Big Banks May Stop Issuing Pre-Approvals

February 12, 2010

Big Banks May Be Nixing the Pre-Approval Process
As lenders begin to work through the lending guideline changes from January 2010, some bigger banks have discussed eliminating pre-approvals.  Instead, they are opting to wait until a potential borrower is under contract before the bank starts looking at and verifying your income, assets and credit score.  Having [...]

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Biggest Problem with New GFE and How to Avoid It

February 8, 2010

Lender Not Required to Provide GFE until Borrower Under Contract
The new regulations do not require the lender to generate a GFE or hold the lender to their fees until the borrower is under contract with a property.  This means that you can’t realistically shop between lenders until you are under the time constraints of a [...]

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New Good Faith Estimate Misses the Mark

February 3, 2010

At the beginning of 2010 new lending guidelines went into effect regarding how loan originators handle the loan process and how closing costs must be disclosed to the buyer.  One of the new rules included a nationwide standard Good Faith Estimate (GFE).  The purpose of the new Good Faith Estimate is to hold lenders to [...]

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How to Claim the Home Buyer Tax Credit

February 1, 2010

Now that you’ve received all of your W-2s and 1099’s, home buyers who purchased a San Mateo home in 2009 are starting to think about their taxes so they can (hopefully) get some money back from the IRS with the home buyer tax credit. Several clients have asked how to claim the home buyer [...]

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First Time Home Buyer Class – How to Buy Foreclosures

February 1, 2010

Date/Time: Tues Feb 16, 2010 at 7pm
San Mateo First Time Home Buyer Class
Lately there has been a lot of buzz surrounding pre-foreclosures and foreclosures in San Mateo. Can a San Mateo home buyer really get a good deal on a distressed property or is all the hype just for headlines?
What Will You Learn?
We’ll spell [...]

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