Tag Archive for: mortgage loan

Rates Shoot Up On Hot Jobs Report! Uh Oh – Huge Mortgage Bank Starts Clothing Line?

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I have concrete proof that mortgage banks are getting absolutely desperate – and I will explain why below. But First – Uh, Oh – The Economy Is Hot! On Wednesday, I blogged about how the economy might be much hotter than we realize – and how that will put upward pressure on rates. And sure enough, we got a very hot jobs report today, and it pushed rates way up again. It was a BLS report (so not particularly trusted), and many jobs were in government and healthcare (less healthy growth), but it still contained many reasons for optimism. I say “uh oh” above because a hot economy and strong jobs reports push rates up. And this was not on any mortgage bank’s bingo card earlier this year – when I predicted rates would fall to 5.5% (right before Iran and oil price spikes pushed rates up by almost 3/4%).Read More

“I Make $30,000 Per Month, But My Credit Score’s 560; Can I Get A Mortgage?”

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There are companies in college towns that make their money by renting apartments to college kids and keeping their security deposits when the kids move out – no matter what. It is an incredibly slimy practice because the firms prey on the kids who can least afford to absorb the expense or fight back. Sidebar: This happened when I was in college, but unfortunately for the apartment complex owner, one of the victims’ fathers was a high-powered class-action attorney in LA. Needless to say, he formed a “class of aggrieved former tenants,” and he ended up owning the entire 400-unit complex. Sometimes, trial lawyers are a good thing. I am sharing the story about the slimy apartment owners because we once had a borrower with collections from one of them on his credit report. The firm not only kept his deposit, but they hit him with additional charges for utter nonsense, and the borrower refused to pay on principle. The slimy firm promptly reported the collections, and the borrower’s credit score fell below 600. The borrower was able to get a loan, but he had to write a very strong letter of explanation and still had to pay off the collections – as painful as it was (he could have litigated, too, but that would have been more expensive).Read More

What Is a Doctor Mortgage Loan? A Guide for Medical Pros

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Medical school prepares you for a lot of things. Navigating a mortgage with six figures in student debt and a resident's salary? Not so much. That's exactly what doctor mortgage loans are designed for — and if you're a physician, dentist, pharmacist, or other healthcare professional trying to buy a home, this might be the most important financing tool you've never heard of. Here's how it works and whether it's the right fit for you.Read More

When Is It Kosher To Rent Out A “Primary Residence?” Beware Of This Very Slimy Lender Trick!

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Mr. Trump recently fired Fed Governor Lisa Cook ostensibly because she committed mortgage fraud. Someone then promptly posted a video on X showing that a renter lived in one of the properties Ms. Cook bought with “owner-occupied financing,” and the world exclaimed: “Oh, the horror!”Read More

More Mortgage Concepts Every Agent Should Know

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There are three primary channels through which borrowers can obtain mortgage loans: (1) commercial banks and credit unions; (2) mortgage banks; and (3) mortgage brokers. Commercial banks like Chase and Wells Fargo hold deposits, offer checking accounts, make commercial loans (and do all traditional “banking” activities) as well as offer mortgage loans. They also hold loans in their portfolios.Read More

Mortgage Banks Do Not Report to ICE, Homeland Security, IRS, FBI or Any Other Agency – Unless They See Obvious Fraud

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We unfortunately have a lot of nervous potential homebuyers on the sidelines because of what is currently taking place on the immigration front – with respect to deportations in particular. Hence, I am reminding blog readers that mortgage banks NEVER report anyone to any agency ever…unless they see blatant and obvious fraud.Read More

Actions To Avoid After Getting Pre-Approved For A Mortgage

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JVM Lending has seen many homebuyers knock themselves out of qualifying range after getting pre-approved for a mortgage. These actions should be avoided by homebuyers after getting pre-approved for a mortgage to ensure they remain qualified for their loan.Read More

JVM Has Never Funded A Mortgage Loan! Here’s Why.

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In 13 years of business, JVM Lending has never funded a single mortgage loan. This is b/c there are actually no mortgages in CA and Texas, and JVM is really […]Read More