The First in a Series of Fannie and Freddie Bailouts July 13, 2008
The rumors floated on Friday regarding Fannie and Freddie turned out to be true. This first bailout proposal, released a few hours ago, has three parts. I say “first” because there is no way that this is going to be enough to save what’s headed our way nor will this be the only time the government will [...]
FHA Jumbo April 1, 2008
I thought it might be helpful to provide some information for you to use for when I quote rates on Friday for the FHA Jumbo mortgage. There are other criteria to be considered beyond looking at the rate. You may not have considered FHA before due to loan limits, now it’s more attractive: [...]
A D-I-Y Don’t: Divorce December 18, 2007
Legal disclosure: I am not an attorney, nor do I play one on TV. Please do seek legal council if you are considering a divorce and before DIY legal documents relating to your marriage or mortgage or real estate.
I recently met with newlyweds who wanted to start developing a plan to purchase a [...]
What is your Mortgage Exit Strategy? August 29, 2007
Unless you have a long term fixed rate mortgage, you should develop an exit strategy. An exit strategy is a well thought plan on how you’re going to leave your current mortgage. Every time you board an airplane, the Stewardess reviews the “exit strategy”. They’re not planning on an actual emergency landing, they are simply preparing you for a [...]
So You Think You Might Need a Mortgage? August 1, 2007
The mortgage industry is facing historic times with the tightening of underwriting guidelines, programs disappearing and lenders not able to fund loans and/or closing shop. The subprime meltdown is spilling into the prime mortgage markets. Here is what you need to do if you’re considering buying a house and you’re not paying cash for your [...]
Underwriting Guidelines are Tightening Up July 19, 2007
Both Fannie Mae and Freddie Mac are tightening up their underwriting guidelines making it tougher to qualify for conventional mortgages (loan amounts $417,000 or less for single family dwellings).
Some of the most significant change is how borrowers are qualified when using a mortgage with an interest only feature.
Fixed Rate Mortgages (ex. 30 year fixed [...]
To Foreclose or Not to Foreclose… June 30, 2007
I had dinner the other night with someone who is in a pretty tough situation (can you say “rock and a hard place”?). I walked away from the conversation with no good advice for him, so I’m hoping someone at RCG can help guide some next steps he might take…
About three years [...]
Trigger list finally get some much needed bad press May 16, 2007
If you have not opted out of prescreened credit offers, and if you have your credit pulled for purposes of being prequalifed or preapproved for a mortgage; you will be receiving tons of attention from lenders you do not know.
The credit bureaus resale your information without your knowledge or consent to whomever is willing to pay [...]
Bribery to Work with the Builder’s Preferred Lender May 6, 2007
When ever I’m working with a home buyer who may be considering new construction, I know I might lose them to the builder’s in house lender. Often times the builder will offer an enticing credit to the buyer’s closing costs only if they obtain their financing from the builder’s preferred lender.
How can having a Loan Originator [...]
Triggering My Hot Spot February 14, 2007
I have blogged about this before…it is really one of my “hot spots”. This morning, not only did I receive an email from this company (oh, I mean SPAM) stating that this is information that I requested, which I did not, it is about something I am absolutely against: selling consumer’s information when they’ve had a credit report pulled [...]
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