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This is the place to view the past and present contests put on by ActiveRain and its members. Everyone can join the
group and help encourage each other. Current contest will be highlighted posts so it's easy for you all to see. Let it
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AR's community takes the time to leave honest and transparent reviews of their experiences
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Whatever it is you're into and wherever you are, AR surely has a group for you to join.
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Each month AR runs numerous contests as a way for our members to engage in activities
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Earn points by partaking in these contest and climb the leaderboard
Do what's good for you and your business by participating
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Ask a Real Estate Question
Here's another avenue for you to build relationships with others. Share your expertise with someone searching for answers.
Play the teacher role and help someone out today
Your Homepage will alert you of new questions in your state
A wonderful way to open a door to a possible new client
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These state pages or hyper-local pages provide content directly related to a specific geographical location.
State, County, City and Neighborhood pages make it easy for consumers to find what they're looking for.
Post your listings, school information, local events, market reports and more
Consumers peruse these pages for information
Farm your niche market and cover all the happenings in your neighborhood
Most real estate agents have experienced the frustration of a loan falling apart at the last minute. Here's the # 1 reason that happens.
When a conventional (non-government) loan is underwritten, it must comply with three sets of underwriting guidelines: Fannie Mae or Freddie Mac guidelines, the individual lender guidelines, and the mortgage insurance company guidelines. When a deal falls apart, it's probably because the loan originator (the person who is selling the loan) didn't check all three sets of guidelines.
Here's an example of how the additional guidelines might affect a loan:
First set of guidelines is Fannie Mae's. Minimum credit score of 620.
Second set of guidelines is the individual lender's. Minimum credit score of 640.
Third set of guidelines is the mortgage insurance company's. Minimum credit score of 680.
The strictest set of guidelines is always the set that matters, so the minimum credit score is 680.
If the person selling the loan only checked the Fannie Mae guidelines (either manually or by using the underwriting software that Fannie Mae provides) and the borrower has a credit score below 680, they may think the loan can get approved and will write you a pre-approval letter. However, the loan needs a 680 credit score and the borrower doesn't have a score that high, so there really is no deal. It falls apart at the last minute when the person selling the loan gets the bad news from the mortgage insurance company. They will probably tell you that the guidelines changed, but that's not true - the loan originator just didn't check them.
With FHA loans, there are two sets of guidelines: FHA's and the individual lender's. The mortgage insurance guidelines are included in the FHA guidelines.
With VA loans, there are also two sets of guidelines: VA's and the individual lender's. There is no mortgage insurance with VA loans.
How do you protect yourself from deals falling apart? It is super easy. Make sure you are using a lender who knows there are three sets of guidelines. The way to tell is to ask them. If they don't know what you're talking about, dump the bum because you might have a bogus pre-approval letter. If you keep using a lender who doesn't know what they're doing, you are the only one to blame for ruining your business.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.