Mortgage Brain Candy

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Real Estate Mortgage Broker - iLoan - NMLS# 4474 & 357555
There are a handful of things that are going to have a major impact on qualifying for a home loan in 2014.  First of all there are new major guidelines changes this month that are called Ability To Repay (ATR) and the new definition of a Qualified Mortgage (QM).   They're ominous and the impact i...
Posted 3 months ago
Yeah… *sigh*.   Another great move to help the housing market right?  (please read that with my sarcastic tone) Announced late last week on Dec 6th in ML 13-43 HUD has elected to change the limit for FHA loans from $365,000 for single family homes in the Twin Cities market down to $318,550.  It d...
Posted 4 months ago
  Rates went up quickly earlier this summer… but when the Feds said they’re not going to start TAPERING their buying of MBS (mortgage backed securities) on September 19th rates slid back down.  Many “mortgage guys” out there were Chicken Little and thought the sky was falling and the world was en...
Posted 5 months ago
Home prices are trending up but here in my home state of MN… I still hear the question “I’m underwater on my home and want to know what can we do?”.   We (at iLoan) have addressed this with many home-owners and are trying to guide real estate agents when they’re asked as well in the last couple y...
Posted 7 months ago
    How about YOU choose the term you want? Does an 8, 10, 12, 15, 20, 22, 25 or even sticking with that 30 yr term sound good to you for possible options?  Often times I have past clients who call me back to check on rates and refinancing.  After going through different options and I show them t...
Posted 7 months ago
This is without a doubt the best news to come out for "good mortgage guys" (due to the fact that most of the less than average "mortgage guys" still won't understand it) along with the public.  The basics behind the FHA Back To Work Program is incredible as it brings guidelines and underwriting c...
Posted 8 months ago
  If you’ve got 20% down just about every mortgage calculator online will work great.  You can find calculators with a simple Google search, any decent local mortgage company / bank and many Realtor websites too.  However... if you have less than 20% to put down I have yet to find an online mortg...
Posted about 1 year ago
The lending environment has changed. I'm sure we've all heard this on the radio and TV for years now... right? We also know that the Government wants to make "mortgage rates" a commodity and make it EASY to shop for. But the problem arises when someone calls up and says "whats your rate?" and tru...
Posted over 2 years ago
We all have to remind buyers that they are responsible to pay the required down payment percentage (3.5% for FHA or 3-10% etc for Conventional) AND their closing costs/pre-paids too. Even if you stipulate that the sellers contribute towards “closing costs and pre-paids” in the purchase agreement...
Posted over 2 years ago

Steven Brand

NMLS# 261849
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A smarter Realtor/Loan Originator team can make a transaction effortless for a buyer and lead to future business from them, their family, friends, co-workers and neighbors. Raving fans of your service will WANT to share their experience... we call it the "iLoan Xperience"