Anyone in the news media, please read this. No matter if you are TV., radio, newspaper, please listen up and forget about what sells !!!!! My problem? News that is misleading or not the truth. News from sources that aren't that reliable. Stop picking Joe Wannabe who sounds like a professional in the mortgage industry or the real estate industry. Stop interviewing people that really have no clue or who are one-sided.
What ever happened to common sense? Or is your job all about just selling news that sells. Okay, don't answer that question, we know the … (86 comments)
So, you have been told that you qualify for a home. You are so excited, just thinking about this daily. You finally will own your own home with a piece of property. To be a proud homeowner. You have been told by many to just ask for a 30 year fixed rate. Maybe you don't have much money to work with. Maybe you have 30% to put down on the property. You actually know that this is a starter home and that you will probably only be in the house for 4 to 5 years, because you would also … (9 comments)
mortgages: Renting vs Buying -- Showing the difference in $$ -- Part 2 of 3
- 10/26/08 06:57 AM
FYI -- There is still money to lend. Stop listening to the media and to some lenders. Yes, it's tough to get a conventional loan if your credit scores are below 700 and putting 10% or less down. But getting a FHA Loan is not as hard as percieved. FHA loans might be the way to go.
Okay, so I gave you some pros and cons of buying a house in Part 1. You seem to be feeling good and confident. That's great...... Tip : Keep your focus and don't be talking to too many people … (6 comments)
mortgages: FHA cash-out loans - Beware of a possible change!!!!
- 10/24/08 02:35 AM
There has been talk that FHA is going to reduce their cash-out LTV. At this moment, there are 2 different types of maximum cash-out's. 95% & 85%..... There are different quidelines for each cash-out mentioned above. FHA Loans cash-out LTV's. (the two current types)
From speaking to a few people, it looks like FHA will go back to the 85% LTV for cash-outs. The main reason behind this is because the 95% cash outs aren't performing as well as they would like. It's a shame, because I think this is a great FHA loan program. I have closed … (24 comments)
Are you throwing money out the window by renting? More than likely, yes. But this can be a complicated decision based on several different factors. Sure, you can try the many rent vs buy calculators online, but I have found so many not to be the same as the first one.
When should you not buy a home? If your rent is very low. (usually 2/3 or less of your monthly payment) You intend to move in a few years. (unless you get into the house with no money out of pocket) Is this statement, "throwing … (12 comments)
CUSTOMER SERVICE ..... Do you remember what it meant? When it existed? It's one thing to be unhappy about a specific service, but what about when you have been lied to or misled? We as Americans don't seem to complain as often as we should. There are several reasons why we wouldn't complain, no matter how severe the issue. We just want satisfaction now.... the me me me theory. It takes time to complain and sometimes to complain correctly - we are a fast paced society and we just don't want to take the time. We have pride and … (51 comments)
mortgages: FHA Loans - FHA Mortgages are not a bad mortgage !!!!!
- 10/17/08 07:05 AM
We have been in a doom and gloom housing market for the last 6 months to a year. Largely due to the part of the media and uneducated loan officers and realtors. Let me tell you something, there is still plenty of mortgage money to lend. The problem is that you have some lenders that don't know anything other than conventional mortgages. Or they aren't FHA approved to do FHA Loans. And not to knock realtors, but there are many realtors that have been in this business for 20 years or so, that keep relating to FHA mortgages of the … (50 comments)
mortgages: You won't take my money, but you want to foreclose on me???
- 10/15/08 06:28 AM
It has gotten really ugly out there in the last 12 months. What happened to common sense? What happened to if someone got behind on their mortgage payments, but later on they brought me half the money? I am sure if you had owed $10,000 to a bookie that they would call you constantly and threaten you per se. But if you said I can give you $5,000 now and $1,000 a week for the next 5 weeks, that they might be okay with that. Overall, I know banks aren't in it to keep tabs on who owes them what. … (19 comments)
mortgages: Mortgage Interest Rates - 10/14/08 - Be carful on advice given!!!!
- 10/14/08 05:35 AM
Interest Rates - Mortgage Interest Rates - CAUTION !!!! ...... Anyone putting mortgage rate reports up, usually obtain their information from the 3 major leading services that pass this information out for a price. Most of your loan officers can't predict rates, let alone, many of these companies are just taking a stab at it. If you see blogs or articles titled below, they are usually copied from a service : Mortgage Rate Update Daily Mortgage Rate Advisory Interest Rate Lock Recommendation Mortgage Rates Report
In my honest opinion of 16 years in the mortgage industry, 99% of … (10 comments)
mortgages: Good Faith Estimates -- Knowing the basics - A must read !!!
- 10/12/08 04:36 PM
Good Faith Estimates -- Such an extremely vital part when shopping for a mortgage. Yes, rate is some what important, but seems to be the primary focus so many times. Not to sound rude or out of character, but a monkey can quote a rate. And I am dead serious about this. For any of you in the process of buying a home or refinancing your current mortgage, this is a must read. I have been in the mortgage industry for over 16 years and this subject has to be my biggest pet peeve out there. I have written about … (67 comments)
Lenders still have money to lend. WARNING... WARNING.... buyers can still buy with little money out of pocket, all thanks to FHA mortgages. There has been a lot of doom and gloom out there in recent months. It's not even the media that is spreading the negative news. Realtors, loan officers, and even many of the consumers are telling others that there is no money to be lent. If not, many are asking questions if there is any money to lend. With all the news … (9 comments)
mortgages: FHA HOPE for Homeowners Program - aka the H4H Program
- 10/09/08 02:41 AM
FHA Hope for Homeowners has finally arrived. The Housing and Economic Recovery Act of 2008 amended the National Housing Act to authorize a new temporary FHA mortgage insurance program called HOPE for Homeowners. This is also know as the H4H program. This program, even though introduced on HUD's web site over a month ago, takes effect October 1st, 2008. This is all included in Mortgagee Letter 2008-29. It's very detailed, with 13 pages of details and guidelines which I am about to explain the important basics.
Eligibility is always important and determining this has many facets to the … (33 comments)
mortgages: Market Report Update - Feds cut RATES !!!!! Do you know which rates though?
- 10/08/08 05:59 AM
WARNING.... WARNING...... WARNING..... This is not to say that mortgage interest rates have dropped today. Sometimes in the past, mortgage interest rates did become lower in weeks after the Fed dropped the fed rate. There have been times when rates went up. There are many variables for these two factors to take place. Sometimes rates were lowered previously to the Fed lowering the discount rates because Wall Street had a good idea that the Feds would lower the Fed Rate. But then there is the discount rate which is for short term lending. The interest rates for mortgages are when it comes … (12 comments)
In obtaining a FHA loan might be a tad more challenging now, more than ever. Now with a slightly larger downpayment and the possibility of downpayment assistance programs being delayed or not coming back, the average consumer will just need to be a little more patient. Hence the reason why they will need the services of a mortgage professional more than ever, and just not an order taker. So, what has changed and will take place next year? FHA Mortgagee Letter 2008-23 - The fact that you will need 3.5% of your own money as a downpayment. 100% of … (16 comments)
FHA loans will no longer have mortgage insurance premiums based on a combination of loan-to-value ratios and credit scores. This actually starts today, October 1, 2008, and rescinds Mortgagee Letter 2008-16. This is for all FHA mortgages that have FHA case number assignments as of today. So, what does this mean? Well, we won't have a chart of like 18 different options, which was tedious at times, depending on the borrowers credit scores. It's now pretty simple and basic. Overall, this is in effect through September 30th, 2009. It will be revisted prior to that to decide whether changes … (13 comments)
mortgages: Stop pointing the finger !!!!! We screwed up !!!!
- 09/29/08 03:23 PM
The Constitution of the United States of America "We the people of the United States, in order to form a more perfect union, establish justice, insure domestic tranquility, provide for the common defense, promote the general welfare, and secure the blessings of liberty to ourselves and our posterity, do ordain and establish this Constitution for the United States of America." The source of this preamble was found here : http://www.law.cornell.edu/constitution/constitution.preamble.html
Politics at its best... right? I really don't like to talk about politics and religion. But I needed to voice my opinion because there … (16 comments)
Are you ready for some more changes in the mortgage industry? Many of us know that there has been a lot of change, both with FHA loans and conventional loans. And the changes that I am about to mention have already been out there for about a month now, but this is more of a refresher post of information. These are changes that will start to take place next week and up until January 1st, 2009. Is change good? Yes and no..... The first major change as of right now is that down payment assistance programs will be discontinued … (20 comments)
...... my rate is locked, but rates came down. ....... my rate is locked, but rates came down who? ........ But rates came down, so I want the lowest rate now. With the volatile market and rates dropping by more than 1/4% to 1/2% in the last 10 days, people want the lowest rates. And this is even after they locked into their rate 15 days ago. What makes it difficult in today's market is that this is not always easily achieved. Why? Because the point of locking in is to be safe. Also, brokers in … (23 comments)
mortgages: A Financial Meltdown on Wall Street - Will it affect you & real estate?
- 09/15/08 05:50 PM
Can it be any worse out there? If you haven't heard, as the credit crisis continues, there are tens of thousands of jobs being lost just on Wall Street alone. And with a few mergers in the near future, there will be more jobs lost. Is consumer confidence down? You betcha !! The Dow Jones is down over 500 points just today, the most since 9/11 in 2001. This is because of fear of a deepening of a year long credit rout caused by hundreds of billions of dollars from write downs and losses worldwide. Mortgage rates are dropping like crazy, which is … (70 comments)
mortgages: Give me the best deal & I want the best service !!!!
- 09/13/08 03:57 AM
Are you a savvy shopper? Are you an educated shopper? How about sloppy? Cheap? Risky? Are you one that shops yourself right out of the market? Are you one that jumps at any deal just because it says sale? Or when someone advertises "guarantee lowest rates" or "no fees"? I have no problem with consumers looking for deals. Not at all, because I am one of them. I love bargains and steals. But how do you know when you have a deal that you have stolen at cost? What can it cost you short term or long term if it isn't such … (32 comments)
I just want to educate people about mortgages and the process.
In regards to lending, I am very creative, intuitive, honest, and one who communicates information, may it be good or bad. I am a loan officer that looks out for your best interest.
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