The Length of a Short Sale
Short Sales from the outside looking in would seem like a very direct way for a seller and a bank to agree together to sell a property. However, from the inside looking out, it is not that simple. Many bank owned properties are actually owned by other entities and are merely serviced by the bank. [...]
The Time Crunch for a Loan
It’s an interesting time for those of us who have been in the home loan business for awhile. It wasn’t that long ago you could bring a loan in on Monday and get it closed by Friday of the same week. There are times that is still happening but it is farther and fewer between. [...]
Need a 203K?
203K’s are getting harder to find these days as lenders struggle to get loans underwritten and closed. However, there are some companies that are actually flourishing and the 203K is a good part of their overall mix of loans. These companies are looking forward at what can be done with the bank owned properties (REO) [...]
The Income Dilemma
One of the things that have drastically changed over the past several years is the tracking of income. This comes into play for all people who are self employed or make compensation in the form of commissions or tips. For those some who are self employed, including commissionable earners, are caught between taking legitimate expenses [...]
Rates are Creeping Up
It’s been known for quite awhile that interest rates are being artificially held down by the fed and the government’s action, which has led to great opportunity for first time home buyers as well as anyone buying or refinancing a home. With that said, many believe they will not stay down forever and over the [...]
5 Things Loan Officers Don’t Do & 5 Things they Do
Most people know what loan officers do; get you a loan for a mortgage, but few know what loan officers don’t do. The following are five things that loan officers do not do that are handled by others. Negotiate contracts Show properties Appraise properties Find Properties Inspect Houses Here are five things that loan officers [...]
Property Issues are Starting to be a Problem
If you have been in and around the real estate industry for very long you will remember the time when everyone hated dealing with FHA and the appraisal process that was involved in getting this type of loan. Then several years ago FHA changed and the appraisal process was just about the same as a [...]
Rates have Fallen!
With the advent of the Federal Reserve holding down the Fed rate and their announcement to purchase a large group of toxic mortgage securities, the current interest rates for conventional and FHA loans are below the 5% mark. That is very good news for people who want to refinance or buy new. In fact if [...]
Why So Many People Don’t Qualify Right Now
I just talked to a couple of other people in the mortgage business around the country and they are experiencing the same thing lenders are experiencing here in Middle Tennessee; many people no longer qualify for a loan. I have taken refinance questions and applications over the last few months and there are people who [...]
Is This Another Refinance Boom?
All of a sudden the holidays are over and everyone is looking to refinance their homes. It does look like another refinance boom and there are plenty of companies that are soliciting clients through the mail. I’ve had several people call me just this past weekend about letters they have received. Both of these families [...]
« go back — keep looking »