The Home Buyers Scouting Report® Mobile App is Here!

The Home Buyers Scouting Report® is now mobile. From the browser on your mobile phone, if you type in www.homescouting.com, you’ll see that your scouting report is now mobile friendly. From an iPhone, Android or Blackberry you should bookmark the page and add a bookmark icon to one of your home screens. You can also get the apps from the Apple Store or Google Play: For tutorials on the mobile Home Scouting app, click here. If you need mortgage calculators on the go, pull up http://calculators.charlesdailey.com/ in your mobile browser and bookmark it .  Should you want rate quotes on …

Do’s and Dont’s with Credit During the Home Buying Process

When buying your next home, changes to your credit (additional accounts, closing accounts, fluctuating credit card balances) can result in the lowering of your credit score. If your credit score changes, that can affect your interest rate and even the loan approval itself. Therefore, it is imperative that there are no major changes to your credit and information provided, during this process. In order for your loan to reach final approval and fund, you’ll want to adhere to the following: DO NOT charge any new items on your charge cards (higher balances will lower credit scores). DO NOT apply for …

If You Are Not Doing a 90 Day Burn Now, When Are You Going to Start?

If you are not doing a 90 day burn now, when are you going to start? Ok, we can all stand around the water cooler and compare our successes and frustrations with our current real estate market, and sometimes that is a great way to get and share ideas.  However, if you are finding yourself mostly getting negative feedback these days around that water cooler, you have a choice to make.  Will I survive 2011, or am I going to be one of the many real estate agents that will retire from this career??? So, just not getting the contacts …

HOME BUYERS: GET A REALTOR, PLEEEEZ! A Loan Officer Rant

The MN Mortgage Mom is on a rant. I’m a little crazy right now. ATTENTION BUYERS! Long gone are the days of easy real estate, no doc financing and everything in between. Let me direct your attention to “today’s world”: Short sales, foreclosures, banks and asset managers…are you really equipped to deal with these realities? Declining values, appraised values, overpriced, underpriced…what kind of tools do you have in your back pocket to ensure you are getting the BEST value and deal available to you? Seller paids, seller concessions, seller carry backs….bet you can’t even define these potential opportunities! Negotiations, multiple …

Do’s and Don’ts with Credit During the Home Buying Process

When buying your next home, changes to your credit (additional accounts, closing accounts, fluctuating credit card balances) can result in the lowering of your credit score. If your credit score changes, that can affect your interest rate and even the loan approval itself. Therefore, it is imperative that there are no major changes to your credit and information provided, during this process. In order for your loan to reach final approval and fund, you’ll want to adhere to the following: DO NOT charge any new items on your charge cards (higher balances will lower credit scores). DO NOT apply for …

So You Want Constantly Updated Lists of Foreclosed Properties?

You’re smart enough to get pre-approved early and you know you need to know the market well in advance of buying your home.  You want to get a good deal and to that end, you want to buy a foreclosed home but where can you get the best and most current lists of foreclosures?  There’s a solution for you. You’ll need a lot of tools to begin this process on your own but when it comes to searching for real estate online, I invite you to check out the Home Buyers Scouting Report® (HBSR) from Home Buyers Marketing II, Inc. …

So You Want to Search Homes Without a Realtor Contract?

You’re smart enough to get pre-approved early and you know you need to know the market well in advance of buying your home.  But perhaps, you don’t want to waste a Realtors time when you’re not ready to commit to using them just yet.  Don’t get me wrong, you’d be a fool not to buy a home with a Realtor but if you need to get started and aren’t sure who to commit to using, there’s a solution for you. You’ll need a lot of tools to begin this process on your own but when it comes to searching for …

C’Mon Minnesota Legislature, . . Just Ban Deficiency Judgments

In some regards, the MN legislature was ahead of the curve on the mortgage and housing crisis. They regulated non-bank lenders and brokers in ways that other states hadn’t even considered. They got ahead of abusive practices towards distressed homeowners and shady loan modification companies. What they have unequivocally failed at is aiding homeowners who are upside down on their homes. Their greatest impact could be with those contemplating a short sale. Other states have already taken steps. Perhaps the best example would be those taken in California. For some time now, CA has not allowed deficiency judgments in the …

Unsolicited Advice for a Loan Officer’s Evolution – Learn to Underwrite

Since mid 2007, the mortgage originator as we know it has ceased to be. The requirements for technical knowledge, industry awareness and precision have skyrocketed to the extent that a modern day loan originator is more of an “Under-iginator.”He/she must be 50% loan officer, 15% customer service/sales rep, 5% appraisal reviewer and 30% underwriter to have any business talking to a customer about a mortgage. As well, the role of a processor has too changed. Some repetition-based duties have been replaced with technological automation. While those responsibilities have gone to the wayside, the secondary mortgage market has forced the job …

Upside Down on Your Home? – Here’s Your Playbook

In my home state of Minnesota, Minneapolis and Saint Paul have nearly 39 percent of homeowners under water. I’ve had the question, “I’m upside down on my home, what are my options?” so many times that I wanted to prepare a menu of options for people to reference. This article briefly outlines 9 potential solutions that may serve you well. The target audience here is not necessarily someone who’s in default on their loan but simply one who owes more than the home is worth. All too often, when one is upside down on their home and/or struggling with their …