mortgage lender: All Loan Officers are NOT Created Equal. Great Discrepancies Exist
- 04/17/15 03:42 AM
All Loan Officers are NOT Created Equal Great Discrepancies Exist
A post written by fellow-lender, Joe Petrowsky, inspired me today ...
In Joe's post, he spoke of a client he was able to assist in saving some pretty hefty dollars. How did he do this? He suggested they utilize their VA Loan benefits.
No other lender had made that suggestion up to that point. No other lender had taken the time to do the necessary homework that Joe did. His advice will end-up saving them hundreds of dollars each month.
To me, Joe's story is the perfect example … (19 comments)
|
mortgage lender: Fewer Condominium Associations FHA Eligible
- 10/24/14 01:01 AM
Fewer Condominium Associations FHA Eligible
Recently, an agent that is a referral partner of mine
contacted me regarding a listing of his that was a Condominium. He had received an offer on the listing and the offer called for FHA financing. This agent posed a question to me. It was, "Can this condo development still go FHA and FHA financing?" After doing some research on the property, I gave him my answer. It was bad news ... "No". Unfortunately, the Association's FHA Approval had expired well over 2 years ago.
My answer obviously frustrated this … (57 comments)
|
mortgage lender: How Long is a Mortgage Pre-Approval Good For?
- 04/19/14 02:19 AM
John Meussner, Total Mortgage Services LLC, Costa Mesa, CA consistently offers solid mortgage advice via his blog here on ActiveRain. The post below is yet another great example of that fact.
John Meussner provides great examples and detailed information as to why Pre-Approvals have a "shelf life" and why clients, their agents, and other real estate professionals must take note of any expiration date (and possible fine print) noted on any Pre-Approval provided them.
Enjoy this well-written tutorial on Pre-Approvals ...
Gene
How Long is a Mortgage Pre-Approval Good For?
This is a pretty simple question, but as it is … (10 comments)
|
mortgage lender: AFTER Your Mortgage Closing: Keeping the Lines of Communication Flowing
- 04/15/14 11:42 AM
AFTER Your Mortgage Closing:
Keeping the Lines of Communication Flowing
This post, although specifically aimed at my mortgage clients, contains a message that can pertain to other service provider's customers too ...
The topic? Communication!
Specifically, the lines of communication established during our Mortgage Process and Closing together ... and the great importance of keeping those lines of communication open after your Closing is over.
As your Mortgage Lender, I believe that one of the most important elements of the service I provide you concerns your mortgage and credit "education". The better you're educated and informed … (24 comments)
|
mortgage lender: The Reason I Dislike Online Mortgage Calculators
- 04/09/14 07:16 AM
The Reason I Dislike Online Mortgage Calculators
There are real estate and mortgage financing topics that are written about often ...
For someone outside of the real estate or mortgage industry, it must seem somewhat repetitious (and maybe even somewhat boring) to see a particular topic written about one ... more ... time. Yet I, as a Mortgage Lender, feel strongly that some real estate and mortgage financing topics are that important and bare repeating ... and continuous updating.
But even I will admit, there are those times I just cringe when I see a trendy, or … (63 comments)
|
mortgage lender: Good or Bad Mortgage Process? How to Secure More Positive Results
- 03/11/14 07:25 AM
Good or Bad Mortgage Process? How to Secure More Positive Results
I read an article containing the recent TD Bank Mortgage Service Index. It projected a "good news - bad news" message ...
Some of the good news reported:
82% of those taking part in the index study felt that 2014 is a "very good" or "good" time to buy a home 21% (up from 18% last year) are "extremely/very likely" to "likely" to purchase a home this year For those that had purchased recently, 62% thought their experience was "excellent" or "very good" For those … (16 comments)
|
mortgage lender: I've Applied for a Mortgage: What is Automated Underwriting?
- 02/16/14 06:23 AM
I've Applied for a Mortgage:
What is Automated Underwriting?
If you've read much about Mortgage financing ... or talked to a Mortgage Lender lately, you've probably heard the term "Automated Underwriting" ...
This form of Underwriting, performed electronically by a computer, has become the method by which the majority of banks and lending institutions make a decision regarding the "lendability" of a potential Borrower. It's the analysis of all relevant financial data collected from an Applicant.
First implemented in the late 1990's, Automated Underwriting has now become the preferred method of analyzing Mortgage Applications. The … (31 comments)
|
mortgage lender: When "NO" Doesn't Mean "NO" ... or at Least Not Forever
- 12/19/13 12:19 AM
When "NO" Doesn't Mean "NO" ... or at Least Not Forever Do I have you thoroughly confused with my title? If so, let me explain ... So many of my potential Mortgage Applicants mention thestatistics reported regarding their chances of successfully obtaining financing for a home purchase. Add what's heard regarding today's actual Mortgage process (which is portrayed as pretty bad too) ... and I can find myself in front of some pretty scared people. Especially true, if they're First-Time Home Buyers.
It's hard to deny that the current process for … (26 comments)
|
mortgage lender: After the Closing: What About Mortgage Payments?
- 11/05/13 04:10 AM
After the Closing: What About Mortgage Payments?
I recently wrote a post on Consumer complaints received about the Mortgage Industry. Many of my readers were very surprised to find that the #1 complaint was concerning Mortgage Payments and their servicing.
Because of a number of the comments received on this post, it became very clear to me that there is some confusion about the Mortgage Servicing Process, as it pertains to Mortgage Payments. And maybe I need to clarify some things a bit more on this important portion of Mortgage financing.
So below is … (10 comments)
|
mortgage lender: The Modern Chicagoland Real Estate Transaction & Mortgage Process: A Cast of Thousands
- 09/23/13 03:56 AM
The Modern Chicagoland Real Estate Transaction & Mortgage Process: A Cast of Thousands
Hollywood is known for promoting its epic movies as having "a cast of thousands". "Ben Hur", "The Ten Commandments", "Dances with Wolves", "Cleopatra" ... all are great examples of mega-movies that had large numbers of cast members and extras within them.
Well, Hollywood has nothing on the modern Home Buying transaction and Mortgage Process when it comes to the number of players involved in its "productions". Stop to think of the many people or "cast members" now involved in Real Estate transactions … (25 comments)
|
mortgage lender: Survey Says ... On Average Only 5 Hours of Research Devoted to Mortgage Search
- 07/12/13 01:54 AM
Survey Says ... On Average Only
5 Hours of Research Devoted to Mortgage Search
In 2008, Zillow conducted a survey to find out what time expenditure was given by the average Home Buyer when researching mortgage financing. Zillow had many reasons at the time for wanting this info, but were also interested in making a comparison between the hourly expenditure for mortgage financing and the time allotments given to other types of purchases.
What their survey found was that the average expenditure of time given for mortgage financing research was only 5 hours. Mind boggling, to say … (30 comments)
|
mortgage lender: Is it Worth it? A Reflection on the Current Mortgage Process
- 05/10/13 03:14 AM
Is it Worth it? A Reflection on the Current Mortgage Process
The current mortgage process has a bad reputation ... let's face it. You can't listen to newscasts or read the papers without seeing or hearing stories conveying that perception. Although I understand that today's mortgage process is far more detailed than it was previously (and yes, sometimes even borders on silly), I think in many cases the current mortgage process is getting a bad rap. And bad news makes for good copy and good ratings ...
A recent call from clients of … (27 comments)
|
mortgage lender: The Field of Forbidden Fruit...The Buyers' Risk of Skipping Pre-Qual
- 04/25/13 02:47 AM
I just HAD to re-blog this post of Mona Gersky's (MoonDancer Realty, Sylva, NC) ... it contains such timely, wise advice for today's new home buyers ...
There are so many potential dangers for buyers (and those re-financing too), should they not speak to a Mortgage Lender well in advance of the time of actually needing their financing.
I stress that this timing for contact and Pre-Qualification is especially true for:
First-Time Home Buyers Buyers that have previously suffered through a Short-Sale, Foreclosure, or Bankruptcy Those hoping to buy a Condominium property Those that have not sought … (5 comments)
|
mortgage lender: Once Again an Option for Home Buyers: 3% Down Conventional Financing Program
- 04/15/13 05:27 AM
Once Again an Option for Home Buyers:
3% Down Conventional Financing Program
There's no doubt about it, Financing has been tighter over the last few years. And, that's as it needed to be. But it's my opinion, that we are beginning to see some movement towards "loosening" of the tight standards that have now become the norm.
That impression was backed-up by an article I found today in the New York Times entitled, "Signs of Easier Money for Mortgages". The author of this article speaks of a revival of some types of mortgage … (44 comments)
|
mortgage lender: How to Choose Your "Super" Mortgage Lender
- 02/14/13 05:51 AM
How to Choose Your "Super" Mortgage Lender
One of the questions I see crop-up often on real estate websites such as Zillow and Trulia comes from First-time Home Buyers. It concerns HOW they should go about looking for and choosing the Mortgage Lender for their first home's financing.
Often, in response to these questions, I see others offering up the name of a lender they know for contact. And I suppose if that name crops-up multiple times, that does provide at least a starting point from which a home buyer can work.
… (28 comments)
|
mortgage lender: WHY Home Buying Transactions Must Begin With Home Buyers Getting Pre-Qualified!
- 02/13/13 06:52 AM
WHY Home Buying Transactions Must Begin With Home Buyers Getting Pre-Qualified!
I can write and write all day, but until a potential home buyer truly understands WHY and WHERE their home buying transaction must begin, those words can do little.
Simply put, until a potential home buyer discovers IF they can buy (based upon their verifiable income and credit scores), how do they even know WHERE to start their home search? Or WHAT homes they can (or should) be viewing?
To borrow a couple old … (12 comments)
|
mortgage lender: Your Will County & Chicagoland Mortgage Closing: What You Can Expect
- 02/12/13 05:46 AM
Your Will County & Chicagoland Mortgage Closing: What You Can Expect
You've gone through Mortgage Pre-Approval ... the Mortgage Application itself ... the verifying of employment(s) and savings accounts ... the documentation needed ... and Underwriting. You've complied to every request presented to you. Answered every question. Dotted every "i" ... crossed every "t".
Gulp! Now what?
The Mortgage Closing. The culmination of all your hard work and what you have been planning for over the previous months!
Just how do you determine when your Closing should take place though? Well, first … (11 comments)
|
mortgage lender: For today's Borrowers, it's all about finding a mortgage solution and mortgage package that's a personal and custom fit for their specific goals and needs. Both in the short and long term ...
- 11/13/12 05:22 AM
For today's Borrowers, it's all about finding a mortgage solution
and mortgage package that's a personal and custom fit
for their specific goals and needs. Both in the short and long term ...
Ever hear the sayings ....
The whole is equal to the sum of the parts?
or ... The whole is greater than the sum of the parts?
Both come from a theory of Professor Albert Einstein's. And in them, I believe you … (8 comments)
|
mortgage lender: "Trust, but Verify". How to Search for the Best Mortgage and Real Estate Professionals in Will County, Chicagoland, and Elsewhere
- 08/02/12 02:18 AM
"Trust, but Verify" How to Search for the Best Mortgage and Real Estate Professionals in Will County, Chicagoland, and Elsewhere "Trust, but verify" ....
Yep ... I'm quoting the Russian proverb utilized by President Ronald Reagan during a treaty signing with Mikhail Gorbachev and the Soviet Union in 1987. No ... I'm not going all political on you. If you recall, at this moment in history the relationship between our two countries had vastly improved. Our president was acknowledging that fact and that the U.S. had indeed begun to "trust" the Soviets more than we had in the past. … (14 comments)
|
mortgage lender: Down Payment Requirements, Credit, and Interest Rates. Finding Reliable Info
- 07/12/12 11:43 AM
Down Payment Requirements, Credit, and Interest Rates. Finding Reliable Info ... Today ... I'm frustrated. And maybe just a tad ticked too. Why?? Because I ran across yet another so-called "expert" of our industry providing totally misleading and incorrect information, via a very large media outlet. This time their message was regarding ... down payment requirements, credit, and interest rates. 3 pretty major and important motivators for home buying, wouldn't you agree? 3 things you definitely want the truth about .. … (18 comments)
|
;)
;)
;)
