June 5th, 2008 10:34 PM

St. Vitus With Dancers

Dear Friends,

Almost every day we hear horrific economic news. The constant reminder of massive layoffs, high unemployment, the falling dollar, record foreclosures, prohibitive gas prices, record delinquencies in credit card & mortgage payments, rising food prices, declining property values and difficulties in securing mortgage financing are just several of the shortcomings we've become accustomed to in this state of financial instability. However, as Americans, we've been through these times of volatility before.

In todays' economic news, the downward spiral continues! The Stock Market lost 394 Points - Oil is now at $138.54 a barrel - Unemployment surged from 5.0% to 5.5% which is the largest one month increase since 1986.

In light of todays' figures, most Americans are optimistic by nature. Many of us work hard, strive to better our economic situations in a respectable manner and do our utmost to provide comfort for our families. Unfortunately, the values most Americans cherish are being desecrated due to a preponderance of decisions and factors constituted by forces and philosophies foreign to the ideals fostered by the Founding Fathers. While I have to remind myself this is a mortgage blog and such introspection may not be appropriate, I'm old enough to know better. There are certain circumstances that I've witnessed during the past several months which have created a sense of melancholy in my approach to situations which are difficult to control. Hopefully, not for long. But I can truly say, the soul of this country is changing. One day after all is said and done, I'll provide additional insights to these dilemmas and its oxymoronic component.

While our economy is exhibiting turmoils similar to a St. Vitus Dance, it's best to reenforce the positive aspects of our personalities and intellect in efforts to overcome the failings of others.

Now more than ever, if you are seeking to refinance or purchase a home, there needs to be a strategy. You need to be prepared in order to answer all questions posed by the lender and have the resources required in order to secure a loan approval.

Most borrowers should have the following information and documentation ready before applying:

1. 2 Months Bank Statements showing deposits of up to 3 months of PITI in reserves. PITI is Principal & Interest on your mortgage.

2. Know your credit score. There are 3 scores given by the credit agencies, Experian, Transunion and Equifax. The middle score or FICO score is the most important. Over 680 you should be OK.

3. 2 years 1040's and/or W2's

4. Most current last 2 paycheck stubs

5. If purchasing a property, the Realtor will ask for a PRE-QUAL or PRE-APPROVAL LETTER from either a lender or mortgage broker (MONEYTEAM) in order to proceed with the transaction.

6. You should be employed at the same job for the past 2 years continuously. If not, you should have worked in the same line of profession.

7. If you are seeking a STATED INCOME/VERIFIED ASSET loan, a 680 to 700 score is mandatory.

These are just some of the tips which will prepare you in applying for a mortgage loan. If you have any questions or concerns, please do not hesitate to call us at 323-936-3966.


We are content to know more of you are requesting a subscription to our TEAMBLOG! We're thrilled!

Remember our MORTGAGE FEE SALE ends on Tuesday, June 17th. Please call our office if you need additional information.

MONEYTEAM also has resources to provide COMMERCIAL - LAND - MULTI FAMILY - HARD MONEY financing. Please call our office for more details.

Thanks Again


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Posted by Jesse Dorado on June 5th, 2008 10:34 PMPost a Comment

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