Watch Out For Wire Fraud In Mortgage Transactions!

February 22nd, 2018

Watch Out For Wire Fraud In Mortgage Transactions!

New home purchasers can get caught up in a wire fraud scam in a mortgage transaction by cyber criminals if they aren’t careful!  This type of fraud is happening more often.  Some borrowers are fortunate enough to have a bank that recognizes that money is being sent to a suspicious account and the wire gets stopped. Otherwise, the mortgage borrower can lose their entire down payment on the house.  Once a wire goes out to another bank it’s almost impossible to pull it back, even when Read the rest of this entry »

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Interest Rates Are Still Low. Or Did They Go Up? Are They Down?

April 24th, 2017

Interest Rates Are Still Low. Or Did They Go Up? Are They Down?

Interest rates rose after the presidential election. The news from the bond market according to MBS Online was “Trump has advocated for greater spending on defense and infrastructure, and at the same time he proposes to cut taxes. These policies raise the prospects for increased deficits and inflation, neither of which are good for mortgage rates.”1

 

Recently rates have come back down a bit. Rates are Read the rest of this entry »

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Deferred Student Loans Are Not Deferred?

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. However, 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 Read the rest of this entry »

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Banks Treat Me Special….You Know…Because I Have A Checking Account There.

June 13th, 2012

Big banks can be slow, they may use appraisers that do not know the local marketplace, they do not communicate like a local lender does, and they may be slow to return calls and emails. Below is a note from a client who I followed up with after they chose to use a bank they banked with instead of working with me, because they banked there they thought they’d get special treatment.

From the client: Read the rest of this entry »

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