low rates: WHY USE A MORTGAGE BROKER - 12/22/13 03:44 AM
Why use a mortgage broker?  This is probably one of the questions I get most often as a mortgage broker.  First of all, mortgage brokers offer a variety of mortgage programs and rates that other lenders just do not.  A mortgage broker usually has numerous banking relationships they are approved to do business with which allows them to offer literally hundreds of rate and program options that a direct lender does not.  Why is this?  Banks that do business with mortgage brokers do so because it is cheaper for them to use mortgage brokers to originate loans without having the fixed costs associated with staffing and brick and mortar offices.  … (2 comments)

low rates: Age Discrimination, Is it allowed in mortgage lending? - 09/26/13 01:15 AM
Is age discrimination allowed in mortgage lending?  The answer is absolutely not! 
I was recently approached and asked if a 72 year woman could buy a condominium and get a 30 year mortgage.  The individual was retired and receiving pension and social security income.  The question was asked if she could qualify using that income and get a mortgage since she would be over 100 when the loan would be paid in full.
Regulation B of the Equal Credit Opportunity Act(ECOA) prohibits discrimination for the following:
Race or Color
National Origin
Marital Status
Applicant's receipt of income … (3 comments)

low rates: Reverse Mortgages New Regulations - 09/08/13 04:08 AM
Reverse Mortgage loans have new regulations effective September 30, 2013.  Because of these changes it could cause a greater number of borrowers to no longer qualify.
Reverse mortgages have been a growing source of additional income for people 62 years or older.  With the new requirements it will cut into how much equity a person can get to.  The older someone is the greater percentage of money can be withdrawn from their equity.  The younger borrowers may be precluded from getting what they need to make it worth their while.
FHA is making the tighter guidelines to strengthen the overall program.  After the first … (2 comments)

low rates: Jumbo Mortgages lower than FNMA/FHLMC loans - 09/05/13 01:19 AM
Jumbo mortgages today have a lower interest rate than conventional mortgages.  For those who don't know a jumbo mortgage in most markets is a loan that is over $417,000.  And because they typically aren't as liquid as conventional mortgages the rate on a jumbo mortgage is higher than a Fannie Mae loan.  
But for the first time you can obtain a jumbo mortgage for a lesser interest rate.  Why is this?  Mortgage rates have been steadily increasing for the last couple of months due to various factors in the economy.  Jumbo mortgages are usually set a rate that a private investor or bank is … (4 comments)

low rates: TRICKS OF THE TRADE-Renting with the option to buy - 08/16/13 05:52 AM

Why sell a home when you can rent? 
There are actually quite a few reasons to the above.  Maybe your potential client is trying to save enough money for a down payment.  Or maybe they had some credit blemishes they have been clearing up, but need a little more time to get that credit score up.  Maybe you have an investor you are trying to convert to a Seller.
Renting with the option to buy is a tool to be used when maybe a potential Buyer can't buy just yet for maybe some of the reasons above.
The primary benefit of … (2 comments)

Thomas Turner, Tom Turner (Caliber Home Loans, Inc.  NMLS 15622)

Thomas Turner

Tom Turner

Shelton, CT

More about me…

Caliber Home Loans, Inc. NMLS 15622

Address: 8 Wright St., Westport, Ct, 06880

Mobile: (203) 257-9083

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