You’ve probably heard of social networking sites like MySpace and Facebook, but have you heard of social lending sites? Over the past few years, several websites have sprung up that combine features of the omnipresent social networking sites, and commerce sites like eBay®. These sites allow individuals...

What Is A Streamline FHA Refinance The Traditional and Original FHA Streamline which I still offer consist of the following: NO Appraisal NO FICO Score NO Income Verification NO Asset Verification After reading that there is little to nothing in order to qualify; you are probably asking what’s the...

The appraisal process often baffles consumers. They may feel that their home is worth a higher dollar amount, and so the appraised value doesn’t always make sense to them. It is important to know that the appraiser is completely independent from lenders, buyers, sellers, and real estate agents,...

1.        Loan Search – Buyers should seek the advice of an experienced mortgage professional, someone who will help determine which financing options best suit their needs today and in the future. 2.        Loan Application – It’s crucial that consumers supply the lender...

There are five factors that comprise the credit score. They are listed below in order of importance, just as an underwriter would look at the score: •    Payment History: 35% impact. Paying debt on time and in full has a positive impact. Late payments, judgments and charge-offs have a negative impact....

In the 1960s, Fair Isaac Corporation started working on a system lenders could use to evaluate the likelihood of receiving repayment on loans. Prior to that, it was really a matter of trusting an individual to be a “man of his word,” so to speak. Fair Isaac sought to take human error out...

Image via Wikipedia Thursday morning April 2, homeowners in different parts of the country awoke to find similar-sounding newspaper headlines: Rates on 30-year mortgages sink to 4.78%, a new low (LA Times) Mortgage rates at record low for 2nd week (Miami Herald) Mortgages hit another record low...

With mortgage rates are hovering near all-time lows, lots of Americans are taking advantage of refinance and home buying opportunities. The downside of today’s unexpectedly-low rates, though, is that mortgage lenders are ill-equipped for the rush of new business. As a result, the process of underwriting...

If the following appraisal guidelines look foreign to you, that’s okay, because this update is intended for Appraisers and Underwriters. 1. The Market Conditions Addendum (Fannie Form 1004MC/Freddie Form 71). 2. At least 2 comparable sales within 90 days of appraisal date. 3. A minimum of 2 active...

The basis of most mortgage lending is credit scoring.  In general, the higher a person’s credit score, the lower his offered mortgage interest rate. Despite the many credit scoring models in use today, however, just 3 are relevant to American homeowners: The Equifax BEACON® score The Experian...