preapproval: NC Realtors Are Your Clients "MORTGAGE READY" - 01/27/11 02:42 PM
We have a new purchase contract in NC and now time is of the essence like never before!
The contract is based on a due diligence period with little to no contingencies.  Basically there is a time period the buyer has (the due diligence period) where he/she can walk no questions asked without losing their earnest money or any due diligence money put down.  If issues come up after the period however - a buyer stands to lose big.
It is for this reason I ask:  ARE YOUR CLIENTS MORTGAGE READY? 
The positive about this contract is there is now a sense of urgency on all parties … (0 comments)

preapproval: Credit Refresh and Communication - 12/07/10 03:55 PM
 
  
You may or may not have heard but a recent change from Fannie and Freddie has put a requirement on lenders to "refresh" credit reports prior to closing loans.  This did not come as a surprise to me as one of the biggest buyback issues lenders were facing was a result of undisclosed debt.  This was usually a result of the borrower applying for credit after their mortgage was approved, i.e. opening credit accounts for furniture, appliances, or even just simply running up their credit cards fixing up their house to sell.  This was a topic I wrote about months ago.  
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Ken Land, NMLS#108157 (Fairway Independent Mortgage)

Ken Land

NMLS#108157

Weddington, NC

More about me…

Fairway Independent Mortgage

Address: 8430 Rea Road, Suite E, Charlotte, NC, 28277

Office: (704) 200-2325

Mobile: (704) 641-8363

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