From the category archives:

Red Flags

Competitive Advantage: 21 Day Escrow Will Appeal to Sellers of Foreclosures

Can a 21 day escrow on your purchase offer give you a competitive advantage over other offers?
You Betcha! Sellers want to sell as soon as possible. You want a competitive advantage. This is the best of both worlds.
Typical escrow period listed on a purchase offer is 30 days from accepted contract. Most lenders will need [...]

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Webinar: How to Avoid Short Sale Surprises

by Scott Schang March 1, 2010 Live Webinars

Short Sales are going to Dominate the Market in 2010
Find out why Short Sales are the solution of choice for many banks. Find out how the banks can force you to pay more than the amount agreed upon on your accepted purchase contract. Find out why the seller may back out at the [...]

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“I Qualify for a Home Loan? REALLY?” – Home Buying Success Story

by Karrie Lemansky February 20, 2010 Credit & Qualifying

I had to…I just had to do it….I have to share on subject of qualifying for a home oan. So here we go!!!
I think that one of the biggest misconceptions that a lot of my clients have in the beginning of the home buying process is that they didn’t think that they can ‘qualify’. For [...]

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Ray Homebuyer Changes His Name to Ray Homeowner

by Christopher "Doc" Apodaca February 9, 2010 Buyers Beware!

A Few Kind Words from “Ray Homeowner” – Thanks a million and Congratulations on your new Home Ray!

UPDATE: This is a follow up to the original post “Ray Homebuyer Had to Change His Last Name“. I am excited to share this story of how the Little Guy stuck it to Big Bank.
Imagine your child finding [...]

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Brenda Borrower Gets Buffed By Big Bank

by Christopher "Doc" Apodaca February 5, 2010 Buyers Beware!

Let me preface this post with there is absolutely no talk about loan programs, interest rates, or market trends. This is a flat out rant about something that is all too common in my daily work life and I’m getting sick and tired of it…Big Bank Business. Here’s what happened…
Brenda Borrower called me asking what [...]

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FHA Makes Move to Reduce Exposure to Risk: In English – It’s going to cost you more to get an FHA loan!

by Scott Schang February 2, 2010 Buyers Beware!

BREAKING NEWS: Upfront Mortgage Insurance Increase beginning April 5th, 2010
The increased up front mortgage insurance premium will appear on all FHA mortgages that receive a case number after April 5th, 2010.

PRESS RELEASE: January 20th, 2010 – Deciphered into (highly biased and subjective) English by me on January 21st, 2010.
I basically cut out a lot [...]

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Second Opinion Success Story!

by Scott Schang December 22, 2009 Saved Another Loan!

I love to share success stories!
Here is a great success story from a home buyer that called me a few weekends ago looking for a “second opinion”.
Thanks a million for sharing this Liam!
After running into questions regarding a CalSTRS loan with another lender, I gave Scott a call after watching one of his recorded webinars. [...]

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New Good Faith Estimate – Definitely a Step in the Right Direction

by Scott Schang December 21, 2009 Buyers Beware!

I tend to be a bit cynical when it comes to expecting the bad apples to be good apples just because new rules require them to, but in this case, I think the new Good Faith Estimate is a step in the right direction.
In January, I will have a live class explaining the details of [...]

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I want to Change the World – have I finally lost it?

by Scott Schang December 13, 2009 Buyers Beware!

Am I too idealistic? Am I naive? Is it possible in today’s grown up world of cold hard truths?
It is possible. Let me show you.
The mortgage industry has earned the reputation of being greedy, unethical, sleazy – These are only a few of the PG-13 accusations leveled against a select group of bad apples that [...]

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Buyers Beware: I Suggest You Give Up Your Rights

by Scott Schang November 24, 2009 Buyers Beware!

This is a “Multiple Offer Disclosure” that a home buyer received yesterday by way of email.
I’m not completely sure as of this point whether or not some of the information in this disclosure has been approved by the seller or the seller’s attorneys. I suspect not.
It almost just seems to me that the listing agent [...]