It’s a good time to be in the mortgage business, with shockingly low interest rates, record home equity, and thriving – if not spectacular – real estate markets nationwide. However, we all know that these halcyon days won’t last forever.
In fact, with about 300,000 mortgage lenders (between banks, brokers, and LOs) in the U.S. all fighting for the same shrinking ... Continue Reading →
By now, you’re probably aware that credit scores range from about 300 to 850 (for FICO Scores), where your score sits on that spectrum, and even what’s typically considered a poor, good, or excellent score.
But what you might not realize is that the range of credit scores (and where you sit on it) isn’t as set in stone as ... Continue Reading →
If you’re a real estate agent, loan officer, or work in sales in any capacity, then prospecting is a way of life. Cold calling, door knocking, social media posts, email newsletters, mailing postcards, prospecting phone calls, and even open houses are the tools of the trade. In fact, you probably spend the ... Continue Reading →
I came across a statistic the other day that gave me pause and made me reflect upon what so many people are doing wrong when it comes to their finances.
According to recent surveys, about 50% of Americans die completely broke.
Even worse, most people pass away not only with a net worth of zero but addled with significant debt. In many cases, that ... Continue Reading →
If you’ve bought ot sold a home or even refinanced your mortgage, you’ve surely encountered the term “appraisal.” But what is it? An appraisal is just an informed evaluation from a professional appraiser. It attempts to define the market value, which is used by banks, lenders, and buyers and sellers.
It comes after a thorough and detailed inspection of the property in ... Continue Reading →
According to new data from the American Psychological Association and other studies, money is the leading cause of stress for Americans.
In fact, 76 percent of Americans report that financial worries stress them out the most, above even work (70 percent), angst about the economy (65 percent), family responsibilities (47 percent) and personal health concerns (46 ... Continue Reading →
For millions of first-time homebuyers and other homeowners, the Federal Housing Administration (FHA), is the best resource they’ll ever find. Originated back in 1934, the FHA is a government agency that facilitates access to home ownership for more Americans. They do that in an ingenious way, since the FHA doesn’t actually lend their ... Continue Reading →
Amid our current rosy good news of stock market surges and economic growth, there sits an extremely prickly thorn: high credit card debt. In fact, the levels of U.S. consumer credit cards and other personal debt have reached levels not seen since the debt parade stopped in 2008 with the U.S. financial collapse.
In fact, as of 2016, our collective consumer credit card ... Continue Reading →
There are many reasons why a record number of consumers are getting shut out of traditional lending, unable to get a mortgage, auto loan, or even a single credit card. In fact, millions of Americans suffered significant damage to their credit scores through the Great Recession, leaving them with foreclosures, bankruptcies, and a ... Continue Reading →
Anyone who’s in the mortgage business knows that the halcyon days of an easy refi boom driven by historically low rates is probably over, which means that credit score will be more important than ever in getting a borrower approved for the right loan product. But even if you pull their credit and ... Continue Reading →