I had to trick an underwriter the other day, and I am not losing sleep over it. It is a great story, and one worth retelling so that others may use this trick. Read the rest of this entry »
GetLoans.com Blog
Drowning In Rules! Save Yourself…Go On Without Me!
September 24th, 2010
I may make light of the Feds and the banking industry and their arcane rules a bit too much, but now they really deserve it. Now they have gone too far. I have witnessed bureaucratic insanity on such an unreal scale, I am not sure you will believe me. Read the rest of this entry »
Let's Get A Better Deal At All Costs…
September 22nd, 2010
I had clients who applied for a refinance almost 4 months ago. Interest rates dropped for quite a bit of that time period, and it seemed like once a month they were asking me for a better deal than I had originally locked them in at. Getting a better deal is fine, steamrolling everybody in your path to pick up each 1/8% rate drop is another. Read the rest of this entry »
The Grinch That Stole My Mortgage.
September 20th, 2010
The Grinch, which in this story is Fannie Mae, just stole Christmas. I must admit, that is dramatic, and not literally true. But they did potentially just steal your mortgage.
Fannie Mae’s current rules allow an underwriter to exclude revolving debt (i.e. credit card debt) from the debt-to-income (DTI) ratio if there are ten or fewer payments remaining. Fannie Mae will now require all revolving debts to be included in the DTI ratio regardless of Read the rest of this entry »
How Do You Price A Home For Sale?
September 15th, 2010
Why does it seem that almost all real estate starts out at an unrealistic price point to some degree, whether it is a little over priced like 2% or 3%, or a lot overpriced by 10% or 20%? Read the rest of this entry »
FHA Mortgage Insurance Is Changing October 4th 2010
September 12th, 2010
It is now confirmed that FHA is set to change its mortgage insurance on October 4th 2010. There is good news, and bad news. The good news is that the Up Front FHA Mortgage Insurance Premium is being reduced, but the bad news is that the monthly mortgage insurance is going up. Read the rest of this entry »
Come Quick, They Are Giving Money Away!
September 7th, 2010
I have already blogged here once about the current hysterical herd, that seems to think that rates are dropping 1% each week. Apparently…I again need to discuss why rates are not plummeting non-stop, and likely…..will have to do so again. Read the rest of this entry »