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Maybe the following has become a more personal worry to me this last year because I became the grandfather to a beautiful baby girl last October. That certainly has brought the urgency of the following topic "home" to me. In the not too distance past, having conversations with a daughter concerning finances, credit, and buying a home just never would have happened. Thankfully, those times are now behind us. As I've mentioned before in previous posts, talking finances and … [Read more...]
Statistics told us, that prior to Christmas of last year, Americans were doing a pretty good job of decreasing their debt, especially on credit cards, plus they were in a savings mode too But according to statistics recently released by the Federal Reserve, revolving debt (mostly credit cards) is up 5.1%. It is the biggest increase seen in this type of debt in over 3 years. That isn't completely bad news, as it signals a loosening of credit to some extent, a return to spending to some … [Read more...]
I ran across the following issue with a recent client. After running their credit, we discovered what appeared to be an error on it. Positive that it was indeed an error, they wanted to address the problem immediately. My suggestion to these clients was to do nothing ... right now. I know. That sounds contrary to what common sense would dictate you do. But in this particular case, it was the best thing to advise for their current … [Read more...]
Previously, Part 1 of this post, "How Appraisals Can Affect Your Real EstateTransaction" offered information regarding facts and details addressed and documented within an Appraisal report. In this post, Part 2, I will attempt to explain what "logic" is used to support the value reported by the Appraiser in their report. In today's challenging mortgage underwriting, that logic has to hold up to fairly intense scrutiny. In truth, it is the underwriter that is the last word … [Read more...]
Inevitably there's a point during my conversation with almost every new mortgage client that the talk turns to the property appraisal. If the client themself brings up the topic, it's an indication to me that I'm speaking with an educated buyer. That buyer has already done some homework regarding mortgages already ... and that's good. Typically, new home buyers and homeowners want to know the basics of the appraisal. Who is going to do the appraisal? Will they get to … [Read more...]
As usual, Gene Mundt, a Chicago mortgage lender offers excellent advice which Los Angeles home buyers can take advantage of. Today, I want to address 3 things that seem to crop-up frequently when working with home buyers ... and that's ... Rumors, Reminders, & 'Rithmetic! Rumors first, as I believe misconceptions and untruths can scare potential home buyers from searching out the facts. The rumor I hear most often concerns the need for down payment. So many potential home … [Read more...]
Here's a recent headline that will catch the eye of anyone interested in real estate, a potential homebuyer, renters, and mortgage lenders or real estate agents ... Trying to Decide Between Renting & Buying a Home? Here's Some Facts, Info, & Suggestions to Consider ... "Study: 26% of Renters spend over HALF of their income on housing". This headline, from www.calculatedriskblog.com sure got my attention. There were a few other astounding pieces of new information contained … [Read more...]
I've seen the topic written about often. Real estate agents and mortgage lenders expressing that they are called upon to perform duties outside and beyond those typically associated with their professions. Real estate agents helping clients out in emergencies. Walking dogs. House sitting for repair appointments. Mortgage Lenders performing counseling of all types. Helping with financial planning, budgeting, and cleaning credit mishaps. Both real estate agents and mortgage lender … [Read more...]
Okay ... I want to know. WHO started the rumor that you need 20% down to buy a home? Whoever it is, we need to get to them and straighten them out. We need to educate them about the real opportunities that currently exist in the home buying market and mortgage lending today! This rumor floating around is doing serious damage to our home buying market ... and it's scaring people. NO MORE RUMORS! Just the facts ... We in the real estate industry (all … [Read more...]
