Joe's Blog

I was just forwarded this article by my financial adviser.  At first I was hesitant to open.  Much of what they send out is canned and just a CYA thing.  However, this link proved to be dramatically different.  It is not only insightful, but (believe it or not) gives a nice basic introduction to ...

I've gotten numerous questions on the sub-prime market.  Is it still there?  Can someone with a 550 credit score still get a loan?When I am asked if someone with sub-prime credit can still get a loan, my answer is YES.  The REAL question is can someone get a loan that is GOOD for them and fits th...

If you ask 5 different mortgage persons what they are, you are likely to get 5 different answers.  However, most will probably be pretty close, just a bit different perspective.  According to investopedia:http://www.investopedia.com/terms/a/alt-a.asp "A classification of mortgages where the risk ...

DISCLAIMER:  I can't take credit for this, but it had no author.  It was forwarded to me by another mortgage broker who got it from their processor.  If someone knows the author, please let me know as I would love to thank them for the laugh and give them credit. Dear Po-dunk Mortgage Broker, Ver...

Will it ever stop?  Just got an e-mail forwarded to me from my branch manager.  CitiMortgage just sent out some announcements.  Nothing too out of the ordinary:Discontinued Programs:Alt-A Non-Agency NINA (No Income, No Assets) NIVA (No Income, Verified Assets)SISA restricted to primary residence ...

You have been hearing it for the past 9 months.  See www.ml-implode.comfor a running tally of which lenders are sunk, which are sinking and which are looking for a tub boat to pull them into shore.  Until recently, this probably hasn't affected you or your borrowers.  However, with the sudden col...

You always read/hear about the things that DO add value to your house - standard stuff - upgraded kitchens, bathrooms, etc.  I found it interesting to read the stories and lists of things that people consider important or more appropriately unimportant when determining value detractors in your ho...

Could not stand by any longer on this topic.  Too many things going on in the market.  While generic questions will always be asked and need to be answered, there are some very dynamic changes happening in today's mortgage market.  One rant that hit the national scene last week was CNBC's Jim Cra...

Wow!  That is about all I can say about the recent happenings in our industry.  Just a few short years ago, if you had a pulse and could get a contract on a property - you could get a loan.One of my favorite sites to watch the imploding mortgage market is the following:http://www.ml-implode.comFo...

What is "good" credit?Good credit is somewhat relative and not as easy to pin down as one may assume. The following are some rules of thumb you can use when analyzing your credit.  Obviously score is one important aspect of good credit.  Score wise anything above a 720 is EXCELLENT.  720-680 is G...