Ed Brophy's Mortgage Update

This is really a perfect home in the perfect location.This 2,439 square foot home offers large oversized bedrooms, the master suite is exceptionally large and features a large walk-in closet, private bath and shower with direct access to the large yard.  Great curb appeal, wrap around corner lot,...

By: Ed BrophySynergy MortgageMarch 1, 2007 Recent action by investors in mortgage-backed securities in response to the recently enacted Ohio Senate Bill 185 suggests that certain mortgage products originated in Ohio by non-bank entities may not be acceptable for inclusion in securitization pools....

By: Ed BrophySynergy MortgageFebruary 22, 2007A National Association of Mortgage Brokers recent polling of their membership reveals that 63.4% of 1,148 members poled were unable to assist homeowners wishing to refinance out of their Adjustable Rate Mortgage (ARM) due to bad credit, insufficient e...

By: Ed BrophySynergy MortgageFebruary 19, 2007 Before purchasing a home, research information about the prices of homes in the neighborhood.  Shop for a lender and compare costs. Beware of lenders who tell you that they are your only chance of getting a loan or owning your own home.  Beware of "N...

By: Ed BrophySynergy MortgageFebruary 18, 2007This morning as I logged on to the internet I saw an interesting story on my Google home page titled "Some Big Spenders Blog Down Their Debts."As a Mortgage Broker in Southern California (the home of immediate gratification), I speak with people every...

By: Ed BrophySynergy MortgageFebruary 18, 2007Being a mortgage broker and being all over the web I receive my fair share of solicitation calls from people trying to sell me everything from mortgage leads to the kitchen sink.  While surfing the web today I found this little tidbit and thought I'd ...

By: Ed BrophySynergy MortgageFebruary 18, 2007 Perpetrators mislead the homeowners into believing that they can save their homes in exchange for a transfer of the deed, usually in the form of a Quit-Claim Deed, and up-front fees. The perpetrator profits from these schemes by re-mortgaging the pro...

By: Ed BrophySynergy MortgageFebruary 17, 2007 Be aware of e-mails or web-based advertisement that promote the elimination of mortgage loans and credit card and other debts while requesting an up-front fee to prepare documents to satisfy the debt. The documents are typically entitled Declaration ...

By: Ed BrophySynergy MortgageFebruary 17, 2007 Some general tips : If it sounds too good to be true-it probably is! Never sign a blank document or a document containing blanks. This leaves you vulnerable to fraud. Don't sign anything you don't understand. Mortgage Fraud Get referrals for real est...

By: Ed BrophySynergy MortgageFebruary 12, 2007For those who missed Part 1 and it's associated comments.The decrease in property values, combined with prepayment penalties, is making it very challenging for people to get out of adjustable rate loans.  Mortgage Brokers and banks are seeing more loa...