections4 Different Jobs in the last 2 Years$1500 in CheckingFHA Approval was as follows:
6.5% Fixed Rate3% Down Payment … (0 comments)
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mortgage loans: Mortgage Reform amendment to Truth in Lending Act - passess first test by House - 11/08/07 01:41 PM
The Mortgage Reform and Anti-Predatory Lending Act of 2007 better know as HR 3915 passed through the U.S. House Committee on Financial Services this week. This new legislation passed by a 45-19 vote.
Ok so what does this mean for the Real Estate industry as a whole and does it fix … (5 comments)
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mortgage loans: Visit our Public Open Houses Sunday November 11 - 11/07/07 11:28 AM
… (0 comments)
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mortgage loans: Secondery Costs When Buying a Home - 11/06/07 05:32 PM
When you begin the process of buying a home, it typically starts with you working on your budget, looking at your expenses, and planning ahead so you can have confidence in making your house payments. (If you haven’t done that, after you read this post, take a break and do … (0 comments)
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mortgage loans: Through it all....I'm still taking buyers to settlement. - 11/06/07 02:54 PM
Concern is growingIN the rapidly changing mortgage industry!700 Million dollars in real estate transactions DIED last week. One of the nations largest mortgage companies DIED last week.More than 100 national mortgage companies have ceased operations this year.In the last few days, the mortgage market has experienced historic activity--activity that has everyone … (4 comments)
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mortgage loans: We've become so smart, we're dumb! - 11/06/07 03:03 AM
I was thinking the other day we are getting too sophisticated with some of the investment strategies and advice being used for home financing today. My thinking is it is going to get a lot of folks in some big deep trouble.
You see more and more people … (7 comments)
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mortgage loans: Are You Dropping The Ball? - 11/04/07 10:19 PM
Getting the Word Out--
Do you "get the word" out regularly using multiple advertising and promotional vehicles?
Or Are You Dropping the Ball? We're talking about advertising and promotions as a key part of your Marketing. Let's make an assumption that you have good product(s)/service(s) (with reasonable price points) and good … (6 comments)
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mortgage loans: Can anyone get a loan now days??? - 11/02/07 04:16 PM
"Can anyone get a loan now days"? Another great one is, "How am I going to get this guy to qualify now without stated loan programs?" I've been hearing this refrain now for over a month. The desperation has increased as lenders ratchet down on their underwriting requirements. But the dirty … (3 comments)
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mortgage loans: Relief For Homeowner - 10/31/07 03:40 PM
I have just read an article in the LA Times online (latimes.com), which may come as a bit of good news for some homeowners. Low and middle-income homeowners who are having difficulties with their mortgage payments may soon be receiving help from Congress. Pending legislature would allow homeowners to draw … (0 comments)
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mortgage loans: Befor You Open The Classifieds- Tips For First Time Buyers - 10/29/07 05:42 PM
If you are a first time home buyer, the tendency is to want to dive right in. You will find yourself wanting to scour the classifieds and visit every for sale sign you pass. However, this can quickly become overwhelming. You may find yourself liking multiple houses or no house … (0 comments)
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mortgage loans: Door Knocking - 10/26/07 10:03 PM
Has anyone had any great success with door knocking? As a loan officer, I see it as a potential I haven't really tried yet. There are so many homes for sale in my area, I think I'd like to try door knocking and presenting the home seller with some information for … (13 comments)
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mortgage loans: SMOKE AND MIRRORS IN THE MORTGAGE AND REAL ESTATE INDUSTRIES - 10/26/07 10:43 AM
THE REAL ESTATE INDUSTRY WHERE TRUTH IS, INDEED, STRANGER THAN FICTION. MORTGAGE LENDING REPORTING - HEADLINE IN THE FINANCIAL NEWS THIS A.M. - "Countrywide Financial Corp., the nation's largest mortgage lender, said Friday, it swung to a loss of more than $1 billion in the third quarter due to rising loan-loss … (15 comments)
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mortgage loans: Don't Believe everything the News Media it Saying About the Mortgage Industry - 10/25/07 02:47 PM
There is ample money available for those looking for a Mortgage Loan
The Mortgage industry is continuing to experience unprecedented change and that is a good thing. Why?
1) Mortgage Lender and Brokers are exiting the business in record numbers which leaves the professionals available to help those searching … (1 comments)
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mortgage loans: FHA and the PMI Companies - 10/24/07 01:40 PM
We have a shot, after many years of begging, to make some real advances in FHA REFORM, but we'll need the Senate and President's help. HR 1852 is currently sitting in the Senate Banking Committee, and according to my Senator ( Ms. Libby Dole who is on the committee) it might … (2 comments)
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mortgage loans: There Is Help In diferent directions - 10/22/07 09:19 PM
Last week I attended a class at our board which introduced us to a number of groups that offered us a new look at the changing real estate market and offered a solution to the rolling mortgage market and high priced homes that made buying a first home in Southern … (0 comments)
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mortgage loans: Richmond, VA is a good place to live - 10/22/07 06:56 PM
This article was forwarded to me by a friend in the mortgage industry. According to CNNMoney.com who wrote this article, Richmond really is a great place to live!!!Delinquency risk risingOutlook for surging mortgage delinquencies worsens.By Les Christie, CNNMoney.com staff writerOctober 19 2007: 6:02 AM EDTNEW YORK (CNNMoney.com) -- As housing markets deteriorated over the summer, and a liquidity squeeze buffeted credit markets, delinquencies and defaults … (0 comments)
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mortgage loans: Seasonal advice - 10/20/07 05:20 PM
Hello Active Rain community,
Everyone refers to the summer as the 'busy season' and the holidays as the slow season. What do you do to prepare for a slowdown, based on seasonal activity. It's makes sense that people aren't out home shopping as much in Dec and Jan as May and June. … (0 comments)
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mortgage loans: Poor Credit: Home Builders Will Help - 10/17/07 03:28 PM
Yes, its true. New home builders are having a tough time moving supply and so one answer aside from chopping price is to increase the pool of available buyers. How do you do that, you ask? Well one way is to take motivated buyers who have poor credit and help them … (0 comments)
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mortgage loans: MORTGAGE FRAUD THRIVES - THE PLAYERS ARE THE SAME - 09/29/07 11:32 AM
MORTGAGE FRAUD HASN'T BEEN ELIMINATED. MORTGAGE FRAUD IS ALIVE AND WELL AND THE PLAYERS HAVEN'T CHANGED.There was never anything wrong with any of the mortgage programs made available to borrowers. The problem was mortgage fraud. Who facilitates mortgage fraud? This post was inspired by Bryant Tutas' report of the loan application … (57 comments)
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mortgage loans: New Home Sales News - 09/28/07 09:31 AM
First the bad news: New home sales have hit a 7 year low last month. This is not great but was not totally unexpected given the current state of real estate.There is some good news out there that bodes well for the future of the market, however. First, the yield curve … (2 comments)
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mortgage loans: What Are "Points" and How Do They Affect My Loan?: Answers for the Mortgage Consumer - 09/27/07 12:07 AM
What are points? Points are mortgage loan fees which are shown as a percentage of the loan amount on your Good Faith Estimate. Points may be called "origination fee," "discount points," or "mortgage broker fee." Sometimes an origination fee or a mortgage broker fee may be designated as a flat fee instead of a … (3 comments)
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mortgage loans: Refinance Your Arm Mortgage - 09/11/07 02:54 PM
Whether you need to refinance your mortgage to lower your rate, go from an adjustable to a fixed rate mortgage, need money to payoff debts, or want to get some home improvements done, my office specializes in all types of mortgage loans. Some of the many programs we have available are: … (0 comments)
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mortgage loans: Refinance with a local North Carolina Broker - 09/11/07 02:53 PM
Whether you need to refinance your mortgage to lower your rate, go from an adjustable to a fixed rate mortgage, need money to payoff debts, or want to get some home improvements done, my office specializes in all types of mortgage loans. Some of the many programs we have available are: … (0 comments)
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mortgage loans: Good Faith Estimate -- What to look for when shopping...... - 08/31/07 11:42 PM
When shopping for a mortgage, the general consumer can get very confused at times. Even if you have bought or refinanced several times in the past, it can still be confusing.
It doesn't matter if you are applying for a FHA, conventional, VA, or subprime mortgage. The Good Faith Estimate (GFE) is … (26 comments)
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mortgage loans: CREDIT CRUNCH - 08/28/07 04:45 PM
I believe the current credit crunches will have both macro & micro affect. We are likely to see a slowdown in the micro areas of real estate and related industries of mortgage banking.
We are also likely to see the macro affects as the real estate slowdown replicates itself into other … (0 comments)
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mortgage loans: A Letter to the Banks from Sacramento California - 08/22/07 12:19 AM
The streets are full of your irresponsible lending practices. When checking the MLS this evening and pulling up homes built from 2004 till now in just Sacramento County, there were 182 homes listed as short sales. This figure doesn't account for those homes that have already been repossessed and are now owned … (45 comments)
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mortgage loans: Mortgage Market now affecting Commercial Deals - 08/13/07 01:04 AM
Aloha Everyone,
According to this article in the Washington post, the volatility in the Lending arena is now affecting the prices of commercial properties. I'm sure it doesn't help that interest rates have gone up as well.
http://www.washingtonpost.com/wp-dyn/content/article/2007/08/12/AR2007081200806.html
Pete
… (3 comments)
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mortgage loans: Real Estate Agents, if your thinking of yelling at your lending friends...DONT!! - 08/09/07 10:13 PM
For those real estate agents that love to brow beat their mortgage partners in regards to their fee's...ATTENTION...We're not going to take it any longer. Bottom line, we're getting crushed, and if your going to expect a 90% non-owner closing, and that the client pay's no fee's, think again!
Sorry to fume, … (1 comments)
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mortgage loans: Keep an eye on that bond market - 08/08/07 12:57 PM
For those of you out there that are in the mortgage lending business or real estate professionals, the bond market (mortgage backed securities) is really taking a beating today, down about -28bps. This will surely trigger lenders to consider an intraday reprice for the worse, so if you are floating any loans right now … (6 comments)
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mortgage loans: Qualification For Mortgage Loans - 08/07/07 07:57 PM
To qualify for any mortgage loan, the loan must be under written (UW) by lenders prior to approval and funding. UW covers a comprehensive and detailed review and evaluation of the borrowers financial status thus to determine the affordability that borrowers can meet their loan obligations and other debts. At the … (2 comments)
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mortgage loans: Mortgage Loan Programs - Which is right for me? - 07/26/07 11:12 AM
There seem to literally be thousands of mortgage programs out there so how do I know which one is best for me? Finding the right mortgage program to fit your needs and your financial goals can be difficult to do unless you are working with the "right" mortgage professional and asking … (3 comments)
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mortgage loans: MORTGAGE RATES - 07/16/07 01:34 PM
MORTGAGE INTEREST RATES MOVED DOWN SOME AND ARE HOLDING STEADY AT THIS TIME!
ACCORDING TO FREDDIE MAC, LONG-TERM MORTGAGE RATES CONTINUED TO MOVE LOWER FOR A THIRD CONSECUTIVE WEEK LAST WEEK!
THEY ARE STILL ATTRACTIVE AND A GREAT TIME TO LOCK IN WHETHER PURCHASING, REFINANCING OR BUILDING A HOME!
REMEMBER THE GREAT DISCOUNTS … (2 comments)
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mortgage loans: What do you really think of us? - 07/02/07 11:04 AM
Hello all: I hope you had a nice weekend and have big plans for the Fourth! I'm curious as to your thoughts about us, your mortgage lender. How did we do for you? I'd like you to share your experiences good and bad on your last loan, all loans, etc. etc. … (0 comments)
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mortgage loans: More Information on Credit Scores - 06/30/07 03:34 PM
Did you know it's impossible to have a perfect score (850) on your credit score unless you have had an account open for at LEAST 15 years?
Credit Scoring Calculations:
Credit performance 35%
Credit Utilization 30%
Length of Credit 15%
Type of Credit 10%
Inquiries 10%
you can see that your performance on paying your bills has the … (2 comments)
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mortgage loans: MORTGAGE RATES - REFINANCING and NEW PURCHASES - 06/29/07 07:53 AM
Whether your client is looking to finance a purchase or to re-finance a currently owned property, it is the borrowers' credit worthiness that makes or breaks the deal. The house is only important where it relates to the likings of the clients. The appraisal is based on data that cannot be … (2 comments)
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mortgage loans: A Little Mortgage Humor!!!!! - 06/28/07 03:34 PM
Hey Does anybody know the going Rate for a Mansion in Heaven? … (1 comments)
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mortgage loans: FICO Scoring - 06/25/07 06:11 PM
TO HELP PREVENT FRAUD, FAIR ISAAC ADJUSTS FICO SCORING FORMULA. … (0 comments)
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mortgage loans: MORTGAGE AND REAL ESTATE NEWS - 06/25/07 04:43 PM
WWW.ML-IMPLODE.COMNEWS ON REAL ESTATE AND MORTGAGE INDUSTRIES. … (0 comments)
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mortgage loans: REAL ESTATE ASSISTANCE IN MADISON, MISSISSIPPI - 06/22/07 05:50 PM
I HAVE CLIENTS WHO HAVE CALLED ON DONNA SPOONER, REAL ESTATE AGENT FOR HERRINGTON REALTY IN MADISON, MISSISSIPPI. THEY ALL SAY DONNA DOES A FANTASTIC JOB. SHE GOES OVER AND BEYOND ASSISTING CLIENTS TO FIND THE RIGHT HOME, AS WELL AS, SELLING THEIR EXISTING HOMES FOR TOP DOLLAR. SHE DOES CARE … (0 comments)
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mortgage loans: REAL ESTATE ASSISTANCE IN MADISON, MISSISSIPPI - 06/22/07 05:26 PM
I HAVE CLIENTS WHO HAVE CALLED ON DONNA SPOONER, REAL ESTATE AGENT FOR HERRINGTON REALTY IN MADISON, MISSISSIPPI. THEY ALL SAY DONNA DOES A FANTAStIC JOB. SHE GOES OVER AND BEYOND ASSISTING CLIENTS TO FIND THE RIGHT HOME FOR THEM, AS WELL AS, SELLING THEIR EXISTING HOMES. SHE DOES CARE ABOUT … (0 comments)
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mortgage loans: RATES - 06/22/07 05:05 PM
30 YEAR FIXED RATE TODAY AT 6.50%
… (0 comments)
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mortgage loans: CREDIT SCORES AND MORTGAGE LOANS - 06/22/07 04:54 PM
WITH MY ASSISTANCE, DURING A PERIOD OF ABOUT 45 DAYS, MY CLIENT'S CREDIT SCORES HAVE GONE UP BY 60 POINTS. HE IS ALMOST READY TO SUBMIT HIS LOAN APPLICATION TO PURCHASE A HOME!
… (0 comments)
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mortgage loans: HOUSING - 06/22/07 03:51 PM
AS HOMES STAY ON THE MARKET FOR LONGER PERIODS OF TIME, PRICES WILL GO DOWN WHICH SHOULD ALLOW MORE BUYERS THE ABILITY TO AFFORD HOMES EVEN WITH INTEREST RATES GRADUALLY CLIMBING AT THIS TIME. … (0 comments)
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mortgage loans: HOUSING - 06/22/07 03:18 PM
THE HOUSING MARKET CONTINUES TO SOFTEN.
CREDIT STANDARDS CONTINUE TO TIGHTEN.
WE WILL RECOVER AS WE HAVE IN THE PAST.
… (0 comments)
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