I Have No Debt
I remember growing up and having this conversation with my father when I was about 7 or 8 years old. I asked why do I have to do all this yard work and it’s Saturday? My father’s reply was simple, “you have to pay your bills”. I was baffled as I thought to myself I don’t have any bills. Which I replied and soon regretting my reply, I asked him what bills? Well, I am sure I don’t have to tell you how long I had to stand there getting that lecture about the roof over my head, the food on the table every day, and the warm water to bath in.
Today I am a father of three but yet I find myself having this same similar conversation with no only my kids but with adults my age nearly every week. Part of the pre-qualification process is asking people what does your month debt load look like. Continue reading
Market Slow Down, What?
We always get reports on what the market is doing. These reports come from NAR (National Association of Realtors) the MBA, (Mortgage Bankers Association), NAMB, (National Association of Mortgage Brokers), we get reports for Builder Associations, this association and that association. Sometimes I wonder who is really doing the numbers because sometimes it just does not really add up.
Most often these reports come from Continue reading
Government Debts Don’t Disappear
Not a popular subject but the possibility or potential of being involved with a government debt exists for almost every one of us. To think it’s not, is a tough way to learn this, just as you are about to purchase your dream home. Whatever the cause or reason you believe those old government debts went away, they didn’t.
What are government debts?
Directly or indirectly, the most common government debts we see are Continue reading
Your Search for Homes
Today with the internet and all the realtor websites out there most people start their home search as much as a year in advance of their home purchase. The same goes for those selling their homes. Many people will spend hours and even days on end on the internet reviewing what homes area selling for, what condition those homes are in compared to theirs and what they need to do to prepare for the sale of their home or purchase of their new home.
I have watched people spend days negotiating the price of a home or after spending hundreds of dollars on home inspections to walk away from a deal over $1000 or $2000 in needed repairs or Continue reading
Understanding Your Income
Income is still one of the most difficult things for a consumer to understand; what of their income is considered qualifying income for their debt to income ratios. This is not as simple as saying ok, “I make $15 per hour and work 40 hours per week”. That sounds so simple but may not be. This can be Continue reading
Time to Review Pre-qual vs Preapproval
Today both consumers and Realtors are looking for some type of qualification prior to entering into a contract. Most Realtors require their buyer to be at least prequalified prior to showing them homes. Otherwise they feel the potentional buyer may just be wasting their time. Savvy buyers on the other hand really want to know their limits prior to shopping for a home. To a buyer there is nothing worst then looking at homes they cannot afford or would not qualify for. It sets unreal expectations and sets the stage for disappointment down the road.
Many Realtors and Buyers misuse and/or misunderstand the differences between the terms pre-qualification and preapproval. I have written about this before but Continue reading
New Changes in the Rules, May 2018
The 115th Congress (2017-2018) passed S. 2155, The Economic Growth, Regulatory Relief and Consumer Protection Act, which includes several critical regulatory provisions. Although most provisions are welcomed by most some leave others with different concerns such as Continue reading
Credit Pulls and Credit Alerts
Timing a credit pull can sometimes be the hardest thing we have to ‘guestimate’ when to do. Allow me to explain. For a proper prequalification, a credit pull is essential. Before we do this, we always ask the borrower what they think their credit is or what they think their credit is like. Believe it or not over 85% of people are Continue reading
Don’t be shocked
Some new changes are coming on April 16th 2018. The credit reporting bureaus will no longer be reporting federal and state tax liens and judgements.
What does that mean to the consumer?
Don’t Make Me Guess
Well it’s out, the new loan application, and it’s been in use for over a month now. It’s pretty crazy if you think about it, why do we need all this information anyway? In its simplest form it’s designed to make sure you’re not mistreated. A way for the government to monitor how loan originators, banks and lenders treat people who apply for a loan whether they are approved or not. What fees one is charged or the rates you may be offered. Yes, I am going to tackle this big thing that most are afraid to even mention.
There is a particular ‘part I’ would to talk about today, it’s Section 7 Continue reading