I know some loan officers will debate that conventional mortgages can be better than FHA mortgages, but I always thought that real numbers always outweighed opinion. Aren't real facts correct over opinion? As long as these figures are accurate, right? Yes, conventional mortgages are better if you have a credit score over 679 and if you have 15% down or more or 85% or less equity in your property. And we can get into more details, in regards to declining markets, monthly mortgage insurance, etc, etc. But let me just show you the basics and you can be … (17 comments)
FHA mortgages, in my opinion, are still one of the best mortgage options out there, as long as your credit score is above 500 and that you can prove your income. This is a continued series showing you that in many cases, FHA mortgages might be your best solution when purchasing or refinancing your mortgage. Many lenders are still not FHA approved, which means that they might not have your best interest at hand, even though they are giving you their best mortgage program. But is it the best mortgage program for you? As explained in previous blogs of … (14 comments)
The mortgage industry is changing right in front of us, basically on a monthly basis now. Which is why you need the advice of a mortgage professional and not an order taker. The word conventional mortgage doesn't mean that great rate or wholesome loan, that it did just several months ago. Don't be fooled by your typical loan officer or lender telling you otherwise. In many cases, your rate could be much higher on a conventional mortgage than on a FHA mortgage. To get a better understanding why this might be possible, please read FHA mortgages are better … (16 comments)
The world is crashing all around us and were can we turn for help. No, that is not a picture of hell shooting arrows. But things are getting worse in the mortgage industry. Brian Brady wrote, Time Is Running Out For Some Borrowers. Brian talks about some of the major changes in regards to conventional mortgages. But before you could sneeze, many of the major lenders have made these changes already. Rey Gallegos talks about the exact changes, I blame you for the mess we are in..., and how it will affect even borrowers with good credit. There was a time … (59 comments)
Who makes up these rumors? Subprime borrowers were taken to the bank because you can make more money on them and because it's easier. Folks, the same amount of money can be made on a FHA borrower or a conventional borrower, just as a subprime borrower. FHA loans just sometimes take more elbow grease and knowledge to help the borrower out. Many lenders were either lazy or weren't FHA approved. And now to say that FHA is back, when it never left, is ridiculous. As the subprime meltdown started making headlines, we saw a lot of finger pointing. Ron Withers mentions … (16 comments)
subprime: FHA mortgages -- What's all the hype?
- 08/30/07 01:38 AM
FHA, FHA, FHA....... why are more companies doing FHA now than they did in the last 5 years? In my opinion, this is a good thing, yet a scary thing. Why do I say this? So many lenders and loan officers are now jumping on the band wagon because other financing alternatives are not there anymore.
Peter G. Miller, a columnist for Reality Times mentions that the last two weeks of July showed an increase of 49.1 percent in FHA mortgage loans. He also states that applications for purchases were up 6 percent while refinances grew by 82.6 percent. Wow, why are … (18 comments)
This seems to be a growing problem within the mortgage industry. Mortgage closings that don't close on time. What kills me are the excuses that lenders use when giving the bad news, usually last minute. Key disclaimer, yes, things do happen that are not of anyones control at times. But what is the percentage between these that are delayed by the inevitable and those because the lender fumbled the deal. Inside information : For those that don't know the mortgage process, I will give you an outline below soon. But here is some startling information. Most lenders need at least 48 hours … (28 comments)
subprime: The Explanation of Mortgages : From the beginning of time......
- 08/07/07 02:08 AM
I want to share with you on how mortgages work, how they are sold on the secondary market, and the reason why some of these companies are closing their doors. We have seen some major changes in the lending industry, more so than ever before. What we need to do is to stay positive, focused, and move forward. But at the same time, explain to the consumer what is happening in the market today, educating everyone on the ins and outs of what a mortgage is and how it works. Just a few days ago, Kurt Jackson gave us some insight on … (21 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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