Mortgage applications did in fact drop again, by 6.7% from the previous week. The refinance index also decreased by more than 7 %, shaking things up a bit and changing our market for a moment. Why does this happen? It could be any number of reasons really. It could be the increase in unemployment, or it could just be that the American people weren’t feeling so confident since the end of February. The challenge with the unemployment number is that it changes when people stop receiving their benefits.
The Change in the Purchase Index
The purchase index dropped nearly 5% just from week to week, but compared to last year it dropped more than 11%. This is no time for people to be afraid to buy, and I will encourage them to buy, especially right now. There isn’t a reason not to buy, and the market is prime for it. Prices are low, rates are still low, and people should jump at the chance before this all changes. Inflation is on the rise, and once it really gets moving, don’t expect it slow down. If you have income, a credit score of 640 or better, and some assets, let’s talk.
-Mayer Dallal
Showing posts with label fha escrow mayer dallal. Show all posts
Showing posts with label fha escrow mayer dallal. Show all posts
Sunday, April 17, 2011
Monday, February 28, 2011
Wise Words from Warren Buffet
Warren Buffet has been revered as the man to look to with answers regarding stocks, bonds, and much more when it comes to investments, and naturally he has something to say about the housing market too. I have to say, while I don’t always agree with everything I hear, he made a pretty good statement regarding housing and its current state along with the government and how they fit into this mess.
Buffet said; “Our country’s social goal should not be to put families into the house of their dreams, but rather to put them into a house that they can afford.” Wow! I couldn’t have said this any better, and it’s something that our country needs to get a hold of and quickly. Time is running out on our country to get wise, and we have no other option but to enforce better lending practices.
In Buffet’s opinion, there will be a recovery and he believes that it will happen within a year or so. I know that there are many who claim to believe this, and hopefully with a rash of new and young buyers we can make this all possible. A friend of mine in Ohio is seeing that there are many homes not always being sold, but many offers for lease option to buy, rent, or even for a land contract.
Our housing climate is a little different, but in some way we are seeing things a little different than we used to. My hope is that banks, lenders, and officials will adopt Buffet’s attitude, because the clock is ticking and we simply cannot afford to go through this again as a country.
-Mayer Dallal
Buffet said; “Our country’s social goal should not be to put families into the house of their dreams, but rather to put them into a house that they can afford.” Wow! I couldn’t have said this any better, and it’s something that our country needs to get a hold of and quickly. Time is running out on our country to get wise, and we have no other option but to enforce better lending practices.
In Buffet’s opinion, there will be a recovery and he believes that it will happen within a year or so. I know that there are many who claim to believe this, and hopefully with a rash of new and young buyers we can make this all possible. A friend of mine in Ohio is seeing that there are many homes not always being sold, but many offers for lease option to buy, rent, or even for a land contract.
Our housing climate is a little different, but in some way we are seeing things a little different than we used to. My hope is that banks, lenders, and officials will adopt Buffet’s attitude, because the clock is ticking and we simply cannot afford to go through this again as a country.
-Mayer Dallal
Wednesday, January 26, 2011
Eight Cities Just Reached New Lows in Housing Prices
Case-Shiller, who I refer to often, gives us some insight into what is changing with the housing market. Over time, they have been following the largest metropolitan areas in order to watch what is happening and changing with the market. In October 2010, there were 10 major metropolitan cities that showed a decrease, but oddly enough there are still four metro cities that show a year over year gain: Los Angeles, San Diego, San Francisco, and Washington D.C.
This is good news, although it is just limited to one state, and for those of us who think that our businesses isn’t any better, think of it like this; we were on the upswing for so long I think we thought that we could do anything and not get hurt. Make sense? Life was good, brokers and realtors were living large, and now look where we are. Despite the frustration, we are still doing better than other states. What does that tell you? Did you know that a friend of mine that lives in Ohio told me that the city she lives in has whole streets in foreclosure? You can even Google the hardships of Dayton, Ohio. It’s not pretty, and with GM closing down and NCR closing down it is no surprise.
No matter what, choose to work hard, and keep up with what is happening. I love that I can do business in all fifty states, it’s a real blessing. It is hard to turn someone down, but the great part of my job is if I can help them get their life turned around in terms of credit, and hopefully give them advice on what they can change, to give them greater buying power in the future.
-Mayer Dallal
This is good news, although it is just limited to one state, and for those of us who think that our businesses isn’t any better, think of it like this; we were on the upswing for so long I think we thought that we could do anything and not get hurt. Make sense? Life was good, brokers and realtors were living large, and now look where we are. Despite the frustration, we are still doing better than other states. What does that tell you? Did you know that a friend of mine that lives in Ohio told me that the city she lives in has whole streets in foreclosure? You can even Google the hardships of Dayton, Ohio. It’s not pretty, and with GM closing down and NCR closing down it is no surprise.
No matter what, choose to work hard, and keep up with what is happening. I love that I can do business in all fifty states, it’s a real blessing. It is hard to turn someone down, but the great part of my job is if I can help them get their life turned around in terms of credit, and hopefully give them advice on what they can change, to give them greater buying power in the future.
-Mayer Dallal
Wednesday, December 29, 2010
Privatizing Freddie and Fannie?
Republicans were planning to privatize Fannie Mae and Freddie Mac, but it may be a different story now that they are going to be in control of the House. Representative Scott Garrett made mention of the fact that some things can be done overnight, but others can’t be. Garrett is the gentleman that was appointed to oversee what changes with Freddie and Fannie. Garrett believes that with the market being in a delicate position, it could be damaging to privatize the mortgage giants so quickly.
To clear up what Fannie and Freddie really do, they buy mortgages from lenders and package them as securities. The securities are sold to investors, but with the losses that these agencies experienced in 2008 it had to be placed under the view of the government. Tax payers are fed up with the constant bail outs and are watching their tax dollars go down the drain because if the bailouts. The financial industry seems to have not corrected itself just yet, and with billions being thrown at it to save it without a turnaround, it makes you wonder how much more will be thrown at it before things change.
-Mayer Dallal
To clear up what Fannie and Freddie really do, they buy mortgages from lenders and package them as securities. The securities are sold to investors, but with the losses that these agencies experienced in 2008 it had to be placed under the view of the government. Tax payers are fed up with the constant bail outs and are watching their tax dollars go down the drain because if the bailouts. The financial industry seems to have not corrected itself just yet, and with billions being thrown at it to save it without a turnaround, it makes you wonder how much more will be thrown at it before things change.
-Mayer Dallal
Tuesday, December 7, 2010
Is Roubini Always Right?
Nouriel Roubini has made some hefty predictions in the past, but they have all come true. Many call him “Dr. Doom”, but he is simply giving his vision based upon research and statistics. He is an economist, so he does have data to back up what he has predicted, and right now his biggest concern is what is going on in America with our real estate debacle. It isn’t pretty right now, but according to Roubini it’s going to get worse.
He basically takes the stance that America doesn’t really take it all that serious, and that right now would be a good time to do so. He believes that America looks at the situation and says we can’t change it so why work on making an effort to do anything different? Roubini isn’t a fan of taking a back seat to something so critical, and he is probably right, but what is happening is so overwhelming that I don’t think anyone can wrap their mind around it for now.
Roubini says that despite what is happening in other countries, our circumstances are much worse, and that other countries will just need to worry about themselves without our help. We need a leg to stand on and no one is really paying attention in his opinion. I think many have this opinion because for so long American has taken care of others before we have taken care of ourselves and that can be dangerous even though we have good intentions of helping those in our alliance.
-Mayer Dallal
He basically takes the stance that America doesn’t really take it all that serious, and that right now would be a good time to do so. He believes that America looks at the situation and says we can’t change it so why work on making an effort to do anything different? Roubini isn’t a fan of taking a back seat to something so critical, and he is probably right, but what is happening is so overwhelming that I don’t think anyone can wrap their mind around it for now.
Roubini says that despite what is happening in other countries, our circumstances are much worse, and that other countries will just need to worry about themselves without our help. We need a leg to stand on and no one is really paying attention in his opinion. I think many have this opinion because for so long American has taken care of others before we have taken care of ourselves and that can be dangerous even though we have good intentions of helping those in our alliance.
-Mayer Dallal
Monday, November 29, 2010
Foreclosures Are Back In Motion
Banks began to examine their foreclosure documents a little closer when some mistakes were being made, then a foreclosure moratorium was issued. Now banks are back in motion filing their foreclosures and getting things done when it comes to evicting their borrowers. It didn’t take very long for the filings to begin again.
JP Morgan Chase amongst others have spent time training people in their departments to ensure that things are being done correctly. Too many foreclosures were not even being reviewed and were being passed through rather quickly. The banks have to be careful, ensuring that all legal issues have been squared away before they file these documents. Robo-signing may not be a thing of the past yet for all lenders, but cleaning up this mess we have our hands is definitely going to continue for awhile.
The question many consumers have is to whether or not they are going to be able to enforce their legal rights when a bank does them wrong. It seems that the banks are the ones that control almost everything, and doesn’t give the consumer a chance to ask the questions that really plague them until it’s too late. Bankers will always say that when it comes to foreclosure that the borrowers who get the notices are the ones who should be getting them; no questions asked.
Even if someone is behind on their payments, and they don’t qualify for a modification, the truth is that people need to be treated with dignity and respect. People should educate themselves and know their legal rights, just as the bank has their legal rights. No one is better than anyone else, and it still seems that no one is really focusing on making a team effort.
-Mayer Dallal
JP Morgan Chase amongst others have spent time training people in their departments to ensure that things are being done correctly. Too many foreclosures were not even being reviewed and were being passed through rather quickly. The banks have to be careful, ensuring that all legal issues have been squared away before they file these documents. Robo-signing may not be a thing of the past yet for all lenders, but cleaning up this mess we have our hands is definitely going to continue for awhile.
The question many consumers have is to whether or not they are going to be able to enforce their legal rights when a bank does them wrong. It seems that the banks are the ones that control almost everything, and doesn’t give the consumer a chance to ask the questions that really plague them until it’s too late. Bankers will always say that when it comes to foreclosure that the borrowers who get the notices are the ones who should be getting them; no questions asked.
Even if someone is behind on their payments, and they don’t qualify for a modification, the truth is that people need to be treated with dignity and respect. People should educate themselves and know their legal rights, just as the bank has their legal rights. No one is better than anyone else, and it still seems that no one is really focusing on making a team effort.
-Mayer Dallal
Monday, November 22, 2010
Refinancing Before the Holidays
If you have a lot of debt now and you want to get things in order, then go ahead and consolidate. The challenge in the past has been that families would refinance to pay off debt, then turn around and run up their credit cards again rather than paying cash. This is absurd, and yes it doesn’t benefit you if you know that your spending habits are hard to curtail. However, at a time like this in a rough economy it is best to downsize and begin setting aside more money in case you do have an emergency. Working off a cash basis will help you stop using these credit cards, and will get you to a place where you can break away from the spending and really think about what you are doing. If you don’t have the money on hand, don’t use a credit card to get it. While refinancing your home to consolidate and pay off debt is helpful, keep in mind that the less you have to consolidate the better off you are. You want to build equity in your home, and in a market where housing prices have fallen it doesn’t help to use it all up. If you have to do it then do it, but if you can pay off some other things on your own then do it that way.
I am here to help you every step of the way, and I will also be honest and tell you that refinancing may not be the answer for you. Not everyone will be in a position to refinance, but refinancing through FHA will give you the lowest rates on the market today, and FHA guidelines focus on commonsense underwriting, so they look at the bigger picture. FHA will look at your income, credit, investments, cash reserves, and how you pay other bills outside of your mortgage.
For more information you can go to www.fhaloansnow.net, or you can call me directly at 310-498-2700.
-Mayer Dallal
I am here to help you every step of the way, and I will also be honest and tell you that refinancing may not be the answer for you. Not everyone will be in a position to refinance, but refinancing through FHA will give you the lowest rates on the market today, and FHA guidelines focus on commonsense underwriting, so they look at the bigger picture. FHA will look at your income, credit, investments, cash reserves, and how you pay other bills outside of your mortgage.
For more information you can go to www.fhaloansnow.net, or you can call me directly at 310-498-2700.
-Mayer Dallal
Sunday, October 31, 2010
A New Credit Score?
There is a new credit score available to you and it’s custom made just for your mortgage. That is right! The new FICO 8 is on the horizon, and it only pertains to how you pay your mortgage loan.
FICO is the leader is credit management technology, and services hundreds of thousands of companies. The three main credit agencies use it, and it’s available to anyone. What does this do? The reason for this is to allow banks to get a view that is geared to the real estate market, and will enable us to get some stability as a country in our markets. Overall, this is very beneficial and will reduce the risk for everyone.
The idea behind the score was also to help lenders predict how a mortgage would perform, and to help them fine tune their credit decisions based on what they can see, which will give them a good idea of what they think will happen. All lenders and services will have access to it, so there should be no surprises.
-Mayer Dallal
FICO is the leader is credit management technology, and services hundreds of thousands of companies. The three main credit agencies use it, and it’s available to anyone. What does this do? The reason for this is to allow banks to get a view that is geared to the real estate market, and will enable us to get some stability as a country in our markets. Overall, this is very beneficial and will reduce the risk for everyone.
The idea behind the score was also to help lenders predict how a mortgage would perform, and to help them fine tune their credit decisions based on what they can see, which will give them a good idea of what they think will happen. All lenders and services will have access to it, so there should be no surprises.
-Mayer Dallal
Saturday, October 30, 2010
The Foreclosure Moratorium Mess
The moratorium on foreclosures is a horrible idea and for many reasons. Look, I don’t have all the answers, but I can tell you what I do know from experience and you can decide for yourselves.
For starters, it doesn’t really resolve the real issue which is related to many things. Many homes went into foreclosures simply because they were underwater on their mortgages. However, joblessness is a huge contributing factor. Much of what is happening could be corrected with jobs abounding and mortgages being modified to truly put a borrower in a better position. The idea behind the modification is to get the borrower’s payments within a reasonable percentage of their income along with their other debts. Many families still won’t qualify, but there is no way to know for sure unless we try it.
The other big issue here is that the reports, facts and figures aren’t going to be true and genuine. They will only make things worse by not giving the facts on what is really happening. Those cases that have been filed won’t go up for modifications, and can’t be listed for short sales until everything has been reviewed. The only real good that could come from this is that the homeowner gets a little more time in their home until they figure out where they can go. This moratorium prevents the supply and demand, so where do we go from here?
-Mayer Dallal
For starters, it doesn’t really resolve the real issue which is related to many things. Many homes went into foreclosures simply because they were underwater on their mortgages. However, joblessness is a huge contributing factor. Much of what is happening could be corrected with jobs abounding and mortgages being modified to truly put a borrower in a better position. The idea behind the modification is to get the borrower’s payments within a reasonable percentage of their income along with their other debts. Many families still won’t qualify, but there is no way to know for sure unless we try it.
The other big issue here is that the reports, facts and figures aren’t going to be true and genuine. They will only make things worse by not giving the facts on what is really happening. Those cases that have been filed won’t go up for modifications, and can’t be listed for short sales until everything has been reviewed. The only real good that could come from this is that the homeowner gets a little more time in their home until they figure out where they can go. This moratorium prevents the supply and demand, so where do we go from here?
-Mayer Dallal
Friday, August 27, 2010
The Rise on Government Backed Loans
Can we do this without the government? What I meant to say was, can we make a recovery without their help? I guess the answer to that is both yes and no. What I mean by this, is with the increase of applications in government backed loans, we can be in a really good position to move forward and upward in our economy without needing or getting some sort of bail out.
At least with FHA loans it appears this way. Bill Gross, who operates the largest mutual fund at Pacific Investment Management Company, said that there could be as much as a 4 percent increase in mortgage yields. With that being said, we know that mortgage applications have increased by 12.4% from the previous week, and each week prior to that over the past month applications have gone up. Additionally, Gross said that 95% of mortgages that were closed over the past year, were government backed loans. This means that whether they were purchases or refinances, these loans were backed by Freddie Mac or Fannie Mae. I guess the private sector simply charges too much?
Think about the differences in FHA over the conventional loans. With FHA purchases, you can put down as little as 3.5%, or up to 10% depending on your credit score. This was one of the changes that came this year. With conventional loans, you would need to put as much as 10% to 30% down. A majority of families need the lesser of the two, and it’s critical that consumers know that they have options in these tough economic times. I have been able to help so many families get into homes with the lower down payments, and not only that but being able to direct them in the way of how FHA works. It is important in times like this that your clients understand what options are available, and I can get their loans closed in as little as ten to fourteen days. Who likes to wait?
For more information on FHA loans, and how to get your clients qualified, go to www.fhaloansnow.net and take a look around. I have an FHA calculator there where they can put in the information to determine their affordability and payments, and there is valuable information on guidelines and requirements. You can also email me directly at mdallal@fhaloansnow.net, or call me at 310-498-2700.
-Mayer Dallal
At least with FHA loans it appears this way. Bill Gross, who operates the largest mutual fund at Pacific Investment Management Company, said that there could be as much as a 4 percent increase in mortgage yields. With that being said, we know that mortgage applications have increased by 12.4% from the previous week, and each week prior to that over the past month applications have gone up. Additionally, Gross said that 95% of mortgages that were closed over the past year, were government backed loans. This means that whether they were purchases or refinances, these loans were backed by Freddie Mac or Fannie Mae. I guess the private sector simply charges too much?
Think about the differences in FHA over the conventional loans. With FHA purchases, you can put down as little as 3.5%, or up to 10% depending on your credit score. This was one of the changes that came this year. With conventional loans, you would need to put as much as 10% to 30% down. A majority of families need the lesser of the two, and it’s critical that consumers know that they have options in these tough economic times. I have been able to help so many families get into homes with the lower down payments, and not only that but being able to direct them in the way of how FHA works. It is important in times like this that your clients understand what options are available, and I can get their loans closed in as little as ten to fourteen days. Who likes to wait?
For more information on FHA loans, and how to get your clients qualified, go to www.fhaloansnow.net and take a look around. I have an FHA calculator there where they can put in the information to determine their affordability and payments, and there is valuable information on guidelines and requirements. You can also email me directly at mdallal@fhaloansnow.net, or call me at 310-498-2700.
-Mayer Dallal
Saturday, July 17, 2010
Getting Help From the FHA Calculator
Determining how much you can afford is an important factor of taking a loan out of any size, no matter what it’s for. When using the FHA calculator to determine what you can afford, you can enter the monthly payment that you would like to be at, interest rate and term, and you will be able to calculate the maximum monthly payment that you can afford. Keep in mind that while using this tool is beneficial, it doesn’t include any other fees that may be associated with your loan.
Last but not least, you can take advantage of my prequalification FHA calculator. You can use the prequalification calculator to get an idea of how much you can borrow. This is not the same as finding out what your maximum payment can be, and it isn’t the same as a preapproval. The prequalification gives you an estimate of how much you may be able to borrow. A preapproval, shows that you have been approved for a particular loan amount prior to selecting a property. Remember, when buying a home it is the first step before speaking with a realtor.
For more information on how you can start the process for applying for an FHA loan, and to find out what your options are when buying a home, you can visit www.fhaloansnow.net. It is never too late to learn.
-Mayer Dallal
Last but not least, you can take advantage of my prequalification FHA calculator. You can use the prequalification calculator to get an idea of how much you can borrow. This is not the same as finding out what your maximum payment can be, and it isn’t the same as a preapproval. The prequalification gives you an estimate of how much you may be able to borrow. A preapproval, shows that you have been approved for a particular loan amount prior to selecting a property. Remember, when buying a home it is the first step before speaking with a realtor.
For more information on how you can start the process for applying for an FHA loan, and to find out what your options are when buying a home, you can visit www.fhaloansnow.net. It is never too late to learn.
-Mayer Dallal
Wednesday, July 14, 2010
The Bottom Line on Banks
I guess I am not sure why banks aren’t advertising their low rates either, but they aren’t. They aren’t encouraging people to refinance to minimize their debt. Why? They would love for people to stay in their mortgages forever, not paying stuff off. This leaves people in a bad situation, when everyone knows that we could all use a lower payment on everything right now. Isn’t that what stimulus really is?
I talk to families time and again that just simply want to throw their hands up in the air because they feel like they can’t find a viable option. This isn’t living, it’s financial prison. Money should breed options, not heartache, but this is so often the case. Helping each other has fallen by the wayside, and banks helping people has too. Being in a position to help others with their finances I should live in this mindset, which is why I chose to become an FHA specialist, not a salesman. If I wanted to do that, I would go back and continue to do things the way that they were being done before. I choose otherwise. Do you?
-Mayer Dallal
I talk to families time and again that just simply want to throw their hands up in the air because they feel like they can’t find a viable option. This isn’t living, it’s financial prison. Money should breed options, not heartache, but this is so often the case. Helping each other has fallen by the wayside, and banks helping people has too. Being in a position to help others with their finances I should live in this mindset, which is why I chose to become an FHA specialist, not a salesman. If I wanted to do that, I would go back and continue to do things the way that they were being done before. I choose otherwise. Do you?
-Mayer Dallal
Monday, July 5, 2010
The Truth About Refinancing Your Mortgage Now
Refinancing now is a great option for you if you need to lower your monthly payments, and part of that is getting a lower rate. This is important for you to know, because right now you are hearing a lot of advice on not making a rash decision about your home. Don’t listen to the nonsense, but do what is smart and beneficial for you and your family.
Banks don’t want you to refinance, and they would love for you to pay on your mortgage loan forever. Why? Because they see that it prevents foreclosures. By not making additional payments, you will have money to put back for yourself. That can be good for you, but refinancing now will give you a lower rate. Right now, if you don’t refinance, you will be stuck in a higher rate of interest which is more money for them. If you aren’t sure what portion of that payment you make is being allocated to interest just take a look at your statement, and if you can’t find it then call them.
Chances are, you are paying too much, and if you can get qualified, then move right along to a lower rate of interest. Rates are at all time low, with a 30 year mortgage as low as 4.75%, and a 15 year mortgage as low as 4.25%. Why wouldn’t you want to refinance now? Ask yourself that question. And, if you are looking to buy, there is no better time than now! Look at your credit report and be real with yourself about what is going on, and see what you need to do to make some changes. Put yourself in a position to move on with your life and build a future for yourself.
If you aren’t sure where to start, or what you need to do then contact me today; I can help. I can help consumers in all 50 states. You can find more information and get your application started by going to www.fhaloansnow.net, or you can call me directly at 310-498-2700.
-Mayer Dallal
Banks don’t want you to refinance, and they would love for you to pay on your mortgage loan forever. Why? Because they see that it prevents foreclosures. By not making additional payments, you will have money to put back for yourself. That can be good for you, but refinancing now will give you a lower rate. Right now, if you don’t refinance, you will be stuck in a higher rate of interest which is more money for them. If you aren’t sure what portion of that payment you make is being allocated to interest just take a look at your statement, and if you can’t find it then call them.
Chances are, you are paying too much, and if you can get qualified, then move right along to a lower rate of interest. Rates are at all time low, with a 30 year mortgage as low as 4.75%, and a 15 year mortgage as low as 4.25%. Why wouldn’t you want to refinance now? Ask yourself that question. And, if you are looking to buy, there is no better time than now! Look at your credit report and be real with yourself about what is going on, and see what you need to do to make some changes. Put yourself in a position to move on with your life and build a future for yourself.
If you aren’t sure where to start, or what you need to do then contact me today; I can help. I can help consumers in all 50 states. You can find more information and get your application started by going to www.fhaloansnow.net, or you can call me directly at 310-498-2700.
-Mayer Dallal
Friday, July 2, 2010
Steps to a Quick FHA Loan Process
Getting things done quickly is so important when you are in the process of buying and refinancing a home. You don’t want this to drag on forever, and neither does your mortgage professional. Believe me when I say that there is nothing worse than a loan that never ends. I push for things to get done, and there are days when it seems that I have those families that just don’t get the paper work I need. Having all this up front can give you a quick FHA loan process.
A quick FHA loan process makes for a happy mortgage professional, happy homeowner or buyer, and happy underwriters. Underwriter’s want to get loans approved too, but they have to be absolutely sure that they have everything they need in your file. Keep in mind, that no one gets paid until your loan closes, no matter what, so no one is out to get you. There is a process for everything, and it’s critical that you know and understand this.
In order to put yourself in a position to have a quick FHA loan process, it is best for you to follow my instructions during the loan application process. I can tell you what to prepare for, and what this all means, but I can’t force you to do it. Keep a folder with everything in it, that way you can remain organized and on top of your paperwork. Having everything in line is vital to the entire process, and we aren’t going to ask for things unless we need them.
For more information, you can go to www.fhaloansnow.net, and use our easy online form, and it only takes a few minutes. No matter what state you’re in, I can help you!
A quick FHA loan process makes for a happy mortgage professional, happy homeowner or buyer, and happy underwriters. Underwriter’s want to get loans approved too, but they have to be absolutely sure that they have everything they need in your file. Keep in mind, that no one gets paid until your loan closes, no matter what, so no one is out to get you. There is a process for everything, and it’s critical that you know and understand this.
In order to put yourself in a position to have a quick FHA loan process, it is best for you to follow my instructions during the loan application process. I can tell you what to prepare for, and what this all means, but I can’t force you to do it. Keep a folder with everything in it, that way you can remain organized and on top of your paperwork. Having everything in line is vital to the entire process, and we aren’t going to ask for things unless we need them.
For more information, you can go to www.fhaloansnow.net, and use our easy online form, and it only takes a few minutes. No matter what state you’re in, I can help you!
Tuesday, June 29, 2010
Does Bankruptcy Diqualify You for FHA?
The FHA bankruptcy and credit guidelines set forth waiting periods that state how long a person or family would need to wait to do an FHA loan. Bankruptcy waiting periods are two years with reestablished credit, and a good explanation of why it happened. This is a blessing that they are allowing you to borrow money, and you have to understand why they do it. They are insuring your loan and they back if when the borrower defaults, so they make the rules and we just have to abide by them.
FHA credit guidelines state that on a foreclosure, the waiting period is five years, and that is usually from the date of the sale of the property. With a good explanation this may be shortened, but there are no guarantees.
Guidelines were put in place to aid you in making decisions, and to help you know what you need to do to move forward. Unless you educate yourself on what the FHA credit guidelines are, you can’t effectively plan for the future. If you fail to plan, you plan to fail.
For more information how to manage your credit, and qualify through FHA, you can go to www.fhaloansnow.net.
-Mayer Dallal
FHA credit guidelines state that on a foreclosure, the waiting period is five years, and that is usually from the date of the sale of the property. With a good explanation this may be shortened, but there are no guarantees.
Guidelines were put in place to aid you in making decisions, and to help you know what you need to do to move forward. Unless you educate yourself on what the FHA credit guidelines are, you can’t effectively plan for the future. If you fail to plan, you plan to fail.
For more information how to manage your credit, and qualify through FHA, you can go to www.fhaloansnow.net.
-Mayer Dallal
Monday, June 28, 2010
Conventional vs. FHA
Conventional loans are extremely stringent, so unless you have perfect pay in every single account you have, and have a wallet full of cash then an FHA mortgage may be the best option for you. With the economy the way it is, it does offer some good buys for homeowners, but it’s best to keep in mind that we need to be lending and borrowing responsibly. Regardless of the proposal for the home you are looking at, if you are not comfortable with anything regarding the process you need to say so.
Remember, FHA itself is not guaranteeing that every consumer will get a loan, and they aren’t granting the loan themselves. FHA simply insures the loan, meaning they promise to pay the loan when the borrower defaults on the loan. This insurance to the lender doesn’t guarantee that everyone will be approved for an FHA mortgage; those who apply will still need to qualify based on their income, credit and abide any FHA guidelines regarding the property.
For more information on FHA loans, and how to qualify, you can go to www.fhaloansnow.net.
-Mayer Dallal
Remember, FHA itself is not guaranteeing that every consumer will get a loan, and they aren’t granting the loan themselves. FHA simply insures the loan, meaning they promise to pay the loan when the borrower defaults on the loan. This insurance to the lender doesn’t guarantee that everyone will be approved for an FHA mortgage; those who apply will still need to qualify based on their income, credit and abide any FHA guidelines regarding the property.
For more information on FHA loans, and how to qualify, you can go to www.fhaloansnow.net.
-Mayer Dallal
What Causes a Low Credit Score?
If you are paying your bills on time that is great, but you may have too many of them. Continuing to open new accounts will drive your score down, making it nearly impossible for you to balance out your debt to income ratio. You also need to keep in mind that the more of your credit you use, the more your payments will go up with your revolving accounts. With a mortgage and a car loan things work a little differently, as they are a fixed interest loan. A fixed interest loan means that you will have the same rate and same payments for the life of your loan. Revolving debt pertains to credit cards, or lines of credit on the home. The rates adjust with the prime rate and any additional add-ons the bank has, thus driving up your payment. Once you exceed 40% of your available credit on any account, this will give you a low credit score. It shows the lender or bank that you are not able to manage your credit or that you are planning to use more credit, so beware.
Paying your bills on time is great, but remember cash is king! Don't borrow anymore than you need to no matter what the case may be. Always try to go the way of paying cash, for the exception of your home mortgage. Pay cash for cars if you can't, but if you can't this is a new trade line or account that you can use to help build your credit up. Building your credit up and sticking to your guns on cash will keep you away from a low credit score. For more information on credit, and how you can improve your situation, please go to www.fhaloansnow.net.
-Mayer Dallal
Paying your bills on time is great, but remember cash is king! Don't borrow anymore than you need to no matter what the case may be. Always try to go the way of paying cash, for the exception of your home mortgage. Pay cash for cars if you can't, but if you can't this is a new trade line or account that you can use to help build your credit up. Building your credit up and sticking to your guns on cash will keep you away from a low credit score. For more information on credit, and how you can improve your situation, please go to www.fhaloansnow.net.
-Mayer Dallal
Poor Credit, Poor Richard
To get rid of poor credit, you need to make one small investment that brings great rewards. Get copies of your credit report from all three major credit reporting bureaus. This will help you to look at the bigger picture so that you can see what you have open, what needs to be paid, cancelled or even completely removed. You can assess the oldest ones first, making any collection companies are contacted and your options have been reviewed. It's best to contact them and make arrangements, than it is to completely ignore them. Explain your situation, and don't back down. When they demand money, tell them the truth and see if you can come up with a viable settlement offer. It's best to pay something than not to pay it at all. It is also wiser to get it settled than to have it go on your credit for ten years unpaid or ending up as a judgment against you.
If there is a judgment, attempt to pay that first. These are typically only going to be accepted as a paid in full arrangement, but you can certainly try. It usually depends on what they are. Try to make payment arrangements on the smallest debts first, because you can really backfire on your plan when you promise too much too soon. Again be honest; you already have poor credit, so don't stress yourself out when things aren't going to change before tomorrow. Pace yourself, focusing on one account at a time.
For more information on how to repair credit, you can go to www.fhaloansnow.net.
-Mayer Dallal
If there is a judgment, attempt to pay that first. These are typically only going to be accepted as a paid in full arrangement, but you can certainly try. It usually depends on what they are. Try to make payment arrangements on the smallest debts first, because you can really backfire on your plan when you promise too much too soon. Again be honest; you already have poor credit, so don't stress yourself out when things aren't going to change before tomorrow. Pace yourself, focusing on one account at a time.
For more information on how to repair credit, you can go to www.fhaloansnow.net.
-Mayer Dallal
Saturday, June 26, 2010
Scrubbing Your Credit Report
Reviewing your credit for potential problems is so important. You won’t know what needs to change until you look your credit in the eye and deal with it. Do you have bad credit? Are you aware of what you have in your name? If you don’t know, then why not?
The key to dealing with bad credit is to get your credit report from all three major credit bureaus. Not all creditors report to each and every one, so it is best to see what is out there with each of them. Not all of them get the information at the same time, and there are companies that may only report to two of three bureaus. Every once in awhile you will find a company or lender that just reports to Transunion, so be sure to find this out in the beginning.
Finding out what accounts you have in your name and what accounts show slow pay is the best way to fix your bad credit. If you have bad credit this can prevent you from getting the best rates and programs available to you in all areas including getting an FHA loan. If you have never owned a home and you would like to, then partaking of an FHA program is a good idea, but with bad credit that will stop you dead in your tracks. Have a credit score of 620 or higher will enable you to take advantage of their low down payment option of 3.5%, but with a lower credit score you will need to come up with more money.
For more information on credit guidelines for FHA and options to get your credit repaired, you can go to www.fhaloansnow.net.
-Mayer Dallal
The key to dealing with bad credit is to get your credit report from all three major credit bureaus. Not all creditors report to each and every one, so it is best to see what is out there with each of them. Not all of them get the information at the same time, and there are companies that may only report to two of three bureaus. Every once in awhile you will find a company or lender that just reports to Transunion, so be sure to find this out in the beginning.
Finding out what accounts you have in your name and what accounts show slow pay is the best way to fix your bad credit. If you have bad credit this can prevent you from getting the best rates and programs available to you in all areas including getting an FHA loan. If you have never owned a home and you would like to, then partaking of an FHA program is a good idea, but with bad credit that will stop you dead in your tracks. Have a credit score of 620 or higher will enable you to take advantage of their low down payment option of 3.5%, but with a lower credit score you will need to come up with more money.
For more information on credit guidelines for FHA and options to get your credit repaired, you can go to www.fhaloansnow.net.
-Mayer Dallal
You Can't Live on Bad Credit
Your credit can make you or break you, and having bad credit will definitely break you. Bad credit will stop you from qualifying for credit cards, home loans, car loans, and may now even effect you getting a job.
If you really aren’t sure what your credit is like, then you probably need to pull a copy of your credit report and review it for mistakes along with your pay history. This is the first step in making sure your credit is clear of any problems that may prevent you from moving forward. You’ll need to take into account any open accounts along with double checking to see what you are listed on as the primary that you aren’t aware of. There are plenty of people lurking around out there that can access your personal information, and if you see an account that you don’t remember opening, then call that creditor immediately and tell them what’s going on.
Too many open accounts can drive down your credit score, because it looks like you are living on credit. Having too many accounts open that you aren’t using can give you bad credit, because when spending patterns aren’t consistent with the new behavior it throws up a red flag to the lender. In other words, if you use your card and pay it off every month, or you have an open account that you haven’t used and you start using it all the time that alert the lender that issued you the credit.
Running high balances can give you bad credit too. Remember, that keeping your balances at around 40% or less of your available credit is wise. Going above that percentage will start bringing your credit score down, so use your credit wisely. For more information on how to maintain your credit, and qualify for a loan please visit www.fhaloansnow.net.
-Mayer Dallal
If you really aren’t sure what your credit is like, then you probably need to pull a copy of your credit report and review it for mistakes along with your pay history. This is the first step in making sure your credit is clear of any problems that may prevent you from moving forward. You’ll need to take into account any open accounts along with double checking to see what you are listed on as the primary that you aren’t aware of. There are plenty of people lurking around out there that can access your personal information, and if you see an account that you don’t remember opening, then call that creditor immediately and tell them what’s going on.
Too many open accounts can drive down your credit score, because it looks like you are living on credit. Having too many accounts open that you aren’t using can give you bad credit, because when spending patterns aren’t consistent with the new behavior it throws up a red flag to the lender. In other words, if you use your card and pay it off every month, or you have an open account that you haven’t used and you start using it all the time that alert the lender that issued you the credit.
Running high balances can give you bad credit too. Remember, that keeping your balances at around 40% or less of your available credit is wise. Going above that percentage will start bringing your credit score down, so use your credit wisely. For more information on how to maintain your credit, and qualify for a loan please visit www.fhaloansnow.net.
-Mayer Dallal
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