GetLoans.com Blog
Don't Worry, It's Easy To Get A Loan!
May 5th, 2011
Each mortgage lender has dozens of loan programs, and there must be hundreds of lenders. We work with 50 lenders or so, and each lender may have a different interpretation or guideline for each facet of the loan; related to credit, income, appraisal, assets and debt ratios. Imagine the hundreds or even thousands of permutations, Read the rest of this entry »
Large Cash Deposits, Uh Oh, That's A Problem!
March 30th, 2011
There are many reasons for odd and sometimes large amounts of cash deposits to show up on your bank statements. And for each one you had better be prepared to explain, as well as show a paper trail and supporting documentation for every nickel. Why? Read the rest of this entry »
Does Real Estate Put You Behind Bars?
February 28th, 2011
If you live in an urban setting, you may have security bars on some or all windows, probably at least your lower windows which are easily reachable by a criminal who wants to break in. There is an underwriting guideline that I have not had anyone question me on in almost 15 years, Read the rest of this entry »
Less Regulation From Washington DC?
January 19th, 2011
President Obama has ordered a complete review of all regulations to remove or overhaul those that inhibit economic expansion without helping consumers. This is part of his "reaching out to the business community". The President wrote in an opinion piece in the Wall Street Journal recently that he’s mandating “a government-wide review of the rules already on the books to remove outdated regulations that stifle job creation and make our economy less competitive.” He said the initiative is part of an executive order he will sign today codifying a “balanced” approach to regulation. Has there ever been a "balanced" approach to regulation? Read the rest of this entry »
Rich People Can't Even Get A Mortgage!
January 9th, 2011
Things have gotten so strict in underwriting mortgages, that not even rich people can easily get a mortgage. I think most of us would agree if we had millions of dollars and no debt except for the mortgage on our home, we'd feel rich. In fact, we would be rich. But Read the rest of this entry »
The FNMA/FHLMC Problem
January 2nd, 2011
Why is no one concerned about the socialized and nationalized state of mortgage lending? There are almost NO OTHER mortgage options available besides government-backed loans such as FNMA, FHLMC, FHA, and VA. Government now backs well over 9 out of 10 loans and dictates all the rules and guidelines. I feel like we have more patience for government backed mortgages than we would government backed cupcakes! Read the rest of this entry »
Silly Reasons To Deny A Loan
December 20th, 2010
Sometimes underwriters and bank rules are just silly. Many times I feel I am talking to a professional clown, rather than a mortgage professional, because there are times I laugh until I cry… Read the rest of this entry »