video: DID you know???

In this Vlog, Chad asks the question, Did You Know, about three mortgage products that could be beneficial to you. The FHA Streamline refinance, the DU Refi Plus and a 10% down JUMBO loan. If you would like to know more about these or any other mortgage related products, feel free to contact Chad at chad@chadstallings.com

help me help you, help me.

Rates are stupid low right now. Home prices are fantastic. A number of people are taking advantage refinances. Buyers are coming out of the woodwork. This is all great news, however you have to be prepared for the consequences. With mortgage applications going up due to the aforementioned circumstances, underwriters are rapidly getting backed up. This is just an effect of the fact that there are simply fewer “bodies” in the mortgage business then there use to be. Everyone deals with the ongoing dilemma of do I hire more people now to help with the volume or wait and see if the volume lasts long enough to sustain the overhead that comes along with that. Some may disagree with this line of thinking but it is a reality in today’s economic “environment”.

What Can I Do??

I am glad you asked. Before a loan can (and really should) be submitted to underwriting, the supporting documentation needs to be in the file and it helps if an appraisal present. There is some wiggle room with the appraisal because these days you are most likely going to get at least one “approval with conditions” so you can include the appraisal in the re-submit. Having the documentation in the file quickly is key to helping the process along therefore one thing that you can do is to get your paperwork to your lender as quickly as possible. Have your financials ready to go, don’t pack or shred items like W-2’s, paystubs, bank statements, or tax returns. Agents can help by making sure that their clients are providing what the loan officer is asking for in a timely manner and making sure that the customer is returning the LO’s phone calls promptly. If you are refinancing, then in addition you can let the appraiser in your home as soon as you can so that it comes back to the lender quicker.

Keep in mind that everyone involved in the transaction what the same thing, to close soon and on time. We are all working towards the same goal so let’s help each other get there together.

You can contact me at chad@chadstallings.com

Video: HVCC on the brain…again

In this vlog Chad speaks again about HVCC and its effect on the Real Estate industry. The introduction of HVCC has not helped the quality of appraisals, it has raised the cost, and made the process more difficult all of which affect the consumer in the end. To comment please email Chad at chad@chadstallings.com

Video: Interesting Info.

Here we find Chad talking about some interesting information that he found that may or may not be a sign of things to come in the Real Estate world. Also, he talks about the 38 year low rates and how you can still benefit from a refinance even if you owe close to or just over what your home’s value is. If you would like to comment on this or anything else, you can reach Chad at chad@chadstallings.com

Mission Impossible: Get a Home loan

As we meander through this economic downturn, we continue to see more and more regulations coming down on the real estate finance industry. That is because, if you didn’t know, every mortgage professional is a crook that took advantage of the common folk. Now of course I don’t believe that every mortgage professional is a crook although there were a number of them in our industry. Most of those types are out of business now due to the market conditions. However it seems as though Washington does look at us like that (even though they were the ones who told us to issue more loans to raise the homeownership levels in the US). And as is typical with Washington these days, the results of the regulations that are supposed to make the “streets” safe for someone looking to get a mortgage are having major unintended consequences that are affecting the consumer in the end.

HVCC, which was to clean up the appraisal industry, has failed by raising the cost of appraisals and has lowered the level of quality that we are seeing. The new Good Faith Estimate that was supposed to promote more clarity with the fees went from one itemized page to four pages with lump sums. Oh and there is no down payment, total monthly payment or true “cash to close” figure not to mention that it doesn’t even require signatures. All this with guidelines getting stricter and require fees going up ie FHA Mortgage Insurance.

While it may seem that the mortgage guidelines are making it an impossible mission to get a home loan and our good buddies in Washington, who know whats best for us, keep hitting us with regulations that seem to punish the consumer in the long run, there seems to be light at the end of this tunnel. You are now able to do a 5% down conventional loan in AZ. That was gone for a good 3yrs. The foreclosure numbers seem to be leveling off in certain areas. I’ve even run across a lender that is looking at a loan that “makes sense” rather than just by the hard numbers. Mortgage rates are and have been at historic lows. This along with low home prices makes in a fantastic time to buy.

 So I don’t want to be all gloom and doom. Getting a mortgage these days is difficult, but not really impossible. Common sense applies. You need to have decent credit, a job and some savings. You must let your mortgage professional guide you through the twists and turns and show you the path to the finish line. If you help me help you and remember that we are all going for the same goal, then you will help make the impossible, possible.

By the way, this message will self destruct in…well, you get the idea.

Video: Don’t mess with credit

This blog covers the Loan Quality Initiative that Fannie Mae and Freddie Mac will be starting. More and more lenders will be pulling credit reports right before a mortgage loan is funded. If you would like to comment on this or anything else mortgage related, feel free to email Chad at chad@chadstallings.com

VIDEO: HVCC

In this video Chad talks about HVCC and how it came about along with his opinion about it. If you would like to comment on HVCC or any other mortgage related topic, you can reach Chad at chad@chadstallings.com or vist www.loanbychad.com

Video: HOMEPATH Financing

Chad talks about the pros and cons of HOMEPATH Financing. In his opinion the cons outway the pros but there is always someone for whom this program would fit perfectly. If you have any questions on this or disagree with Chad, you can email him at chad@chadstallings.com or visit the web site at www.loanbychad.com