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Cari & Doug’s “Mortgage Notes” Blog Has Moved
We are now self hosting and can be viewed here Thanks and Have a Happy Thanksgiving! ~Cari & Doug Read More →
No Fences!
Are you on “The Fence?”If you are, it looks like you’re not alone. Applications for home loans fell the last few weeks of October as average reported rates for a 30 year fixed rate rose above 5.00% according to the Mortgage Bankers Association of America. The reason most cited for the decline was increasing rates. Many prospective home-buyers may feel that either the rates will fall below 5.00%... [Read more]
Home Buyer Tax Credit Extension
Will the tax credit be extended??? As I’ve mentioned in previous posts, the first time homebuyer tax credit of up to $8,000 is set to expire for loans closing after 11/30/09. I have been a huge proponent of extending this credit to keep the housing market recovery effort rolling into 2010. And I’ve been waiting anxiously to see if Congress will do the right thing and pass such legislation. However,... [Read more]
The Truth About Credit Scoring
Recently I listened to an interview with a loan officer from New York who has spent most of his career researching and analyzing countless credit reports and credit scoring information in an attempt to understand how credit scores are calculated and the nuances surrounding this oftentimes baffling formula. The following are some of the credit scoring myths that were discussed. You will be surprised... [Read more]
What’s In Your Loan File???
What builds the loan file? When you apply for a home loan it’s important to know what will be expected of you to provide. Gone are the days of “limited”, “stated” and “no doc” lending – no longer does a decent credit score and a healthy pulse virtually guarantee you favorable financing. Indeed, the pendulum has swung to the other end and now many loan applicants feel the lender wants... [Read more]
