mortgage payments: Mortgage Application During COVID-19: The Need for Information and Documentation is Amplified
- 08/10/20 12:33 PM
Mortgage Application During COVID-19:The Need for Information and Documentation is Amplified The weekend is often our family's opportunity to tackle errands. That was true again this weekend. My wife had to stop at a store to pick up just one item. The task was supposed to be a short one, so I opted to wait it out in the car. I found a bit of shade, parked the car, and rolled down the window. The car parked next to mine also had their windows rolled down. There was a man and woman inside. The woman was on her cell conversing with someone fairly loudly. At first, her conversation … (18 comments)
No one knowingly buys a home envisioning that financial hardships lie ahead ...
Yet hardships and challenges come even when planning and preparations have been made.
Those are the circumstances that many American homeowners now find themselves in. The COVID-19 virus has delivered them to their home's door. If you are one of those Americans that have been negatively impacted financially, either via loss of employment/work hours, income loss, other financial stresses, or health considerations due to COVID-19 ... you are definitely looking for a dose of good news. And thankfully, there is some to share.
A large percentage of U.S. homeowners … (33 comments)
The Impact of Late or Missed Payments Are You Playing "Catch Up"?
As a kid, you probably used it yourself with friends when you said ... "You go ahead, I'll catch up".
As an adult, it's likely you've said, "I'm playing "catch up" at work" after returning from a long weekend or vacation. Or upon meeting an old friend, asking them to give you a call so you can "catch up" with each other.
So "catch up" is typically seen as a good thing ...
It has a positive connotation. It denotes affirmative action will be taken or wrongs will be righted.
But there is one place where "catch … (31 comments)
mortgage payments: HOW and HOW MUCH Late Mortgage Payments Can Hurt You
- 02/20/18 11:43 AM
HOW and HOW MUCH Late Mortgage Payments Can Hurt You From client info, applications, communications, mortgage industry news, marketing ideas, to social media and more, it seems like I'm reading all the time these days. The gathering (and sharing) of info is vitally important for an LO. But as many have found ... and is being energetically discussed currently ... the info found on social media can be a mixed blessing. An unbelievable wealth of valuable info is out there, but then there's a whole lot of ... well, let's just call it "unreliable and erroneous" info too. When that unreliable incorrect info is financial, credit, or … (29 comments)
mortgage payments: Mortgage Change With Real Impact: FHA to Loosen Standard Regarding Student Loans
- 04/25/16 05:40 AM
Mortgage Change With Real Impact:FHA to Loosen Standard Regarding Student Loans In recent months, it appears that mortgage lending practices are trending in favor of Borrowers ... This is great news after years of restrictive guidelines implemented as a result of the mortgage crisis and real estate downturn. Some examples of this trend to more favorable borrowing practices are: Fannie Mae re-invents their 3% Down financing program, known as HomeReady, that showcases more options that help Borrowers obtain financing for their Personal Residence Private Mortgage Insurance on Conventional Loans has become less costly to Borrowers putting less than 20% down payment on their home … (6 comments)
Inside Mortgage Finance News reported on October 28, 2014 ... "Total mortgage-related complaints filed by borrowers with the Consumer Financial Protection Bureau fell again in the third quarter of 2014 – the fifth drop in the last six quarters, according to figures compiled by Inside the CFPB. Data contained in the CFPB’s consumer complaint database show that such consumer gripes fell 17.6 percent in the third quarter of the year, and are now down 23.6 percent from the same period in 2013." It's also been documented … (13 comments)
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 payments: Making Mountains Out of Molehills ... Part 2
- 01/06/11 03:21 PM
In Part 1 of this post ... "Making Mountains Our of Molehills, Part 1" ... I talked about the upcoming "tax cut" benefits that many Americans will begin to see on their paychecks during '2011'. A tax cut calculator was provided within the post so the approximate amount of the new "cut" could be figured easily. Now I want to tackle the idea of just how to benefit the most from the extra monies you'll realize ... To see how applying your newly-realized paycheck increase could effect paying down your credit card balances, go to the handy Credit Card Calculator installed for your benefit on my website: … (6 comments)
mortgage payments: Making Mountains Out of Molehills ... Part 1
- 01/06/11 03:15 PM
As a Mortgage Banker at Chicago Bancorp, I obviously have a chance to view many credit reports and are a part of many financial and credit-related conversations. Add the fact that I'm also an IL Certified Financial Planner ... and the number of financial-related conversations I have becomes pretty staggering. Needless to say, I have an opportunity to see first-hand just how decisions regarding the act of saving or paying bills, both small and large, impact the financial and credit standings of my clients. Because of the recent tax cut/decisions made by Congress, what many Americans will reap on their paychecks will change in 2011. Now , … (12 comments)
Cash in Refinance. Nothin' New. Nothin' Revolutionary. By Gene Mundt, Professional Mortgage Banker - Chicago Bancorp
The concept of bringing "Cash In" to Closings of a Refinance is nothing new or revolutionary ... but it HAS become more common these days. Why? Home Values have declined in most U.S. housing market regions. Yields on stocks, bonds, and other investments are dwindling ... and Mortgage Rates are hovering at, or under 5%. (This last statement should be making those Americans looking to Buy a Home or Refinance salivate). If any … (14 comments)
Mortgage Application During COVID-19:The Need for Information and Documentation is Amplified The weekend is often our family's opportunity to tackle errands. That was true again this weekend.
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