Connecticut Mortgages

Appraisal requirements are changing

By on Oct 29, 2014 in Connecticut Mortgages | 0 comments

For the better! Finally, some common sense is coming back into the marketplace. Previously, if your appraisal was older than 90 days old you were required to pay for another one. That was a waste of $450 and up, but now lenders are accepting updated versions of the same appraisals if there was no material change in value or condition. This not only saves ally of time it also saves money. If your loan is taking longer than expected and your appraisal is about to expire ask your mortgage professional if instead of getting a new appraisal g tying an update. Try it, it may...

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How to close your mortgage quickly

By on Sep 7, 2014 in Connecticut Mortgages | 0 comments

There area lot of misconceptions about how long it will take for you to close your purchase or refinance mortgage. In some cases it’s 45 days in others it’s 60 days and then there is the 14 day or 21 day closing. What usually takes the longest is the customers ability to deliver accurate documents in a timely fashion. I attempt to extract as much documentation as quickly as I can, but there are still clients that wait days and even weeks to delivery such documents. The longer you wait the more backed up traffic becomes in the mortgage world. So a word to the wise is to get everything over to your loan officer as soon as possible to expedite your...

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The importance of using an experienced mortgage loan officer.

By on Aug 6, 2014 in Connecticut Mortgages | 0 comments

This story comes about as a cautionary tale to anybody thinking that all loan officers are built the same. The goal of this post is to explain the true difference an experienced, thorough loan officer can make on your loan. In fact it could be the difference between an approval and a denial. A case in point is a client who came to me a week ago with a ton of stress and two lenders who just couldn’t figure out how to get his loan approved. I was able to structure his loan so that it met all underwriting guidelines at the best possible terms. All things being similar as a matter of good service the most important tools I have at my disposal are as follows: • a lot of underwriting knowledge • ability to properly structure a loan • be a good listener As a client, what you want, and what you should demand is attention and service. Without the proper amount of experience, patience, and ability your loan officer will not know how to get your mortgage approved. Now, everybody needs to start somewhere but do you honestly want your biggest investment you will ever make be somebody’s trial and error?? The answer is heck no! Would you go to an intern to operate on you?? So when shopping for a mortgage always ask for a resume and how long the lender has actually been in the business. You can always go to <a href="http://mortgage.nationwidelicensingsystem" and look up by their NMLS number and it will tell you all you need to know of their...

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580 credit score mortgages

By on Jun 4, 2014 in Connecticut Mortgages | 0 comments

Since the housing crash of 2008 we have seen mortgage credit tighten up beyond anyone’s imagination. The good news as of late is that credit has began to loosen up to the point that we are announcing a new fha mortgage program with a credit score as low as 580 to qualify. Considering all other factors being equal this is a big step forward at reaching out to new...

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Reverse mortgage facts

By on Jun 4, 2014 in Connecticut Mortgages | 0 comments

If your a senior over the age of 62 and own your home than you have probably heard of a reverse mortgage or have been cold called from somebody trying to give sell you one. There are a lot of misconceptions and misnomers about this mortgage. First, it’s an incredible financial tool if used correctly and can save you money as well as make you money, let me explain. How a reverse mortgage can make you money is very simple. If you use your new reverse mortgage as a means of income and delay the collection of social security benefits your award from social security increase significantly. If your scheduled to collect $1500 per month in social security benefits at age 62 but defer to age 70 your award can be as great as $1950 per month. That’s a life changing difference when factoring a fixed income scenario. You can also use a reverse mortgage to buy a home and what that empowers you to do is continue to live in which your accustomed to and keep cash reserves on hand to use for whatever reason you want. Since a reverse mortgage requires that you receive third party counseling to ensure you understand it and know your options I consider it one of the safest and most straightforward products that seniors have...

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Poor credit mortgages

By on May 30, 2014 in Connecticut Mortgages | 0 comments

While it’s not easy to obtain a mortgage with less than perfect credit, it is very possible. Our minimum credit score for some of our programs is 580 and most times it’s not hard to get there. The first thing you have to realize is no matter how much money you have for a down payment no lender will approve your loan with outstanding charge offs and/or collections with balances. Second, if your bad credit out weighs your good credit you have to tip the scales so that the good out weighs the bad. In order to so this quickly you should get a secured credit card and make sure it reports to all three bureaus. I will recommend Capitol one or Amex for these and use it immediately for purchases. The other thing to do is obtain letters of credit from your current utility and cellphone companies so we add them to your credit. With these simple tasks your credit looks a lot more appealing to an underwriter making your mortgage more appealing to...

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