Changes To Dodd/Frank Bill – Should They?

Why bring up the past? Well, it seems we are possibly about to be presented with changes in mortgage lending regulations again. To this underwriter, caution might be the best route to take. In 2010, the Dodd/Frank bill came into play where banks and mortgage lending rules/regulations and procedures changed drastically because of serious mortgage … Read more

The Mortgage Loan Mess – How We Got Here

Mortgage Fraud Helped with the disaster *NOTE: This post was initially written on 10-05-2009. There is reason for a reminder of the past….congress has reported regulations are in the process of changing. If you notice the photo to the left, it states, “Stop mortgage fraud.” I consider fraud to also be when someone is offered … Read more

The List of Mortgage Questions

When applying for any mortgage loan it is beneficial and imperative that an applicant ask questions so they are fully knowledgeable of the product, interest rate, origination fee, points and any closing cost that is being paid in the loan.  The lender’s agent/loan officer is required to know and be able to explain all questions. … Read more

How To Get A Mortgage

The rules have not changed for How to get a Mortgage; but they have changed in many ways on how to qualify. Then again this question may surely include both. Mortgage lending is complex with many rules and regulations which can put an individual in a query really fast as these many guidelines sometimes make … Read more

HARP -Home Affordable Refinance Program

Fannie Mae HARP- Home Affordable Refinance Program is still in effect until September 30, 2017. It is available for those mortgage applicants who need a hand with more lenient guidelines. The HAMP – the modification program is no longer available.  The good news is that this refinance is still in effect for those who owe … Read more

Some Methods To Improve Your Credit Score

Many different factors go into your credit scoring. Your credit score is not one score, it is made up of three. In mortgage lending, usually the middle score (called representative score) of the three bureaus; determines your capacity to pay back the debt in a consistent manner. One important note is to always know what … Read more

How To Get A Better Comprehensive Value For Your Home

When we start to sell our home, we naturally want the best value that is possible. Always little things here and there pop up that need to be done to give us the top dollar. I am going to give you some things to consider before calling the appraiser. Property values have gone up and … Read more

Mortgage Income Calculations

Mortgage income calculations are not hard they are just unique. They are as unique as the applicant’s line of work, and method of compensation. After reading various mortgage articles with questions and answers about the loan process and how income is calculated; it seems only appropriate to generate an article simple to understand. Having been a mortgage underwriter I am … Read more

FHA Closing Cost Explained

Disclosure:  Mortgage policies and guidelines change frequently for all mortgage product; FHA/VA & Conventional. Always check with your lender of choice about their fees before jumping ahead.  When writing here we try to find the most current guidelines to give you the head-up you need. That does not mean that in the interim something could … Read more

How Much Can I Borrow?

  This seems to be a question for many people when contemplating buying a home. It is a fair question and one that needs an answer if you are considering buying a home. Let me give you some details that will be of help to you with the question; “how much can I borrow?” We … Read more