Your Credit vs Loan Quality Initiative
Posted in: First Time Homebuyer, Industry News, Loan Process, Truth in Lending
Fannie Mae’s “Loan Quality Initiative” What you need to know: Fannie Mae doesn’t make loans. Banks lend money. Fannie Mae buys loans from banks and securitizes them into mortgage-backed securities that are sold in the bond market. As such, Fannie Mae wants to make sure that every loan it buys to meet its basic underwriting [...]
Consumer Choices – Opting Out
Are you familiar with the National Do Not Call Registry? That is the service where you can register your phone and cell phone number to opt out of sales and marketing calls. As of 2008, if you registered a phone number there, you will remain on the DNC list forever (if you registered prior to [...]
Quck Rate Alert for Home Shoppers
I don’t spend a lot of time preaching rates – mine are as good as anyone’s, but we’re all pretty similar these days. This is more of a market alert. If you’re looking to buy a home in New Hampshire, and are eligible for Rural Housing (many first time homebuyers are) the rates as of [...]
How the Loan Officer Compensation Rule Ends the Rate Debate
Posted in: Industry News, Loan Process, Purchase, Truth in Lending
All loan originators are all working on a fixed compensation plan now, so you should always be offered the best rate you qualify for. But that’s just the tip of what you should be concerned with.
How do I know if it’s a Condo?
Getting a mortgage for a condo in New Hampshire is a VERY different process than it was a few years ago. Many of the “streamline” options for condo project approval have been eliminated, which means extra guidelines to meet, documents to collect and pitfalls to avoid.