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Tuesday Jan 14, 2014

Qualified Mortgages 2014

By now, most people have probably heard murmurs about changes in mortgage lending starting this year. What most consumers are concerned about is called QM or the Qualified Mortgage. A QM requires lenders to determine a borrower’s ability to repay. Gone are the stated income, no doc and negative amortization…
Out of state lenders including big-name banks may take local mortgage applications, but they process and underwrite those loans out-of-state. Once the application is completed, that loan is then transferred out of state. Because of this, many borrowers are faced with impersonal, cumbersome and untimely response times. Here’s an example…
The November employment report brings good news to the economy! It should also serve as a wake-up call to mortgage borrowers, as it could mean higher interest rates. Normally when the jobs report exceeds economists' expectations, mortgage rates climb as investors gain confidence to bet on riskier investments. The central…
The Reverse mortgage is really an awesome tool for seniors in the right circumstances, but there has been a lot of bad press and misinformation put out on reverse mortgages, so I’ll try and correct some of that and discuss some of the new information on reverse mortgages that some…
Tuesday Nov 26, 2013

Lender Credits Revisited

In other blogs I've briefly discussed lender credits. Today, I want to circle back and talk about lender credits being offered on FHA and VA or veterans’ loans. These lender credits are saving borrowers thousands of dollars in closing costs and very few lenders even offer them. Essentially, lender credits…
You may be watching the national trends in real estate and mortgage rates on the news, but when it comes to real estate and mortgage lending, national doesn’t necessarily translate to local. In real estate, ALL markets are local. It is of course true that national trends have an impact…
Today I want to discuss the importance of utilizing a home buyers’ educational seminar before buying a home. The main things lenders look at are credit score, income, and source of down payment. Pre-qualifications can take as little as 10 minutes to perform depending on the borrower’s situation. Most lenders…
Today I want to discuss rental property mortgage loans and provide some information for borrowers to keep in mind when investing in a rental property. First, we need to identify what a rental property is. A rental property is considered any 1 to 4 unit property a borrower uses as…
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