Mike's Blog

THINK TWICE ABOUT "SHOPPING" FOR A MORTGAGE Consumers "shopping" for a mortgage have taken on a new twist, leading to the creation of an information-sharing network by competing mortgage lenders. In a desperate attempt to secure some forms of mortgage financing, loan applicants have turned to tai...

  Contrary to what you may have read recently regarding the Federal Reserve's ruling regarding the elimination of stated income loans: stated income loans are alive and well, but the requirements for getting a stated income loan have changed dramatically. The recent ruling that amended the Federa...

Homeowners across the country who refinanced their mortgage with a predatory lender may be able to receive a refund of all of their closing costs and the interest they paid, provided that they act within three years of the closing of their mortgage loan. Thousands of homeowners who refinanced the...

One of the most important disclosures in a real estate transaction that helps home sellers and real estate professionals better understand the needs of potential homebuyers, turns out to be one the least used and least known disclosures in the real estate profession. Created in 2006 and also know...

Many of the largest banks and mortgage lenders are finally getting serious about helping distressed homeowner's who are upside down on their mortgage are getting a real chance at keeping their homes, while at the same time reducing their mortgage AND interest rate! In recent weeks, several the la...

Many of today's Florida licensed mortgage brokers and Loan Originators lack the necessary skills to truly assist consumers in securing the best financing arrangements possible, due in large part to the fact they are poorly trained, lack the most basic skills necessary to truly understand all face...

  New mortgage lending rules aimed at curbing predatory lending practices will place unnecessary restrictions on self-employed borrowers for purposes of income verification, affecting tens of thousands of homeowners and would be homeowners nationwide. The Fed's proposed rules of restricting and i...

  How far will you go to get the dream home you have always wanted, or the lowest interest mortgage available?  Are you willing to claim assets you do not have, or income that you truly cannot prove to be true? If you attempt this when applying for a mortgage loan at a bank or mortgage lender, yo...

Getting a mortgage loan approval is about to get a lot tougher beginning in June, as both Fannie Mae and Freddie Mac have opted to toughen underwriting guidelines for conventional mortgage loans as a direct result of the current housing and mortgage crisis. Effective June 2, 2008, revised mortgag...

  Just when you thought the housing and mortgage crisis was limited to only homeowners, a new victim has been brought into the fray, one who doesn't own a home or have a mortgage. Who are these new, unsuspecting victims? The people who are actually renting homes! Thousands of homeowners (namely i...