Rick Kellow's (dad4_2) Blog

Mortgage and Lending - Cherry Creek Mortgage
I recently was working with a customer that wanted to refi his loan he had us to a lower interest rate due to the recent drop in rates... after reviewing his numbers, he was at a low LTV and had about 800,000 in equity... at age 74 I thought we could help him use that equity more wisely... I cont...
Here we go again... the real estate market is coming around... rates are dropping... some loan officers are not telling the truth again... today I received three phone calls asking what my 30 fixed rate would be... my response is depending on what they qualify for based on credit, income and LTV....
One of the best sources of business I've been able to come across are banks with loans that they can't close... Sure in years pasted it was sub-prime, but now it is stated of any kind or no doc. I addition to these loans we are getting request to finance equity out of homes to complete commercial...
Bankrupt or buyout? Wall Street has been hit with competing rumors some that say Countrywide Financial is heading towards bankruptcy, while others report that Bank of America, the second largest United States bank, is about to gobble up the ailing mortgage lender. Obviously a purchase of Countryw...
I recently worked with a customer that claimed she was getting 6% on a 30 year fixed mortgage with $1000.00 in closing costs for a $200,000.00 mortgage at 70% LTV rate term refi... at the time par was at 5.875. I asked the customer for a copy a the Good Faith Estimate. Her other lender has chargi...
I realize this has happened to all of us but it ever gets easy to except. We quoted a new customer 7.5% / 7.875 APR. We did not get the deal... the customer had a good faith estimate for 6.25... however at the closing table the papers had 8% / 8.75 APR. We all know the story moving truck is loade...
The Mortgage / Real State business has become very difficult... the need for all us together is greater than ever... raising the level of professionalism is a great start and my praises go out to all of you who have jioned this website. The market will improve and those that kept their standards ...

Rick Kellow

FHA & Reverse Mortgage Expert
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