Joe Petrowsky's Blog

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Mortgage and Lending - Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - NMLS # 6869



  “Mortgage Loan Application Fraud”   I do business with a large number of lenders. Many of the account reps stop by my office on a regular basis. They constantly tell me stories of loans that are being done, that they end up having to buy back because of some kind of fraud that was incorporated ...
  “Millions of Underwater Mortgages, Not Refinanceable”   In spite of HAMP and HARP, many mortgages owned by Fannie Mae and Freddie Mac cannot get approved for refinancing for one reason or another. Many are paying 6 to 7% interest.   There are also mortgages that were not purchased by Fannie/Fre...
  “What Effect the New QM Rules Could Have on Mortgages in the Future?”   I keep reading that the new QM rules will have very little effect on future home buyers. In the article below it is suggested that 90% of buyers won’t be effected by a 43% debt ratio.   So let me demonstrate some real numbe...
A Home Inspection Before You Get Ready to Sell                                                                                  I read so many articles about what to do or how to prepare a home before getting it on the market. Most folks do a pretty good job, but many are surprised when a home in...
  “Mold, Can be a Dirty Word in Real Estate Transaction, but Not for Me”      I have purchased many homes over the years, that have a mold problem. Most walk away, but I have never understood why? Mold is a fixable problem, the most important factor, is find the source, correct the source and the...
  “Will Subprime Mortgage Ever Come Back?”   Subprime mortgages are a function of demand and higher interest rates. If subprime loans are based on rates between 150 to 650 basis points above the prime rate, well at the current prime rate, we won’t see these loans. Here is the question, do you see...
“Higher Flood Insurance Premiums” Besides additional costs for flood insurance going up, the FEMA maps have greatly expanded the area that are consider in a flood plain. On the mortgage side of a real estate transaction, we are constantly running into these surprises. We were recently doing a mor...
“Endorsing Fran Rokicki, A Fellow AR Member”   Fran Rokicki of Bolton, Ct, has been a Realtor for 26 years. Can you imagine 26 years of experience. I know a number of Realtors that are in their mid 20’s, never mind being In the business for 26 years.   You can’t possibly put a value on that many ...
“House Flipping is Easy, Not so Much”   I love listening to experienced house flippers talk about their war stories. When I first started flipping houses, many years ago, there were no, how too courses. So, for me it was self-taught which is the way many got started. We all learn more from the fa...
“The Flu is What We Can Do to Protect Ourselves” You can’t turn on a radio or TV or read a newspaper or online and not hear  or see something about how bad this flu season is. For the first time ever, I got a flu shot. I have been looking around for things that can be done to cut down the chances...

Joe Petrowsky

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