Owner: Mortgages Explained! URL:http://explaintome.blogspot.com Join Date: Thu, 10 Aug 2006 20:42:22 -0500 Rating:1 Site Description: Mortgage Secrets Revealed! Get the best home loan by learning more about the mortgage loan process and how to optimize your credit for loan approval. I will take you inside the closed doors at the bank to see exactly how the process works and how you can Site statistics:Click here
The #1 Most Important But Overlooked Way to Raise Your Credit Score! 2006-11-14 05:08:00 First, an apology... I have been away from my blog for quite a while. Some things are just more important. My first baby boy was born Nov 1. I've made him and his mom my #1 priority for the last few months. I'm back now with a fresh new perspective on life.
I appreciate the constant traffic to my site. It tells me that the information I offer you has true value. Many of my visitors arrived here by typing a question into a search engine. I've collected this information and will use it to form my future posts. I'd like to answer any and all questions you have so please feel free to email me directly at: YDL1423@yahoo.com or comment on this blog post. If you live in Pennsylvania, you can head on over to my company's site and work with me directly.
Now, on to credit. It's the big pink elephant in the room that I've danced around up to this point. I wanted to make sure before we dive into this complex and involved topic that you had a strong understanding about how the m Read more:Overlooked
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What's Taking So Long With My Mortgage? 2006-09-29 19:44:00 We've discussed how you can speed up the mortgage process in the last post. Now I'd like to tackle a topic that many borrowers are fustrated with constantly: What's causing the delay!
I'm assuming you've done everything in the previous post thus optimizing your loan's processing time. If you've done all that and there are still delays, then something may be wrong. But what could it be?
Good question. Ask your loan officer. Sounds simple but he may just be too busy to give you an honest answer. He may push you to the processor who then claims that only the Loan Officer can answer your question. And the wheel goes round... To get to the bottom, it's best to review the procedure for approving and funding a loan.
When he spoke with you to do the original application, you were asked questions about income and he pulled your credit and so forth. He took that information and ran it by some of his favorite lenders. The Account Executive at the lender told him whether or not they could Read more:Taking
, Mortgage
How can you speed up the Mortgage Process? 2006-08-03 05:20:00 The mortgage process can be a daunting and painstaking task given certain circumstances. The fault could be pointed at the Loan Officer, Process
or, Underwriter, as well as many people behind the scenes. The truth, however, is that the Applicant is truly to blame a good majority of the time.
If you'd like to confront my statement, feel free to email me directly at ydl1423@yahoo.com
The speed of the mortgage process is directly proportionate to the quality of communication by all parties. A good Loan Officer will explain the process to their borrower in detail. The applicant should know exactly what is going to happen in the next 2-4 weeks and what their role will be. Without cooperation from the borrower there's nothing a Loan Officer can do but twiddle his thumbs.
The following is a sample of some of the responsibilities that the borrower has to the completion of their loan.
1. Provide complete and truthful information on the initial application
The Loan Officer's obligation is to Read more:Mortgage
How to Avoid Mortgage Junk Fees 2006-07-13 01:37:00 So, you've taken an application with a mortgage broker. He has told you your monthly payment and the total amount you will need at the time of closing. How do you know the charges on the loan are fair? How do you compare this loan to others you have been offered?
Check the GFE.
The Good Faith Estimate (GFE) can be your weapon to get the fairest price for your loan. If you don't take a good long look at this infinitely important legal-sized piece of paper, you may just be throwing your money away.
This single document will detail every specific charge on your loan. Not only does it list your charges, it also itemizes them to show whom these charges are being paid to. Don't just look at the dollar figures on this form. You should pay close attention to the party that collects those dollars. While the big number on the bottom is often scary, seeing all the people that came together to make this happen for you may make it all seem worthwhile.
You can use this breakdown to make Read more:Mortgage
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Exposing the Unbelievable Mortgage Ads 2006-05-24 05:40:00 Despite all the honestly sincere mortgage brokers in the world today, there are so many others that are doing anything it takes to make money. Open up your local Homes Magazine. The one that's free at your supermarket. The ads are nothing short of ridiculous and they're about to be exposed.
Mortgage
companies have been analyzing their sales statistics and realize this: The more applications they take, the more loans they can fund. So, they do anything they can just to get more applications. How they get these applications is what defines them. The "bad ones" resort to ads like these:
Rates as low as 1% for 30 year mortgage!!!
Any normal person born with logic would see this ad and assume appropriately that this mortgage would be 1% for 30 years. There's one important word that's missing from the heading, "fixed".
The 1% is an introductory rate that changes swiftly. These are the types of loans that investors use to buy a property and keep their payments extremely low while they l Read more:Unbelievable
Cast of Characters - Part III 2006-05-13 17:04:00 The Processor
Loan Processors are the workhorses of the mortgage broker team. They look at a loan file objectively and dig deep into the details. After the Loan Officer originates the loan and determines what bank or banks to send the loan to, that is when the Processor gets involved.
She will stack the file so that all the information and documentation that you gave to your loan officer can be Read more:Characters
The Cast of Characters - Part II 2006-05-08 04:47:00 The Underwriter
If you think it sounds a little too close to "The Undertaker" you're absolutely right! This is the person that could make or break your real estate transaction. The funny (but awful) thing about this is that the underwriter absolutely has the most power over the decision of your loan, yet you will never meet or even speak to this person.
After your buddy, the Loan Officer, has Read more:Characters
Explain To Me! 1970-01-01 00:59:59 Hello and welcome to my first attempt at a blog. You as consumers deserve more control in your mortgage process. This is my attempt to give you that control in the form of information and knowledge.
I have been involved in mortgage financing for 5 years with 3 years specifically as a Mortgage Loan Officer. I've taken plenty of applications and have spoken to just as many people. I plan to share
Exciting Times! 1970-01-01 00:59:59 Hey guys. I haven't blogged in a while but there's a very good reason for that. (This time, it's not just my new son) I've been expanding my business and I just started writing an Ebook.
This would be my first eBook so I could use some help. I've taken questions that you've asked and am using that as the content that I need to include in the book.
I'm going to have a Good Faith Estimate Read more:Times
The Cast of Characters - Part I 1970-01-01 00:59:59 There are many people involved in the mortgage loan process. Some you will meet or speak to, some you will never know existed but each has a very important role in the processing of your loan. If you know the people, you can better understand the process. I'll start at the start.
The Mortgage Loan Officer
The term "originator" is also often used and its more relevant to his role. This is the Read more:Characters
What's so important about a Credit Report?? 2007-03-02 03:12:00 Lots, I tell you.
Your credit report is a tool that lenders use to determine whether or not to approve your mortgage, car loan, credit card, store credit, etc..
It tells a potential creditor whether you have good or bad habits when it comes to paying your bills. This is broken down very simply into a score between 300 and 800 more or less. This way, the lender can quantify whether you are a Read more:Credit Report
What Makes Up a Credit Score? 2007-03-25 16:44:00 Your credit score is the most important factor when determining whether you qualify for a loan. When you submit an application for a mortgage, car loan, or credit card the potential lender will check you scores with the three credit bureaus: TransUnion, Equifax, and Experian.
If you understand what makes up your credit score, you can use that information to make your score go up or down. Of Read more:Score
, Credit Score
What's the Big Deal About Subprime Mortgages and High Foreclosure Rates? 2007-04-27 07:21:00 It's been all over the news. Mortgage companies are closing their doors! People are running in the streets! Asteroids are headed towards earth!
The media is having a field day with this.
What happened is a direct result of mortgage companies taking risky loans for years. When "subprime" mortgages came onto the scene, it was the answer to many people's prayers. Let me explain what a subprime Read more:Subprime
, Foreclosure
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How to Use Your Payment History to Increase Your Credit Score 2007-06-22 18:11:00 As I stated in a previous post, your PaymentHistory
is the most important factor when it comes to determining your credit score. Roughly 35% of the entire score is based on this one factor.
Well, it all makes perfect sense. If you pay your bills on time, you'll have a good credit score. If you don't, you won't. That's true, but there are ways to optimize your credit report to show your payment Read more:Score
, Credit Score
The Subprime Mess: Now What? 2007-10-18 00:32:00 I explained in an earlier post that I would tell you what the whole Subprime
Mortgage Mess means to you and how it changes everything. Then I went off on a credit scoring tangent. I apologize.
The world is a different place now. A few short months ago, you could have been able to secure 100% financing with a 580 credit score and practically no money in the bank. Those days are gone.
Now, you
Now What? FHA. That's What! 2007-11-16 23:44:00 The "Subprime Meltdown" went ahead and wiped out many a mortgage lender. Those lenders were taking large risks and now have gone the way of a drunken gambler. Of course, what makes this situation much different is who gets affected. Sure they were taking risks, but they were taking risks on hard-working American families. The dream of homeownership has been stripped away from many.
But there is
Place Your Questions Here: 2008-02-05 20:49:00 Here I am.
I'm making myself available to you at absolutely no cost to offer complimentary mortgage and credit advice. I'm willing and able to open the bank doors and let you gaze inside to see the inner workings of the mortgage process. I've invited any inquiry you may have.
You've all sat silent.
I'm glad you have taken the time to read some or even all of my posts. I truly feel there's Read more:Place
Good Faith Estimate Book Update 2008-01-11 22:28:00 It's been a while since I updated and thought I would let everyone know about my progress with the book. I'd also like to ask for your help with regards to e-book publishing and marketing.
I am attempting at my first attempt to attempt to write a book. As you can see, I'm trying very hard. It's been a long process, but not because of the painstaking effort and research that I've been doing. Read more:Faith
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