Entries from Searchlight Crusade tagged with 'loan qualification'
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...
Joint Loans for Couples: How Does the Qualification Process Work?
First off, let me say that your site has been very informative and helpful. I stumbled across your blog looking for information on ARM vs. 30 year fixed loans and ended up reading every article. One issue I have...
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...
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...
The Mortgage Loan Market Controls the Real Estate Market
One of the things I keep telling folks about the real estate market, whatever area you live in, is that it is controlled by the loan market. If you want to understand where real estate in general is headed, look...
Can a Lender Legally Stop Loan Funding After Signing?
That question brought someone to the site. The answer is "Yes, they can". As a matter of fact, just because they have you sign those documents does not in any way obligate that lender to actually fund your loan. There...
First Time Home Buyer Assistance Programs: Locally Based
One of the things people keep asking about is first time buyer programs. They exist, but lenders are not the first place to ask. Why? Because many, if not most lenders, actually charge a quarter of a point or so...
FHA Loans: Salvation For First Time Buyers
I want to state that I am in no way shape or form an FHA loan guru. Between my general knowledge of loans and this information from someone who is an FHA guru, I think I can make some...
Loan Qualification: Time In Line of Work
(The original article was from September 2005) From an email: Anyway, my wife and I are about to purchase a place here in the X area and we've been hearing that "a tough loan" line due to the fact that...
From How Much You Make to A Payment and Price You Can Afford
I'm clueless about how home loans work. Is there any way to figure out how much I can afford to spend per month on a home. If I were to get a home for $(figure) how much would that...
The Self-Fulfilling Prophecy of Lender Fear
Most people, particularly first time buyers, want 100% financing or as close as they can get. Actually, most first time buyers don't have a down payment and couldn't put a significant down payment (5% or more) if they had...
In Order To Deal With Looming Foreclosure, You Must Get Out of Denial
A while ago, I got a call from a hard money lender, asking what I could to to "rescue" one of his clients by refinancing. He was being about as altruistic as a drowning man. What he really wanted...
First Time Buyer Programs: The Mortgage Credit Certificate (MCC)
This is a nationwide program for first time home buyers that helps them qualify for the loan by saving them even more money on their tax bill. With that said, however, the state of California accounts for more than 50...
How Can Buyers Get the Lowest Possible Price on the Best Possible Property?
The first piece of advice I have for buyers who want to get a fantastic bargain is to find a good buyer's agent. Nothing else will make as much difference as a good buyer's agent who is dedicated to...
In Real Estate, You're Better Off Doing One Thing At A Time
Hi--I just found your site today. The best I've ever seen/read, etc. Thank You!! I do have a question I didn't see addressed regarding our current situation/dilemma: Our present home, which we've lived in for 8 years, is worth...
Buyer's Markets Are A Great Time For Moving Up
I have said repeatedly that buyer's markets are not the time to be selling a property if you have any choice. There is one exception: People looking to turn around and buy a more expensive property. If you're looking to...
Fear and Greed, or How Did The Housing Bubble Get So Big?
(This was originally written February 16, 2006, but it's relevant still) One of the occasional questions I get from people has to do with why the housing bubble got so big (or if you're one of those still in denial...
Issues with Family Transfers of Real Estate
We live in (A California city). In a 2 bedroom 1 bath home on approximately a 20,000 Sq. ft. lot. It is easily worth 500K to 600K with a current mortgage of $116,000. The mortgage/Title is in the name...
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