home loan: 5 Credit Myths That May Bite You In The Butt - 02/19/16 04:28 AM
There are many myths and misconceptions about credit, which, unfortunately, too many of my prospective borrowers looking to by a home in the Montrose, Colorado area learn about the hard way--at the time they apply for a loan.  Below are 5 of the most common myths I see.
Myth No. 1.  Having no debts or credit cards makes me creditworthy.  
This is certainly one of the most prevalent.  I see it often with borrowers who went through a financial crises, such as bankruptcy or foreclosure, or who deal in cash because of their cultural upbringing.  The problem with this when you need a … (3 comments)

home loan: Rate Shopping? What You See May Not Be What You Get. - 11/01/14 06:41 AM
Have you ever received an interest rate quote or seen a published rate on the Internet only to find out later that you’re not offered the same rate when you go through the loan application process? That’s because there are many variables in determining rates for individual buyers and the rate you’re offered depends on your own situation.
Usually when you see a published rate quote, it is the rate offered to the most highly qualified borrowers for a particular type of loan for a particular type of property, often referred to as a "best execution" rate.  Those rates are typically … (1 comments)

home loan: Analyzing Income for Stability and Predictability - 11/01/14 06:28 AM
What a borrower actually earns and what will be used to qualify him or her for a particular loan are not necessarily the same. This is because in addition to calculating how much, the borrower's income must be deemed to be predictable and stable.
The W-2 Wage Earner. The easy case is the W-2 wage earner who receives a consistent base pay, e.g., a monthly or annual salary or an hourly rate based on 40 hours per week, 52 weeks per year.  Pay stubs for the last 30 days showing year-to-date earnings are generally the only documentation required, in addition to … (1 comments)

home loan: Reflections of a Newbie Lender - 01/04/14 01:14 AM
The start of the New Year is a new beginning for me in many ways, but particularly, since I recently launched a new career, from real estate broker to mortgage loan originator.  I thought I would share a few of the insights I’ve gained during the first two months in the mortgage business.
1.  They didn't teach me this in class! There is SO much more to loan originating than meets the eye or that one ever learns during the licensing class.  I guess that can be said of most professions, but when you start out thinking you already know quite a … (1 comments)