Time and time again I hear from potential new clients that they have excellent credit. When I ask who ran their credit or who they are approved with for a loan, they answer, I ran my credit myself.
A perfect example happened about 10 days ago when I met a very nice gal and her fiancee who were looking for a home. When we first met, I asked if she was pre-approved and she said not yet, but it shouldn’t be a problem, I have a credit score above 730 and I have an excellent paying job, which she does.
She applied for a loan with her credit union and when they ran her credit, she didn’t have any! She was shocked to say the least. She had paid $15 to run her credit herself online and when the credit union ran her credit there was nothing.
Many people are fooled by these online credit institutions. I’m not going to say the name of the online credit company, but they are one of the big 3 who lenders verify your credit when applying for a home loan.
Now, some folks own rental properties and have used these online services to run credit checks for potential tenants, but after my latest experience, I think it’s time to change.
Even if you have been approved for a loan in the past, If you are looking to purchase a home, get pre-approved first, the criteria has changed and it will save you a lot of time.
The information provided below was sent by my dear friend, Kristen O’Brien, the President of the Coastside Mother’s Club.
Half Moon Bay’s Ocean View Park needs a new play structure. Our entire community is working together to raise money to replace the old one, which is out of service and must be removed. Here is an easy opportunity to get involved (or help us if you live somewhere else, but like to visit Half Moon Bay). One of our favorite Main Street restaurants, Pasta Moon, is working with Juice in the City to offer a great deal and fundraiser:
Please click the link above to check out this great deal (hint: you get 50% off). If you feel inspired to enjoy (or gift) an incredible meal at Pasta Moon, please buy this deal today. When you do, 20% of the proceeds go directly to Operation Ocean View bringing us one step closer to getting our kids back on the playground.
For more information about the park project, visit www.operationoceanview.com.
Si mangia bene! And please forward this link to everyone you know who loves to eat.
Very gratefully (and dreaming of Pasta Moon’s unforgettable baked eggplant parmesan),
Kristen O’Brien, President
Coastside Mothers’ Club
On February 14, 2011 FHA announced changes to the annual Mortgage Insurance Premiums on all FHA transactions. Effective with FHA case numbers ( you must be in contract to get a case number) assigned on or after April 18, 2011 the annual MI premiums will increase by 25 basis points (bps). The following table is to demonstrate the changes
Loans > 15 Years
˜ 95% – 85 bps to 110 bps
> 95% – 90 bps to 115 bpsL
Loans ˜ 15 years
˜ 90% – None to 25 bps
>90% – 25 bps to 50 online casino bps
What does this mean? On a 30 year mortgage for $600,000, the FHA loans monthly premium will increase by approximately $125 which is roughly the equivalent of $20,000 in purchasing power.
A couple of things to consider…
There are no changes to the Up-Front Mortgage Insurance Premiums – it will remain at 1% and can be financed in to the loan
The change is effective with FHA case numbers assigned on or after April 18, 2011
15 year FHA loans with LTV”s below 90% remain at -0- annual MI
The change applies to refinance transactions also.
Thank you to Holly Brand and Wells Fargo for supplying this information.
Coldwell Banker to honor their top 100 agents!
Today, March 24th 2011, Coldwell Banker is honoring their Top 100 agents in the San Francisco casino
and San Francisco Peninsula area at the St. Regis Hotel in San Francisco.
I”m honored to be included in the top 100 and would like to congratulate my peers and all the other associates for achieving this award.
If you are thinking of investing in real estate, would it make you feel better or more secure to know if your Realtor or Broker also went through the same process that you are about to experience?
When your investment banker recommends a stock, a common response is ” would you buy it for yourself? Would you tell your kids to buy it”. That’s what I always ask! Should it be the same in real estate?
I’ve been in real estate since 1998 and have had hundreds of transactions, but I don’t think I have been asked this question more than 3 or 4 times.
Why aren’t realtors asked questions like this more often, I wonder? I’m not saying that a Realtor who is not a home owner/ investor cannot provide excellent advice and knowledge, I just think that it’s important that if you are relied on to give advice to someone who is investing in real estate, the largest investment in someone’s life, it may help not only in the advice giving, but having experienced the fear and the anxiety one feels going through the process.
Does it matter to you, should it? Your thoughts?
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