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Showing posts from February, 2016

Common Sense Credit Advice While Buying and Financing a Home

 Common Sense Credit Advice While Buying and Financing a Home

     It would seem to be common sense, right?

If you're in the process of applying for a Mortgage and heading towards your Mortgage Closing ... you shouldn't do anything that would upset the fragile balance of your credit or the Mortgage Approval received from your Mortgage Lender.  

Yet it happens ...

 I provide the advice above multiple times throughout their mortgage processing to my clients ...  


Don't buy anything on current credit accounts/cards Don't apply for new credit (no matter how tempting or how good a deal it sounds)Don't move funds or monies from account to account
In short?  Don't make a move financially unless you talk to me first!  

 What happens if you don't follow this advice?  Be aware that problems can arise.  Problems that can cause delays.  Problems that have been known to derail Mortgage Approvals and Closings.  

Now I'm certain you've seen or heard this advice …

Underwriting Guidelines Loosened August, 2015. How That Can Help You Buy a Home Now

Underwriting Guidelines Loosened August, 2015 How That Can Help You Buy a Home Now  Big changes toUnderwriting ... made by both Fannie Mae and Freddie Mac ... came to hopeful Home Buyers last August (2015). Corresponding Underwriting Software Programs changes for both Fannie and Freddie were also made around that time ...
As these two GSE's (Government-Sponsored Enterprises) presently oversee a majority of residential financing transactions in the world of Conventional Financing, any changes they make have a potential for huge impact.  In sheer numbers alone, changes made by these GSE’s can have rippling, long-reaching results.
So …
What are some of the changes made in August, 2015?  
Why are they so important?  
And WHO benefits the most from their having taken place? (Answer?  Home ownershoping to retain their current Primary Residence while purchasing another.)
As a bit of background …
Prior to the August 2015 changes:  Borrowers had to meet several fairly restrictive conditions when s…

Applying for a Mortgage Soon? Don't Dispute that Account

Applying for a Mortgage Soon? Don't Dispute that Account

Sounds counterintuitive, I'm sure ...
But until you've talked to me (or your own local Mortgage Originator), don't even think about disputing an account found on your Credit Report.
Why?  Unknowingly, you can be creating real problems for your Mortgage Application and Approval. 
Consider this:  A creditor can refuse to change their disputed rating.  Too many disputed accounts on a Credit Report may result in your loan being denied.
Is that a really a risk you want to run at such an important time?
A formal dispute placed on a car loan, student loan, credit card, collection ... or even worse, a mortgage loan ... can cause havoc for your new Mortgage Application.  So ...
Slow down.  Contact me ... and let's talk.  We'll analyze all your options and see what action is appropriate and in your best interest.  
What is not commonly known:  Credit Bureaus and Automated Underwriting systems now reflect an evolution that h…

How Thick Will the Icing Be on YOUR Mortgage Cake?

How Thick Will the Icing Be  on YOUR Mortgage Cake?

I writemortgage and real estate-related blogs.  But I READ a lot of mortgage/real estate blogs too ... and the subsequent comments made to them.

Often, someone else's post or thoughts willprovide inspiration for my own writing.  That was the case this morning ...

Nicole Doty, Broker/Owner of Zion Realty in Gilbert, AZ, while commenting to a post of mine entitled,  "Are You a Hopeful Home Buyer?  Did You Just File Your Taxes?", stated: 

"Depending upon the amount of the (income tax) return it could be the icing on the savings cakea potential home buyer was waiting for."

Nicole is right.  The old adage of "timing is everything" is definitely appropriate when talking down payment funds coming from tax refunds.

     And many hopeful home buyers are receiving tax refunds right now ... or will be soon.  Tax refunds they hope to parlay into a down payment on a home purchase.

Pair those tax-refund-down-payment monie…