I hear a lot of people who apply for a mortgage complain about the inability to get a simple, timely status on their loan application. Some people don't even get a weekly call. I think people should be able to know what is going on with their loan application whenever they want. So I created a way to do this that is easy for all. Read the rest of this entry »
Let's do a quick lesson that may take us back to our school days. I want to make sure everyone knows what a commodity is, and is not.
A commodity is a good for which there is Read the rest of this entry »
Big banks, boy, you have to love them for their arrogance. They have balls the size of trash cans. I am not sure I could pull off accepting federal bailouts, pointing the finger at others for a mess I helped to create, then giving out big bonuses to some employees, all combined with poor service. Am I sure they have poor service? Why yes I am! Read the rest of this entry »
Have you ever not thought ahead, and then found yourself marooned? I found myself thinking of this as a friend of mine was complaining about a roof leak he had that was causing massive damage to his bedroom. Not only Read the rest of this entry »
I am not an online lender, I use online tools like my website quite a bit, but I am not an online lender. So do I have a vested interest in telling people local lenders are better? Yes. Are local lenders better? Yes! Read the rest of this entry »
The Federal Reserve Controls Mortgage Rates? NO IT DOES NOT! There are many conspiracy theorists out there that think the Federal Reserve controls interest rates, and a lot of other things. As much as I dislike the Federal Reserve, for being arrogant enough to think Read the rest of this entry »
Don't all of these alphabet groups and definitions confuse you? Interest Rate and APR are two of the most commonly confused terms in the mortgage business. Many people think APR (Annual Percentage Rate) is the rate of interest that you pay on the loan. If I had $1 for every client that called upset that I had quoted a certain rate, and that they were looking at some disclosure with an APR higher than the rate I promised them, and they'd like to know what the hell is going on, I could have Read the rest of this entry »
One motto of Lending Tree is, "when lenders compete, you win." Yes, I agree. But that should be expanded to be considered even somewhat accurate. If Lending Tree were my company I'd say, "when experienced, legitimate, local lenders compete, you win." But then Read the rest of this entry »
I barely know what "above par pricing" means, and I have been in the mortgage business for 25 years! I'll see if I can explain it, and why you need to know about it. Read the rest of this entry »
I wanted to share a story about a client who used my services for his mortgage when he purchased his home three years ago. On his recent refinance he said he "had to go with the best terms he could find." It seems his purchase loan was too important to leave to chance, but now he was ready to use almost anyone as long as they appeared to have the best terms. He talked to a lender who was referred to him as "one of the best lenders I have ever seen." Read the rest of this entry »