Happy Holidays !!!!!! Hence why I decided to do the Mortgage Week in Review this week because I didn't want anyone to have to worry about this over the holidays. Besides, I was looking forward to reading some good mortgage blogs.
The theme of this post is the Real American Dream. Not pipe dreams with loan officers that give the consumer hope and later on, pull the rug out from under them. I am dealing with my second client in 3 weeks that was promised a loan from another lender and nothing happened.
Many of the blogs that I picked are not necessarily about mortgage products, but tips for consumers when shopping for a loan officer/lender, how mortgage rates work and the APR, and just caring about the consumer and making everyone aware of today's economy.
The Beginning Stages of Mortgages & shopping : You need to know how some things work in regards to rates & Apr. Besides understanding this, you need to know who you are dealing with when it comes to financing your home.
Here is some good insight on what makes an interest go up or down. There is so much more to this, but this gives you a basic idea.
More insight on what makes the market swing in certain directions and why rates may increase instead of fall.
Pricing - A Lesson from Picasso by Eleanor Thorne
Wow, such a short post with such a powerful meaning behind it. Why do we so much bait and switching when it comes to rates and fees. Because some loan officers know that the consumer wants the cheapest rate and/or costs. Is it too much to say that a loan officer made too much money? Especially if they were upfront with their rate & fees, their service was superior, and possibly that the loan was actually very difficult and that some lenders juggles the loan and just couldn't come through? And on top of that, the loan officer gave great guidance, good advice, and communicated the good and the bad throughout the process. I guess you get what you usually pay for. Just my .02, but very thought provoking.
The important message within this post is that even though the government tries to make it easier for the consumer to shop for a mortgage by using the APR, it mentions that the APR is not always consistent. Why is this? Because the gov't doesn't clearly define what goes into the APR. Some lenders can manipulate this by leaving some fees out of the formula and still be in compliance.
If nobody is offended....i'm not doing my job by Scott Schang
Scott talks about not only is this a job with a commission check, but that we should hold ourselves accountable in regards to higher standards and having that sincere passion in helping others.
What I like about this post is the input Gil gives in the 1st five paragraphs and the last several paragraphs. I don't necessarily agree with the first 3 or 4 questions the consumer should be asking the loan officer, but I do believe in the fact that the consumer should interview their loan officer some. Just my .02.
I Don't Care about the Monthly Payment! What is the Price of The House! by Mark Horan .... who is a realtor.
I love the message that Mark leaves us in this blog. He states that you need to know what your payment is and what you are comfortable with before you actually start to shop for houses. I can attest to this because within the last 3 months, I have had 4 clients that were approved by other lenders for a certain purchase price. And when I asked them what their payment was to compare to what I had to offer, they had no idea. Their excuse was that the loan officer didn't tell them. People, I am sorry, but that is a poor excuse. How about asking your lender at that moment. Stop being sold on what you can get and make sure you can afford it.
Jason must be beyond his years sometimes. He actually sums up much of what has been stated in several of the blogs mentioned above. He gives you some thoughts to ponder when it comes to buying a home.
The Middle Stages of Mortgages : Within this section, I will share with you different programs and/or updates in regards to mortgage programs.
Philip did a series of the new Fannie Mae/Freddie Mac changes for conventional loans and compared them to FHA. He showed the differences with certain down payments in regards to 3% down, 5% down, and 10% down. Here is shows the comparison between conventional and FHA with 10% down.
Troy talks about the basic costs associated with new construction loans, the terms, and what you would need to make this all happen. Just a FYI, there are two types of construction loans. A 1-time closing and a 2-time closing. Troy also goes over this in a few other posts that he wrote after this one. Check them out.
I not only talk about the fact that if your rate is about to adjust, but that you need to look into this as soon as. One main reason is because of declining values. I also break down a few different types of programs that you could fit into depending on the equity that you have left over. Also, if you already started the process with a lender and it's been over 3 weeks and/or you seem to be getting some sort of runaround, that you might want to seek advice elsewhere and soon.
Here Rich explains on what you need to do in order to get your PMI canceled on conventional loans. He also gives you insight on the requirements for FHA mortgages.
Darren gives you some good advice if you want to become a real estate investor or if you are already one, that you need to stay on top of your game. My advice in todays market, most investments will be for the longer term for now, because of declining values. But then again, there are some areas, specific regions that are even good for short term investments. North Carolina being one of them, because that market for the most part has been stable in their home values over the years.
Greg and his team break down what you need in order to be eligible for a VA refinance. He covers credit issues and appraisals to ensure a quick process in refinancing your VA mortgage.
The Ending Stages of Mortgages : Things to ponder in regards to what took place in 2007 and what 2008 might bring to all involved with real estate. May you be a loan officer, a realtor, the consumer, or anyone else that might have their hands in the real estate transaction.
Ken gives us some great insight about changes from the past and how it somewhat relates to the real estate changes of today. Some good words of wisdom in this blog.
Wendy gives us some good advice why it might be good to buy now. She talks about the declining markets in some areas, but this is not the case everywhere. She also talks about interest rates and new lending guidelines. Overall, she sites that homeownership has returned to long term for the most part.
Even though this is strictly opinionated, Peter makes some good observations. The only thing that I would disagree about is that Peter mentions that interest rates would drop. Hence why I have included Lenn's predictions below.
Lenn brings a different style to her predictions and gives us 10 predictions for the new year in 2008. One thing that I will agree on is for the fact that rates will increase some. In regards to my opinion, lowering the rates won't help solve the problems that we have been dealt with in 2007. And the economy is in a semi-slump. Again, just my opinion.
And I wanted to end with this, because this topic is one of my favorites. Ken speaks about a certain person that is growing his company based on your excitement and emotions. But this topic goes much deeper for me and a few others that I know. I am also speaking about those real estate companies that have one stop shopping if you utilize all of their services to include mortgages, real estate, title insurance, and homeowners insurance. But there are law suits that are starting to happen and I wonder what the outlook will be in 2008 for these one stop shops.
BONUS SECTION : Introducing some new members within Active Rain in regards to loan officers. Some of these people are starting to be small contributors. My prediction? Watch for some of these names in 2008. (all with 20,000 points or less)
Scott Schang 
Gil Kerbashian 
Jesse Geiken 
Peter Thompson 
Troy Schuricht
Eleanor Thorne 
Larry Iest 
Eric Hemmer 
David Mennen 
Roger Herrick
The next 3 members :
1. Jason Sardi . 12/31/07 through 01/06/08
2. Matthew Rosov 01/07/08 through 01/13/08
3. Keith Hoffman . 01/14/08 through 01/20/08
Mortgage blogs by loan officers Here is a list of Loan Officers. If you are not listed, please email Jeff Belonger to be added. This way the person doing the Mortgage Pro week in review can try and find most mortgage related posts in one section. ActiveRain is growing rapidly and it is difficult to keep up.... If you think you have been ignored, you have not. This is open to all!!!
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Tracy
Jeff - Thanks for putting all this great stuff together.