The New GFE
As of January 1, 2010 all mortgage lenders will be required to use the new Good Faith Estimate (GFE) and abide by the new disclosure regulations that accompany the new GFE. While this is different from GFE’s of the past, it is not designed as a user friendly form for the lender but a [...]
New Rules & Regulations
Though the average person won’t see all the new mortgage rules and regulations that are still taking place behind the scenes, they will be somewhat affected. It is just not as easy as it used to be to get a mortgage and that’s not going to change. If the trend continues the way it has [...]
New Disclosure Rules You Need to Know
This past month has brought with it more changes to the process from approval to closing that are designed to protect the consumer. Most of it has to do with the timeliness of presenting as accurate a Good Faith Estimate as possible before closing to prevent the buyer from those last minute heart attack moments [...]
Use Stimulus Money for Down Payment – New THDA Loan
Between now and November 30th you may be able to borrow against the first time home owner credit, up to $7,000, and use this money for your down payment and closing costs for a home with the new and limited time frame stimulus loan from THDA. You must be a first time homeowner, which means [...]
Rates are Down but Some Borrowing Still Tough
This past week has been a rough one for some of the people I have talked to, all of who have multiple houses and are paying their bills and mortgages on time. The issues have to do with being self employed and not showing enough income on taxes and wanting to refinance a second [...]
THDA Rates Change
Tennessee Housing Development Agency has announced new rates for its first time homeowner programs as well as its new refinance program for those who are in danger of foreclosure due to sub-prime mortgages. Here are the new rates.
Great Rate Program 6.10%
Great Save Program 6.10
Great Advantage 6.60
Great Start Program 7.10
These and many other programs are available [...]
More FHA Changes Coming
The government continues to make changes to the FHA program and the people I have talked to don’t think the changes are over with as of yet. Though these changes are supposed to help people continue to get into homes and to protect them, I’m not sure there are any changes that can protect [...]
The Predators Are Out Again
In the last week I have had three of my past clients call me because they had received either a letter in the mail or a phone call from someone promising them to better their interest rate and payment through a refinancing their current home loan. Each one of these families have either purchased [...]
Underwriter Hell
It has been a difficult year in the mortgage business trying to keep up with all of the changes that keep coming down in droves. I give kudos to all who have half way stayed on top of the situation.
Today, however, I want to publicly thank all the underwriters and processors who have been [...]