Archives for the 'Pre-Approval' Category
Getting a Mortgage with No Credit
For younger borrowers, a lack of credit (history) can hurt.
When a loan officer reviews a borrower’s history, the first, and most important, factor is credit. I recently read an article that focused on this question. Even if a borrower had no credit cards, no automobile payment history, and/or other history regarding credit that would appear [...]
MORTGAGE APPLICATION: A CHICKEN AND EGG THING
Many borrowers, especially first time homebuyers, ask about the mortgage process. Basically: “So what do I do?”
First, to make an offer to purchase a property, the listing agent (or homeowner if it’s a FSBO) will likely want a pre-approval letter. In order for the loan officer to write the letter, he or she must have [...]
WILL THE MORTGAGE PROGRAMS BE THERE?
Here in Chicago we hit 60 degrees this weekend. I noticed everyone out and about, walking dogs, walking kids, wearing shorts, etc. So I guess spring is here.
Then I noticed the trees. Still all bare. Not any sign of buds yet. It was as if the buds were still afraid to pop out for fear that we’d get [...]
SHOPPING FOR THE BEST INTEREST RATE? HOW ABOUT 11.5
As you may know, I published a book called It’s Not About Rate…OK, let’s stop right there. It’s not about the interest rate? Then what can it be about? You don’t have to read my book to have a good idea what are the critical factors in being approved for a mortgage. Still….there are companies that [...]
GETTING A MORTGAGE? HOW ABOUT A PAUSE?
The other week I was talking with a real estate agent who is very smart. Smart and intelligent.
We were discussing the hot topic of the day, month, and year: the state of the mortgage industry. We eventually got around to the various ways to fix the problems. We all know that the government would get involved, [...]
BUYING A HOME IN CHICAGO JUST GOT MORE EXPENSIVE
Supposedly we are on the verge of a recession, homes are taking longer to sell, and everyone is…well…nervous.
So what does the Chicago City Counsil do? Increase the tax stamp, to the buyer, for buying a home!
What used to be $7.50 per $1,000 just increased to $10.50 per $1,000.
So a home that costs $300,000 currently carries a tax [...]
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