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Aug 22, 2012 8:22AM

Appraisal isn't enough?  Try again...  Not sure that is the best advice...most lenders will require you to pay for the appraisal up-front.  So forking over $400 to $600 each time until you get the answer your are looking for may not be the best choice.  Instead, speak with your Realtor and ask for a Comparative Market Analysis (CMA) prior to making an offer and getting contract acceptance.  The CMA will usually provide the best available info to help with your decision.  Your thoughts?

Great Article!  Warren Whitaker www.PlanoMortgageGuy.com
Mar 14, 2012 7:06AM
Surely, now is not the time to cause a stir.  Purchasing a home is not the end of the world, find a lender you wish to work with and better yet be prepared!  As long as you do not have issues with the property needing repairs before closing it is realistic to expect 15 day closing.  Depending on your geographic location, not all bankers have a seamless systems in place or in-house processing and underwriting.  Nonetheless; now is a great time to purchase a home, this is what recovery is all about buy your property before someone from another country buys it before you! 
Mar 6, 2012 6:00PM

shop around? 3 estimates from banks and 3 estimates from brokers? You certainly are joking, correct?

I've been a broker for 12 years and a banker/corrospondent for the last  3. You do not receive an estimate without applying for a loan which requires documenting your income and assets and having your credit run.

People don't have time to do that once never mind 6 times. the only thing you can shop for is who you want to do business with. Once you've done that, if it happened to be me, I can give you 3 different estimates. The final loan is a discussion between a loan officer and his client as to which combination is right for them. And I assure you, it's much easier to have one person explain the differences between these estimates than have 6 different people explain them. By the way, did you realize there is no such thing as a "true" broker anymore? New government regulations and guidlelines have forced brokers into pretending to be lenders. They no longer have the ability to shop around for their client the way they once did. They have to decide on a lender and submit the application before they can even order the appraisal. They have to choose a lender and jump in with both feet with no real way of backing out if the deal goes sour and they wanted to take their client elsewhere.  That's why I got out and became a banker who is also a corrospondent lender. It's the best of both worlds and serves my client well. I can still operate the way a broker used to but have the advantage of being a federal savings bank as well.


Feb 4, 2012 6:33AM
What a joke these mortgage companies are become followed guidelines or rules set by Freddie Mac and Jenny may these government run mortgage institutions that got us into this situation in the first place and they want us to follow their rules this Obama ministration is out of control. Get the hell the housing market you don't belong there I don't care what anybody says that's my opinion and him a stick to my guns that's right I said guns boy or awful word that might be that's a whole another issue. For people want to buy a house today forget all these experts advice out there because they don't have anything worth listening to the best way to buy a house is to  pay cash for it. You get a better deal in most cases you only have to wait two months or three months to close because no one close right away especially the banks. All can I save that much money be very patient times on your side not there's if you can be frugal you can save the money it just takes time. We don't need to run out and buy houses that so overinflated in price is going to get us in trouble the housing market will come back. It's going to take time and times on your side. These banks and mortgage companies will try to push you into something that you can afford that's what you have to look out for this out there until you can afford this when you know for a fact that you can't. My suggestion to you is when this happens you don't say a word you just get up from the table and walk away. That way they know that you're in charge and not them. I do the same when I buy a car outside my house if I don't like what the salesman is saying I just get up and walk away. It's just like if the salesman says he has to clear with his boss say that's fine I'll come along with the a lot talk to I bet you any money they will say no guarantee. Than you can say goodbye call me when you want to make a deal.
Feb 2, 2012 4:38AM

My wife and I are using a VA home loan for our purchase. At the moment we are down to the end of the process. All we need now ts the final step. Approval of the loan. Me Worried?  Well heck ya.

More gray hair for this guy.

Feb 2, 2012 12:58AM
Don't give up! You CAN keep the most overpriced housing market in the world afloat by turning yourself in a debt peon. Don't worry about the housing market crashing, like it did in America, you won't end up owing more to the bank than the house is worth. That CAN"T happen.
Jan 29, 2012 4:56AM
Jan 28, 2012 8:26AM
And are you to be the bank's next victim? What was that phrase attributed to P.T. Barnum? Buy a house, come join the club.
Jan 28, 2012 8:12AM

BEWARE!!! Before you pay your lender a month in advance so you can pay your mortgage bi-weekly, understand that if that lendor sells your loan (happens all the time) the new owner of the loan will do the same thing, demand a month in advance to continue the bi-weekly payments. It happened to me, BofA was my lendor they sold my loan to M&T Bank, M&T stopped my bi-weekly payments and said I needed to pay them a month in advance to continue the payment schedule, i thought that should be illegal or at least unethical. But i'm stuck now, so beware of what can happen if you opt for the bi-weekly schedule.

Jan 27, 2012 6:26AM
What whackos.  Why do people need to turn these blogs into ads.  Get a life.
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