broker: Are you really Pre-Approved to buy a home? How to tell.
- 10/03/13 06:53 AM
Minneapolis, MN: Seems like every week I get a new client, who has been working with another lender, and suddenly, their mortgage application was denied very close to closing. A common statement they make is, how can that be, I was Pre-Approved?" THE APPROVAL PROCESS So are you really approved? The answer is yes and no. Under the standard procedure most lenders follow is that the loan officer takes an application. Next the loan officer should pull credit. This should give the lender a good preview of the potential final outcome. Many lenders will give a pre-approval letter at this point, … (1 comments)
broker: CFPB to steal loan officers income. Real Estate Agents income is next
- 05/25/12 12:02 AM
May 23, 2012 – Washington D.C. – Small Business Panel and Small Entity Representatives (SER’s) meet to discuss CFPB’s Proposals Under Consideration The Meeting’s Outcome Flat fees – YES!!!??? Real Estate Brokers – Might be welcome to wage control for you, too!!! CFPB listening – NO!! Industry Has to Act – Yes! The meeting makes it is clear that amending the Dodd Frank Act is the only way to avoid a January 2013 train wreck! The Box Score as of May 23, 2012 – Comrades for Penalizing Brokers (CFPB) - 1; Small Business - 0 SIGN THE PETITION TO AMEND DODD FRANK go to: http://www.change.org/petitions/petition-to-amend-the-dodd-frank-act and sign … (2 comments)
broker: Mortgage Shopping? How to protecting yourself against predatory lenders and mortgage scams
- 10/31/11 05:27 AM
Protecting yourself against predatory lenders, mortgage scams, and Loan officers screw-ups Mortgage rates are amazing. That's great news for veteran loan hunters. But for inexperienced shoppers who don't watch their backs, the mortgage business can still be a scary place to travel. The internet especially has made it easier for sly lenders to mislead and take advantage of naïve consumers using any number of tricks, from quoting bogus rates over the telephone to slipping gratuitous costs into their loans. To avoid these problems -- as well as other trip-ups posed by the confusing mortgage process itself -- consumers have to brush … (1 comments)
broker: Winning or losing in the mortgage interest rate game
- 10/03/11 06:32 AM
Mortgage interest rates -- just like stock prices -- change price daily and you can win big or lose big if you don't know what you are doing. #1 Mortgage Interest Rate and Lender Shopping Tip | MN and WI Mortgage Rates | Quote, Float, or Lock? | St Paul, MN: For the typical home buyer that is "shopping" for a mortgage, or waiting for rates to fall, or just "hasn't gotten around to it", we suggest you almost always lock, and to do it quickly. The sooner you lock your rate, the less chance you have of losing in … (1 comments)
broker: Is your Loan Officer Licensed, or simply registered? There is a BIG difference YOU need to understand
- 09/20/11 02:02 AM
Is your Loan Officer Licensed, or simply registered? There is a BIG difference YOU need to understandRecent changes to the lending industry requires all loan officers to have a tracking number, known as an NMLS number (Nationwide Mortgage Licensing System and Registry). It should be displayed on their business cards, E-Mail, web sites, all correspondence, and most loan documents. The display of the NMLS number may make many believe the Loan Officer is licensed. Sadly, this isn't true, and working with an unlicensed, untrained Loan Officer can cause you many headaches and hassles. Simply put, Loan Officers at Banks, most … (6 comments)
broker: You Are Entitled To A Second Opinion, Even If You Have Already Been Pre-Approved For Your Mortgage!
- 06/06/11 01:06 AM
You Are Entitled To A Second Opinion, Even If You Have Already Been Pre-Approved For Your Mortgage! Imagine you have just went to the Doctor in Minneapolis, or the Mayo Clinic in Rochester, MN and found out that you have to have surgery on your knee and the procedure will be pretty extensive! Most people just won't take the doctors word any more. They seek out another doctor for a second opinion. That's the way it should be with your home loans and mortgage too! If you have already been pre-approved or pre-qualified for a mortgage on your next home, are … (0 comments)
broker: MORTGAGES for the SELF-EMPLOYED and COMMISSIONED INCOME Homebuyer
- 04/15/11 03:38 AM
MORTGAGES FOR THE SELF-EMPLOYED and COMMISSIONED INCOME Homebuyer Self employed individuals often ask … “Why is it so difficult to qualify for mortgage financing?” Minneapolis, MN: Self-employed borrowers, those who work on commission, or those who receive tipped income present one of the most challenging areas of mortgage underwriting. Qualifying self-employed people often requires significant extra time, energy, and patience. A fair and honest pre-qualification requires a special set of Loan Officer skills and expertise. Long gone are the days when any Loan Officer could just give you a low doc, no doc, or stated income loan to a self-employed borrower … (1 comments)
broker: Are you being pressured by your Real Estate Agent to use "their" lender
- 04/13/11 07:27 AM
Are you being pressured by your Realtor to use "their" lender? Minneapolis, MN: When buying a home, unless you have cash, you are going to need financing! As a consumer, you have the right to pick whatever lender you decide is best for you. You will likely also receive all sorts of lender suggestions from those around you, and maybe even high pressure to use specific lenders. My take on the state of the industry and why you are being pressured to use a specific lender follows one of three scenarios: You have a competent real estate agent who is concerned … (1 comments)
Mortgage industry news and insights from a 15+ year industry expert. Mortgage are Real Estate News You Can Use.
Joe is a Certified Minnesota Mortgage Specialist, who provides home mortgage loans not only in the Minneapolis, St Paul area, but all of Minnesota and Wisconsin.
Minneapolis, MN: Seems like every week I get a new client, who has been working with another lender, and suddenly, their mortgage application was denied very close to closing. A common statement they make is, how can that be, I was Pre-Approved?"
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