Wendy Paulus's (yourmortgageconcierge) Blog

The new GFE 2010 was created to enable a buyer/borrower to shop for a loan rate and costs.  It even provides a space for the competitors' figures to be shown side-by-side.  While the intent is commendable, the reality is ineffective.  There are 3 big flaws in the form.  Nowhere on the 3 pages doe...

I recently lost a loan to a competitor who provided a GFE with less costs than mine.   Supposedly.   Their rate was 1/8 higher than me but their closing costs totalled $600.  Mine were $2100.   A difference of $1500 on a $375,000 loan.  While on the surface, $1500 seems to be alot of money, the l...

Starting about 9 months ago, the world of lending began to experience some ripples.  We've all been watching the lending world make some changes and contractions.   A big company, New Century, hit the market hard with it's closure and seems to have been the leading edge of the market changes.   T...

In our resort communities, particularly Breckenridge, there are condos that are also hotels.  These create a different environment for lending!  Most buyers are not well informed until their lender or realtor tell them about the condotel concept.   Some of them look just like a hotel but the indi...

Lenders are required to provide you with a Good Faith Estimate within 3 business days of you making a loan application, whether it is over the phone or in person.   The Estimate is just that - an estimate!  And many lenders will simply point to that word, Estimate, and use it to escape the buyer'...

Many people don't have 20% to put down on a home purchase and they borrowed 90% or 95% of the purchase price.   AND they used a single mortgage that has mortgage insurance to protect the lender (in case of default, the lender is covered for any losses due to interest accumulation, late fees, cost...

During the most recent refi wave, many people replaced their fixed rate loans with adjustable mortgages.  Loans that stayed fixed for a certain period, like 3, 5, or 7 years.  Some also used balloon loans with 5 or 7 year balloons (the loans "pop" or come due in full unless you do something!).  T...