Michael Creed's (michaelcreed) Blog

As a lender, when we review your loan file for final approval, one of the items we are concerned about is the source of funds for your down payment and closing costs. Most likely, I will ask you to provide statements for the last two months on any of your liquid assets. This includes checking ac...

This may be a new concept for you but it is one that can easily be grasped and it goes like this: Typically, a home buyer must pay for certain costs to complete the transaction, however, an agreement can be made between the buyer and seller where the seller pays for those costs on the behalf of ...

Studies show that in 2007, almost $1.5 trillion (yes, that’s a “T”) worth of adjustable rate mortgages (ARMs) have already reset or are due to reset soon; that’s five times the number that reset in 2006! You might be asking why is there this sudden increase in mortgages up for adjustment? It’s t...

When seeking a mortgage, borrowers often get fixated on a specific rate that has an emotional brink; usually something like 6.49% or any other number that we as humans find visually pleasing.     However, deciding to buy down an interest rate is far more complicated than just an attractive numbe...

A while back, I decided that I needed to concentrate solely on picking up new business through my existing business channels (or variations thereof) because an in-depth analysis of my newsletters showed that readership was dismal at best.  This blog, although a great tool, was a small part of the...

Bi-Weekly Mortgage Loans   A bi-weekly mortgage can and will save you thousands of dollars in interest cost over the life of your loan. This happens because you amortize your loan faster and, in turn, you shorten the time it takes before you own your home free and clear.  Isn't that a nice thoug...

How to Sell in a Sluggish Market   The peaceful days of home selling are definitely a bygone time and one can no longer simply put out a for sale sign and sit back and watch it sell.  There are signs of a softening market both in our neighborhoods (a plethora of homes on the market) and in our n...

In most situations, a change of employment will not affect one's ability to qualify for a home mortgage.  But for others, the change can be the reason you do not get the loan you need to but that new home.   Salaried Workers - If your pay comes to you via a salary and you do not earn any addition...

Dishonesty really annoys me.   The mortgage industry, along with many other industries, is rife with liars, cheaters and stealers; of course, there are also the professional, well-meaning and honest folks in all of these industries as well, but you need to be sure you are watching out for the fir...