Melissa Cochran's (mcochran3651) Blog

I would like to provide all of my client's with an accurate Good Faith Estimate... this is very difficult to do when closing attorneys "sneak" in owner's coverage title insurance - AT CLOSING.  I try to make it a point that when the request for title commitment is sent to the chosen closing attor...

They do research based on your property as to size, number of bedrooms, number of bathrooms, year built, lot size, and square footage.  They gather data of recent sales in your neighborhood.  The appraiser has to locate three similar sized homes which (here is the key) have sold in the neighborho...

"Begin with love and lots of caring.  Add some trust, enough for sharing.  You'll need forgiveness to make it right and plenty of laughter to keep it light. Stir in some patience to bind it together.  With understanding it holds even better.  Add hugs and I love yous whereever you will, then pour...

As a mortgage professional, I have noticed that not much attention has been placed on the format of the new purchase agreements 2008 (sales contracts).  Some of the changes that effect financing that should be included on the Good Faith Estimate for the buyers are: 1.  The buyer now has to pay fo...

Today I received a response from VA on the final prior to docs condition for my eligible veteran.  The plans were to close this Friday and the response has been anticipated as positve since June 6th.  Surprise, surprise...VA only insured my borrower for half of the purchase price.  The borrower i...

1. Always make payments on time. 35% of your credit score is based on credit history. 2. Only apply for credit when you need it. 3. Check your credit regularly. The three reporting repositories offer one free credit report per year to every American (keep in mind that this does not include deciph...

Short Money to Close or to use as a down payment?  There are some loan programs that allow a sale of personal property.  Please be careful when doing this to qualify though, there is paperwork that has to be retained and submitted.  I just had a closing where the buyer sold a hot tub to his mothe...

The Basic Credit Scoring Myths   There's a lot of bad information being given as advice about what does and doesn't hurt your credit score.  Below please find some common myths of credit scoring.   Closing accounts can help your credit score.  No, no, no.  ABSOLUTELY NOT: Closing accounts can nev...

I      Thou shalt not quit job in the middle of mortgage approval. II     Thou shalt not file bankruptcy in the middle of mortgage approval. III    Thou shalt not buy furniture or new car or boat or RV or run up credit cards in the middle of mortgage approval thus retaining funds needed to close....