home loans: Fix The Market - Post Three!
- 12/13/11 02:29 PM
A customer called me. I've made several loans for him over the years. He's been a fairly successful guy over the years, but like many, he's fallen on hard times. He currently doesn't own a home, having short sold a few years ago after nearly suffering a divorce. He's been a small sub-contractor who used to employ a crew of 20 to 30 employees. With the slump in the economy, his income was reduced by more than 70% from normal, even farther when you consider where he was at the peaks of the economy. He's struggling with debt left over from a lifestyle developed at … (2 comments)
home loans: Is The National Association of Realtors Hurting The Housing Market?
- 10/15/11 08:29 AM
Yesterday, a fairly sophisticated home buyer called me about a pre-approval. He and his wife own a home, and a vacation home. This is a successful business couple who are doing well in the residential construction market despite the current economy. He indicated that they wanted to buy a new primary residence. His question to me was "We can get together about 10% down. Can we even buy a new home with less than 20% down?" It's no wonder they are confused. Every other article where leadership of the National Association of Realtors is quoted, every press release they issue usually … (5 comments)
home loans: What Every Mortgage Shopper HAS To Know, Now That The Fed Has Changed Mortgages!
- 04/06/11 11:31 AM
A little advice for folks shopping for a mortgages, the Federal Reserve changed the rules on how loan originators can get paid as of today. Our company has adopted a plan with one rate sheet where all loan officers get paid the same. We felt that this was the most fair to the consumer. Many of our competitors have adopted a multi-tiered approach to compensation. The loan officer can choose their commission rate based on which price the customer pays. So, for example, a loan officer can chose between:
•- A low commission to the loan officer and low cost to … (1 comments)
home loans: Beware the Home Inspection!
- 04/21/10 08:17 AM
What? Home inspections are a good thing aren't they? Of course home inspections are a good thing. Any smart buyer would get one. It only makes sense to make sure you understand the condition of a purchase as big as a home. Why beware? Because, your lender could require a copy. Again, this is not automatically a bad thing. The lender is concerned about the condition of the collateral on your loan. They want your home ownership to be successful, and not end up as one of the many that are being foreclosed on. They also don't want to end up paying … (40 comments)
home loans: Interest Rates - When is the Best Time to Lock?
- 06/12/07 06:01 AM
When it comes to mortgage loans and interst rates, it's never a good idea to gamble. That's why I typically advise my clients to lock in an interest rate at the earliest opportunity. This is just one step of the standardized system we have put in place to ensure the best possible loan experience for each borrower tht we work with. A mortgage loan cannot be closed without a locked-in rate, and there are three main elements to take into condieration: Interest RatePoints or FeesLength of LockLocking in a rate does not obligate the borrower to commit to the loan until the loan … (7 comments)
A customer called me. I've made several loans for him over the years. He's been a fairly successful guy over the years, but like many, he's fallen on hard times. He currently doesn't own a home, having short sold a few years ago after nearly suffering a divorce. He's been a small sub-contractor who used to employ a crew of 20 to 30 employees.
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