Different Stages of Loan Approval…Really?

Loan officers are taught very early on to be careful about using the term “approval.” Yet there are indeed various stages of the word that should be used with certain qualifiers when loan officers speak with their clients. It might very well surprise many to find out that no, “approval” doesn’t automatically mean, “Here are … Continue reading Different Stages of Loan Approval…Really?

When Lenders Think You’re Self-Employed

You might very well be self-employed and don’t even know it…at least in a mortgage lender’s eyes. How so? There are various types of income borrowers can have that don’t quite fit in the same box as others. One of the more important elements of a mortgage approval involves comparing monthly debt with monthly income. … Continue reading When Lenders Think You’re Self-Employed

Choosing The Right Mortgage Broker

Buying a home is exciting, but the deal isn’t done until you’ve secured a home mortgage. For many people, a mortgage broker may be a better option than dealing with their local bank. Keep in mind, most local banks will offer one or two programs, while a mortgage broker may have a broader range of … Continue reading Choosing The Right Mortgage Broker

Integrated Disclosure Rule: TILA & RESPA Updates

The Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) promise to change how banks present disclosure materials on August 1, 2015. Prepare your loan officers and bankers with the following sample forms, FAQ sheets, webinars and other resources designed specifically to help bank officials meet compliancy by the August 1 deadline. … Continue reading Integrated Disclosure Rule: TILA & RESPA Updates

How Mortgages Work

When you want to own your own home but don’t have the capital required to do so, a mortgage is your best option. A mortgage is a type of loan that allows you to have your own home and thus be a homeowner. After being approved for a mortgage, the homeowner slowly pays off the … Continue reading How Mortgages Work

The Golden Oldies: Interest Rates

You remember that nice couple just a few years ago that wanted to buy home but their lender declined them? Did they tell you the lender said they just didn’t yet make enough money to qualify for the type of home they wanted and decided to wait until they earned more? Sure you do, everyone … Continue reading The Golden Oldies: Interest Rates

Now and Later

Some loan officers, rookie ones, will take any and all loan applications they can, package them up and ship it off to their underwriter to essentially see if there’s any possible chance the loan can be approved. This really happens. When a potential borrower applies for a mortgage loan, a loan officer can smile, take … Continue reading Now and Later

Appraisal Standards for Higher-Risk Mortgages Passed by FDIC

"U.S. mortgage lenders will get an additional year to implement new appraisal standards for higher- risk loans after regulators revised the Dodd-Frank Act measure to address concerns raised by financial firms". Creditors issuing loans at above-average interest rates that don’t meet the "qualified mortgage" standard will need to get written reports by certified appraisers who … Continue reading Appraisal Standards for Higher-Risk Mortgages Passed by FDIC

Key Mortgage Named Lender of the Year at the 2012 Agents’ Choice Awards

Prestigious Award Presented by Chicago Agent Magazine and Chicagoland REALTORS® CHICAGO, Oct. 25, 2012 /PRNewswire/ -- Key Mortgage Services Inc. was honored as the Lender of the Year at the Chicago Agent annual Agents' Choice awards ceremony, hosted by Chicago Agent magazine. Hundreds of Chicagoland real estate professionals voted for Key Mortgage in the magazine's annual survey. The award winners were announced … Continue reading Key Mortgage Named Lender of the Year at the 2012 Agents’ Choice Awards

NPR – Renters No More: Newbies Lured To Homeownership

Great article from NPR...heard this on the drive in this AM. "Today, buying a house may once again look like a sound financial option, at least in many parts of the country where markets have stabilized, mortgage interest rates are extremely low, and rents are moving sharply higher. "If you are in a stable place and you … Continue reading NPR – Renters No More: Newbies Lured To Homeownership