Ann Zeilingold's (chana) Blog

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...

  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...

    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...

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...

  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...

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...

  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 ...