Real Estate Info & FAQ

A Shady Mortgage Person

7 ways to spot a shady mortgage personI found this on blog.mariah.com: 7 ways to spot a shady mortgage lender An interesting read from MSN. I'd say these traits are just as common in lazy mortgage lenders, as they are in shady ones. In the end, clients of neither are properly served. According to the Federal Trade Commission, you may be signing on for trouble if a lender:

* Encourages you to falsify your application information to get the loan.
* Urges you to borrow more than you need.
* Pushes you to accept payment terms that you can't realistically meet.
* Fails to give you the required disclosures (e.g., APR, rescission rights, etc.).
* Shows up at closing with a totally different loan product than you agreed to.
* Asks you to sign blank forms. ('It'll speed things up. We'll fill in the blanks later, trust me.')
* Denies you copies of documents you signed.

MSN Money - 7 ways to spot a shady mortgage lender

posted by jkballentine @ 11:32 AM 0 comments

Spreading like fire

This article is spreading across the mortgage / real estate blogosphere very quickly. My feeling is that all of the different loan options available are tools. But, just like with a hammer or screwdriver, if you pick the wrong tool, you will fail. You do not hammer a nail with a pair of pliers. You do not put an uneducated, uninformed borrower into an Option ARM. These programs are very sophistcated instruments that even most mortgage people do not completly understand. And they WILL bite you if you miss the fine print.

I am all for higher standards in the industry. I would like to see national standards, a national test, education requirements (ie college degree), continuing education and the trade associations to step up on a national level in the pubic spolight.

Check out the article.

posted by jkballentine @ 8:20 AM 0 comments

This is an article on the "bubble". It makes a good note about the cylce in the markets.

posted by jkballentine @ 7:05 AM 0 comments