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

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

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

Mortgage Loan Documentation Needed

Mortgage loan documentation may vary when the Lender uses the Agency “automated underwriting system”, which Mortgage Lenders, who submit loans to FNMA (Fannie Mae) or FHLMC (Freddie Mac) are required to use. If your loan has issues or concerns, such as insufficient credit, employment history or funds issues,  (to name a few);  it cannot be evaluated … Read more

Mortgage Loan-Credit

Credit is one important part of apply for a mortgage loan. The mess that got us where we have been the last few years, was not just the fact that it was “bad mortgages.” It was to some extent “uneducated (meaning about mortgage lending) buyers. I just read today that there was a slight decline … Read more

Mortgage Self-Employment Analysis

Self-employment income normally needs a two-year history of receipt to be regarded as stable and ongoing income. Less than two years is “sometimes” accepted.   In mortgage lending, an individual is considered self-employed if he/she owns more than 25% of a business. Self-Employed income analysis requires a history of being self-employed to be use as … Read more