mortgage: Property Values Will Increase, Just Wait and See.. - 03/10/09 05:32 PM
Yes, that's right, we are in a cycle. An ever changing cycle. Markets will be down and poverty may be high. This is what can happen in a cycle. It will change. It's Getting Better All The Time!!
Better and Better. We are feeling a big pinch, no doubt. I know that history will tell us that this is also a great time of opportunity. We own our own property. If you still own a home, hang on to it. Do not allow this cycle to consume you. We are a free country. What makes us free? Property...That's right. Private Property. … (3 comments)

mortgage: Dear Diary, My Passion is Mortgages, But I had to Surrender My License... - 01/30/09 05:51 AM
Dear Diary, My passion is Mortgages. Today is Friday and I have never had such a roller coaster week. I am filled with joy and sadness all at the same time. Wednesday I had to Surrender my Mortgage Broker License. I was crying as I put the envelope into the mailbox at the drive-thru post office. I hesitated, even with three cars behind me. It took everything inside of me to let it go...My stomach ached soo bad...
I had to do it. My company has always been just myself as an originator. I applied for my license when I became … (17 comments)

mortgage: 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)

mortgage: Hope for Homeowners from FHA May Get You Out of Foreclosure, But Your Forced to Share the House with the Government. - 10/10/08 05:18 AM
Yes, it appears that this new program may help desperate homeowners to move out of foreclosure, but if you agree to the program, you have to sign a note promising FHA that they will receive 50% of the equity gained in the house. It just doesn't feel right to me.
Sharing equity with the government is taking away our private property ownership rights. Now the government is going to have ownership interest in private property. Does this sound like a free country to you anymore?
The deal is good for lenders and the government, not for the American People. So you … (3 comments)

mortgage: A New Kind Of Mortgage Fraud? - 10/05/08 07:08 AM
On Friday, I am getting final conditions together on a purchase loan file. The credit report was expired on September 10th so the lender wanted an updated one. (I am doing some contract processing on the side for another mortgage company).
I order a new credit report and the fico scores go down 32 points. I review the report and see a Judgment for an installment loan with GMAC for $7100.00. This was not on the original credit report that was pulled in June. The date on the judgment is 12/07. Why wasn't this on the report pulled in June?
Apparently … (6 comments)

mortgage: It's A Great Day to Lock a Super Low Rate! - 09/05/08 03:30 AM
Over the last few days rates have been improving. For a loan amount minimum of $150,000, we can lock you today at 5.750% with 0 points.
Wow! it is a great day to lock!!
Have a great weekend!!
(0 comments)

mortgage: 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)

mortgage: 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)

mortgage: Freddie Mac and Fannie Mae Eliminate Declining Market Reductions to LTV - 05/30/08 04:56 AM
Yesterday was a big day! Freddie Mac jumped on board with Fannie Mae and is also eliminating the Automatic Reduction in Loan To Value (Downpayment requirements for purchases) effective June 1st. If your property was located in a Declining Market prior to June 1st, Lenders were requiring additional down payment of 5% on all programs and products.
So next week, this nonsense ends!! Hooray, it has been difficult to explain to borrowers that they needed additional money for down payment because they are buying a home that is located in a market that is losing value. Foreclosures and long term listings … (6 comments)

mortgage: Attention Seasoned Realtors and Professionals: Please help me with ad content, what works best? - 02/28/08 01:27 AM
I am moving forward with a Grocery Store Marketing program. The ad will run from May to October, it is a 2ft x 2ft size ad that will be above a very large bulletin type of board. The board will feature a store map, coupons and specials items on sale and other local newsletters, etc. I will have a bin to put take away materials in too.
 This is pretty inexpensive so I thought the exposure of 28,000 families per week was cost effective. I am a mortgage broker in Michigan. It is a declining market and refinance business has been close … (5 comments)

mortgage: Shutting the Door on the American Dream- New FICO Requirements will oust marginal credit buyers - 02/25/08 04:01 AM
     Okay with this economy, especially in Michigan where I am, most people do not have 20% down. If they do they are cash buyers or seniors or move up buyers. Many people with a credit score less than 620 do not have allot of savings. March 3rd is the date that just about all of the Mortgage Insurance Companies have said, "NO MORE LIMITED DOWN PAYMENT PROGRAMS WITH A CREDIT SCORE LESS THAN 620, THEY WILL NOW REQUIRE 20% DOWN-PAYMENT".
      Let's just think about this for a minute. Today, I have a 1st Time Buyer, young guy, recently divorced, with … (3 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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