Ed Brophy's Mortgage Update

Mortgage and Lending - Ed Brophy, REALTOR®
A place to learn about mortgages, interest rates, credit and ask the guestions you've been wondering about.
Mathew Ryan recently wrote Backup offer for more than original contract.   In a nutshell he and his client accepted an offer with a 20 day finance contingency, and then received a backup offer for $11,000 higher.  My 1st question is why one would accept a 20 day finance contingency in today's day...
A regulatory initiative that would establish a nationwide licensing standard for mortgage originators is "fatally flawed," according to the National Association of Mortgage Brokers. According to NAMB, the registration system sponsored by the Conference of State Bank Supervisors and the American A...
When Bond prices fall, home loan rates are on the rise. But could Bonds get to their feet this week and help home loan rates improve? This coming week will certainly provide some "juice" to trade on, and likely cause some motion - but the direction of that movement will fully depend on the flavor...
The book, How to Win Friends &I nfluence People*, consistently makes the top five whenever there is a survey of most influential or inspiring books, and is often second only to the Bible. Dale Carnegie outlines - in very simple steps and examples - how to be nice without letting yourself get walk...
I once heard the expression, "Communication is the lubrication in your organization." That couldn't be truer, especially in the world of business. You simply can't over-communicate when dealing with clients. I find that the best way to eliminate the constant state of reactivity in which most of u...
Robert Kiyosaki's bestseller, Rich Dad, Poor Dad,* has helped millions to create roadmaps to their financial goals. Central to his series is the notion of open-mindedness. Instead of sizing up a situation and saying, "I can't afford that," he suggests saying, "How can I afford that?" By reshaping...
Interpreting one of the main challenges of today's mortgage market isn't as difficult as it might seem. With interest rates on the rise, a lot of consumers are extremely troubled by the negative effects of increasing interest rates on their Adjustable Rate Mortgages. Each month, they are forced t...
I really have to stop making promises to clients and prospective clients that I'm always available by phone should they need to talk to me.This morning the phone rings, on the other end is Nick.  Nick wants a loan in the $200,000 to $1,000,000 range.  Now that's a wide range for a loan and honest...
1. Pre-qualification - Lenders are encouraging buyers to get pre-qualified for a mortgage so they'll know in advance how much house they can afford.2. Loan Search - Although buyers often use a lender recommended by their Real Estate agent, some prefer to do their own comparisons.3. The Hunt - The...
Write-offs are the government's way of rewarding taxpayers when they've done something the government likes. And to judge by the write-offs, the government likes it when people borrow money to buy a house. There are write-offs aplenty, many of which people often forget.Make sure your clients take...

Ed Brophy

Realtor - DRE #01344385
local_phone(760) 844-3736
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A place to learn about mortgages, interest rates, credit and ask the guestions you've been wondering about.

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