real estate loan: Dual Real Estate Agent/Mortgage Broker - 07/23/08 01:00 PM
I have had something in my craw for some time and it has to do with people that are both Realtor and Loan Officer. I don't know about other states, but in Oregon it is perfectly legal to represent the client as both the Realtor and Loan Officer. If you throw … (4 comments)
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real estate loan: Are you a salesperson? - 07/22/08 12:30 PM
Everyone sells something!
You don't believe that? Well, let me go through a few examples. If you belong to Active Rain, you probably sell Real Estate or Loans or Home Staging or a lot of other things. Even the homeless person on the street corner with the cardboard sign is selling … (7 comments)
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real estate loan: How to find a good lender - 07/19/08 02:47 PM
HERE'S THE INSIDE SCOOP ON HOW TO DO IT RIGHT!First: make sure you are working with an experienced, professional loan officer. The largest financial transaction of your life is far too important to place into the hands of someone who is not capable of advising you properly and troubleshooting the issues … (6 comments)
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real estate loan: FHA Manual Underwriting - 07/17/08 02:00 PM
I know that as a lender, I always want an accept/eligible (Fannie Mae) or an accept/accept (Freddie Mac) when I submit an FHA borrower for automated (AUS) decision, but that doesn't always happen. So, here are some things to remember about your clients that have to have a manual underwrite:
Ratios above … (0 comments)
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real estate loan: Paperwork, Green Loans & trust - 07/14/08 01:31 PM
Many years ago, if you borrowed money from someone, you shook hands on the transaction and that was often the extent of the deal. Then things started to change, not necessarily due to a lack of trust, but in many ways that was the final result.
I remember when I … (6 comments)
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real estate loan: Deciding On a Loan - 07/11/08 03:57 PM
Trying to decide on what type of mortgage loan can be an overwhelming task. It isn't easy to sort through all the possibilities and know which benefits will best suit your needs.
It is wise to know the types of loans that are available and then choose the one that works … (0 comments)
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real estate loan: There are only three types of loans - 07/09/08 11:27 PM
There
Picture is just for effect.
Really are only three types of loans, no matter what anyone says. No, they aren't conforming, government and non conforming. That would be a good guess, but wrong. Of the three types of loans, not everyone is right for each type and at the same … (4 comments)
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real estate loan: PASS vs PLAY: Why This Mortgage Broker Would Rather Be RUTHLESS Than PERSISTENT - 07/02/08 10:50 AM
IS BEING PERISTENT REALLY A GOOD THING?
Yesterday, when I FINALLY got approval for a silly little loan that had been sent to no less than 3 banks in 3 months, I got a compliment of the highest kind from the head processor in our office. "WOW. I would like … (18 comments)
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real estate loan: Insider Info: Wachovia to Eliminate Neg-Am Loans & Pre-Pay Penalties on Existing Loans - 06/30/08 04:36 PM
Our office has learned from a reliable source that Wachovia (formerly World Savings) has decided to stop doing neg am loans completely.
In conjuction with this news, they will also announce the closure of approximately 100 offices nation wide.
It has also been reported that for all Wachovia loan customers that … (22 comments)
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real estate loan: What to Remember when Applying for a Real Estate Loan - 06/24/08 04:28 PM
The Ten Commandments when Applying for a Real Estate Loan
Thou shall not change jobs, become self-employed, or quit your job.
Thou shall not buy a car, truck, or van (or you may be living in it)!
Thou shall not use charge cards excessively or let your accounts fall … (2 comments)
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real estate loan: Another Loan Bites the Dust: What Causes A Property to be "UNACCEPTABLE COLLATERAL?" - 05/24/08 05:28 PM
Here are 2 nasty words that spell disaster for a loan: UNACCEPTABLE COLLATERAL. Do you know what this means? It means the borrower qualified for the mortgage, but the property did not. To our clients, however, a turn down is a turn down. They still take it very personally, even though they shouldn't.
Those … (14 comments)
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real estate loan: Romancing the Loan: Learn or Burn, Baby. Its A Different World Now - 05/08/08 05:49 PM
I have an idea for a new soap opera. Please, Brad Andersohn, bring on the flip cam, and be my producer. The name of the new soap is "Romancing the Loan".
Stock is rising for mortgage brokers who KNOW HOW TO ROMANCE THE LOAN. In the past, very little emphasis was placed on these … (43 comments)
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real estate loan: Bring Back The Stated Income Loan - 04/24/08 10:42 AM
The biggest docmentation challenge facing mortgage applicants in this brave new world of EXTREME DOCUMENTATION is (choose one):
A. Having enough assets
B. Having enough income
C. Having enough downpayment or equity in property
D. Having a mortgage broker smart enough to put together a puzzle with 1000 small pieces and no picture on the cover of the box
Okay, I threw … (61 comments)
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real estate loan: Credit Crisis Aftershocks: Southern California Home Prices Plummet 24% - 04/16/08 01:24 PM
If you think of the current credit crisis as an earthquake, then the aftershocks could best be described as declining values in real estate. For those of you NOT in California, aftershocks are much smaller rumbles that shake the ground, sometimes for days, after an earthquake occurs.
Why are aftershocks so scary? Because you are rudely reminded: … (8 comments)
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real estate loan: Double Up On That Loan - 12/11/07 09:56 PM
Word to the wise...when in doubt, double apply. In today's buyers' market, we as real estate professionals need to be aware of the possibility of frivolous loan pre-approvals. I have been in that circumstance where my seller and myself are very excited about the incoming purchase offer and open escrow right … (7 comments)
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real estate loan: Attention Texas Realtors: Tarrant County Aids First-Time Home Buyers with Mortgages - 07/10/07 09:34 PM
If you haven't seen or heard this yet, it is a new program in Tarrant County, Texas.
First-time home buyers throughout Tarrant County can tap into a $15 million home mortgage program starting Thursday that helps cover down payments and closing costs.
The program is also available to people who have not … (6 comments)
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real estate loan: Attention Realtors: real easy money to lend, for home buyers, unsecured loan, mortgage banker, mortgage loan, refinance mortgage loan, home owners, for sale by owners, NY, Money to lend, Mortgage, loan, real estate loan, mortgage loan, real estate loan - 03/24/07 08:32 AM
Money to Lend unsecured and secured
Money Available to anyone in NY, NJ, FL and CT
Attention Realtors great source of income while you are waiting for closings. Also great for your clients who need money for renovations, before they sell or after they buy. 1 page application and money is mailed to them … (0 comments)
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