Investing in real estate is easier today because of recent Fannie Mae changes. This is a huge shift that will really help a lot of people accumulate wealth. Gone are the restrictions that made it impossible for so many to get a mortgage. I always felt that this especially hurt small investors who were just starting out. Previously comercial loans were required to buy an income producing investment property. That’s…
Posts Tagged: mortgage
A Mortgage Denial is a Disaster
How do you handle a mortgage denial? What happens next? Do I get my deposit back? Why did this happen? Mortgages are denied for a variety of reasons. Is this a common occurrence for home buyers? Not at all. There are exceptions. For example, a buyer lost their job. You can’t get a mortgage if you have no income. This is a rare occurrence because home buyers commit to a…
Buying A House Is Different Today
Buying a house is different today because of Covid 19 concerns. The good news is that you can do it because it’s not all that impossible. Viewing A Home Everyone looks at homes online. What’s different is that you don’t go out to see them. Virtual showings and the virtual open house have taken over. Homes are increasingly sold online using virtual technology. The buyer never goes into the house…
Irresponsible Lending is Back
Irresponsible lending is back. It is back in real estate and I am sad to say that my Board of Realtors had a seminar on it today. I did not go and neither should you. What’s a QM QM stands for Qualified Mortgage. This came about in January of 2015 due to post Recession legislation. It’s a very good thing because it protects consumers as well as banks. Banks must…
Qualifying Buyers for Homeowners
Qualifying buyers for homeowners is serious business. I have no patience for wailing agents who call me for help in such situations This is because I feel that not doing a thorough and adequate job on qualifying is irresponsible and unprofessional.
Shopping for Mortgage Rates and Your Credit Report – #3 and #4 Home Buyer Mistakes
Shopping for Mortgage Rates I have written so many articles on why this is wrong. Shopping for mortgage rates is exactly not the place to look. This is marketing at it’s best because ad agencies have you convinced this is what to do. While they have you focused on mortgage rates you miss the most important reasons to choose a bank and banker. Did you know that there are dozens…
First Time Home Buyer Mistakes to Avoid – Here’s The 1st of 10 Articles
Introduction First time home buyer mistakes can be deadly. While home buyers today do a lot of research on the web, they are still vulnerable. Because of this, I’ve written a series of 10 articles. One for each issue. Today we begin with the #1 – Getting pre qualified. A List of First Time Home Buyer Mistakes First time home buyer mistakes to avoid are the following: Getting pre qualified…
How to Get A Great Mortgage Rate
The Best Place to Start How to get a great mortgage rate involves several different aspects of your life. While all of them are important some are more so than others. The best place to start is to find a great banker. I’ve said it before and I’ll say it again – I love the internet but nothing replaces a great mortgage professional. A great banker will do more than…
Another Horrible Mortgage Story
I call these horrible people Mr Happy Banker because he tells you happy fairy tales or shoots rockets into the sky on TV. It’s all a big lie.
Mortgage Rates Today Won’t Matter Tomorrow
Mortgage rates today won’t matter tomorrow. This is very important to understand so let’s look at it carefully. Do you know the #1 mistake home buyers make when it comes to a mortgage? They shop for rates. This is a colossal mistake and often costs home buyers thousands of dollars. It can also cost you heartache when you choose a banker who can’t close on time or makes the process…
