RECENT BLOG POSTS
I’ve been lucky enough to be a Mortgage Loan Officer for 30 years now. While I’m happy to have any business that comes my way, I’ve specialized in construction lending almost from the beginning of my career. As we came out of the housing crisis in 2010, the options for construction lending had sh...
Update! Since writing this blog one of my lender will now finance a Barndominium. You will need to present at least one "Sale Comp" to even have your deal considered. A Sale Comp is the sale of a like home (in this case a Barndominium), in the area that you are building, within the last year, on ...
I just read a nice blog posting about how to deal with appraisal issues. That is, a low appraisal and the options that the buyer and seller have. I'd like to speak about how to avoid the issue or, at the least, how to set the proper expectations with the buyer and seller.First, understand what an...
To follow up my posts about the role of the Loan Officer and Underwriter I'd like to offer this post about the role of the appraiser. The appraiser's job is to give a profession option of the value of a property, working within the parameters given to them by lender funding the loan.The process s...
As a follow up to my blog on the role of the loan officer I'd like to say a few words about the role of an underwriter. First, understand that there are two underwriters, the automated one and the human one. All conventional and government loan files are first submitted through a software package...
I was inspired to write this blog by a recent question on this site, "What is your role in the loan process". I'm the loan officer, the middleman, plan and simple.On one side of my business I have my clients that need money to buy, build or refinance their home. On the other side are the lenders ...
https://www.annualcreditreport.com. It's the site Experian, Equifax and TransUnion had to set up so we can all run one totally free credit report per year.If you're working with a buyer that is at all concerned that they might have a credit issue, have them run their own report there. Don't let t...
Update-As I write this, current interest rates are up significantly. This makes this blog even more important than what it was back in 2018. With mortgage interest rates on the rise it's becoming very important for every Realtor to understand the potential benefits of assuming the seller's curren...
So how do you appraise a home that isn't built yet? This is a question I get quite often when I speak to potential clients about construction loans. The answer is, plans and specs.The appraiser will be given a copy of the legal description for your land, so they will know where you're building. B...
So you have your floor plan, you have your builder, you know what city/township you want to live in, all that's left is to find that perfect lot to build on.First, you need to be realistic about what you can afford and what's going to fit your program and down payment. If you are paying cash for ...