Bill Polack's (bpolack) Blog

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Mortgage and Lending - First Option Mortgage - 269761
RECENT BLOG POSTS
As a Loan Officer, I'm usually asked or told:  1. "Why do I need a Realtor if I can find things myself?"2. "How much will a Realtor cost me?"3. "The seller said I can get a better price if I don't use a Realtor." 1. Not everything is found online. The Realtor database is larger than what you find...
06/21/2016
Here is some information about the Adjustable Rate Mortgage (ARM), understanding how the adjustments are made, when to consider using them and questions to ask a lender when considering an ARM.A lot of people are ambivalent about using an ARM even though, financially speaking, it’s a great short ...
05/20/2016
What is Sub-prime loan? Sub-prime loans were programs available between 1992 and 2007 that allowed buyers and homeowners the ability to qualify for a loan when faced with credit, income or asset issues. People who worked in the industry during those times will remember the acronyms NINA (No Incom...
05/11/2016
When is it a good time to refinance? When the rate is 1% lower than your current rate? When you are able to reduce the number of years in paying off the mortgage? When you are able to get away from your current lender? When you are able to get a no-closing cost loan from the lender? When you want...
04/26/2016
Failure to check these things out can break a deal before it hits the Processor’s desk so it’s important to know that the Loan Officer did his or her due diligence in pre-qualifying the buyer.Disputed accountsWhen an account is disputed, any negative or positive impact on the score is removed. Th...
04/18/2016
Ask a Mortgage Lender how much he/she makes in YSP (Yield Spread Premium) and you may find yourself escorted out of the building. The term YSP was eradicated by the Obama Administration and just mentioning those letters may result in 20 years imprisonment and a $1 billion fine! Okay, not really, ...
03/07/2016
Along the way, the lender needs certain documents to bring the loan to closing. Here's a list of some of the documents I've encountered over the years and how to satisfy the lender's needs. Not all lenders will require these documents and/or their needs may need to be met differently. At the onse...
02/16/2016
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Freddie Mac (FHLMC) offers programs for conventional financing. Federal Housing Authority (FHA) offers programs for government financing. Freddie Mac Home Possible Advantage vs FHA          Home Possible Offers - 97% LTV                  Allows for non-occupying co-borrowers          Does not req...
01/25/2016
Bankruptcy should be the last thing to consider when a financial hardship strikes. There are several types of bankruptcy options but the most common for consumers are Chapters 13 and 7.Chapter 7 allows for the forgiveness of almost all debt (Taxes, Fraud Charges, Tax Penalties and Child Support p...
01/22/2016
If a buyer has an account that he thinks was reported erroneously, he can file a dispute to the credit bureau and request that it be investigated and/or removed. In some cases, the account may have the wrong balance or it may not belong to the person. The credit bureau agency (Equifax, TransUnion...
01/21/2016
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BillPolack

Bilingual Spanish Loan Officer in Southeast US.
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