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Great news story today in the Houston Chronicle about Houston Capital

When Houston Capital Mortgage founder Chris Viviano entered the home lending business in 1982, rates were as high as he's ever seen them: 18.5 percent. Today, mortgage rates are below 4 percent, and Viviano expects them to stay that way for a while as investors continue to perceive the U.S. bond market as a haven. Houston's strong housing market, coupled with new programs to lower out-of-pocket costs such as Fannie Mae's 3 percent down-payment option for first-time buyers, can generate plenty of demand for borrowing. With the recent acquisition by Dallas-based GenEquity Mo...

February 10th, 2015 | Mortgages, Home Loans, Great news story today in the Houston Chronicle about Houston Capital

Loan Applications Do Matter

Do application forms matter ? Pre-qualification & pre-approval is how things typically start today. Prospective homebuyers submit written paperwork for lender review. If already under contract, formal loan application occurs instead. For both, clients complete a form to supply personal & financial data. People are often rushed or not focused when filling out such forms. Often, people don’t read it and/or follow instructions well. Instead of checking figures & balances, they list estimates, guesswork or forget & omit data. Sometimes, one party might fill it out ...

November 12th, 2012 Loan Applications Do Matter

Earnest Money Contracts & Mortgage Lenders

Mortgage Lenders & Sales Contracts In contract negotiations, no one is focused on the mortgage lender. The contract & terms often create challenges in lending. What about contracts matters most to lenders ? Are there contract best practices that help your client’s loan ? What makes the sales contract a “ lender friendly” one ? Earnest Money Contracts: • Always date your contracts ! • Set reasonable & different timeframes for option & financing periods • Lenders need the complete contracts & all add...

October 9th, 2012 Earnest Money Contracts & Mortgage Lenders

Repair Amendments

Repair Amendments for Mortgage Lenders Homebuyers like the option period. Its only prudent to check the house out before being obligated to buy it. Would you buy a used car you hadn’t driven or inspected? You’ve heard the phrase “Caveat Emptor”. In Latin, it means “let the buyer beware”. It means: A warning that notifies a buyer that the goods he or she is buying are "as is," or subject to all defects If a borrower asks if they should do inspections, the answer is yes. The property appraisal in lending dictates home value. It certainly is...

October 2nd, 2012 Repair Amendments

Do you have stable income???

This week’s topic:                  Do you have stable income ???     One of the today’s lending hot buttons is income stability. Previously, source & amount of income was the basis of qualifying. If your present income was sufficient, you were good ! Mortgage lenders today pay close attention to the continuity & stability of income. Loans routinely get denied for income not being stable.   What is stable income ??? Any income used for mortgage loan qualification must be “stable”. This applie...

August 20th, 2012 Do you have stable income???

Non Realty Addendums

Non-realty addendums have been the subject of conversation. From the seller, buyer or realtor perspective, points of view are similar. From the mortgage lending perspective, the viewpoint is very different. Buyers often want to purchase seller’s items, aside from real property. Sellers are willing to sell freestanding items no longer needed or wanted. Personal property here refers to: furniture, TV’s, lawn equipment, etc. Personal property does not belong in the earnest money contract. The non-realty addendum is the Texas document to address personal property. The language in...

August 13th, 2012 | Home Loans, Mortgages, Non Realty Addendums

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