MortgagesUndressed

NEW YORK (MarketWatch) – Treasury prices closed with sharp gains Tuesday, pressing yields lower, after bond market investors cheered an unexpectedly tame producer price report and new evidence that the residential real estate market is continuing to worsen. The latest reports take more pressure off the Federal Reserve to tighten interest rates at its monetary policy meeting on Wednesday. The rally was reinforced by safe-haven flows into bonds after news that the Thai military staged an apparent coup against Prime Minister Thaksin Shinawatra. The benchmark 10-year Treasury note rose 19/32 to 101-3/32 with a yield……

Todd adds some perspective about the hysteria over the bubble. Click here and have no fear.

I will post an article on the subject on RealEstateUndressed.com. Keep an eye out please. Lar

We have posted this article on the real estate site: Click Here

There is a business with a business model I don’t like. JigSaw.com. It will make me not want to ever again randomly give out my business card. This company pays people to get business cards. They sell your info. Yep, everything you have on your card is their stock in trade. Let’s vote this company goes out of business.

What qualities do you think these loan officers must have? What will I require of them? I once had 100, just 10 for now. I will start the list with one requirment. You can add to the list, I will add comments.

Number one: They must be able to have a real estate agent recommend them.

Number two: They must have good credit and not be heavy in debt.

Numbers 3 - 6 Great suggestions from Bonnie Ericksen:

3- They must care more about their clients future benefit than getting their commission.

4- They must be honest.

5- They must disclose.

6- Bonnie suggests I not place as much emphasis on their debt versus a history of fraud.

Please comment on these suggestions. I will. Lar

Over and over and over I delete your stupid spam.

Thank you Matt Mullenweg who invented Akismet, and Akismet for catching them. Out of nearly 2000 spams since we started only one made it through to the site. The offenders I will list occassionaly. They are repeat offenders. I name them so you can help me boycott them. According to what we learned at the Webb Aps conference the offending spammers have lots of mony and lots hardware. So in my own way I do the best I can to punish them. It may not be much, but I like how it feels.

The last 13 spammers I cheerfully deleted were: Carnival Cruises, paxil, phentermine, sprint, Verizon, soma, levitra, xanax, all aboard cruise corp, nextel, valium, cialils, and of course viagra. You might be thinking I should be capitolizing these proper nouns. They are verbs to me.

If you are an officer of one these companies or one that produces these products and you see your market share go down over the next few weeks, attribute to me and the faithful 25.

LarrY Cragun

Perhaps you should then marvel at these sand scuptures. Found by Curtis Cragun Roving Reporter.

Lets see, how shall I tie these to mortgages? OK, these artists need to get a life. They spend so much time playing in the sand, their mortgages are delinquent. LarrY Cragun

1- You generally need a 2 year work history doing what you do. Recently graduating from college counts if you go into the field you studied.

2- If you are on commission you must use an average of two years. However if your trend is downward you may have to use the recent numbers, and too far downward could disqualify you.

3- Recently changing careers may or may not be problem. If you change from being a Computer analyst and are becoming a life insurance sales person, go back to number 2.

4- It is a very bad idea to change your employment during the loan ap process. Lenders check with your employer the day the loan is funded. You must still be working there. Gads, I had that happen with a client, and trust me, it is a problem, the loan may not close.

5- Even if you graduate as a dentist and will have no problems getting going, have several practices to join,, your job must be documented. A pay check does that not a letter from the Dentist.

6- Don’t count on a liars loan, aply named stated income. You cannot be a school teacher and state you make 399,999 per year. Underwriters are obviously smarter than you if you try this.

7- Consider it fraudulant in the eyes of those that can put you in jail if you quit your job the day after you close and do something scary like starting a .com, and obtained the loan documenting a stable job like government worker.

8- Again consider it fraudulant if you have a significant change at work, during the loan process, and don’t disclose it.

9- It is ok to persuade your employer to give you the raise you deserve and have been hesitant to ask for, so you qualify for more home. Just know, your pay stub is the documentation of it.

10- If you have good credit, all of this is out the window. You can pay a higher rate and get a loan based on that good credit.

Here is some good advce. Come back tomorrow for a list of how yuor employemnt affects getting a mortgage.

Until then: here is a good article. Click Here

I am reviewing recent e-mails I have received from two of the faithful 25. One describes himself as a bubble sitter. The other forwarded an article about the increasing number of foreclosures and asks the question should we get the mortgage financing to start buying?

The bubble sitter email is from someone in no rush to buy their first home, at least not for another 8 months. Since Kathleen and I have a very bad habit, loving to look at homes, my answer to this person is start looking. This will help you know a good deal when you are getting closer to the time you are needing to buy. Kath and I have looked at homes for a year before pulling the trigger. To us it is a fun thing to do together. If you can make it fun, go look at open houses and brokers opens whenever you can. Drive around neigborhoods, that alone is a decision, what neihborhoods you like. Pick a patient realtor and have them set up a system to email you homes in the criteria you have. Find blogs about the communities you are interested in. And regarding being a bubble sitter, thats ok, just don’t sit too long.

To the second email about mortgage money for investing in foreclosures. My answer here is that it might be a waste of your time to persue these homes. Most coming on the market have no equity. There may be great competition to pick up those that do have equity. Much of the equity will be eaten up in late fees and attorney costs. I know the foreclosure game well, it is a full time job.

There are times good deals fall into your lap, if the price looks good, go ahead. Otherwise, do what you do well for money, it is probably more productive.