Born to rent
For many years, I have worked really hard to try in get as many people in to a home as possible. Many obstacles need to be overcome. The right home needs to be found or built, the right school area, the proximity to jobs, the right number of bedrooms, the right home owners insurance policy, down payment and grant moneys were needed, debt to income ratios needed to be met, credit reports needed fixing and money needed to be saved.
Getting into a home is hard work for all involved, it’s something one has to earn as it’s not given away freely. The concept of grant money, down payment assistance and first time home buyer programs are so broadly misunderstood.
These programs often require the potential borrower to take a credit class, in some cases costing $200 or more, and then only to find Continue reading
I have always loved animals wild or domestic. I watched for years how animals behave. For all my life, we always had a dog in our home. I spent many days in the woods, mountains, and swamps hiking, fishing or hunting. I realized that the more time I spend in the woods, the more likely I was going to see the different wild life. The more disciplined and behaved I was the more I had the chance to see different animals behave.
Being outdoors is my best escape for the business I spend most of my time doing. But there have been times I have wondered, ‘If I was to give a mortgage loan to an animal, which one would be the most responsible?’
Would it be a squirrel? Continue reading
Still Don’t Trust Them
Way back in the day when I was a very young kid in school there was a big drive for kids to save money at the local banks. This initiative had two purposes;
The first was to restore confidence of the communities back in to the banks.
The second part of that initiative was Continue reading
I try very hard to keep up with things and still do my job as a mortgage brokerage owner. I help people secure a loan for their dream home or at least a starter home. I run a busy little office with a staff and origination team of 12. So, every morning I find myself ready to make sure I am doing my best to keep up with compliance and other industry news. Earlier today I was reading an article and it starts as follows;
The Office of Information and Regulatory Affairs finally put to rest questions around the requirements of independent agencies under President Donald Trump’s recent presidential memorandum and executive order. The uncertainty surrounded the impact of the EO on the future of regulations across all industries.
I thought to myself I wonder how many Americans have heard of the OIRA? So, my research drifted off of who they are, but rather would I or anyone as a matter of fact be able to keep up with all the hogwash in Washington DC today. I researched and tried to figure out how many government agencies really existed. Continue reading
Taking a Swing at Dodd-Frankenstein
Last week an “Executive Order” was signed to review the 2010 Dodd–Frank Wall Street Reform and Consumer Protection Act. This law was part of series of laws spun out in 2009, when the White House sent a series of proposed bills to Congress.
The original bill drafted and sent out to the House in July 2009. In December, 2009, revised versions were Continue reading
Another The Ugly Truth
Understanding your total cost of medical and health insurance. What, this is a mortgage blog? Yes this is a blog about mortgages, both good and bad and in some cases just downright ugly.
This is Another The Ugly Truth which is tough to deal with, but one that comes up over and over.
In this case I want to talk about the real ugly truth of our Continue reading
It may be harder for the younger generation to see things in the way that our senior citizens do so easily. We often – and sometimes with good reason – brush off our seniors with the thought of them being out-dated and not up with the times.
I find the younger generation is too fast to think they know Continue reading
It has been said many times, that if a person will do or complete the same action every day – for 21 straight days – they will turn it into a habit. Bad or good we see it all the time. From strong and disciplined people to those that are lacking any kind of discipline. It is people’s spending habits that kill most loan transactions. After bad spending routines student loans are the next big killer of purchasing power for borrowers.
Understand that in order to get a mortgage loan today you must give us your last two months’ bank statements, all pages of all accounts if using that money for your purchase. It’s here that we see your spending habits and we shake our heads in total wonderment, when you tell us you don’t have the funds for the closing cost.
Don’t run away yet as you may find this humorous. So let’s take a moment and do a little math. Continue reading
First Time Home Buyer Programs
There is a lot of chatter and political banter on the internet about programs for first time home buyers. The truth about these programs and the basis for them have been around for decades. These programs may get an underwriting guideline adjustment here or there; but over all, it’s the same programs at the Federal level. The state programs change often depending on state, county or city budgets.
All these loan programs have minimum requirements from as simple as a credit score to reserve requirements. Most may require the borrower take a credit counseling course. Although most of these courses are excellent for any borrower to take, Continue reading
But Are You Listening
It’s amazing how we remember things from our childhood. These things always seem to pop back in our minds at the strangest of times. Recently while talking to a borrower and rehashing the things we needed to complete in the file in order to get to the closing table.
I was thinking how many times do I have to say this and just at that moment I had a flash back of when I was about 8 years old of my father grabbing by the back of the neck and turning me to face him while he grumbled “I know you can hear me but are you listening to what I am saying?”
There is no doubt I can’t grab a borrower by the scruff of their neck, but there are certainly times it enters your mind when all your trying to do is help them and they just don’t listen.
So here it is in writing what not to do when applying for your mortgage loan: Continue reading