Nancy Herrmann's (nancyherrmann) Blog

Mortgage and Lending - NMLS #1135039
Hi: I am a mortgage broker in Upstate NY. I have a client looking to do a VA loan with a broker in GA. If you are a broker and can assist, please send me a message. Thank you!
For 18 years I have met with the same group of women for our Book Club. We have been through it all, children, sickness, loss, divorce, grandchildren (expected and unexpected), etc. We have laughed and we have cried. I wouldn’t trade it for the world. Now that our children are in college or on th...
The expression “sometimes you are the bug and sometimes you are the windshield” came from a home stager that I worked with on a renovation home. She did a beautiful job staging the home with incredible furnishings, etc, and when the home sold, the buyers did not purchase a single item from her. W...
It is that time of year when many potential home buyers will be bringing their tax papers to their Accountant to have their taxes prepared. If you have a self-employed borrower, now is the time to remind them that mortgage approval is largely based on verifiable income.A recent borrower was in my...
If you took one sentence, typed it up on a sheet of paper and sent it to 30 different banks, I am guessing you would get 30 different interpretations of what that sentence meant. This sounds like a complaint, but it really isn’t. It works in the favor of my clients. Banks read the Fannie Mae guid...
It is one of the basic principles of business “pick up the phone and return the call”. When you have bad news or no news it is often difficult to do, however, I have found that when this is the case, making the call is the most important thing you can do.Think about it, how often have you waited ...
You have a borrower that has been turned down for a Mortgage and all parties involved now think the “gig is up”. Not so. Every single Bank has different criteria they take into consideration when doing home loans. Your local bank is generally able to do credit scores of 620 and above with debt to...
How many times have you heard the expression that “Cash is King”. I am here to tell you that when purchasing a home, this no longer  applies. CREDIT is the new king!  Credit score is incredibly important when making a home purchase or  even a home refinance.Credit score determines your eligibilit...
When I met with a borrower a few months ago to discuss a prequalification, we ran his credit and he had a 680 credit score – very workable.  He was not ready to take the leap towards home purchase just then, and wanted to wait a few months.  Received a call this morning that he wanted to be ready...

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