Just to let you know…I have retired from the Mortgage Industry however I keep up with what is going on and what will affect the consumers. Mortgage lending changes almost daily, there are policies and procedures that most consumers are never aware of. The process of a mortgage application is not hard. However, making sure you, the consumer obtains a mortgage loan that has been suited to your financial capacity is the most important key to the loan process.
After 30 years in the mortgage industry, I saw the good, the bad and the ugly. We all know that with the start of the ‘Subprime’ mortgage loans; our country has suffer the worst economic failing in many years. It has almost bankrupted America, and it has definitely bankrupted many Americans.
The American people have been though the grill, more ways than one, and many American are still struggling to make ends meet with jobs that are not comparable to the job they once had.
It is sad for me to look back and see the aftermath of this terrible conversation that “everybody deserves a home.” The statement is true, but it is as simple as “everybody cannot afford a home, or it may be, they cannot always afford the kind of home they desire.” Even I cannot afford a $500,000 home.
Back to my background in mortgage:
My long career in mortgage lending took me to many places in the USA while I was auditing mortgage loan files to sell to the agencies. I have also worked for Freddie Mac in Atlanta before they were purchase by the government, and then became a mortgage underwriter in the early ’90s. I was educated by the book, took some courses, and love the analyzing of the documentation.
“As you are aware the underwriter judges the documentation received from the consumer: income, assets, credit, appraisal and any documentation that attributes to the financial position. He or she, has the responsibility of making sure that the documentation lends the perfect view of the borrowers capacity to repay the loan.”I will endeavor to give you up-to-date information so that you will have what you need to help you make a decision when searching for a home. This will include information I have learned along the way. This will include how to search for a lender, how much home you can afford, how credit plays a significant role and the appraisal process. Other subjects will be discussed also.
Thank you for stopping by and we have your back!