Racial Gap in Loans Is High in California. I can give a variety of reasons for this. First off, especially in Los Angeles but to a lesser extent throughout the state, there is a huge “Spanish speaking only” community. When you limit yourself to speakers of a language which isn’t the nation’s primary business tongue, …
Category Archives: Mortgages
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 plethora of reasons why someone can be turned down for a loan even though they …
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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 I’m only 10 months into my new small business although I’ve been profitable the entire …
The HUD-1 Form
I have mentioned this form several times in the past as the only form in the entire real estate loan process which is actually required to be accurate. Department of Housing and Urban development form 1, the so-called HUD 1 form, is required to be filed and correct for every real estate transaction. Whoever your …
Getting Out of Paying Pre-Payment Penalties
I got a search result for how to get out of mortgage pre-payment penalties, although I’ve never really dealt with the issue. Prepayment penalties on real estate loans are something some people, often with less than stellar credit, accept, either in order to either get their mortgage rate lowered or because they don’t know any …
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How to Get From How Much You Make to A Payment 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 be per month? How do I know how much the interest will be? Any sites that …
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Fixing A Bad Mortgage Sale
i was sold a bad home mortgage who do you talk to That was a search I got the other day. The answer depends upon where you are in the process. If you’ve just applied, not yet signed the actual loan papers, go talk to another loan provider. It’s not like you’re committed to the …
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 for first time buyers, in addition to their regular rates. They do this because so …
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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 are two sections of conditions on every loan commitment. The loan commitment is what the …
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Pre-Qualification
One of the most useless and overworked items in the real estate industry today is the pre-qualification for a loan. Sellers want buyers to be “pre-qualified”, and buyers are seeking “pre-qualification” to convince buyers they are serious. The level of work done for a pre-qualification varies. In some rare instances, the loan officer doing the …