Bank owned and REO properties

The home buying process can be very frustrating these days.  Difficult loan approvals, challenged buyers, desperate sellers, and changing values can all add up to a very stressful escrow.

Many clients are specifically seeking out bank owned or REO properties in hopes of finding a great ‘deal’.  Although this is a great approach if you are strictly a profit and loss oriented individual, keep in mind that these types of transactions can add additional levels of frustration to the process. Continue reading »

Transfering money during the loan process

A newer loan condition I’m seeing on virtually all loan approvals is the underwriter’s request to “source” deposits.  It use to be that if there was a substantial deposit, in the $10K or greater range,  into a bank account used for approval; underwriters wanted to know where those monies came from.

Unfortunately, like most lending conditions in our current market, this requirement has been taken to the extreme. Continue reading »

Yes Loan Are Hard… But It’s Worth It

Over the last several weeks I’ve heard a growing segment of buyers, friends of mine, and property investors complain about how hard it is to get a loan.  Many of them are literally giving up on looking for properties due to the difficulties of obtaining a mortgage.

It is true, loans are more difficult to get right now then they have been in 20 years.  Yes, the amount of paper work required is over-whelming.  However, as we reach what many believe to be the bottom of the market, I believe there is a lot of money to be made real estate. Continue reading »

Avoiding Mortgage Delays

In the overly conservative mortgage market we find ourselves, bank underwriters are somewhat fearful of giving a loan the coveted final stamp of approval.  In many instances, getting the “All Clear To Close” stamp of approval is like pulling teeth.

With review appraisals, additional levels of secondary underwriting, enhanced audit requirements, and what seems like a never ending list of loan conditions… it is getting much harder to close files on time.

Here is a partial list of what you can do as an buyer and as an agent to help your file close on time… Continue reading »

Locking Rates

During your loan process you will see many different version of the interest rate that will finally be attached to your loan.

Although all rates quotes matter, the only one that actually affects your payment is the rate at which you “lock” in at. Continue reading »