finance: WHERE DID THE MONEY COME FROM? - 01/26/14 09:39 PM

 
WHERE DID THE MONEY COME FROM?
 
 
 
Be prepared to answer that question regarding the Source of Funds.  More time is spent dealing with verifying your needed funds for closing that most any other part of your loan file.  The documentation of the amount and source of those funds can be one of your most frustrating experiences when financing a home purchase.  We are talking about the funds for your Earnest Money Deposit, your down-payment, appraisal, home inspection, homeowners insurance policy, and even a loan pay-off. 
 
The lender is reviewing your bank statements, your credit … (22 comments)

finance: OWNING YOUR OWN HOME--NOT WHAT YOU THINK - 01/20/14 06:09 PM
 
OWNING YOUR OWN HOME—NOT WHAT YOU THINK
 
 
 
 
 
In 1983, I was a fledgling mortgage loan officer in Franklin, Kentucky, working with a newly licensed realty agent.  We had a young couple that was looking for their first home.  I was also doing business with two reputable home builders, and new homes started out around $69,900. I had prequalified them for about $75,000, so Mary Ann and the bride were like two little girls in a dress shop.
 
 
Mary Ann called me one night, and said “Fred, you have got to talk Steve into … (8 comments)

finance: EXPLAIN WHAT YOU MEAN: FUNDS TO CLOSE - 01/19/14 05:16 PM
 
EXPLAIN WHAT YOU MEAN: FUNDS TO CLOSE
 
 
 
 
Most home buyers have many questions, but there are three that ALL Home Buyers want answered:
                1. How Much Will the House Cost [Sales Price]?
                2. What Will the Payments run each month?
                3. How much money will we need up-front?
 
 
All Three of these questions are dependent upon several factors:
A specific property
An Agreed purchase price
Loan Type              [Conventional, FHA, USDA, VA]
Loan-to-Value Ratio [95%, 90%, 80% etc.]
Interest Rate           [Current market and Credit Standing]
Loan Term             [Number of Months in … (0 comments)

finance: WHO DOES THE LOAN ANALYSIS OF MY MORTGAGE LOAN APPLICATION - 01/16/14 10:16 PM

Photo of Dot Mackin, My Favorite Underwriter, My Mentor. and My Friend
 
 
WHO DOES THE LOAN ANALYSIS OF MY MORTGAGE LOAN APPLICATION
 
Home Buyers often hear REALTORS®, Lenders and former home buyers talk about underwriters.  They probably wonder if they are relatives to "Big Foot", after all who has ever seen an underwriter.  Everyone knows the underwriter get blamed for anything that goes wrong in the last few days before closing on a home.  Well, I have it on good authority that they are actually more powerful than that: I was shown a list of mortgage definitions … (13 comments)

finance: Adjustable Rate Mortgage (ARM) Loans in Today's Economy? - 03/30/11 09:00 PM
Today, in my e-mail, I found a mailer from a loan officer touting ARM loans.  It was entitled "Adjustable Rate Mortgage (ARM) Loans in Today's Economy? Yes!"  I am attaching the link in order to permit the reader to have the full context: http://docuweb.docustar.com/53monthly_mailer/2011/03/retail/article1.html
I come at this as a former mortgage loan officer, having originated mortgage loans from 1983 until 2007.  I originated everything from the old CAMeL loans, NegAm loans, loans with/without caps, et al; and I've originated the old FHA 245 loans (Neg Am) Graduated Payment loans.
Sophisticaed, number-crunching business men with accounting backgrounds may have found advantages … (1 comments)

 
Fred Cope, Looking For Homes With A Smile (Reliant Realty in Nashville, TN) Rainmaker large

Fred Cope

Looking For Homes With A Smile

Nashville, TN

More about me…

Reliant Realty in Nashville, TN

Address: 4711 Trousdale Drive, Suite 121B, Nashville, TN, 37220

Mobile: (615) 587-3500

Office: (615) 859-7150

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