Lending and everything Midwest - Larry's blog

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Mortgage and Lending - Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - NMLS ID# 158606
Designed as an open forum that just allows people to talk about anything pertinent. Not politically correct...just facts, fun, advice, expertise and opinions expressed here.



It's pouring rain right now in the not so sunny Saint Charles today.  I have received 2 new contracts in the last 24 hours and I have about 5 other buyers heading out to look at properties this weekend.  It's a great time to be a first time home-buyer.  FHA is allowing more people to buy than eve...
FHA has just announced their BACK TO WORK PROGRAM.  If you lost your job and got bad credit as a result of the job loss, you could get back in the game with their new Back To Work Program.  The program has a few requirements. The credit dings need to be because of a documentable job loss.  This i...
  I think that this is THE SINGLE MOST IMPORTANT TIP to going from good to great.  And Most People NEVER Do It! If you want to truly go from good to great you need to schedule "On Time."  Todd Duncan is a fan of On Time, but I have rarely done it.  You see, we're so busy working in our business t...
There are a few common mistakes that I see borrower do all too often.  I see it time and time again.  Don't make the mistake that a lot of buyers make. DON'T BUY A CAR BEFORE GOING HOME SHOPPING  I can't tell you how many times that I see a new applicant come to me to buy a home.  They say "we're...
Veteran's Loans - V.A. Loans are one awesome benefit to our Service Veteran's. Democrats, Republicans, Tea Partiers......strong in opinion and not a lot of love between them all.  They don't agree on much, but most support the men and women who served our country.  You might support the war, be o...
I was gone.....adios!  Sayonara!  Out of here! 3 Weeks to create a bad habit. My internet was down for two months at home and so I was gone from Active Rain.  Even when it came back up, I was sooooooo gone! 1 year later I made a pledge to get back in the game.  Since returning three weeks ago.......
DO NOT TRY THIS AT HOME   Credit is one of THE MOST IMPORTANT ISSUES IN getting a loan today. Time and time again, I'm called by a client who says "I PAY MY BILLS ON TIME, BUT MY PEOPLE SAY MY CREDIT STINKS.... Maybe I'll just pay off my credit cards today..... No, No, No, No Nooooooooooooo!!!!!!...
Yesterday I represented a friend in the purchase of his home.  He was buying the home cash.  We got to closing and went through the document in about 8 minutes.  We sat and waited over one half hour for the seller to show.  In the meantime, the seller's attorney says we have an issue with drainag...
  WHAT THE HECK ARE BASIS POINTS? This is really easy.  When a lender charges one point to the borrower, it can also be called origination.  Even a discount point, the cost, equals one point or the origination.  What is it?  Plain and simple, one point is one percent of the mortgage amount and on...

Larry Bettag

Vice-President of National Production
What to know how to buy if you're a bit credit challenged?
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