Author Archives: theloanman

While many cite home ownership as a good financial move, it turns out that financial considerations aren’t the prime motivators that cause first time buyers to take the plunge into home ownership. Each year the Joint Center for Housing Studies … Continue reading →

The National Association of Realtors has made some predictions, as have the economists at Core Logic. NAR predicts that: Mortgage rates will rise, but even after an increase, rates will remain low compared to the rates we saw early in … Continue reading →

If you’re still paying 6%, 7%, or even 8 ½% interest on your first or second mortgage on your Texas home, you probably wanted to refinance just as soon as you saw mortgage interest rates drop into the 3’s and … Continue reading →

Recently we reported that the Fair Isaac Corporation (FICO) was making changes to its credit reporting. They’re offering a new scoring model that no longer factors in past-due payments that have been paid off and they’re giving far less weight … Continue reading →

Gift funds are the path to home ownership for many today. They may constitute part or all of the down payment, the closing costs, and/or the financial reserves. In fact, most borrowers purchasing a one to four unit principle residence … Continue reading →

More than one borrower has told us: “I Don’t WANT to show my complete bank statement. How I spend my money is my private business.” We understand. But we don’t make the rules, and the banks do have reasons for … Continue reading →

With all the talk about health care and insurance these days, few people mention the ways in which insurance companies pad their profits and just how destructive their practices are to American consumers’ credit scores. How do they pad their … Continue reading →

  They want to know, and if you want the loan you have to tell them – then prove it. Remember the Patriot Act? It added a second layer of caution and curiosity to banks’ inquiries into where you got … Continue reading →

CNN Money recently reported that nationwide, loan fees are up 6% over this time last year. The average cost of closing on a $200,000 loan is now at $2,539. And that doesn’t include prepaid items such as taxes and homeowners … Continue reading →