Second Credit Pull Could Impact Potential Homebuyers

Dustin | Credit, Home Buying Process, Mortgage Approval Process, Mortgage Closing Process, Mortgage News, Refinance Process, home buying, mortgage, real estate | 2 comments

What a relief… you have been approved for your home loan and it is just a matter of days before the big move.  Time to go to Home Depot, like my friend Frank, and purchase that new refrigerator on their 12 months no interest plan, right?  WRONG!

Effective June 1st, 2010, your lender may now be required to re-pull your credit report prior to closing.  Fannie Mae’s new “Loan Quality Initiative” is intended to improve loan quality and eliminate the poor underwriting practices that helped accelerate the housing market meltdown.

I see this being a particularly painful problem for many borrowers, realtors, and loan officers who do not effectively communicate the importance of managing their credit throughout the mortgage process.  For those unaware of this initiative, this may lead to delayed closing dates, higher interest rates, and worst case – the decline of a loan in the eleventh hour.

To avoid this happening to you, here are some quick Do’s and Don’ts you should consider: read more »

Getting Pre-Qualified Vs. Pre-Approved

Dustin | FAQ, Home Buying Process, Mortgage Approval Process, home buying, mortgage, uncategorized | no comments

Most homebuyers need to get a loan when buying a home.  Often times, people make the mistake of looking for a house prior to consulting with a mortgage professional.   Who can blame them?  No one daydreams about credit reports, or how wonderful it would be having someone review  their pay stubs.  However, I am here to tell you that it really isn’t all that painful and before you set foot in your real estate agent’s car, make sure you have been pre-approved, or at the very least pre-qualified.

Pre-qualified versus Pre-approved.  What does this really mean to you?

Pre-qualification simply means that you have consulted with a mortgage professional and based on a brief conversation or email correspondence, that loan officer has offered an opinion of a price range you may qualify for once you are ready to buy a home.  This is an important step to do early in the process to ensure you are searching for homes in the right price range.  It can be incredibly disappointing to have to reduce your house search by $100,000 if you have underestimated the difficulties of securing a loan in today’s mortgage market.

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Dustin360 has launched!

Dustin | Blog, FAQ, Home Buying Process, Mortgage News, dustin360, family, home buying, homes, motivation, social media, videos, webinar | 5 comments

Welcome to Dustin360

As Ralph Waldo Emerson so perfectly stated, “Finish each day and be done with it. You have done what you could. Some blunders and absurdities no doubt crept in, forget them as soon as you can. Tomorrow is a new day, you shall begin it well and serenely...”.  When the idea behind Dustin360 was first conceived, I knew it was a lofty vision for the lending industry.  How could I possibly create a lending website that not only gives today’s A.D.D. driven consumers the information they so desperately need, yet still make a site that accurately reflects who I am as a person and professional?  After all, I am so much more than a loan officer, I am a dedicated family man, multi-business owner, design junkie, travel enthusiast, Apple fan, and an intense individual.  How’s that for professional A.D.D.?

Trying to create all that in one website seemed like an impossible task.  I thought, “who cares if there is another mortgage website?  Does anyone really care about your quest to build a highly successful business and only work 25 hours a week?”.  “Is the idea too far out there for the mortgage industry?”.

Then I decided to take my own advice – stop thinking about it… and just start doing it!

However, when trying to blaze a new trail sometimes you discover new problems.  For the most part, www.dustin360.com has come together better than I had ever imagined.  But due to the massive size of the vision and our concrete timeline, my old nemesis decided to pay me a visit… Murphy’s Law… Anything that can go wrong, will go wrong.

The good news is that the site is up and running, but this isn’t the whole thing.  I frankly just ran out of time… and my time is heavily influenced by my priorities.  Over the next 1 – 6 weeks I plan on fixing some minor bugs and opening up some other areas of the site.  Here are some of the things you can expect to see very soon.

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Frequently Asked Questions (FAQ)

Dustin | Blog, FAQ, Refinance Process, coaching, economics, family, federal reserve, home buying, homes, interest rates, management, mortgage, motivation, real estate | no comments

What determines how large a mortgage I qualify for?

There are a number of factors the help determine what you may qualify for like credit scores, down payment, equity, income, debts, type of home, assets, debt-to-income ratios, and more.  It is best to consult with your mortgage professional to review financial scenario and how much of a loan you may qualify for.

What is APR?

Annual Percentage Rate (APR) represents the total cost of credit including interest and a portion of your closing costs. When reviewing your Truth-In-Lending statement (TIL), many borrowers confuse the APR with the Note Rate… the Note Rate is the interest rates your payments are based off of.

What is Mortgage Insurance?

Mortgage Insurance may be required if your down payment is less than 20% of the purchase price. This insurance protects the lender, in case a borrower fails to pay the loan.

What are closing costs?

Closing costs are expenses for financing your home loan. you may negotiate with the seller regarding who will pay some of all of them. Closing costs ay include, but are not limited to: Loan origination fee, title fee, discount points, underwriting fee, credit report, appraisal fee & processing fee.

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