Weekly Recap (07/11/11-07/16/11)
July 15, 2011 by Jesse Spivakovsky · Leave a Comment
Saturday
“What do you know about gift letters?“
There’s a thin line between a cash gift and loan fraud.
HSH.com contributing writer Marcie Geffner explains how to walk that thin line safely in her latest article for HSH titled, “Is it a gift or mortgage fraud“:
If you’re ready to buy a house, but don’t have enough cash to make a down payment and cover your closing costs, you might want to ask your parents or other family members to make up the difference with a monetary gift.
Friday
“Mold: The latest problem for foreclosed homes”
The longer foreclosed homes remain on the market, the worse off we all are (simple as that). While homeowners st
Best Savings Account Rates in New York: Highest Savings Account APY 1.15%
July 15, 2011 by Isabelle Bolliger · Leave a Comment
(continued below) Your browser does not support IFrames, check out monitorbankrates.com/online-savings-accounts for current cd rates. The average savings account rate in New York, New York is at 0.22 percent as reported by MonitorBankRates.com. You can find savings rates better than the average rates. Right now on our New York, NY, savings account rates list two banks are offering the highest savings rate. Sallie Mae Bank and Discover Bank are both offering online savings account rates at 1.14% with an online savings yield of 1.15%. Find the highest savings rates and money market rates by searching our rate tables here: Best Savings Account Rates. The second best savings rate on our list in New York is from Apple Bank. The bank’s Continue reading…
Self Employed Borrowers should seek an Experienced Mortgage Professional
July 15, 2011 by Isabelle Bolliger · Leave a Comment
I recently closed a transaction for a nice couple who buying a home in Edmonds. They had been working with a large bank for almost a month and they were not able to provide loan approval. My clients forwarded me their loan package from this bank and it was amazing to see what a poor job they did completing the loan application. So much information was missing or miscalculated with their incomes. After reading this article in the Seattle PI stating that 25% of loan applications taken by large lenders were declined, I have to wonder how many of those applicants are self-employed borrowers in the same boat as my clients? I would also love to know the experience levels of the mortgage originators who were ap-takers trying to originator those declined loans.
Mates urged to club together to get that elusive first mortgage
July 9, 2011 by Isabelle Bolliger · Leave a Comment
Lenders have been urged by housing minister Grant Shapps to offer “mates mortgages” to encourage more first-time buyers (FTBs) into the market.
Pooling together funds to meet the current deposit demands could be an ideal way to get a first foot on the ladder. But is buying with a friend really a good idea?
For anyone unable to access the Bank of Mum and Dad, the current market is a minefield of lukewarm lenders and hefty deposits. The average age of FTBs buying without help from family has now hit 37, according to government estimates, and the average deposit reached £26,582 in the first quarter of 2011, according to the Council of Mortgage Lenders (CML).
You can still get a mortgage with no money down
July 8, 2011 by Jesse Spivakovsky · Leave a Comment
I know that title may sound hard to believe given all the talk and discussion these days about added lending restrictions, higher credit scores and having enough “skin in the game.”
The ongoing debate over qualified residential mortgages mainly concerns whether borrowers will have to have at least a 20 percent down payment.
All that said, borrowers still have several options when it comes to getting a home loan with little to no money down. HSH staff writer Gina Pogol takes us through each of the available options in her latest article, “Zero-down mortgages are not extinct!”
1. USDA mor