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This is the first in a great series about the mortgage process from our own Gene Mundt. Please visit Part 2 and Part 3 for more...... There's no doubt about it ... the current mortgage transaction bares little resemblance to the transactionthat took place even a few years ago. The process has definitely evolved. I liken these changes, to say Fred Flintstoneevolving intoIron Man. Initially fairlysimplistic, with few details ... eventuallyturning intovery … [Read more...]
In Part 1 of the post, "Mortgage Anatomy 101" ... the Current Mortgage Process" ... I detailed much of what happens in the initial portion of your mortgage process. In Part 2, I dug a little deeper into the mortgage process and touched upon your mortgage file's submission into Underwriting, the Underwriting itself, and then Loan Approval. In this Part 3, the last article in the series, I will talk about the Closing of your home's financing. … [Read more...]
In Part 1 of the post, "Mortgage Anatomy 101" ... the Current Mortgage Process" ... I detailed much of what happens in the initial portion of your mortgage process. In Part 2, I will continue to dig deeper into the mortgage process and touch upon your mortgage file's submission into Underwriting, the Underwriting itself, and then Loan Approval. At this portion of the mortgage process, your Loan Officer and Loan Processor have reviewed your file and agreed that it is ready for … [Read more...]
I've been receiving more and more inquiries from young potential Home Buyers as of late. That's reason for celebration, as I believe now is a great time to enter the housing market. With home prices still affordable and interest rates so low, there truly is a golden opportunity for young Buyers. But with the growing number of young Buyers, I am also seeing a larger number of hopeful clients with what is deemed as insufficient credit "histories". That can mean several things, … [Read more...]
Gene offers excellent advice on how to manage your credit before it becomes a problem. It's not hard to find advice on a full-range of credit issues today. Experts (or so called experts) are everywhere. So I find that most of my clients come to me already understanding that credit scores are very important ... and growing more so each day. But experience with Borrowers pertaining to credit managementhave made it abundantly clear to me, that way too many do not spend enough … [Read more...]
Don't Accidentally Start a Fire Install a Fire Detector Within Your Contracts From start to finish ... the dates and chronology of a Real Estate Contract have become increasingly important to the outcome of the transaction. This is certainly true here in my Will County, IL housing market, as well as across the nation. But as of late, I've received some Real Estate Contracts with some time-frames written into them that have … [Read more...]
I liken Interest Rates to onions in more than a couple of ways. Much like onions, Interest Rates have "layers". In today's mortgage financing, a Mortgage Lender must weigh all the facts, then peel away "layers" of information and data to find and reveal the answers to your Interest Rate questions. And right now with Interest Rates being at historic lows (but rising at time of writing), the more you can peel away and sift through those layers of data … [Read more...]
Many recent indicators I've seen, heard, and experienced seem to point to more positives regarding the conducting of Short Sale property transactions. They're fitting the pieces of the Short Sale puzzle together a bit faster and better. Major servicers (big banks) finally seem a bit better equipped, more willing to avoid foreclosure expenses, and more adept at handling Sellers looking to sell their properties "short". I say, "it's about time", right? It's … [Read more...]
Now, of course, these are loaded questions. I always hesitate to give per square foot prices because they vary so much and for so many different reasons…as you’ll see. So, for example, taking hardwood flooring – the cost depends on what species and grade of hardwood. It depends on whether it’s solid or engineered. It depends on how wide the planks are. It can vary based on installation method (nailed vs. glued vs. floated as well as whether it’s prefinished or unfinished … [Read more...]
Don't "Cut Your Nose Off and Spite Your Face" when it comes to your Mortgage Financing There's an old saying ... "You're cutting your nose off and spiting your face" ... Stretching the point just a bit, I want to use this saying to get a message across regarding interest rates ... and the intense focus that most home buyers, and those refinancing, place on them. Now I know that sounds a bit ironic coming from me, a mortgage … [Read more...]
Words ... That's all clients hear, if they don't understand themeaning of the words being used or thrown at them. And that leads to frustration, lack of action, confusion, and loss of interest ... something totally and completely maddening, plus a waste of time, should you be the potential client. They MAY be hearing ya, but you're not getting through! As a mortgage lender, I must keep in mind the fact that my clients (and … [Read more...]
So You Think SIZE Matters?? Okay ... Okay ... get your mind outta the gutter! I'm talking about the SIZE of your mortgage! Yesterday, I had to explain this important detail to yet another person involved within a mortgage transaction I am working on. This time, a seller. Mistakenly, they thought because the amount of dollars being borrowed was a smaller amount, it meant mortgage processing would be simpler, faster. That not as many … [Read more...]
Recently I was reviewing a credit report with a prospective homebuyer. After going over a few different pieces of information together, we began to talk about differing mortgage programs available to him for his home purchase. It's fair to say, that this young man's credit scores were ... well, shall I say, "challenged"? They were close to getting his foot TO the door of a new home, but not quite THROUGHthat door. He had some work to do. But it quickly became quite clear that … [Read more...]
I was just approached by a potential buyer, enquiring about a Los Angeles home for sale. My first question to her was whether she had spoken to a lender. Her answer was no. I told her that she needed to do that before starting the process of buying a Los Angeles home. Her answer: "I just don't want to talk to a lender and not find a home. So I figure I could just work backwards." We do not work backwards when buying a Los Angeles house. We look and work forward. The very idea … [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...]
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...]
Today, at the monthly NAHREP (National Association of Hispanic Real Estate Professionals) meeting in San Marcos, California, I had the pleasure of speaking about short sales. After the meeting, Ken Davis approached me and asked me about mortgage insurance. Short sale aficionados (or should I call them short sale suckers?) already know that mortgage insurance is a serious beast of burden when it comes to the negotiations of the short pay. Here’s the deal—and a very long answer to Ken’s … [Read more...]
With nearly 800 HomePath properties available here in Los Angeles & Ventura counties and more than 50 more coming up soon, I get numerous calls/emails asking me about these properties. And now, Fannie Mae has special incentives for owner occupied buyers to provide 3.5% towards their non-recurring closing costs. Just this week, I've already received a couple of calls and I strongly suspect that will continue until their special offer expires on June 30, 2011. For starters, HomePath … [Read more...]
