Re: Mortgage Mayhem
When I bought my condo, I had a mortgage broker who was a former teacher, so he really explained the ins and outs of home financing to me. I also had a real estate agent who represented me instead of the seller (she also still teaches adult ed classes on home financing and refinancing and FSBO) so I had a really good education. Got my condo with 20% down, so I avoided the extra PMI that was required at the time on conventional loans.
Miulang
Announcement
Collapse
No announcement yet.
Mortgage Mayhem
Collapse
X
-
Re: Mortgage Mayhem
We had a credit score of 670 and bought a home with NO money down and at 5.5% no problems.
Leave a comment:
-
Re: Mortgage Mayhem
Originally posted by MixedPlateBroker View PostI've even been thinking about starting an informational thread about mortgages to put out some genuinely helpful information for everyone. If anyone would find that interesting, please let me know.
Leave a comment:
-
Re: Mortgage Mayhem
Originally posted by MixedPlateBroker View PostMahalo Pomai and Auntie Lynn. I look forward to it!
I'm a big believer in educating my clients so they can make informed decisions. I've even been thinking about starting an informational thread about mortgages to put out some genuinely helpful information for everyone. If anyone would find that interesting, please let me know.
Yes, please do start the thread. I'm interested, and I know my husband is, too. Thanks for offering.
Leave a comment:
-
Re: Mortgage Mayhem
Most definitely! We look forward to your information!
Mahalo
Auntie Lynn
Leave a comment:
-
Re: Mortgage Mayhem
Mahalo Pomai and Auntie Lynn. I look forward to it!
I'm a big believer in educating my clients so they can make informed decisions. I've even been thinking about starting an informational thread about mortgages to put out some genuinely helpful information for everyone. If anyone would find that interesting, please let me know.
Leave a comment:
-
Re: Mortgage Mayhem
MixedPlateBroker, Mighty impressive! P.K. and I will call you too!!!
Auntie Lynn
Leave a comment:
-
Re: Mortgage Mayhem
If I ever need a home equity loan or a new mortgage, I'm coming to see you. I like your optimistic clarification of facts.
Leave a comment:
-
Mortgage Mayhem
I just finished watching the Wednesday episode of "Late Night with Andy Bumatai" and I was compelled to comment on some of the advice given by Ms. Tanisha Souza, which bordered on fear-mongering.
I usually don't post on HT regarding work-related issues (mortgage broker) as I usually come here for escape and release. But Ms. Souza's irresponsible and misleading comments about the mortgage market cannot go unanswered.
Lie #1: There is no more subprime.
Fact: There are a surprising number of subprime lenders in business and still funding loans in Hawaii despite a culling of the herd. In fact, there are more subprime lenders available to us than the number of years since Ms. Souza left Goodsill Anderson Quinn & Stifel LLP to take the helm of Tardus Financial Services of Honolulu.
Lie #2: People with a credit score < 680 "can't get a home."
Fact: I'm assuming she was referring to securing financing to purchase a home, as she made a broad generalization. But not only can people with credit < 680 secure financing to buy a home, they can qualify for multi-million dollar loans to purchase large commercial and residential projects ... if they have enough verifiable income.
Lie #3: People with a 700 credit score or better can put 10% or 15% down (on a purchase) where before they could put down 5% of 0%. Today it's just not the case that you can get 100% financing.
Fact: There are still many mortgage programs which offer up to 100% financing for purchases and rate-and-term refinances. Short list: Freddie Mac 100, Home Possible 100, Fannie Mae Flex 100, My Community, VA and FHA. These programs were designed primarily for owner-occupants and some have income or occupation restrictions. FHA loans are gaining in popularity and don't even require a credit score.
I have been to a Tardus presentation and I know people who've worked for the company. Tardus' original mission was to provide homeowners a system, utilizing credit cards and a HELOC, to front-load their mortgage -- theoretically paying down the principal more quickly. Ms. Souza now seems to be positioning them as a credit repair shop. They don't broker or lend money. You might find their Hawaii BBB report here interesting. Although their multiple complaints are mostly resolved, it's very odd that the company's principal is an administrative assistant.
Oh, and I apologize for the slightly inflammatory title, but I already spend hours everyday educating and advising my clients about mortgages. I could not stand idly by while Ms. Souza spreads potentially harmful misinformation in order to steer more business to her own company. Hopefully, Andy will attract other sponsors with some ethics and who won't demand seat time. Best of luck to him.Tags: None
Leave a comment: