Statistically, over half of the Consumer Finance Protection Bureau (CFPB) complaints to the Office of Servicemember Affairs (OSA) have to do with mortgages. Of these, 58 percent of them had to do with loan modification, mortgage collection practices or foreclosure . . . and yes . . . short sales would fall under this category. [...]
Giving a pound of flesh in income and asset documentation has become the norm but it’s likely that unjustified lender paranoia has led them to ask for a bit too much of their clients. My recent rant on this issue concerned verifying large, non-payroll deposits but now my rage has turned to the simple request [...]
This podcast outlines the differences between Minnesota mortgage pre-approvals and how they affect purchase transactions. Homebuyers and home sellers can learn the risks and benefits of each different type and how they relate to their transaction. This is essential information for understanding the implications of your choice on loan type for your purchase in a [...]
Different Mortgage Types and What They Mean to Buyers and Sellers in a Competitive Market [ 43:20 | 7.44 MB ] Play Now | Play in Popup | Download (8)I know, my headline may be a little offensive to some, but I had to get your attention. This is going to be well worth your 4 minutes to learn a few things about first time homebuyers and first time homebuyer programs. I’m sure you have heard of Toys R Us and Babies R Us, right? [...]
Reblogged: Deanna Wyman There is a commonly held belief that every Realtor’s dream is to handle both sides of a transaction-a practice known as dual agency. An unfortunate number of people are under the impression that this practice is a great idea. Well, I’m here to tell you that dual agency isn’t actually worthy of [...]
The tax deduction on private mortgage insurance has been bounced around like hot potato ever since 2007. The problem with the lack of predictability in tax deductibility of mortgage insurance is that when people are make decision on which of the four types of mortgage insurance they want on their loan, it’s typically with long term [...]
Every time we read an article online about taking a more analytical approach to deciding whether or not to buy a home, you’ll always get comments about how “personal” or “emotional” the decision is but if you’ve found this page, that’s not why you’re here. You’re looking for a “left brain” experience and you’re going [...]
In the last 4 years, an effort has been made on the part of mortgage lenders to ensure precise accuracy on income, liabilities but also on making sure that their money is really their money. Consequently they look for “Indications of Borrowed Funds.” One such indicator of potential borrowed funds is a large and irregular [...]
If you are under the impression that the Minnesota real estate market is still a buyer’s market, it may be time to put away the bell bottom hip huggers and burn the flower power polyester pullover. Okay, that may be dating back a bit too far but you get my point. Let’s time warp to [...]
More and more, people are finding that their intent to occupy a home when getting a mortgage may not mean what they think it means. More and more, loan officers are also finding out that it may not mean what they think it means. One of the Mortgage Loan Officer national testing questions asked what [...]
It’s important in life and in mortgage lending that you be yourself. Accordingly, when your loan officer is presenting you and your loan application to an underwriter, you do everything you can to be as accurate and honest as possible. You take a detailed loan application and cough up unending amounts of documentation so, . [...]
Charles Dailey – iLoan – NMLS ID# 79048 – CA DOC, MN DOC & WI DFI – 612.234.7283 The Home Buyers Scouting Report® is provided directly to the buyer by HBM II, a licensed national real estate brokerage service company, not to or through a lender. The FREE home finding service is provided directly [...]
Most lenders will restrict the number of properties an investor can finance to a total of four properties. This restriction was recently loosened to allow for up to ten financed properties. There are unique restrictions regarding credit score, Loan to Value (or LTV) and reserve requirements that make getting them funded very difficult. Here are [...]
This episode of the Twin Cities Real Estate Radio Show covers comprehensive homebuyer education and wraps it up in a bow called DoorSteps. Charles Dailey – iLoan – NMLS ID# 79048 – CA DOC, MN DOC & WI DFI – 612.234.7283 The Home Buyers Scouting Report® is provided directly to the buyer by HBM II, [...]
TC Real Estate Radio Show Presents DoorSteps for Homebuyers [ 0.01 MB ] Play Now | Play in Popup | DownloadA good mortgage loan officer is like a financial psychiatrist for residential housing. Years of training and experience are packed into our minds for the purpose of reacting correctly to buyers’ financial profiles, stories and desires. The moral of the story? All those years of training and experience are an empty value unless you put [...]
