Lansing, MI Mortgage

Short sales do not have to kill your credit.

If you’re considering doing a short sale on your home or former home, then I may have good news for you depending on how you’ve handled your situation until now.

By now you have likely been given the news that a short sale is similar to a foreclosure in how it affects your credit standing. This means the earliest you would be able to be financed for a home purchase is three years from the date of the close of sale of your home if you sold “short.” On your credit report, the mortgage company would have notated the account with one of two phrases: “paid legally” or “settled for less than full balance.”

When I see a note like that, I can generally assume that the client is three years (from the date of sale) away from getting another mortgage approval.

But not always…

Your Home May be the Perfect Rental – Timing is Everything.

I’ve talked with a number of my clients about the following four realities. Many have taken action based on these.

Real Estate is on sale like never before.
You know this already. Most people won’t take advantage of these prices because they can’t see what’s happening around them through the haze of the negative news media and the scare of some impending global gloom and doom. Be that as it may, the fact remains that you could buy your next home, a move up in your own market, for a more favorable price than at any other time in the last 10 to 15 years in most of the country…

Is mortgage processing excellence a thing of the past? It doesn’t have to be!

This week my team submitted a loan and the underwriter gave us a “clear to fund” on the first try! This has not happened in my office since 2007.

Face it, the loan processing business is tougher than it used to be. But it doesn’t have to frustrate clients. Two thoughts before I begin:

1. This post is as much for me as it is for all of us (processors, clients, underwriters, etc.).
2. This is something that I know my team agrees with and strives for every day. I am writing this as a result of my team making me believe that mortgage lending can be fun again. They are truly committed professionals. I am indebted to them. Thanks Kandice, Karen and Kim!!

How to achieve mortgage processing excellence…

How Long Does it Take to Close on a New Home Purchase?

Often, the process takes only three to four weeks. That said, we have to acknowledge that today there are factors that could cause the process to take much longer.

Let’s look at recent proof for this reality.

Home buyers who accepted a deal by April 30th had 60 days to close their deals by June 30th to qualify them for the home-buyer stimulus credit. If deals can be closed in three to four weeks, then why did Congress extend the home-buyer-credit closing date past the 60th day? There are a number of factors that made it necessary…

Successful Home Ownership V – Negotiating with Maturity

Negotiating with maturity does not mean that you cannot “low ball” a seller in certain circumstances, but it does mean realizing what it is you’re doing.

If a seller has a home listed for $200,000 and you offer $140,000 – you have just low balled the seller’s number. There is nothing wrong with that, you just need to think it through ahead of time.

The seller has a few options, and a mature negotiator has his response to each one…

Successful Home Ownership IV – Do Your Market Research

The Case Shiller Index gives a national and regional home prices overview, and indications are that now is an excellent time to buy a home. That does not mean that someone can’t pay too much for a home in today’s market.

When you’ve decided about the area in which you would like to live, set up a meeting with a full-time Realtor, preferably contracting with a Buyer’s Agent, one that you were referred to or already know and trust.

When you’re looking at a particular home, make sure you obtain…