dallas mortgage: Maverick Mortgage Open House.... A Big Success!!
- 10/24/07 02:23 PM
Wow... what a week!!
I had the highly advertised Maverick Mortgage Open House last Thursday. Basically, free food and booze. LOL
I had the pleasure of seeing Baby Harris' Mommy again. Donna Harris is always fun to be around. She has a wonderful outgoing personality. But I had to resist patting her on the tummy. She looked so cute. And, yes, she is indeed ALL BABY.
Lorrie Semler was there. I had a nice visit with her and look forward to many more meetings. She is very down-to-earth as well as a very warm person. We were both dissapointed that she missed both Donna … (13 comments)
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dallas mortgage: It's My Party, I'll Blog If I Want To!! ActiveRain Get-Together At DallasLoanGuy's New Office!!
- 10/16/07 10:41 AM
Everone is welcome!! Please stop by for a drink or food between 4:00 - 7:00 on Thursday 10/19/2007
Maverick Residential Mortgage is having a Grand Opening / Open House for all Realtors, Title Company Representatives & other service providers(Stagers, Appraisers, ect)
Come by and have a beer with the DallasLoanGuy!!
Bring business cards... we are having a drawing!! And please, please feel free to bring a friend. Bring your whole office!!!
We are located on the S.W. corner of Jupiter & George Bush Tollway in North Richardson.
Across the parking lot from the new Silver Fox Steakhouse.
Maverick Residential Mortgage is a Mortgage Banker and a Mortgage … (9 comments)
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dallas mortgage: Down Payment Assistance Programs Come Out Of The Woodwork.... Realtors Beware!!
- 10/15/07 09:07 AM
I recently wrote an article about HUD closing the loophole for the Down Payment Circumvention companies that operate under the guise as a 'charity'. HUD Ends Most Down Payment Assistance Programs.
These 'Faux Charities' helped many thousands of people get into a home when they didn't have the required down payment. Used mostly on the FHA loan programs, this circumvention of the down payment rules allowed many Americans to get into a loan program for which they did not qualify. And although I understand that this hurts those that CAN afford a house payment... but are short on cash.... let's face it: These people … (13 comments)
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dallas mortgage: Grand Opening / Open House. Come party with the DallasLoanGuy.....
- 10/09/07 02:50 PM
SAVE THE DATE!!
Maverick Residential Mortgage has a new branch office in the N. Richardson, TX area.
Beer, wine, soft drinks & Hors d'Oeuvres will be served between 4:00 - 7:00
Bring a friend. Bring your whole office!! We are working on a reward for those who bring the most people. At 6:00 there will be live music at the Tavern downstairs. So plan on staying a while.
We are expecting Realtors and Title Company representatives as well as some other service providors to the industry(appraisers, stagers, ect).... So bring some business cards and network with others, or just come by for a drink with … (33 comments)
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dallas mortgage: President Bush Pushes to Relax FHA Guidelines to Help Subprime Borrowers!!
- 08/30/07 11:33 PM
We have all heard that President Bush wants to remove the 3% Down Payment requirement for FHA. His next move may be to offer FHA as Subprime Mortgage Relief.
The Wall Street Journal reports that the President will push to relax certain loan guidelines to allow FHA to back loans for those in danger of losing their homes to foreclosure.
Also on the agenda: Higher loan limits.... especially for the high cost areas who have traditionaly been priced out of FHA.
I expect many people to hang on the edge of their seats thinking this is the Subprime Bailout that they … (16 comments)
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dallas mortgage: Oh, did I mention? 100% financing is very much alive and well!!!
- 08/15/07 05:23 AM
I am getting tons of calls from people worried about the state of the mortgage industry. The common misconception is that 100% financing is dead/gone/kaput.
Uh... NOT!!!
NOTHING has changed with 100% Financing for fully documented loans. We are talking about good credit conforming loans that are sold to Fannie Mae/Freddie Mac. Alt-A & Subprime is still in turmoil as of this writing.
Full doc loans require the bank/lender to review your income documentation as well as assets. This is quite different from the 'Stated Income' or 'No Doc' loans that have dried up in recent weeks. And I am getting these full … (59 comments)
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dallas mortgage: Attention Realtors in Declining Markets!!!
- 08/15/07 02:01 AM
Expect lenders to scrutinize appraisals in these markets. Be prepared to see the appraiser needing additional comps and even recent listings to support value.
See full press release!!
https://www.efanniemae.com/sf/guides/duguides/pdf/current/rnsuppdodu57.pdf?referrer=durn
While the recent credit tightening in mortgage lending has mostly been contained to the Subprime and Alt-A(low doc) markets..... Full Doc borrowers will be affected if the collateral is not 100% verifiable.
I would NOT be surprised to see lenders counteroffer previously approved 100% deals with a 95% limit. I haven't seen it yet, but I do expect it.... at least in the declining markets(or areas where value is hard to determine).
What does this mean … (6 comments)
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dallas mortgage: Mortgage Loan Fees Are Real. (really!!)
- 08/14/07 02:28 PM
I can't tell you how many Good Faith Estimates(GFEs) that I have reviewed. But it is a lot!! And I am always amazed at how different people and different companies arrange their fees. Some are pretty generic and basic, like mine. Others are elaborate in their descriptions like the Loan Officer is a walking thesaurus. Some even have some extra special EXTRA fees that I don't agree with. But the fact that they are so different just tells me that one cannot really compare a GFE line by line. The borrower must go to the bottom of the closing cost summary … (5 comments)
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dallas mortgage: Help!! My ARM is adjusting, and I don't have the equity to roll in closing costs!!!
- 08/03/07 03:42 AM
I have heard this one before. A borrower buys a new home with 100% financing with all of the closing costs rolled into the loan or Down Payment Assistance Programs were utilized. Now, that ARM is adjusting and they do not have the money for closing costs.
Desperate times call for desperate measures. And although I rarely suggest this, it just might be the 'Silver Bullet' that the homeowner needs to save their home.
The No Fee Home Loan or No Fee Mortgage or No Closing Cost Loan. It can be called many things, but they are all the same thing. And don't … (29 comments)
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dallas mortgage: Will the 'real' NAR please stand up!!!
- 07/11/07 09:43 AM
US home sales, prices to slip more this year-NAR
NAR Predicts Home Price Gains in 2008
Ok... I guess NAR has it so refined that they can predict that home prices will fall for the remainder of 2007 and start to rise again in 2008. That is a little bit presumptuous, huh?!?! Can we define the markets that finely?
Who writes this stuff? Who in the heck found my crystal ball(er... magic 8-ball) that I keep under my desk? Who decides that prices will slip and fall, only to get back up again?!?!!? And who decided that the houses won't "fall and can't get up'?
Here in The Great … (12 comments)
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dallas mortgage: Credit Inquiries and your FICO Score
- 07/04/07 04:54 PM
I often get this question. "How many times are you going to pull my credit report?"
Well, the answer to this is... as often as it takes to get my client the best possible deal!!A credit pull by a lender is considered a 'Hard Inquiry'. Which is a reporting of the borrower trying to establish credit. The FICO scoring model will recognize that you are trying to establish credit and lower your credit score a few points. You usually get those points back when you establish that account. "Soft Inquiries' are permissable credit pulls by creditors that you have a wroking relationship. They may pull … (15 comments)
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dallas mortgage: Making yourself accessible to your clients and prospects... Create an Impulse Trigger!!!
- 07/03/07 08:57 AM
We all have cell phones and PDAs, and we have email and a contact page on our website..... But it is static. Meebo makes it more DYNAMIC!!!
But what about that shy prospective home buyer who wants to ask you a question anonymously and is afraid to contact you out of fear of being hassled? Quite simply.... Invite your prospects to engage in an anonymous chat!!!
Now, other than the occassional 'Go Big Red' dropping into my chat applet from the likes of Renee Burrows or another colleague, I get several chats per week and some of them turn into clients!!! I call it my Impulse … (8 comments)
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dallas mortgage: Texas Cash Out Mortgage Loans
- 07/01/07 02:50 PM
I still get the occasional call from someone wanting to cash out their mortgage to consolidate bills and they have little or no equity.
Texas is unique in that they do not allow a homeowner to access their home's equity above 80% of the appraised value. That's right, Big Brother is watching out for you. If you owe more than $80,000 on a home that appraises for $100,000 you cannot tap into that equity to use as you see fit. This rules applies for Owner Occupied, Homestead properties. Non Owner Occupied(investment) properties are exempt.
While I disagree with the law, I do understand … (13 comments)
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dallas mortgage: When technology gets in the way.....
- 06/10/07 05:33 AM
This is a rant.... mostly.
I cannot tell you how may times I have received a contract that was not legible. Some of these are so bad, I could post an example and NOT have to edit out any personal information because you couldn't read it. These things look as though they have been faxed 25 times. What is going on? Where do we get these fax machines?
If you fax your contracts for signature, the fax machine shouldn't be that $69.99 Office Depot Special. There is better equipment out there.... please equip yourselves.
And please don't ask a hundred questions of … (11 comments)
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dallas mortgage: When the appraiser wants to build you a 'House of Cards' PART: DEUX
- 06/01/07 07:08 AM
When the appraiser wants to build you a 'House of Cards' Follow up to the story
Well, it seems that calmer heads have prevailed. The borrower/buyer listened to all of the advice they had been given and decided to ditch this deal. Not really sure if they were still countering offers after the appraisal issue, so I hope they get their earnest monies back.
The emotions of buying a 'house' is a lot to handle.... especially when you are in the middle of a job transfer and the trailing spouse hasn't found her job yet. Add to that the fact that this great house … (2 comments)
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dallas mortgage: When the appraiser wants to build you a 'House of Cards'
- 05/29/07 04:54 PM
It happened again this week.... Got an appraisal that came in $10,000 short. I wonder where this will lead?!?!?!
Now, to be fair.... there was some seller paid closing costs(just under 3%). BUT..... The contract was BELOW the list price of ~ $232,000!!!
Typical deal. Realtor writes up contract close to list price with seller paids.... All is good in approval land until the appraisal comes in really low. Then, yep, you guessed it, the listing agent calls me to tell me they have another appraiser who will be able to come in higher. They found some comps that were priced higher. Seems that the … (39 comments)
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dallas mortgage: Refinancing that Adjustable Rate Mortgage
- 05/24/07 04:46 AM
When is it right for the client?
Many people took advantage of lower rate Adjustable Rate Mortgages (ARMs) several yrs ago and saved thousands in interest. But now that the fixed period is coming to an end, it is time to pay the piper. But what to do? Should the Homeowner refinance? Should they gamble on another ARM? Fixed rate?
First of all.... the homeowner needs to be honest with themselves. How long do they intend to be in the home? You see, there are real costs associated with doing a Home Loan. And although those costs can be rolled into either the … (4 comments)
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dallas mortgage: What Makes A House A Home - Dallas, TX
- 05/20/07 03:57 PM
Well, the KEYS..... of course!!!
Call me the emotional support person of the Real Estate Transaction. I get to babysit the client after they put in a contract on a property.... and try as I might, I still have to calm the fears and jitters of those that are nervous about final approval. Once the client has an accepted offer.... lots of things are happening in their minds. Most First Time Homebuyers are really, really nervous about the final approval. Even the veteran of home purchases can get a little nervous. Maybe they experienced a counter-offer from the bank and the rate … (9 comments)
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dallas mortgage: Low credit score? Just add some trade lines from a credit repair company.....
- 05/14/07 08:02 AM
........ And 'go to jail'
I know all the tricks. I hear about the techniques. I know that people can read the "Fair Credit Reporting Act" or "Fair Debt Collections Practices Act" and use that info to remove some bad stuff from their credit reports. I have even seen folks get added to mommy's credit card as an "Authorized User" to boost their credit depth, and FICO scores as a result.
But, have you heard the latest craze? It's called "Piggybacking". For a fee, an internet site will add you to a good credit card with a high limit, low balance and perfect … (4 comments)
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dallas mortgage: Zero Down Home Loans.... Alive and Well!!!
- 05/14/07 06:12 AM
I'm still doing 100% financing in the Great State of Texas!!!
I got a call from a realtor on a deal we were working on together. She asked all of the usual questions about what I have done and what she could get for me to smooth this deal. Then came 'THE question".
"Is there going to be any problems with the "100% Financing"? <= I get that one a LOT!!! LOL
What a lot of people do not understand is that the people who 'NEED' 100% financing are more affected by the recent tightening of guidelines than people who 'ELECT' 100% financing. This borrower … (8 comments)
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Wow... what a week!!
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