credit: It's Called "Wag The Dog" My Friend - 11/18/08 02:05 PM
Yep, Whos Waggin the Dog? The PMI companies are. This week is a definitive moment in our, so called, Affordable Lending Stratosphere. All of these programs under the titles of "Emerging Markets, Gold, Flex, Affordable, blah, blah, blah"......Gone.. The Private Mortgage Insurance companies are changing the rules of the game drastically.
If you are in a Declining Market, your client must have a 720 minimum fico score to be the lucky contributor of 10% down payment of their own funds. That's right, their own funds. The days of gift money are over. Sure they can be gifted any amount beyond the … (6 comments)

credit: How Long Have You Been In the Business? - 10/10/08 01:15 PM
A common question. I recently met some new realtors and was asked this question. My answer, since 1991 when I started working for Great Western Financial. At that time, a huge S & L on the West Coast. I was put through rigorous training in processing, underwriting and operations. I am grateful for that foundation of training and mentoring experience that I was put through.
That company is out of business and largely became Washington Mutual today and may be out, as we speak, now. Bottom line, it was not enough for the realtor that I met. She said, "Oh, that's … (2 comments)

credit: It's a Buyers Market, What Can Sellers Do To Be Unique With Financing - 09/04/08 12:28 PM
I have been busy tonight researching down payment assistance. Other than the standard 3% or 6% contributions, I am considering Seller Financing. We used to be able to have Sellers carry back Second Mortgages. Fannie and Freddie frown on this, unless it is a Community Second.
Community Seconds are provided by churches, non-profits, and employers. The non-profits are apparently becoming restricted and/or cancelled in October. The employer assisted programs are interesting, I need to do more research.
What I have been looking for is whether Seller Seconds are allowed with any lenders out there. This product really needs to make a comeback! … (1 comments)

credit: Just so You Know, My GROCERY STORE Marketing was a real FLOP - 09/01/08 02:24 PM
About 6 months ago I gave a shout out to AR friends and their thoughts on Grocery Store advertising. Many said not to do it and some said go for it. I did a big banner ad in the entrance to Kroger ( a local grocer here in MI). The cost was $750, and I figured the exposure couldn't hurt.
Unfortunately, no leads at all. I am surprised. It runs until October, but my faith has definetly wained. So I don't really advise this as a marketing tool with benefits, only cost. Maybe my ad wasn't catchy enough, who knows. Major … (22 comments)

credit: The Only Credit Repair Company That is Free - 08/28/08 12:25 PM
Yes that is right, Free!! I have been bombarded by credit repair companies lately. They will give you referral fees, promise to improve credit scores and even remove foreclosures and bankruptcies. Let me say first, this isn't my first blog on the subject and may not be the last.
Yes it is an opportunistic theme these days. Look around, credit guidelines are tightening, tiered pricing based on credit scores went into effect June 1st with Fannie and Freddie. There is a huge market of people who need these services, no doubt. I don't want to block the road to opportunity, I … (1 comments)

credit: Credit restoration and Repair - What is up with all of these companies? - 04/29/08 04:33 AM
Credit Restoration and/or Repair What is up with these credit repair services anyways? I have been wondering this for about 1 year now. I see the ads, both on tv and in print ads, everywhere! What is it that they are doing? Honestly, it is what you or I can do for ourselves. If you don't know where to start, ask me. I will tell you exactly what your first steps will be. This happens to be a re-accurring conversation that I have with people all of the time. What you really need to do is subscribe to more credit to … (0 comments)

 

Julie Hite

West Bloomfield, MI

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Guaranteed Home Mortgage Company, Inc.

Office: (248) 539-5937

Fax: (248) 539-5938



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