Joe LaVallie's (joelava) Blog

Mortgage and Lending - HomeStreet Bank
It is almost impossible to function in today's society without a credit card.  What do you do if your credit won't allow you to be approved for a credit card.  Are you doomed to be frozen out of society or is there an answer? Don't expect credit card companies to have compassion and understand yo...
There are 5 moves that you don't want to do to your credit.  We all know that we should make our payments on time but there are other ways to lower your credit score.  If you have any questions about credit please feel free to contact me, DON'T CLOSE A CARD WITH A BALANCE.  When you close your ca...
Has the market recovered enough to attract the "house flippers" Yes it has because several markets are rebounding off the bottom. So what is house flipping?  It is when you buy a distressed house, make mostly cosmetic repairs and sell it as fast as you can.  There were a lot of investors who got ...
Don't do the following while you are applying for a loan.  I was at a lender conference last week and they are now calling underwriting "super full documentation" loans.  With this in mind. Let's talk about what not to do when you are applying for a loan.  DON'T QUIT YOUR JOB DON'T CHANGE FROM SA...
Dear Easter Bunny can you please bring me HARP 3.0 It was on my Christmas list but Santa forgot. Americans believe that EVERY HOMEOWNER  should be able to refinance; not just the lucky. If you have any questions about the current HARP 2.0 program please feel free to contact me. The basic requirem...
Are you eligible for a VA loan? Way back in 1944 the VA Guarantee program was started. If you are eligible, it is on the best loan programs available: 100% financing, no mortgage insurance, and a great refinance program. If you have any questions about a VA loan please feel free to contact me. Fo...
Day 5 Lesson 5 Relocating closer to family Let's assume you have a new 63 year old client that is moving into your area because they want to move closer to family. They have $305,000 from the sale of their residence and you have found their dream retirement home selling for $275,000. As sales pro...
Day 4 lesson 4 Using a regular Hecm to purchase a retirement home in advance. You can use this product to create a new transaction today. You have some client(s) that want to retire in a different home when their existing home becomes to hard to keep up or no longer meet their needs. They are abl...
Day 3 lesson 3 Downsizing with liquidity while creating asset growth. Caution; read slowly twice. This actually works! Boomers can buy a new retirement home that better accommodates their needs and can use the extra cash from the sale of their home to establish a line of credit that grows tax fre...
Day 2 Lesson 2 HECM for purchasing income producing properties In this example you have a 70 year old couple that you sold their house a few months ago. They are living with relatives and are considering buying a small house but the expenses of owning a home and the financial challenges of retire...

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