"I’ll Call You When I Have a Million Dollars"
She was trying to be funny when she said it, but hearing this underscores the need for clarity about financing. If you had a million dollars, maybe you wouldn’t need leverage. For the rest of us, the path to owning real estate has to do w.. Read More
When something happens repeatedly at my desk, you get to hear about it. Twice in the past few weeks we’re running into problems about federal tax returns, and being able to independently verify their validity. In applying for a home lo.. Read More
The Buck Starts Here
It struck me as funny when a caller asked me, “So just who is this ‘underwriter’ person, anyway?!” He and his family are in the process of buying their first home and have run into delays in closing, due to the ‘und.. Read More
More About the Score
When we pull your credit report, lenders are supposed to give consumers a credit score disclosure. This document shows what your credit scores are, and gives reason codes as to why. You’ll see references to credit score ranges of 309 t.. Read More
When is it wise to pay off the house?
Living mortgage-free seems to be part of the American Dream. What homeowner hasn’t envisioned owning their home outright? Paying off your house is attainable over time, by taking a shorter term on your loan, or even by making extra princip.. Read More
It’s More Than Just a Number
“I have a 700 FICO!” You’d think such words would be music to a mortgage advisor’s ears. Maybe, but maybe not. Credit scores are important, but a home loan credit pre-approval is concerned with so much mo.. Read More
2014 Affordability Snapshot
Let’s take a quick look at the affordability of today’s housing market. For each of these scenarios we’ll assume a pristine credit report, more than two years on the same job, and cash to close belonging to the buyer for at lea.. Read More
Is FHA a Bad Loan?
One of my former clients is moving to a different county and we’ve pre-approved her to use an FHA loan to buy her next home. Her Realtor tells us we’ve lost two properties because of the loan type. Does that mean FHA is a bad loan? .. Read More
What’s Your Rate?
After reading this column for over twelve years, I sincerely hope that is not the first question you ask when shopping for a home loan. Here’s a refresher on why “the rate” is an elusive thing to pull out of thin air, and why t.. Read More
In Over Your Head?
Holiday stresses may be without number, but your debt is easily quantified. These days, sizeable debt loads pose an even greater danger than usual: layoffs are mounting and bonuses are shrinking, but creditors will continue to expect their payme.. Read More
Credit Score Quiz
The good folks at Kiplinger recently posted a quiz about what actions affect your credit score. Let’s see how well you score on these variations of their questions. Question: When shopping at your favorite store, you open a new credit .. Read More
Begin at the Beginning
So many callers tell me they were playing with an on-line mortgage calculator and the number they expected doesn’t match the actual payment for the house they want to buy. Let’s fix that by talking about how to approach your home buy.. Read More
Reverse Mortgage Faces 15% Cut
We’ve heard the rumblings for some time, and now it’s upon us. The Home Equity Conversion Mortgage, or reverse mortgage, will cut its benefits to seniors at the end of this month. These changes reduce the maximum bene.. Read More
Buy Your Next House with a Reverse Mortgage
Sorry, kids, these notes are for people aged 62 and older. We’re talking about reverse mortgage, which is only available to that age group. It’s a federally insured home loan usually used for refinancing, but let’s see how it .. Read More
What's Up With Rates?
In the past three months, mortgage interest rates have risen. We knew the party couldn’t last forever, and now we are firmly in the realm of rates in the high 4’s. What does that do to affordability? For purposes of .. Read More
This Is Why It Feels So Invasive …
The Office of Lender Activities and Program Compliance department of FHA just released the June report on Post-Endorsement Technical Loan Reviews. That’s a fancy way of saying: They’re showing us what’s wrong with loan fi.. Read More
When is it Wise to Pay Off the House?
Living mortgage-free seems to be part of the American Dream. What homeowner hasn’t envisioned owning their home outright? Paying off your house is attainable over time, by taking a shorter term on your loan, or even by making extra pr.. Read More
Find Out Who’s Tracking You
You already know that your credit use is tracked and reported by the three major credit bureaus, and that we access those credit scores in making lending decisions. Are you aware of the many other ways your activity is being monitored? Th.. Read More
Have You Missed the Boat?
A nautical reference seems about right, given all the chatter about homes across America being “underwater”. The term refers to owing more on your home than its current value. You’ve heard about the loan programs avail.. Read More
Shopping Around for Home Loans
Here's the Inside Scoop on How To Do It Right! First: make sure you are working with an experienced, professional loan officer. The largest financial transaction of your life is far too important to place into the hands of someone who is not ca.. Read More
It's Greek to Me – Terms to Know
The mortgage industry is full of terms that are foreign to many people. The following glossary of terms should help you translate the mortgage language into plain English and help you make sense of the mortgage process. A-D (#A) / E-H (#E) .. Read More
Buying a Home After Short Sale or Foreclosure
Lots of families who lost their homes are eager to get back into the housing market. Here’s the scoop on time frames and reestablishing credit to help make yourself eligible to qualify for a mortgage in today’s lending climate. .. Read More
News You Can Use
Here’s something new about the HARP refinancing program we haven’t heard before. The Home Affordable Refinance Program is the one that might let you “refi” if your loan is “seasoned” and you owe more than the h.. Read More
There's More To It Than You Think
Let’s run down some common situations that might cause trouble with your purchase or refinance loan application. If you want a reverse mortgage, sit this one out: Reverse mortgage doesn’t make you qualify except by being over age 62 a.. Read More
Think Twice Before You File
Do you plan to participate in the real estate market this year? Have you put off your appointment with your tax man? Your delay may be to your advantage if you are self-employed and have choices about how much to write off in expenses for your ye.. Read More