loan

Lunch with Snoopy

We had a great luncheon meeting with our lender partner, Scott Miller of Met Life Home Mortgage, and his team yesterday at their new corporate digs. The focus of the meeting was for our team to get a complete understanding of the new world of home loans and the process from application to funding. To quote an old song from my youth "It don't come easy" . There are lot's new steps and lots of different hand offs, gates and gate keepers. "Rushing" any deal these days is all but impossible as the banking industry is still reeling from the sub prime mess. Mac & Mae At the end of the day, 90% of all loans come through the federal entities Freddy Mac and Fannie Mae. So if you are going to get your loan through Acme Savings and Loan or Ginormous National Bank, at the end of the day the money and the thumbs up or down are tied to Mac and Mae. That's because Acme and Ginormous sell their loans to Freddy and Fannie, and while they once took in any 'ole kinda loan like a lost puppy, they are now very picky.

New Appraisal Requirements Announced for Jumbo Loans by HUD

The procedure for obtaining a loan continues to tighten as the banks, investors, and HUD figure out how best to insure that jumbo mortgages are secure investments.  The US Department of Housing and Urban Development (HUD) announced on April 1, 2008 that jumbo mortgages (loans exceeding the conforming loan limit of $417,000) may require 2 appraisals in order for a buyer to obtain a loan...

Think Twice Before Taking Out A Home Equity Line Of Credit!

As I was reading the Columbus Dispatch on Sunday, a Chase ad for a Home Equity Line of Credit caught my eye. It advertised variable rates on Home Equity loans as low as 4.99%. At first glance, this looks like it could be great, and in certain situations, probably is. However, if you have any plans to sell your home in the next couple of years, I urge you to give it a lot of thought and here's why. When...

Compare listings

Compare

Get Your Home's Accurate Value

Receive a No-Obligation Market Evaluation from our Listing Experts Rob Riddle, Tony Thomas, & Kate Thomas

Note: Please be assured we will use this information only to send you the information you have requested and we will never share or rent your contact information with any other party. By giving us your name and email address, you are giving Thomas|Riddle Real Estate Group permission to contact you.