GetLoans.com Blog

Buying A Home "Non Contingent" On The Sale Of Your Current Home

January 31st, 2012

In some real estate markets, the close-in DC Metro area being one of them, the market is strong enough that sellers will not accept an offer contingent on the sale of the potential buyers current home. Sellers figure in a strong market, why should they accept an offer based on a buyer that has a house to sell, and who knows if the buyers are realistic, will price it to sell, and will do all the right things to market and sell it quickly. So sellers wait to get a non-contingent offer, because they know one will come along soon enough.

As a result, I get some buyers who ask me to get them qualified to buy a new home, without the new loan being contingent on the sale of the current home they own. Read the rest of this entry »

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It Got Dark!

January 26th, 2012

Going dark. All salespeople have experienced this, no matter how good. You educate a potential client, you spend hours and hours with them answering questions, you create a relationship, and you truly seek to help them to earn your commission. And then it happens, they go dark. No contact. No return calls. No email reply. No nothing. It is eerie. You start to wonder what you did wrong. Read the rest of this entry »

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Lenders May Be Less Than Honest On Their Good Faith Estimates?

January 23rd, 2012

The Good Faith Estimate (GFE) is one of the worst ways to compare lenders. I must get asked for a GFE 10 times a week, and 10 times a week I try and explain that using a GFE is the wrong way to compare lenders. Below are a few reasons why: Read the rest of this entry »

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Past Due Bills Can Get You In Trouble

January 17th, 2012

One thing that gets a lot of people in trouble with their credit scores is a past due account, also known in the industry as a collection or a collection account. These collection accounts stay on your credit report for 7 years. That is bad enough as it is, but it gets worse. Let's assume you have an outstanding five year old collection Read the rest of this entry »

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The Government Giveth And The Government Taketh Away, All At Once? So Where Is The Gain?

January 13th, 2012

I just heard that FHFA (Federal Housing Finance Agency) has implemented a hike to the Fannie Mae/Freddie Mac guarantee fee. This is the fee that the GSE's (Government Sponsored Enterprises) which are now actually GOE's (Government Owned Enterprises) pays to the government for their backing. They raised this fee to pay for the Temporary Payroll Tax Cut, signed by President Obama! The announcement said specifically: Read the rest of this entry »

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2012 Predictions

January 9th, 2012

2011 was a difficult year in the mortgage business. We are all still standing, and you can still get mortgages, but it is not fun. I would like to make some 2012 mortgage predictions: Read the rest of this entry »

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Real Estate Prices Will Drop. And Rise. And Stay Stable.

January 4th, 2012

Across the nation potential homebuyers have sat on the sidelines in fear or waiting for home prices to drop more. And in many real estate markets I get that. Prices have been dropping, and jobs remain a concern for some people. Those are issues not to be ignored. However, there are several issues I take with sideline sitters. Read the rest of this entry »

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And To All…A Good Night (and a good 2012)!

December 23rd, 2011

Happy holidays and a happy and successful new year to us all! This is always the time of year we look back on the year that has passed, and more importantly, we look forward to the new year and we make our new year's resolutions. I'd like to make some resolutions (business and personal) for the new year. And here they are for 2012: Read the rest of this entry »

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Santa Or The Grinch? Which Do You Want With Your Mortgage?

December 20th, 2011

Santa versus The Grinch represents so many different scenarios in life, good versus evil, positive versus negative, tortoise versus the hare…..an on time mortgage transaction versus a delayed one. Huh? Wait. What does Santa and The Grinch have to do with the mortgage process? Read the rest of this entry »

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FHA Loans Limits Increased, But Only Thru 2012.

December 13th, 2011

There was some confusion as to how long the latest FHA loan limit increase is going to last, which I blogged about here. Was it through the end of 2011, or 2 full years through 2013, or just through next year and it ends 2012? So the verdict is in, and the latest FHA loan limit increase expires at the end of 2012. So come December 2012, there will be another political fight, Read the rest of this entry »

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