RECENT BLOG POSTS
If you are building a home that is common for your area, a home where there are many similar homes that have sold in the last year, in the same area, for what it will cost to build your home or more, you can stop reading. On the other hand, if you are building an uncommon type of home, if your lo...
02/06/2019
I just read a nice blog posting about how to deal with an appraisal issue. That is, a low appraisal and the options that the buyer and seller have. I'd like to speak about how to avoid the issue or, at the least, how to set the proper expectations with the buyer and seller.First, understand what ...
07/28/2018
To follow up my posts about the role of the Loan Officer and Underwriter I'd like to offer this post about the role of the appraiser. The appraiser's job is to give a profession option of the value of a property, working within the parameters given to them by lender funding the loan.The process s...
06/24/2018
As a follow up to my blog on the role of the loan officer I'd like to say a few words about the role of an underwriter. First understand that there are two underwriters, the automated one and the human one. All conventional and government loan files are first submitted through a software package ...
05/22/2018
I was inspired to write this blog by a recent question on this site, "What is your role in the loan process". I'm the loan officer, the middleman, plan and simple.On one side of my business I have my clients that need money to buy, build or refinance their home. On the other side are the lenders ...
05/19/2018
https://www.annualcreditreport.com. It's the site Experian, Equifax and TransUnion had to set up so we can all run one totally free credit report per year.If you're working with a buyer that is at all concerned that they might have a credit issue, have them run their own report there. Don't let t...
04/30/2018
With mortgage interest rates on the rise it's becoming very important for every Realtor to understand the potential benefits of assuming the seller's current mortgage.We have all been in a closing when the closing agent pulls out the "Your loan is assumable" disclosure. Do you know what this mean...
04/28/2018
So how do you appraise a home that isn't built yet? This is a question I get quite often when I speak to potential clients about construction loans. The answer is, plans and specs.The appraiser will be given a copy of the legal description for your land, so they will know where you're building. B...
04/13/2018
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So you have your floor plan, you have your builder, you know what city/township you want to live in, all that's left is to find that perfect lot to build on.First, you need to be realistic about what you can afford and what's going to fit your program and down payment. If you are paying cash for ...
04/11/2018
It is so important that you borrow enough money to complete your home. Pretty simple concept, huh? Yet from time to time clients that have already closed on their construction loan call me up and say, "I need more money". Maybe they upgraded an element of their home. Maybe a contractor underestim...
04/10/2018
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Jerry Thomas-Construction Loans

Construction Loans Jumbo/Conventional/FHA/VA
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