Houston Mortgage Blog

Going through the underwriting process can be draining and frustrating but at least it will be over in less than a month, right? Well that used to be the case; not so much over the past 2months.  Underwriting times across the nation have been extended at a minimum 2weeks to in some cases 2-3 months beyond the typical underwriting time of 30days. So if you are financing a purchase that needs to close on time read on and avoid some of the common problems identified below.

Stolen Identity can be devastating to someone’s credit and many times very difficult to repair.  If you became a victim it would be nearly impossible to qualify for a mortgage or any other type of credit. Identity theft is a growing problem. However, there are many things that we can do to protect ourselves and our loved ones. This week I want to share with you a few valuable tips on how to protect yourself from becoming a victim as well as what to do if your identity is stolen. 

That’s right. No exaggeration here. Starting this past Monday April 9th all FHA loan files will reflect a slew of new changes NONE of which are here to favor the home buyer. Through these changes FHA has tighten the purse strings on financing and some pundits, including yours truly, believe it’s because FHA just cannot handle the current risk of continuing to absorb close to 8x the volume they used to handle prior to the sub-prime crisis. As some in the industry now call it, “FHA IS the new subprime” or at least it used to be. Starting in early 2009 FHA started making major changes to their underwriting requirements and steadily increased its mortgage insurance costs but nothing as financially drastically as these changes.

In today’s difficult lending environment it is advisable to do your due diligence before locking a mortgage rate and a loan offer.  At HomeStart Capital, these are the four most common unknown facts that we see frequently and could delay, in some cases even deny, your loan. This information can save you and everyone involved on this transaction a great deal of headaches and last minute issues.  All of this could be easily avoidable if you are a well informed borrower.

Welcome back sub-prime? Well not necessarily. But Fannie Mae and Freddie Mac has revamped a 2yr old refinance program created under HARP (Home Affordability Refinance Program) and has re-launched it as HARP2 or DU Refi Plus. HARP2/DU REFI PLUS’ new features will increase the availability of refinancing to millions of Americans currently left on the sideline due to falling home values. Estimates put this number as high as 2 million new eligible loans.

I love this quote from Zig Ziglar. As you may know we are in another “refinancing boom”.  There are thousands of people refinancing every day.  Many lenders take advantage of this situation by going after the masses and forgetting what is important, great customer service so they will come back when this refinancing boom is over.

Realtors can help you avoid these 10 common mistakes when purchasing or even refinancing a home. This week I would like to share with you 10 most common mistakes that people make when purchasing or refinancing a home in Houston and how you can avoid them.  To protect yourself from these common pitfalls, you need to have the right team on your side. We can recommend the best Real Estate Agents, Home Inspectors, Home Insurance Agents, and Real Estate Attorneys in Houston if requested.

In the past 4 blogs of this tax blunder series we have discussed the self-employed (part1); business or rental property owners (part 2); retirees (part 3) and W2 employees (part4) tax filing blunders when trying to establish a mortgage. Most of these tax blunders share in common over declaring or misidentifying expenses. But what about under declaring income? Can that really happen, do people really do that? Well yes, and this Houston mortgage broker has seen it happen more than once. Remember, if you don't pay (your taxes) you can't play.

In the past three installments we have explored the common tax filing blunders that can plague self-employed borrowers (part 1); business or rental property owners (part 2); and retirees (part 3) when trying to establish a mortgage. But what if you are neither of the aforementioned? If not self-employed, not a business owner and not retired, your taxes are what they are, right? Not so fast there partner. This Houston mortgage broker has seen many a clever W2 employees commit one or one-too many tax somersaults to save handsomely on their tax return just to be disillusioned at time of application for that mortgage.
  
Expensing a car loan could hurt you twice (and wheels come flying off)

As a Mortgage Consultant in Houston who has endured countless challenges that our industry has been put through, I would like to share some tools that I have personally used to succeed when many have failed or given up.