There are many new rules and stricter credit guidelines that continue to impact borrowers qualifications. While the borrower’s credit is pulled prior to application, many do not realize that the underwriter can, and in many cases, is re-pulling the credit of the applicant prior to closing.
Category Archive: Mortgage Information
information that will help you better understand mortgages
Jul
09
Are you waiting to buy because you think prices are declining?
Since rates are at the lowest point ever, and we know that they have to go up, assuming that rates will rise, it may not make mathematical since to wait.
Jun
15
How to submit a loan application on the JoeKnowsMortgages.com website
This is a brief video tutorial of how to submit a loan application on the JoeKnowsMortgages.com website. The loan application is one of the first steps towards Pre-Approval. This video is also a permanent fixture under the “loan application” heading in the toolbar.
Jun
07
Special Mortgage Program for Engaged or Recently Married Couples
If you make application with me, Joe Harris from Morgan Financial, in the month of June[2], and close your loan with me by September 30, 2010 I will pay $300 of your closing costs at closing[3].If you make application with me, Joe Harris from Morgan Financial, in the month of June[2], and close your loan with me by September 30, 2010 I will pay $300 of your closing costs at closing[3]. If you do not fit into this special, but know someone who does, please let them know.
May
21
Great News for Buyers with a Short Sale!
New Eligibility Rules Announced From Fannie Mae! There’s great news from Fannie Mae for home buyers who have experienced a short sale or deed in lieu of foreclosure. To help the housing market’s continued stability, Fannie Mae is changing the “waiting period” (i.e. the amount of time that must elapse after the preforeclosure or short …
May
16
The first and most important step in the home buying process…
Are you looking to purchase a home? Do you know your purchasing power and Financing options?
May
05
Improved Mortgage Insurance Guidelines in Florida
It looks like we are starting to see some improved guidelines here in Florida. Up until last week, borrowers could not get better than a 90% (primary residence) loan to value because of the lack of mortgage insurance in the state. That has now officially changed. I have attached the guidelines that are being used for those loans below.
Mar
22
No money for a Down Payment?
Whether you are planning on getting gift funds, taking advantage of community or governmental funds, or selling your antique GI Joe collection, make sure to speak with your mortgage professional to assure that you are properly documenting the funds for the underwriter. There are many rules and regulations surrounding gift funds and cash to close and improper use could spell disaster. Please contact me anytime for further information.
Mar
16
There Is Still Time To Take Advantage Of Government Incentives!!
It is a great time to be involved in the Real Estate industry; home prices are great, interest rates are at historic lows, and there are still government incentives to purchase a home. The government incentives are set to expire, and you will need an executed contract by the end of April to take advantage of the tax credit. There is still time to get in on this once in a lifetime deal, so do not delay, act now!
Mar
08
When Is The Best Time To Lock My Interest Rate?
Because gambling with a client’s interest rate is never advisable, I always advise my clients to lock in their interest rate at the earliest opportunity. In my business, I have a standardized system in place that we adhere to for all of our clientele.
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