Time to break things way down. Let’s deconstruct what exactly it is we’re dealing with here in the mortgage industry. I’ve been in the mortgage loan game since 2003 and it never ceases to thrill me when we close and fund another one! Why you ask? Because the great thing about making a mortgage not […]
What is a Mortgage? (Probably more than what you think) Read More »
Why is the loan approval process so difficult these days? Well, the answer is complicated. The truth is that the approval and funding process for a conforming, FHA, or VA, government insured mortgage has never been more complex since I’ve been in the business (since 2003). To get to the root of this issue we
Why is Mortgage Underwriting So Crazy? Read More »
Getting a loan these days is incredibly INCOME driven, but an often overlooked part of the approval process is asset verification. Ignore this part at your own PERIL! It is extremely important for the loan originator to know how much money a borrower has, and even more important to know WHERE the “funds to close”
Asset Verification and Sourcing deposits for mortgage approval Read More »
I just read this blurb over the newswire and thought it merited a blogpost. Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment. According to Donovan, the FHA’s
Get Tax Credit Sooner Than Now! Read More »
I’ve been hearing the radio ads just like everyone else, and our favorite breathless loan cheerleader has lately been urging you to call him “if your rate is higher than 4.5%”. I’m sure he would love to refinance you over and over again without any regard to if it makes sense for you. Lets say
If your rate is above 4.5% Read More »
Portland Home Loan is super excited to roll out a new website and new offering to my clients and partners. I’m calling it “Transitions Finance”, and the focus is on debt management and personal finance planning. Some things that this service is NOT: Transitions Finance is NOT a debt consolidation service Transitions Finance is NOT
Introducing Transitions Finance Read More »
I am very dubious about this new “loan modification” industry that is cropping up nationwide. It would seem that some bright marketing minds that have been in the mortgage business for many years, are seeing an opportunity to be “where the pain is”. As a mortgage professional, I am targeted by sales and production experts
Loan Modification: Buyer Beware Read More »
Did you know that the national “Look on the Bright Side Day” is this Friday, December 21st? It may be cold and dreary outside, but there are plenty of reasons to look on the bright side. The economy is improving, the holiday season is well underway, and Christmas is right around the corner. It’s also
Look on the Bright Side of Home Loans This Holiday Season Read More »
Starting August 1st of this year, the Mortgage industry at large will be operating a little differently… specifically, operating MORE SLOWLY. August first is when the Mortgage Disclosure Improvement Act becomes enforced. Now like many government regulations, its reason for existence is quite noble and good. The reason they have this is to protect borrowers
MDIA: Mortgage Disclosure Changes Read More »
Now that I’ve got your attention, here is the real truth about the current state of mortgage rates. From the industry that has been “crying wolf” for the last I-don’t-know-how-many years about “low low rates,” I know that this is just more noise. I have been trying to figure out exactly how to describe what
Mortgage Rate Apocalypse Read More »
