real estate 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)

real estate loans: Mortgage Slang 101 - Mortgage Insurance - 11/28/11 09:24 AM
Mortgage insurance is viewed nearly universally as a bad thing, but in reality, it's a tool to be used that can be very good for home buyers, the housing market and the economy in general.
Why do many complain about mortgage insurance?  Because its expensive, and sometimes difficult to get rid of when it's no longer necessary.  If that's the case, why do I say it can be good for buyers and the economy?  Because it's a tool that allows people to buy a home with less than twenty percent down.
Mortgage insurance insures the lender against the risk of the … (2 comments)

real estate loans: Support Small Business? How About in Your Real Estate Transaction? - 11/26/11 03:54 AM
The Small Business Saturday promotion is a great one that's going on today.  Your local small business is run by your neighbors, family and friends.  They spend their profits and wages in your local economy.  They employ your neighbors, who spend their pay in your local economy.  Oftentimes, they support local charities that help make your community.
Did you know you can support small business in your real estate transaction too?  Choose a local lender instead of one of the big national banks, or that on-line lender that looks so tempting.  In addition to the benefits of using small business above, … (2 comments)

real estate loans: Mortgage Slang 101 - Closing - 10/30/11 05:33 AM
Most people think closing is when they sign their closing documents.  In our state, and in many states, that's not how it works.  Closing is when escrow can make the sellers funds available to them and the ownership rights available to the new buyer. 
Have all the terms of the purchase and sale agreement been met, the escrow instructions met, all contingencies and conditions met, and the deed has been recorded, and are the sellers funds available?  That's closing.
Escrow is a "disinterested third party" who is supposed to gather the buyers money, and the sellers deed, and transfer the one … (3 comments)

real estate loans: Mortgage Slang 101 - My Loan's Gone To Doc's! Oh No! Is It Sick? - 10/22/11 04:28 AM
Your loan hasn't ben sent to the Doctor-to get healthy.  We don't have a secret "loan hospital" for sick loans.  No when we refer to a loan as having gone to "Doc's", we are referring to sending your loan to have the Loan Documents prepared or drawn.
What this means to you as a borrower is, your loan is almost done!  This is the part of the process where a "Closer" or a "Doc Drawer" prepares all the documents that you will sign at the closing table.  The Promissory Note, The Deed of Trust, the page after page of government required disclosures are all … (1 comments)

real estate loans: Why Are Appraisals So Bad? - 03/26/11 02:19 PM
Ok - so....blinding flash of the obvious here....Appraisals are serious problems for real estate transactions right now.  Lawrence Yuen, the Chief Economist from the National Association of Realtors said this week "Home sales are being constrained by the twin problems of unnecessarily tight credit and a measurable level of contract cancellations from some appraisals not supporting prices negotiated between buyers and sellers".
Many of you have experienced first hand the effects of a low real estate appraisal.  Maybe you were denied the ability to refinance to a lower interest rate or worse yet, maybe you had a sale blow up on a … (4 comments)

real estate loans: How To SCREW UP Your Mortgage In Process! - 03/19/11 08:34 AM
So - after years in the business, I thought I'd share with you the most common mistakes borrowers have made that make a good loan go bad!
Here's how to do it:
Quit or change your job right before you apply or while the loan is in process.  Some jobs have probationary periods where they can let you go without reason.  That can be a problem!  If you quit your job before closing and take another one?  Lenders check at closing! Open or Apply for any new credit accounts!  How would we know?  The quality control credit report done at closing! … (3 comments)

Brett Reichel, MLO 210215 (Homebridge Financial Services)

Brett Reichel

MLO 210215

Rancho Cucamonga, CA

More about me…

Homebridge Financial Services

Address: Portland, Gresham, Sandy, SE Portland, Milwaukie, West Linn, Oregon City, Canby, Clackamas, OR, 97015

Office: (503) 496-0405

Mobile: (503) 784-0482



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