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 16^th 2018. The credit reporting bureaus will no longer be reporting federal and state tax liens and judgements.

What does that mean to the consumer?

Continue reading →

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 →

Associations

Many people often do not understand the impacts of Associations. So here I will briefly summarize a few different types and how the will impact your purchasing power or debt to income ratios.

First let’s address the “Community Associations”. These types of associations are not “Homeowners Associations” (HOA). Continue reading →

Your mortgage and the new tax bill

One of the big conversation pieces floating around our office for the last week or so is what happens with your mortgage and the new tax bill when it finally gets the big OK.

In my professional opinion, now could be a great opportunity to save Continue reading →