atlanta home loans: Nontraditional credit, a happy ending - 07/27/11 12:17 PM
Nontraditional credit, a happy ending
I received a call from a young lady who was referred to me by an existing client. She was very excited as she was looking to buy her first house.  She had a neighborhood picked out, small down payment set aside and style of house she would like.
Unfortunately, she was turned down for a mortgage by several MLO’s before she even applied since she pays for everything in cash or check so she had no credit established and none of the bills were in her name. The other MOL’s (the ones that actually spoke to her) … (2 comments)

atlanta home loans: extra, extra read all about it, the truth about the housing market - 07/25/11 03:14 AM
 extra, extra read all about it, the truth about the housing market!!!
John Mulkey wrote a post called What if the housing market has already recovered? that is essentially about the present state of the housing market as being the new normal. I do agree with him to some extent in the the lost equity theory, but rather than being lost forever I believe it will take some time to recover. I am in complete disagreement on this being the "new normal" based on several points:
1. What we are going through now is cyclical and happens approximately every 8-12 years on average and typically lasts 2-5 years. … (3 comments)

atlanta home loans: What is APR in Plain English Please - 07/14/11 09:28 AM
This is one of the best explanations of APR I've seen written and was written by Mark Taylor in Arizona. The only missing piece I see in this post is that APR also calculates the pre-paid interest into the mix, which really does not make a whole lot of sense. Pre-paid interest is the daily interest paid to the lender from the day of closing to the end of the month. In return you get your first month off with no mortgage payment.......well not really because mortgage payments are made in arrears, but that a topic for another discussion.   

What Is … (0 comments)

atlanta home loans: What you need to know about mortgage interest rates! - 07/14/11 07:45 AM
What you need to know about mortgage interest rates!
The mortgage interest rates myth is perpetuated by people (many professionals) that believe the rates are derived from the government's overnight rate or the 10 year Treasury bill. The fact is mortgage interest rates are derived from the mortgage backed securities. The mortgage backed securities are nothing more than bonds secured by mortgages and are traded on the open market much like T-bills.
The T-bills are secured by the federal government which is basically taking a loan from you in exchange for yield (interest rate). In other words, when you buy a … (2 comments)

atlanta home loans: Once upon a time - 07/13/11 11:20 AM
Once upon a time......
Once upon a time in an enchanted land not too far away, there lived many happy Mortgage Loan Officers. They were happy because they worked hard and were able to help many people. One of the ways they were able to help many people was by rebating part or all of their commissions to the borrower for whatever reason they deemed, just like the Realtors. They were also able to charge less if they wanted to because it was up to them to decide just like the Realtors.
But one day, the mean overlords of this once enchanted … (4 comments)

atlanta home loans: Hey look around you…..who’s there??? - 07/09/11 08:44 AM
Hey look around you.....who's there???
Hey look around you....who's there? Is it someone you look up to, admire or aspire to learn from? Is it someone that you know you are better, smarter and more successful than? Who do you hang out with and who do you associate with?
Hanging out and associating yourself with people who are not as successful or as smart as you does wonders for the ego and makes you feel like the big fish in the pond that everyone looks up to. The problem with being a big fish in a small pond is that your … (7 comments)

atlanta home loans: Whose job is it anyway????? - 07/08/11 08:27 AM
Whose job is it anyway?????
There is a lot of discussion about who is responsible for notifying the buyer about the closing costs as seen from Ralph Gorgoglione post The buyers didn't know about closing costs? Whose fault is that: The buyer's agent or the lender? Seems like a relatively simple and harmless question, but it opened a firestorm in the AR community.
To me the answer is very simple; it's my job and my responsibility as the mortgage guy. I am responsible for making sure the buyer understands the parameters of the deal, what their responsibilities will be, what … (4 comments)

atlanta home loans: Alparetta, GA fireworks may be rained out - 07/04/11 11:39 AM
Alparetta, GA fireworks may be rained out
Well it's almost 6:00 PM on the 4th of July and it's thundering and lightening with a good dose of rain so it looks like the fireworks show may be cancelled here in Alpharetta, GA. Seems like a darn shame, but as I sit here pondering I can't help thinking that fireworks shows are what we associate this great holiday with almost to the point of exclusion of the real meaning behind the holiday.  
We plan trips, visit friends, have barbeque parties, watch fireworks and generally do all sorts of fun things without … (13 comments)

atlanta home loans: Free and fun events around Atlanta - 06/29/11 06:36 AM
I've compiled a list of free and fun events around Atlanta throughout the summer for your enjoyment. These events are not limited to the residents of the respective towns but are open to everyone resident and non-resident alike. It's a way for each town to give back to their residents and promote themselves as well so I hope you take advantage of at least some of them. They really are a lot of fun.


atlanta home loans: Newlyweds say “I DO” to FHA Bridal Registry Gift Funds - 06/28/11 09:59 AM

If you are planning to get married anywhere in the US you need to thinks about this program. Rather than getting that toaster oven how about a start at married life in your own home.
Are you planning to get married and buy a home in Colorado, but wonder where your down payment funds will come from?
FHA has a Bridal Registry program where the money you receive as a wedding present can be used towards your down payment. Just like registering at a specialty or department store, the FHA Bridal Registry program allows you to register with a lender. Then your … (2 comments)

atlanta home loans: A tribute to my father - 06/18/11 09:43 AM
A tribute to my father
My father stood only five feet tall, very thin, balding and only had a fourth grade education. Since he grew up very poor in Romania he had to go to work at the age of ten to help support a very large family. He was one of twins that survived childbirth. At the age of 16 he was taken by the Nazis into a forced labor camp with many others. He was a watchmaker by trade but told his captors he was a carpenter since there was no need for watchmakers and those with no "usable" … (10 comments)

atlanta home loans: Your credit score doesn’t mean a whole heck of a lot. - 06/10/11 11:52 AM
Your credit score doesn't mean a whole heck of a lot. heard right. Your credit score doesn't mean bubkus if it's below 660. The score is not just a number; it's a history of how you run your fiscal life. At one point or another, everyone gets into some financial hardships. The true test is how you conducted yourself afterwards.
If your credit score is on the low end of the acceptable spectrum, underwriters want to know why. Was there a death of a wage earner, was there an illness in the family? Was there a catastrophic event beyond … (10 comments)

atlanta home loans: Justice served to the unjust. BoA branch gets foreclosed on - 06/07/11 06:22 AM
Justice served to the unjust. .  
Justice served to the unjust, turnabout is fair play, what goes around comes around...... I can go on forever because I'm having so much fun with it.  Finally there is a little justice in the banking world, as ironic as it may be.   
A couple in Florida bought a home from the evil empire Bank of America, paid cash and never had a mortgage on it. In 2009 they were foreclosed on by the evil empire Bank of America as a result of a paperwork error. They sought legal help, but since they … (0 comments)

atlanta home loans: Two negative don’t equal a positive - 06/06/11 03:45 PM
Two negative don't equal a positive
Two negative don't equal a positive, at least not when it comes to people. Have you ever listened to two people discuss everything that is wrong with the world? No matter what the subject there is always bad stuff associated with it as far as their concerned. It's like watching a giant black hole and every positive element being sucked into it. As the conversation proceeds  you're just waiting for that black cloud to form on top of them, then you realize it's already there and it's about to pour down rain. So you … (5 comments)

atlanta home loans: Stolen dream - 06/03/11 11:46 AM
Stolen dream
I got a call from a prospective client yesterday about financing a home he is purchasing. He was somewhat anxious because he is relocating from Ohio to South Carolina and due to close on the South Carolina purchase on June 17, which is in 2 weeks.  I explained to him that it is going to be tight, but it can be done if he gets me what I need quickly and he was more than agreeable. After further conversation I asked him why the short time frame and had he been working with someone else. His response … (6 comments)

atlanta home loans: Believe it or not! - 06/02/11 03:51 PM
Believe it or not!
What do you believe in? What are you passionate about? Whether it's helping the homeless, finding a cure for cancer, easing the suffering of the less fortunate, helping our county's youth, a political party or just about any number of causes( lord knows there's plenty to choose from) that you identify with, get involved. It's one thing to sit around complaining about this or that, but it's quite another to get off your rump and get involved.
Believe it or not it really doesn't take much. All you have to do is contact an organization to … (0 comments)

atlanta home loans: Did you think I wouldn’t notice??? - 06/01/11 10:34 AM
Did you think I wouldn't notice???
Did you think I wouldn't notice or did you think I just wouldn't care? You copied and pasted an erroneous income on a W-2. You altered the numbers on your pay stubs. You fudged the numbers on your bank accounts. Did you really think I wouldn't notice? Did you really think I was that stupid?
Technology is a wonderful thing but no matter how good it is, it can't fool a seasoned pro. I've seen it all; I've seen the falsified W-2's, the altered pay stubs, the fudged bank statements and I've even seen … (4 comments)

atlanta home loans: How I survived the 31 day challenge - 05/31/11 07:54 AM
How I survived the 31 day challenge
It's the last day of the 31 day challenge and I survived. Well.... not only did I survive it, I learned more about blogging and my capabilities and abilities than I had ever hoped and I thank Christina ONeal  for issuing the challenge and encouraging me to participate. When I first started I was a relative newbie with 3 blogs under my belt and I thought there was no way I would get through a 31 day blogging challenge. How can I find enough worthwhile subjects to write about every day? What happens when … (2 comments)

atlanta home loans: The real Memorial Day - 05/30/11 03:40 AM
Memorial day
 The real Memorial Day
As we spend the day officially kicking off the summer, we have barbecues with friends, maybe go see a parade, go to the park to enjoy a day off, go away for an extended weekend, go to the pool for the first time this year, go shopping for those extra special sales.  
We somehow seem to have forgotten the true meaning of the day. To state the obvious, this is a day to remember all who served to maintain our freedom and way of life. They gave their lives for us, some saw things that we … (5 comments)

atlanta home loans: Free pictures for your blog - 05/29/11 11:42 AM
Free pictures for your blog
Any seasoned blogging pro will tell youthat you need pictures to jazz up your blogs and make them more entertaining for the reader. Since I've started blogging, I have to say that my biggest challenge is finding the right pictures to insert into my individual blogs. I did some research and found a few cool places for free downloadable pictures. I like free since I'm somewhat frugal, but if you ask my wife she'll say I'm downright cheap,but that's another topic altogether.
So far I found several cool sights that are free. The first is … (8 comments)




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