Ann Zeilingold's (chana) Blog

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Mortgage and Lending - First Meridian Mortgage
RECENT BLOG POSTS
1)Thou shall not change jobs, become self-employed or quit your job. When applying for a mortgage, job consistency and security are one of the key elements of the approval process. If you change jobs, you have to have worked at least 30 days and provide a paystub verifying at least a 30 day hist...
12/27/2010
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  What is on the schedule A of your tax return that impacts the mortgage approval?On schedule A is the itemized deductions and un-reimbursed employee expenses. This is a concept that I never had to deal with in the past, but last month alone 4 clients of mine were negatively impacted by the non r...
10/17/2010
    Imagine that!! Well we just closed a loan that was a classic case of Murphy’s-law coupled with simple non-compliance by our client, but despite these obstacles the closing took place this week.  This is a true story and the purpose is to let all you readers know what NOT to do when applying f...
08/12/2010
Mortgage markets improved last week, pushing mortgage rates lower for the 6th time in seven weeks. Since April, rates in have been on a downward path, spurring refinances in most markets and sparking the start of a Refi Boom.Last week, 3 key stories played a role in falling rates: 1. Demand was s...
08/02/2010
  The most common question that I was asked this past week was "What are the consequences of co-signing for someone else’s mortgage"?   In 2010, if a someone looking to buy a home and they do not qualify because their income is too low, a non occupying co-borrower is a great solution, but it does...
06/06/2010
This story unfortunately is typical in 2010.  The perfect home, the perfect buyer, anxious sellers and friendly realtors.  The clients signed contract, were putting 20% down and then they applied for their mortgage.  They applied at a bank branch of a well-known bank.  An appraisal was ordered an...
05/21/2010
  The governments tax credit incentive is over this today. April 30 is the deadline to have a fully signed contract. This doesn’t mean that the purchasing of homes is over. The first time homebuyer is the foundation to the healing of the economy. When someone buys a home, they move, they fix the ...
04/30/2010
  Client wanted to do a cash-out for home improvement, new deck, bathroom etc.  We ran his credit, told him he could get a loan and then he looked for contractors, tiles, fixtures etc.  Being that I run a pro-active office I checked his credit 15 days before the expiration date and guess what: hi...
04/13/2010
So  now credit reports expire after 60 days.  it really just isn't enough time!! let us say we pre-qualify a client and they have a home in mind and they just need to know if the numbers work.  All is cool.  it takes let us say 3  days to get an offer accepted and a home inspection scheduled.  Co...
03/18/2010
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Ann Zeilingold

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