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Working with Realtors; Does Experience Matter?

Working with Realtors; Why Experience Matters

I’ve been a mortgage loan officer since 1998. During that time I have helped literally thousands of families to purchase and finance their homes. During that period I have also worked with hundreds of real estate brokers. One thing that has remained constant is that not all real estate agents are equal. While they all have a license, hopefully so do all motorists on the road,  yet on any given commute we can clearly see the difference in motorists. Unfortunately it’s not that easy to gauge the skills and ability of a real estate broker.

What is a CLUE Report and how could it impact my mortgage?

What Is A CLUE Report?

Most of us are familiar with CarFax.  We see the commercials all the time with the Fox puppet following the prospective car buyer around warning the buyer not to purchase the car before purchasing a detailed report on the vehicle.  Believe it or not, there is a similar system that insurance carriers use for buildings, homes and the people that insure them.

Continue reading What is a CLUE Report and how could it impact my mortgage?

How far can a Mortgage Lender go to collect Deficiency Judgments?

Through deficiency judgment, court holds you liable for the mortgage debt that remains unpaid after foreclosure. When the selling price of a property is less than the actual loan balance, it becomes difficult to eliminate the mortgage debt completely. In such a circumstance, the lender may take legal action against the borrower to collect the amount that remains unpaid after selling the property. Apart from the unpaid debt, there are the other charges associated with the foreclosure procedure that can be included into the deficiency judgment. Continue reading How far can a Mortgage Lender go to collect Deficiency Judgments?

FAQ – What is a ‘Qualified Mortgage’?

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The new federal agency Consumer Finance Protection Bureau’s  (CFPB) Qualified Mortgage & Ability To Pay  (ATR) regulations require mortgage lenders in Raleigh and Cary and all other US markets to clearly establish and document a borrower’s ability to be expected to repay the loan they have agreed to make, as well as to meet certain rules to be classified as a Qualified Mortgage. Continue reading FAQ – What is a ‘Qualified Mortgage’?