FHA Loans and FHA Mortgages

If you are a consumer looking to purchase or refinance, this is a must read. It could cost you thousands if you don't pay attention. This is not a threat, but a warning from someone that has almost 16 years of experience in the mortgage industry.

When shopping for a mortgage, no matter if you plan on using the person that you first spoke to, or you have spoken to 3 different lenders, you want to get a good faith estimate from everyone that you speak to. You also

So, you need to understand how to read a Good Faith Estimates and not just what the loan officer tells you. There are many things to look at, but the two main things are the interest rate and the lender's fees. Just don't go to the bottom of the good faith estimate and compare the total costs. Why? I explain a lot of that in this post : Good Faith Estimates - FHA loans or conventional loans -- A true understandingOne main reason not to compare total costs and use this as one of your major decisions is because the title insurance fees are just an estimate in which they vary. And another reason is because some loan officers don't properly estimate your property taxes, which would be a part of your escrows.

So, here is my pet peeve.  This is a major red flag.....  if you speak to a loan officer and when you get off the phone with them or leave their office, and they didn't offer you a good faith estimate.... Run Away !!!

Let me ask you this. If you are shopping for a car, don't you want to see your payment, interest rate, and total costs?  I certainly do. Do you know how many people that I qualify on a weekly basis that never received a good faith estimate from the loan officer that they spoke to?  At least 1 out of 3. Sometimes two out of 3.  My clients never have to ask for one before we are done talking.

Overall, it doesn't matter if you are applying for a FHA loan, a conventional loan, or any other type of mortgage.  And my biggest complaint?  If they pre-qualified you or pre-approved you, the numbers are already in their system then. Meaning, that it wouldn't take more than 3 minutes to either print it out for you or to e-mail it to you.

Summary :  If you don't get a Good Faith Estimate once the loan officer pre-qualifies you over the phone or in person within the first 24 hours, don't go with that lender. In all honesty, it doesn't take more than 10 to 15 minutes once I pre-qualify you. If the loan officer pulls your credit,asked income questions, and told you your monthly payment, the good faith estimate is already in the system.  There is NO EXCUSE then.  Any excuses other than the loan officer died in a plane crash is not acceptable. I am very serious about this. Unless you like games at the end of your closing, why trust this loan officer. The loan officer usually has a reason if they don't share a good faith estimate with you. I am pre-warning you. Don't be a shopper that shops themselves right out of the market.  I basically want my clients to be educated and not in the dark.  To alleviate this issue, make sure that you speak to a mortgage professional, not an order taker.   PS..... Make sure that you get these good faithe estimates on the same day. The market somestimes moves to much in one or in a few days, that you might pick the wrong lender because of it.  Knowledge in this area is King.

I just got meme'd by Jeff Dowler yesterday because Mary McKnight had meme'd him over the weekend.  My first thought was, rut row, because I did about 3 of these last year. For many of you that don't know what a MEME is, it's an Internet chain letter that I am suppose to talk about myself. These would be normally things that most wouldn't know about me and I would share with anyone on the Internet in a blog. And for those of you who want to take a peek in regards to who Jeff Belonger is, here is one of the 3 meme's that I wrote. What's this MEME phenomenon going on in the blogging world? Well, I have been tagged, or in this case, Memed !!!

Now, Mary McKnight took it a step further. As I have explained, meme's are suppose to be things that most people wouldn't know about you. Mary decided to make this next wave of meme's in a question format, asking 8 questions. The good part about this, I won't be reveling secrets about myself that only the government knows about me. And the rules for this next wave of meme's?  You must answer the 8 questions and meme 8 new people and they must respond in their own blog.

So, I guess I need to move forward and reveal myself in these next 8 questions......

1. Who is your favorite musical artist? (post a youtube video)

This is so unfair. Not only is it hard for me, but just after a 3 day weekend to where I didn't have to think at all.  And now I am being asked to think.... again, I have so many, but here is one of them. Michael Jackson....not my favorite artist, but one who changed music in the 1980's.  Sure, there has been so much controversy that has surrounded him in the last 2 decades, but he was one to revolutionize music videos, especially with his video,Thriller. But PYT was a favorite of mine from high school.

Overall, I could go back in history and pick so many more. But Michael Jackson stands out and so does Madonna. Both very creative when it came to music and opening the doors for music videos.

2. Who is your favorite artist (post a flicker photo)

Another tough one, because I like abstract art, contemporary art, sculptures, and architecture. I have been to many museums, including the Louvre in Paris, France. But I am feeling like a kid today, after spending all weekend with my 3 nieces and 3 nephews, ranging from 9 years of age to 6 weeks old.  And kids make you want to be a kid again at times. And why not forget about the oldies, that I wish kids had these days.  What about Charles M. Schulz......   remember any of these?  These were some of my favorites.

3. Who is your favorite blogger?

Gee, another tough one.  I was just introduced to blogging about 21 months ago. I am just now getting out in the blogoshere, reading other bloggers, besides those on Active Rain.  My favorite bloger? I would have to say those bloggers that are not only true to themselves, but those that are upfront, honest, and caring when it comes to the general public and consumer. Making sure that they just don't get an opinion, but the true facts, not being misled.

4. If you could meet anyone (alive or dead), who would it be and what is the most interesting thing about them?

Okay, the questions just seem to get tougher and tougher. I would love to pick all the easy ones, that most people mention when asked this question. Such people as Einstein, Jesus, Mother Theresa, Martin Luther King Jr, Winston Churchill, General Patton, Jeff Belonger..... and the list could go on forever. And maybe this person would be on many lists also. But someone that I found very interesting and who I would have loved to sit down with would be Benjamin Franklin. Gee, what wasn't interesting about him. One of our founding fathers for the United States, who invented the lightning rod, bifocals, and the Franklin stove. He was also a painter, author, and a politician.

Overall, I know I could come up with several others, but he did so much back then that has influenced the way that we live, one way or another.

5. What did you want to be when you grew up?

I wish I could be more creative here. It wasn't a scientist to save the world, someone finding cures to all diseases. Nor was it a lead singer in a group, or even anyone famous. Just that I wanted to be a fireman when I was little. Didn't many of us pick this when we were younger?  I guess it goes back to the fact that I love helping people, hence why I love being a loan officer, for which I have been doing mortgages for almost 16 years now.

6. What is the most interesting piece of trivia you know?

Okay, I don't know if I should be  Cliff Clavin here and just spout out a bunch of useless information. But for those that know me, you should know the answer. In any case, some interesting trivia. Not sure if this counts, but do you know that in Vermont, you can't have more than 2 drinks in front of you at any given time. Meaning, if you wanted to do a shot and a beer, you would have to buy one and drink it, before you can have the other. And this next rule might make sense then. You can have an open container of beer in the car and drink it, as long as it is the passenger in the car. Now, I found these out when I use to go snow skiing in Vermont in the late 90's. So I am not sure if these are true any more.

Here is something interesting for you music buffs.  REM got their name by randomly flipping through the dictionary, so says my music channel.

7. If you could live in any point in history what would it be and why?

Well,  I was never a history buff in HS nor enjoyed it, but have grown to love history as I have gotten older. As I mentioned, I love a lot of what went on during World War II.  But I guess what intrigues me the most would be the history of the Roman era and the Egyptian era. As I have mentioned, I love architecture and would love to have been there when they made the Coliseum and the pyramids. But I wouldn't give up today's plumbing and refrigeration.

8. What is the most interesting job you have ever held?

Not sure if interesting in this case can be clasified as fun. I was in the U.S. Army from 1986 to 1988. Not only do I take a lot of pride that I served our Country, even though it was during peace time, but it was different. Something that not many people will ever have the chance to explore or try. I learned a lot about myself back then and what I was capable of. Remember that old saying, "mind over matter".  Besides, it was an adventure, besides a job.  And currently, I absolutely love what I do now and that is helping people obtain the American Dream. No matter if it's a purchase or a refinance. What I currently do now, I couldn't really call it a job. But yes, it's definitely an adventure also.

Now it's my turn to have some fun, since I get to pick 8 people. And don't get me wrong, I have fun when I get to share a little something about myself. Just don't take everything that I say too seriously. The part that I do take seriously is my work, making sure that my clients not only get a fair deal, but understanding what they are doing. So, drum roll please.....   & don't forget the meme law.... Each person chosen must answer all 8 questions and ask 8 other people to answers these same questions on their blogs!

So, when I call your name, please step up and show us what you got !!!

Greg Swann -- BloodHound Blog

Patrick Kitano -- Transparent Real Estate

Jason Sardi -- The Insider's Insight on Mortgages

Dan Green -- Life in Queen City

Missy Caulk -- Ann Arbor Real Estate Talk   Missy was already tagged by someone. (picking another)

Ed Rybczynski -- Title-opoly

Tom Burris -- Dallas Loan Guy

Beth Ramsey -- Huntsville Real Estate

Virginia Hepp -- Mesquite, Nevada  Real Estate Homes & Condos