Should I use an Internet Company For My Loan??
Updated Oct. 9, 2013
With more and more people shopping on line, I'm often asked the advantages / dis advantages of using an online mortgage company. My advise is to use a local Mortgage Broker... not a bank or Internet mortgage company. Brokers have access to a vast network of lenders with varying programs that enables them to find...

FHA Loan Limits To Decrease
Updated Oct. 9, 2013
Fha had temporarily raised the maximum loan limits for all counties throughout the country. This temporary loan limit increase is due to expire end of September, 2011. There is currently a bill in congress that is proposing an extension of these loan limits, enabling borrowers to purchase higher priced homes...

Broker vs Banker, Which is Better??
Updated Oct. 9, 2013
I'm often asked "Why should I use a broker rather than going straight to the bank for my loan". The short answer is you should use a broker because it costs less and you get more... But let me give you a long answer.... The majority of the monies used to fund a loan trickle down from a handful of major banks. Wells Fargo,...

Will Rates Improve??
Updated Oct. 9, 2013
I'm often asked if I think rates will get any lower, and my response is almost always... Who Cares... with rates in the low 4's, how much lower do you think it will go.. Look at it this way.. if it cost me $1 to make a widget, and the market for widgets will only support a sale price of $1.05... at what point do I get out of the...

If Your In A Rush To Close Your Loan, Don't Use A Bank!!
Updated Oct. 9, 2013
If you're in a hurry to close on your purchase or your refinance, you should probably stay away from using a bank for your loan. With the recent lowering of interest rates to levels not seen in 60 years, the banks have been swamped with applications. With limited staff, they are falling way behind and turn times...

Be Prepared to be Inconveinenced!!
Updated Oct. 9, 2013
If you're applying for a mortgage you should really be prepared to be in inconvenience... In the current lending environment, the guidelines, overlays, and continually changing laws will make it very frustrating for all parties involved, not just for the borrower, but for the mortgage loan officer and his...

Are you Underwater on your Mortgage?? Here's Some Good News!!
Updated Oct. 9, 2013
It's been rumored, and confirmed via President Obama's speech, that there is a new refinance loan program in the works for borrowers who are under water in their current mortgages. The government did come out with a program a couple of years ago called DU Refi Plus, which enabled borrowers to finance...

Is Now a Good Time to Buy??
Updated Oct. 9, 2013
I cannot believe some of the advise I hear on posts from real estate agents as well as other real estate professionals stating that maybe now is not the best time to buy!! and It floors me... Interest rates are the lowest they have been in nearly 60 years, and home values are the same as they were in the late 80's....

Why Didnt My Higher Offer Get Accpeted??
Updated Oct. 9, 2013
I cannot tell you how many times I've heard a buyer getting beat out on a offer they submitted on a bank owned property, only to find out after the sale, the accepted offer was marginally lower than their offer on the same property. My guess is Real Estate Fraud. Recent accounting states that nearly 1 in 55...

What Exactly is "Underwriting"
Updated Oct. 24, 2014
We use the word all the time, but what does "Underwriting" mean... In the Mortgage business, underwriting is a process in which the documentation you provided along with your application and signed disclosures are inspected. The perception is that there's one person sitting at their desk, going through all...

How Much Can the Seller Contribute for My Costs??
Updated Oct. 24, 2014
It's a buyers market out there right now, and it is customary for the seller to contribute to the buyers closing costs, but how much are they allowed to contribute?? The rules are different depending on which loan program you go with and what type of purchase your making... (primary residence, 2nd home,...

If my Rate is Fixed, Then Why did My Payment Go Up??
Updated Oct. 9, 2013
A question asked by mostly first time home buyers, is this... if my interest rate is fixed, then why did my payment go up?? Most mortgages, whether conventional or FHA, VA or USDA, include impounds or reserves to pay the tax bill and home owners insurance premium when they come due. The lender takes what they estimate...

I wish to Purchase an Investment Property, How Much $ Down Will I need??
Updated Oct. 24, 2014
First, you cannot purchase an investment property (single family, condo, townhouse, manufactured, or 1 to 4 units), using FHA, VA or USDA loans. These programs are for owner occupied properties only. You would have to go conventional, portfolio, or hard money.. Conventional Financing requires 20% down, no...

Forced to Relocate and Short Sell my Current Home.. When Can I Buy Again??
Updated Oct. 9, 2013
If your in a situation where you have to relocate and need to sell your home before leaving, but your underwater and your only option is to short sell, don't fear!!! FHA has an insurance product for loans to borrowers in this exact situation. If your relocating and short sell your home, you've had ZERO...

Refinance Relief for Underwater Owners On The Horizon!!
Updated Oct. 9, 2013
There is a major overhaul of the failed Home Affordable Refinance Program (HARP) on the horizon. President Obama announced last week that new guidelines would make it easier for homeowners who have shown an ability to maintain their mortgage payments on a timely manner, will be able to refinance at...

Refinance Relief for Underwater Mortgage Owners. UPDATE!!
Updated Oct. 9, 2013
In November 2011, the President announced a major overhaul to the current Home Affordable Refinance Program (HARP). This new program is called HARP 2.0, and will start rolling sometime in March 2012. Although we now know what the HARP 2.0 guidelines are, we are not sure what the lenders will actually do with these...

What's My Rate??
Updated Oct. 9, 2013
I often see posts on blogs where someone is asking "What's my Rate". They will usually list their credit score, how much they make and what their monthly debt is, and are looking for a "Ball Park" for what rate they would qualify for... This is not a good idea, and you certainly shouldn't use an internet blog...

Do Lenders Do "Stated Income" Loans Anymore?
Updated Oct. 24, 2014
Is there such a thing as "Stated Income" loans anymore?? The answer is no... Sort of.... The Financial Reform Bill HR4173 signed into law by President Obama on 8/1/10 outlaws stated income and no doc loans.Section 1411 reads:. ''(4) INCOME VERIFICATION.--A creditor making a residentialmortgage loan shall...

Refinance Relief for Non FHA , Fannie , Freddie Loans
Updated Oct. 24, 2014
President Obama announced on January 25th, 2012 a proposal for underwater borrowers who have not been able to take advantage of the lower interest rates currently being offered because they don't have an FHA loan or a Freddie / Fannie owned loan. He Said "I am sending Congress a plan that will give every...

HARP 3.0 ????
Updated Oct. 9, 2013
Ok.. So I have talked in the past regarding the new loan program President Obama talked about this past December. Rumor is that we should see something by late June 2012. This proposed loan program will more than likely be offered through FHA... currently if you have an FHA loan now, you can refinance without an...