Brian's Blog
Would You Get Surgery At McDonald's?Friday, May 10th, 2013
It never ceases to amaze me how people treat the most expensive transaction that they will ever do in life as a commodity. Would you get surgery at McDonald's if they got into the health care business because it was the cheapest place to get it? Or would you talk to numerous different doctors based on experience, referrals, track record, and interaction with their staff and systems? I know as you read this blog that you know the answer is that you'd go with (more…)
FHA MIP RefundMonday, May 6th, 2013
FHA is in some financial trouble and as a result they made some changes to their rules lately. They now require that new FHA borrowers, as of April 1 2013, continue paying mortgage insurance premiums for the life of the loan. An old FHA rule, dating from 2001, had allowed borrowers to cancel their mortgage insurance when their outstanding balance reached 78% of the original principal balance.
However, as of April 1st 2013 you will pay the FHA mortgage insurance forever. But (more…)
Are Capital Gains Income?Wednesday, May 1st, 2013
Do you know anyone that has had regular capital gains income over the last few years from the stock market? It sure has been a roller coaster ride, and if you hung on for the whole ride from the debacle in 2008 to the recent new highs, then maybe you have indeed had some capital gains, along with some nice losses. But have you had gains in back to back years? Have you had them for three years running? Capital gains income can be used to qualify for a mortgage (more…)
There Is Nothing Wrong With 269th Place!Thursday, April 25th, 2013
It is hard to tell, but right there in teeny, tiny print it says that I was the 269th top producer in the country in 2012 for mortgage loan officers. My mom always told me not to worry about coming in first place and just to do my best. In all seriousness I think one of the measures of a successful mortgage loan officer is (more…)
Deferred Student Loans Are Not Deferred?Friday, April 19th, 2013
It used to be that when I was qualifying a mortgage borrower and they told me that their student loans were deferred, I could normally count on not using that debt against them in their debt ratios. But as we all know underwriting guidelines are stricter these days, and now many times deferred student loans still have to be counted against mortgage borrowers debt ratios, even when no payments are being made and they are in deferred status. You have to (more…)
