Place Your Questions Here:

Here I am.

I'm making myself available to you at absolutely no cost to offer complimentary mortgage and credit advice. I'm willing and able to open the bank doors and let you gaze inside to see the inner workings of the mortgage process. I've invited any inquiry you may have.

You've all sat silent.

I'm glad you have taken the time to read some or even all of my posts. I truly feel there's value in them that you can take away to make things easier for you, or even save you money.

You see, I'm spying on you.

I track my blog with Statcounter. It's an excellent service that helps you track the habits of your visitors for free. I can see what you are typing in the search engines to eventually find my blog. It helps me tailor my content to your needs. Therefore, I've seen your direct questions.

How do I get a good faith estimate?
What credit score do I need to get a mortgage?
Why has my mortgage process taken so long?
How long is a good faith estimate good for?

These are some of the questions you've asked your favorite search engine in just the past few days.

Your search engine is a series of servers in a room somewhere in California. I'm a human being with a mortgage myself. I'd be glad to answer these questions... if you'd only ask them.

Please feel free to use the Comments section of this blog post to ask me anything you wish, or contact me directly. You can also email me at kevin@ufploans.com and I'll get back to you promptly. I'm glad to help you, but I'd love to use your concerns to educate everyone that may have been or may soon be in your situation. Thank you.

Good Faith Estimate Book Update

It's been a while since I updated and thought I would let everyone know about my progress with the book. I'd also like to ask for your help with regards to e-book publishing and marketing.

I am attempting at my first attempt to attempt to write a book. As you can see, I'm trying very hard. It's been a long process, but not because of the painstaking effort and research that I've been doing. Mainly I just haven't been consistantly writing. I've gotten quite busy with my mortgage business, especially after the Holidays. The weather hasn't gotten bitter cold yet so it's enticed buyers out into the Real Estate market.

I've been writing in spurts up to this point. I have no idea how much material I really have because I've just been spilling my brain out into an old-fashioned Notepad file. If I can get time to jump back into it, it wouldn't take me long to finish.

When I do reach that finish line, I will be in uncharted territory for myself. The daunting task of publishing and marketing still lies ahead. I have plenty of ideas, but I don't have the technical saavy to make a lot of them happen. If anybody would be kind enough to volunteer to help me in my crusade to educate the mortgage consumer, I'd certainly be grateful for your help.

I may look at the option of hiring someone if they are competent and agree to be paid from the proceeds of their marketing efforts. I'm a firm believer of putting your money where your mouth is and of standing behind your product.

After I have written the last word, here is what I would need help doing:

• Decide whether to publish as a book or e-book
• Make it look all pretty as a pdf file (clipart, proper spacing, all that makes it pleasing to read)
• Design and write a marketing page (squeeze page)
• Set up a way for people to buy online including a new website for this purpose
• Marketing to consumers. Establish joint ventures and affiliate program.
• Anything else that would help make this a best-seller

I apologize for the self-serving post, but I believe the end result will serve you tremendously. I am breaking the entire Good Faith Estimate down in layman's terms and explaining exactly where your money goes. I go past the numbers and explain exactly what service you should be receiving from all parties in the process and how much you should be paying for them. I'm going to include a sample Good Faith Estimate template with all costs. Real good stuff if you ask me.

Please, please, please contact me and let me know what you would like to see included in the book. I'd like your help so that I can get it right the first time.

If you'd like to help me turn this into a reality, email my direct address: kblasi@unifpinc.com

Now What? FHA. That's What!

The "Subprime Meltdown" went ahead and wiped out many a mortgage lender. Those lenders were taking large risks and now have gone the way of a drunken gambler. Of course, what makes this situation much different is who gets affected. Sure they were taking risks, but they were taking risks on hard-working American families. The dream of homeownership has been stripped away from many.

But there is hope. There is the United States Government.

The Department of Housing and Urban Development is still steadfast in their support of the American people and their dreams. FHA loans make it possible for families to buy a home despite previous credit problems.

Sure, it's not as simple as it used to be. Those risky lenders were giving 100% financing to people with awful credit and outstanding collections, even judgements! FHA is a "story loan". They want to hear why you deserve a loan. If you've had previous credit problems, they want to see that you've taken steps to correct those problems. They also want to make sure that you'll be able to meet your payment obligations without a problem. For these reasons, they are tougher-to-get loans than the old Subprime's.

FHA gives you far more benefit than the Subprime loans of yore. (I'm not quite sure if that makes sense. Maybe.) FHA loans are backed by the Federal Government against default. That means the lender is guaranteed against losses, even if you fail to make payments on the house and the have to foreclose. This reduces the stress and risk of the Lenders substantially. They pass this risk reduction on to you as lower interest rates!

These loans offer a low rate and low down payment solution to families trying to realize the American Dream of homeownership.

The Subprime Mess: Now What?

I explained in an earlier post that I would tell you what the whole Subprime Mortgage Mess means to you and how it changes everything. Then I went off on a credit scoring tangent. I apologize.

The world is a different place now. A few short months ago, you could have been able to secure 100% financing with a 580 credit score and practically no money in the bank. Those days are gone.

Now, you have to work for your approval. You have to get educated about the world of credit and how you can take advantage of knowing what other people don't. That's the whole idea behind this blog!

The subprime banks all went belly-up. What's left? Well, mostly two options: conventional financing and FHA financing.

Conventional financing is great! The interest rates are low, however, plan on paying for Mortgage Insurance, or PMI. PMI is an extra charge that you need to pay that kicks in when you finance more than 80% of the house's value. You can get around this by breaking your lending up into two loans: an 80/20.

Conventional financing uses an underwriting model to determine approvals. Generally, you'll need credit scores in the 600's to qualify. You'll need a 680 to qualify for the 80/20 option. If you have less than perfect credit, you can sneak in an approval by showing significant assets. Those underwriting models love assets. Even if you have a large 401(k), that could be enough to give you the approval you're looking for.

FHA is another option. These programs take more time and effort to underwrite. I figure that's why they haven't been very popular. Now, they are a great way to not only get an approval for a less than perfect credit borrower, but to get the finest rates under the sun! There is also a PMI requirement for this loan, but the government makes the PMI much more affordable in an FHA loan.

My advice? If you're thinking about buying or refinancing within one year from now, go to a local mortgage company immediately. Tell them your goals and take this opportunity to get expert advice on your credit report. Ask them what you have to do to become approved in the time period you are working with. And then do what they say! Take action to improve your credit to get the best possible approval.

Also, stay tuned for my Good Faith Estimate Report E-Book. It's just about finished and it's lookin' good. I'll keep you updated.