Entries from Searchlight Crusade tagged with 'lender requirements'

What to Do When Your Loan is Declined

Loans are declined, or actually, the next thing to it, all the time. It is pretty rare for a loan to be outright rejected; I do not recall ever having had a loan outright rejected. That's a sign of a...

Credit Lines: Number and Length of Time Open

from an email: On a related note, I hope you might have some advice for us. My husband and I just sold our condo. But we are NOT buying at the moment. Instead we are renting. (Not sure where we...

How Do I Get Rid of Private Mortgage Insurance (PMI)?

"How do I remove PMI?" was a question that I got. First off, a definition. Private Mortgage Insurance, often abbreviated PMI, is an insurance policy that the bank may make you buy in order to get the loan. It is...

How Can I Lower The Down Payment Requirements So I Can Buy Real Estate?

With a few lenders starting to loosen their requirements slightly in San Diego, it's becoming increasingly obvious that the bottom is behind us. However, the issue has now become, "I don't have much of a down payment. How do...

Why Do Purchase Escrows Fall Apart? (And Why Is It Happening More Often?)

There have always been real estate transactions that fall apart. The reasons why they fall apart are as varied as the people who enter into the transaction in the first place. Let's get back to the very basics for...

Definition of Purchase Money, Cash Out, and Rate /Term Mortgages

Purchase Money: This is a loan that enables you, in combination with your down payment, to actually purchase the property. If you spend cash to buy the property and get a loan the next day, that is not a purchase...

If You're In Trouble With Your Loan, Talk To Your Lender Right Away

We got behind on house pymts & it was sent to an attorney for foreclosure.? The attorney has printed a notice in our paper on Oct 9 that it will go up for public action on Nov.16th. We found out...

Short Sales of Real Estate, aka Short Payoffs

A while ago I wrote an article called, "What Happens When You Can't Make Your Real Estate Loan Payment." This is kind of a continuation of that, as I got a search that asked, "What is necessary to persuade a...

The Benefits and Limitations of Assumable Loans

Every once in a while, the subject of assumable loans comes up. An assumable loan is one where the owner of a property has the ability to pass the loan along with the property in a sale. In other...

Loans On Related Party Transfers of Real Estate - Family, Corporate, or Partners

One of the things that has a lot of issues is any transaction between related people. This is not limited to purely family transactions, but applies also to transfers among partnerships and their partners, corporations and their officers. The market...

My Sixty Second Public Service Announcement about Buying Real Estate

Here was an idea I had: Pack a list of the most important things consumers need to know about buying real estate, as packed into the words I can say in sixty seconds without sounding like an over-clocked squirrel. Here...

Negative Equity and Short Payoff Scams

Saw a sign driving: "Negative Equity? Sell and Get cash!" Notice that it doesn't claim that you can do so legally. I saw another of these signs on the way to the office this morning. When things are going sour,...

Relocation Loans and Developer Issues

From an e-mail: I live in (City 1) and recently signed a work order on a semi-custom new construction house in (City 2). My wife and I make a combined 120K income and still can't afford a decent place in...

Losing Property Value with Highly Leveraged Properties

(This was originally published March 18th, 2006. I've added a couple updates, but otherwise it's as published. It's still very relevant, and if there's anyone that wants to tell me I didn't nail it, please speak up) Somebody wrote a...

Joint Loans for Unmarried People

We aren't married. How do we buy a house together? Basically, the same way that married people do. The qualifications are exactly the same, provided that you both will be living in the property. If not all of the...

Sourcing and Seasoning of Funds

People sometimes ask, "Why should the lender care where I got the money for the down payment? I earned it, it's mine - cash is cash!" They're right as far as they go. In general, the lender doesn't care...

Mortgages: General Concerns and Manufactured Housing

A mortgage or Deed of Trust (they're not the same!) is basically pledging an asset that you own as collateral for a debt. If you default on the debt, the lender takes your property. When you're talking about real estate...

Loan Qualification Standards - "Loanbusters"

This is definitely not a "Who you gonna call?" I've done a couple articles on the two ratios, debt to income and loan to value. These are the basic and most important parts of loan qualification. Nonetheless, there exist a...

What If A Title Search Misses a Lien?

I refinanced my house and an existing lien was not discovered Now the important question: Is it a valid lien, or has it really been paid, and just not released of record? If it has been paid, you don't...

Changes In The Mortgage Market And Transparency Since 2005

The overview is simple: The government has made it take slightly more effort to lie to consumers, while adding layers of delays that add an absolute minimum of a week - an average of three weeks - to the...