Loans

…And the Changes Keep Coming

December 1, 2011

With an election year right around the corner, it seems obvious that the world is full of flip-floppers, so why should housing and mortgage policy-makers be any different? Remember when the Federal Government was trying to ease its way out of being the dominant provider of mortgage financing (and trying to move people more into [...]

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Will the 30 Year Mortgage Disappear?

October 26, 2011

The federal government is reconsidering their involvement in the home mortgage process. They plan to still ‘guarantee’ certain mortgages. However, they appear to be redefining what they consider a ‘qualified purchaser’. They are discussing stricter lending guidelines in four different areas: The type of mortgage The minimum down payment The debt ratios of the buyer [...]

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Tips To Present a Stronger Mortgage Application

October 6, 2011

As underwriting guidelines for lenders become more stringent, we need to re-examine what a good mortgage application looks like. As home buyers begin their search for a home, there are a few items they should be aware of that they can do to help get their loans approved (with the best possible terms), and, at [...]

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How To Pick Your Lender

September 15, 2011

In the whirl wind that surrounds the home buying and mortgage process, how can a consumer be sure that they are working with the right lender? I mean there are so many choices…here’s some things to consider: What type of company is it? There are mortgage brokers, mortgage bankers and banks/credit unions. Mortgage brokers have [...]

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More Disclosures on the Way to “Help” the Consumer

August 4, 2011

In their never ending quest to “simplify” the confusion surrounding the borrowing of money, the Fed has released their Final Rule for Risk Based Pricing Notices, as well as Adverse Action Notices. More paper work filled with CYA, legal terminology that winds up baffling people more than giving them any clarity. Let’s take a peek…. [...]

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Should You Be LOCKING Your Loans?

July 28, 2011

Should you lock in the interest rate on your mortgage? A couple of things to consider: 1. While I am confident that the Debt Ceiling Debate will be settled (whether it’s for six months or a year), my greater concern is the growing belief that the ratings agencies are looking at downgrading our government’s bonds from [...]

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