Comments for Acre Mortgage & Financial Blog http://acremortgageblog.com mortgage financing and programs Thu, 18 Aug 2011 17:35:21 +0000 hourly 1 http://wordpress.org/?v=3.2.1 Comment on When Mortgage Rates Rise 1%, Your Purchasing Power Falls By 10.75% by mortgage professional http://acremortgageblog.com/2011/07/when-mortgage-rates-rise-1-your-purchasing-power-falls-by-10-75/comment-page-1/#comment-253 mortgage professional Thu, 18 Aug 2011 17:35:21 +0000 http://acremortgageblog.com/?p=203#comment-253 I agree, pre-approvals are helpful. However; sometimes I think they can be misleading as is the case in your earlier post about the rates changing while the buyer was looking at homes. I had this happen to me. The pre-approval was for 500,000 and when I actually did the paperwork, I was only approved for 420,000. This was disheartening considering the home i was looking at was exactly what I wanted and glad it fell into my price range. Long story short- I didn't purchase the home and I am still renting a townhouse. I agree, pre-approvals are helpful. However; sometimes I think they can be misleading as is the case in your earlier post about the rates changing while the buyer was looking at homes. I had this happen to me. The pre-approval was for 500,000 and when I actually did the paperwork, I was only approved for 420,000. This was disheartening considering the home i was looking at was exactly what I wanted and glad it fell into my price range. Long story short- I didn’t purchase the home and I am still renting a townhouse.

]]> Comment on 8 Ways To Accidentally “Un-Approve” Your Mortgage by John Neil http://acremortgageblog.com/2011/04/8-ways-to-unapprove-mortgage/comment-page-1/#comment-229 John Neil Tue, 10 May 2011 05:20:39 +0000 http://acremortgageblog.com/?p=177#comment-229 I just recently had a borrower switch jobs on the day of his closing. Naturally the funder found out when she did the final verification of employment. It had to go back to underwriting where it was determined that they would need 30 days of paystubs on his new job before they would fund the loan. The only problem is that the short sale approval was going to expire in 7 days. Borrower lost the house. I always just assumed that people knew not to quit their job during the loan process. I just recently had a borrower switch jobs on the day of his closing. Naturally the funder found out when she did the final verification of employment. It had to go back to underwriting where it was determined that they would need 30 days of paystubs on his new job before they would fund the loan. The only problem is that the short sale approval was going to expire in 7 days. Borrower lost the house. I always just assumed that people knew not to quit their job during the loan process.

]]> Comment on Home Buying First Steps: Getting a Pre-Approval Letter by St. Louis MO Mortgage http://acremortgageblog.com/2010/09/home-buying-first-steps-getting-a-pre-approval-letter/comment-page-1/#comment-158 St. Louis MO Mortgage Mon, 27 Sep 2010 13:58:28 +0000 http://acremortgageblog.com/?p=92#comment-158 With any large purchase it always pays to be prepared. You couldn't do your self a larger favor than taking the necessary steps for approval on your <a href="http://mattscottstl.com/" rel="nofollow">mortgage</a>. Paperwork is troublesome but if you take the time to get the pre-approval process out of the way will make your life a lot easier. With any large purchase it always pays to be prepared. You couldn’t do your self a larger favor than taking the necessary steps for approval on your mortgage. Paperwork is troublesome but if you take the time to get the pre-approval process out of the way will make your life a lot easier.

]]> Comment on Closing Deadline for Tax Credits Extended by Jeff Ragan http://acremortgageblog.com/2010/07/closing-deadline-for-tax-credits-extended/comment-page-1/#comment-148 Jeff Ragan Wed, 28 Jul 2010 10:31:36 +0000 http://acremortgageblog.com/?p=67#comment-148 Finally, the Senate has extended the tax credit closing deadline for buyers already under contract as of April 30, from June 30 to September 30. President Barack Obama recently signed into law a three-month extension on the deadline for home buyers to obtain a federal home buyer tax credit of up to 8,000. Eligible taxpayers who contracted to buy a home, qualifying for the first-time home buyer tax credit before the end of April 2010, now have until September 30, 2010 to close the deal. To be eligible, buyers need to be in a binding contract that was in place by April 30. Finally, the Senate has extended the tax credit closing deadline for buyers already under contract as of April 30, from June 30 to September 30. President Barack Obama recently signed into law a three-month extension on the deadline for home buyers to obtain a federal home buyer tax credit of up to 8,000.

Eligible taxpayers who contracted to buy a home, qualifying for the first-time home buyer tax credit before the end of April 2010, now have until September 30, 2010 to close the deal. To be eligible, buyers need to be in a binding contract that was in place by April 30.

]]> Comment on Credit Score Damage Points Clarified by chris-melchior http://acremortgageblog.com/2009/12/credit-score-damage-points-clarified/comment-page-1/#comment-5 chris-melchior Tue, 08 Dec 2009 14:36:36 +0000 http://acremortgageblog.com/wp_test/2009/12/credit-score-damage-points-clarified/#comment-5 Interesting clarification, thanks for the info. That sounds about right . . . it would seem unlikely that they'd give fully accurate info on those kinds of details, so examples seems more sensible.<br /><br />CM Interesting clarification, thanks for the info. That sounds about right . . . it would seem unlikely that they'd give fully accurate info on those kinds of details, so examples seems more sensible.

CM

]]> Comment on Acre Mortgage Haiku by Leslie http://acremortgageblog.com/2009/02/acre-mortgage-haiku/comment-page-1/#comment-2 Leslie Mon, 23 Feb 2009 21:19:51 +0000 http://acremortgageblog.com/wp_test/2009/02/acre-mortgage-haiku/#comment-2 Now that's marketing genius. Haiku! <br/><br/>Thanks for entering! Now that’s marketing genius. Haiku!

Thanks for entering!

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