Entries from Dan Melson's Website tagged with 'lender requirements'

New Consumer Article: Changes In The Mortgage Market And Transparency Since 2005

It's been a while because I've been both busy and depressed over dis-improvements in the market and their effects upon consumers, but yesterday I found time to write a new article Changes In The Mortgage Market And Transparency Since 2005....

New Consumer Article: Low Asking Price on Unfinanceable Properties

The new consumer article for today is Low Asking Price on Unfinanceable Properties. Almost always, the reason for an asking price well below other equivalent properties is the presence of some factor that means you cannot obtain a regular real...

New Consumer Article: Automated Underwriting In Pre-Qualification or Pre-Approval Letters

The new consumer article for today is Automated Underwriting In Pre-Qualification or Pre-Approval Letters. Not to put too fine a point on it, automated underwriting is useless until all details of the transaction have been finalized. If you're selling a...

New Consumer Article: Short Sale Negotiators and the Interests of Potential Buyers

The new consumer article for today is Short Sale Negotiators and the Interests of Potential Buyers. An awful lot of nonsense gets tried with short sales, most of it for the benefit of lazy listing agents who shouldn't have taken...

New Consumer Article: They Told Me Not To Make My Loan Payment

The new consumer article for today is They Told Me Not To Make My Loan Payment. Ladies and Gentlemen, that's one of the top ways to get yourself in trouble when you're refinancing. What if your new loan cannot be...

New Consumer Article: There Is No Fairy Godmother for Loans

The new consumer article for today is There Is No Fairy Godmother for Loans. To avoid becoming a government statistic, ask prospective loan providers the hard questions before you sign on the bottom line - or better yet, before you...

New Consumer Article: The Measurement Unit For Desirability Is Dollars

The new consumer article for today is The Measurement Unit For Desirability Is Dollars. It really is that simple. A good agent can make a difference, but a property that has more will cost more. It isn't rocket science, but...

New Consumer Article: Restricted Sale Property: Very Difficult to Find A Loan

The new consumer article for today is Restricted Sale Property: Very Difficult to Find A Loan. Before you make an offer on restricted sale property, know that your financing options are going to be very limited, and being able to...

New Consumer Article: 105% Refinancing With No PMI (Maybe)

The new consumer article for today is 105% Refinancing With No PMI (Maybe). It goes over the straight scoop on Fannie and Freddie's new programs aimed at loss mitigation by helping people who would be able to refinance if values...

New Consumer Article: Shopping For The Best Loan In The New Lending Environment

The new consumer article for today is Shopping For The Best Loan In The New Lending Environment. There have been changes in the lending environment in the last few months, changes that are practically designed to make loan officers with...

New Consumer Article: Who Has A Legitimate Interest In A Real Estate Transaction?

The new consumer article for today is Who Has A Legitimate Interest In A Real Estate Transaction?. This article goes all the way back to first principles to determine who has an interest worth getting hot and bothered over, and...

New Consumer Article: How Agents Should Respond To An Appraisal Below Purchase Price

The new consumer article for today is How Agents Should Respond To An Appraisal Below Purchase Price. The appraisal is a significant client protection, and trying to manipulate the appraisal to make the transaction happen is not in a buyer's...

New Consumer Article: The Home Valuation Code of Conduct (New Appraisal Standards)

The new consumer article for today is The Home Valuation Code of Conduct (New Appraisal Standards) that are going to be taking effect (appropriately enough) on May 1 ("May Day" or "MAYDAY"). It is going to be almost impossible for...

New Consumer Article: What Are The Note And Trust Deed And What Is The Difference?

The new consumer article for today is What Are The Note And Trust Deed And What Is The Difference?. This is a basic article on the differences and relationship between the two documents; one that documents the debt and one...

New Consumer Article: Loan Fall-Out And The Effects Upon Consumers

The new consumer article for today is Loan Fall-Out And The Effects Upon Consumers. The days when loan officers are willing to lock loans with just a social and the identity of the property are ending, if not already over....

New Consumer Article: The Difference Between a Reliable and Unreliable Prequalification or Preapproval Letter

The new consumer article for today is The Difference Between a Reliable and Unreliable Prequalification or Preapproval Letter. Whether you're a buyer or a seller, having the right lender letter is a good thing. If you're a seller, you know...

State of the San Diego Real Estate Market March 2009

Reminds me of this gold rush movie (one that I recommend watching if you have a chance) Okay, it's not quite like that, but correctly priced properties are flying into "Pending". It has to do with supply and demand. At...

New Consumer Article: Investment Property and Loan Qualification

The new consumer article for today is Investment Property and Loan Qualification. It has become exceedingly difficult to get credit for rental income when you apply for a new mortgage, with the upshot being that when the lender won't agree...

New Consumer Article: Getting A Loan In A Paranoid Lending Environment

The new consumer article for today is Getting A Loan In A Paranoid Lending Environment. Lenders today are over-tightening lending standards in over-reaction to the losses they have taken (which were their own fault), effectively nuking the barn after one...

New Consumer Article: Be Careful Moving Your Down Payment Money

The new consumer article for today is Be Careful Moving Your Down Payment Money. Underwriters want to see a trail on any money you have. If you don't have or can't show such a trail, the presumption is going to...