Forwarded exclusively by:
Jeff Eisenberg
Southern Oaks Mortgage, Inc.
Office: 661-964-2600
Email: jeff@somloans.com
website: www.somloans.com
When the RIGHT loan matters!
Monday, November 28, 2011
This Week; interest rates are opening weaker on Monday with stocks rallying on better than expected Holiday shopping on Black Friday and the rest of the weekend. We continue to believe that US interest rates are about at their lows when the 10 yr moves below 2.00% as it did last week. Europe continues to play a role in the global bond markets however unless there is an actual default in Greece or Italy markets appear to have discounted the problems in the region; until more negative news unfolds the bond market will be focused more on domestic issues.
This week has a number of key data points beside the daily report on retail sales this holiday season. Monday we get new home sales for Oct (expected generally unchanged). Tuesday Nov consumer confidence. Wednesday ADP report on non-farm private jobs, Nov Chicago purchasing mgrs index, Sept pending home sales, and the Fed's Beige Book. Thursday weekly claims, the ISM manufacturing index for Nov. Friday the Nov employment report (non-farm jobs +118K, non farm private jobs +133K and the unemployment rate at 9.0% unch frm Oct).
As long as there is nothing consequential from Europe this week will be about equity markets and that sector will focus closely on any report on retail sales. Prior to this weekend analysts were generally expecting weaker sales this year than last year. Based on the momentary optimism the current view is that sales may exceed last year's sales pace. The bellwether 10 yr note will be testing its key moving averages through the week with MBSs moving with it as is the norm.
(information from Rate Watch - TBWS)
Tuesday, November 29, 2011
Sunday, July 17, 2011
Fraud Alerts
Last time, we talked about how to manage Credit Freezes. I promised to discuss something else that could impact your loan - Fraud Alerts.
A fraud alert is a notation on your credit report that states that in order for any new credit to be obtained, the lender has to first call you to confirm that you are allowing this account to be opened. In order for this to work properly, make sure that the phone numbers you supply the bureaus with is accurate. If you enroll in fraud alert protection, you will be asked for a phone number that you can be reached at to verify any new activity. If you move or change your number, you will not be able to get a home loan, or any new credit, until you can be reached for confirmation at the number on your credit report. If the number is wrong, you have to call the credit bureaus, have them change it and then re-run your credit so that the phone number is correct on the credit report and the lender can reach you at that number. Lenders are very strict about this. If you are in escrow and the lender tries to call the number on the credit report and it isn’t the right number, it will cause problems.
My suggestion is to always keep the bureaus up-to-date on any changes with your phone numbers when you have a fraud alert on your credit. Take care of any needed changes months before you apply for a loan. It will make a huge difference in having a much smoother loan process. I'm ready to discuss this further - just send me an email and I'll be happy to go into more detail, jeff@somloans.com.
Sunday, July 10, 2011
Credit Freezing
Credit Freezing
Credit freezing occurs when you call the credit bureaus and instruct them to freeze your credit, thus allowing no one access to your information in order to gain new credit. This is a great tool if someone has recently had his or her information stolen. It will provide protection from an identity thief. However, with a credit freeze in place, that person will not be able to get a home loan. He or she would first have to call all three credit bureaus and ask them to remove the freeze. This could take some time depending on what information the bureaus require be provided and may cost a fee, as well.
Next time, I'll talk about Fraud Alerts, so stay tuned! Or, you could always email me to find out right away - jeff@somloans.com.
Friday, June 24, 2011
Pre-Approval Inquiries on Credit
Pre-Approval Inquiries on Credit
We’ve all gotten pre-approval letters in the mail stating that we are pre-approved, for example, for a $10,000 credit card, requiring only a signature to seal the deal. The real reason behind how the credit companies know to send these to you is that they have run a soft credit inquiry on you. This soft inquiry tells them that you have good enough credit to potentially qualify for their card. It will not tell them your income, job status or whether you can afford this new extension of credit. Running this soft credit inquiry will not, in itself, affect your credit score. What will affect your score is if you decide to take them up on the offer by filling out their form and sending it in. What you are then essentially doing is giving them the right to pull a hard inquiry on your credit. This will affect your score roughly five to six points. You are not necessarily assured of getting approved for the card, but now that they have run your credit, they can determine if you fit their criteria. So my suggestion is to be very careful on filling out these pre-approval offers. Make sure you absolutely need or want the card. After you close your loan is really the best time to apply if you want the card because it doesn’t matter at that point if your credit score goes down five or six points.
More on this? Email me - jeff@somloans.com
Friday, June 17, 2011
Short on Assets and Reserves? Part Two
Last time we talked about what you can do if you find yourself short on the assets or reserves you need to qualify, an option would be to ask a relative to add you onto his or her account which has the needed balance or history that you are lacking. Be sure to let your good Samaritan in on this:
It is much easier to add someone to an account than it is to remove him or her. If they want to take you off of it, the only way to do so is to close it and re-open another one. This could erase the banking history that this account has provided for them. Be sure they confirm with the banker that if they close the account and re-open another one, the bank will transfer over their history to the new account. Furthermore, before they can close a checking account, they will have to make sure all checks have cleared and if they have any electronic or automatic payments coming in or out of the account, they will have to be canceled and reestablished in the new account. All of this is a bit of a pain and inconvenience for your family member, but is a great way to help you obtain your financing. See www.southernoaksmortgage.com for more information or email me directly at jeff@somloans.com.
Tuesday, June 07, 2011
Short on Assets or Reserves?
Short on Assets or Reserves?
If you find yourself short on the assets or reserves you need to qualify, an option would be to ask a relative to add you onto his or her account which has the needed balance or history that you are lacking. For example, you need $10,000 in assets to qualify but you only have $4,000. If mom and dad have an account with at least the amount you need and would be willing, they could add your name to it as a co-signer and then your mortgage professional can order a verification of deposit from the bank, showing that the account is in your name, too. This will satisfy the reserve requirement. Be aware, though, that the lender may need a letter from the relative stating that you have total access to all of the funds in that account.
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