Working with a borrower all day today. Truly ugly situation because he doesn’t have a long history of credit, and this is the major obstacle to getting the loan done. He actually makes the money, and has a sufficient history of making the money to justify the loan “full documentation”. But: He only has one …
Continue reading “Improving your Credit Score and Tradelines”
I found this article by Ken Harney in the paper. WASHINGTON – Call it funny money for the housing boom: Now you don’t need actual cash in the bank to buy a house. All you need is somebody who says you’ve got money in the bank. Need a hundred grand on deposit to convince a …
Continue reading “Asset and Income Rentals – Borrowing Trouble at Usurious Rates”
Every once in a while I get someone who is unhappy with required paperwork for privacy reasons. There are three forms that are the driving force behind this. The first is the standard form for a mortgage loan application, known in the business as the 1003. Admittedly, the form does ask for rather a lot …
Continue reading “Privacy Concerns in Real Estate Transactions”
When you have more than one loan on your property, there are some issues you should be aware of. Keep in mind the fact that some states still use the mortgage system, requiring court action to foreclose, as opposed to Deed of Trust, which does not. For practical purposes they are similar, yet I have …
Continue reading “Second Trust Deeds and Loan Subordination”
My article on Option ARM and Pick a Pay – Negative Amortization Loans is one of my most popular. It’s number one for multiple search engines and several ways of running the search. If I don’t get at least 20 hits a day on it, it must be a sign that the public has caught …
Continue reading “Negative Amortization Loans – More Unfortunate Details”
One reason to check your referral logs every day: Sometimes you can find great material for an article. I got one about the three day right of rescission. This is a feature (or bug, depending upon your situation) with every refinance on a home that is a primary residence. The reason it exists is that …
As of July 1, 2005, mortgage providers have to have explicit written authorization to run credit. I am not certain of the political forces that made this bill, and it is still not clear to me whether this extends to non-mortgage credit providers. If it does, this is probably one of the niftiest consumer protection …
I was approached by these folks a few weeks ago via email. I attempted to get them to write up the experience themselves (and I would still like you to if you’re reading this), but I wanted to write something about this before I completely forgot about it. This whole exchange is indicative of games …
Been reading some of your informative tips. I am looking at refinancing and getting a $378000 mortgage. Now in the case of having a 3 yr prepay penalty, vs paying 1.5% in points to make it a 1 yr prepay, am i right in assuming it’s wiser for me to pay the points than accept …
Sometimes spam makes writing an article all too easy. Here is a piece of spam I got today because my email at work contains “realestate.com”, with identifying information taken out. This goes to show that the financial ignorance of most mortgage providers is astounding. Thank you for your interest in the X Broker Program. Our …
