WELCOME TO THE MONEY RATE SCOREBOARD!
Nick Lieberman, Editor
DID YOU KNOW?... Quantitative easing is a monetary policy that increases the money supply by buying securities, such as mortgage bonds. This floods financial institutions with capital in an effort to promote increased lending and liquidity.
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Behind the Scoreboard - Financial Thoughts and Notes
Are you confused as to who prints our money?
No, the Fed Does NOT ‘Print Money’: Just Explain It!
Nick Lieberman - Bona Fide Mortgage
Many homeowners would like to access the low rate refi market, but can’t. If any one of the three primary underwriting areas are absent - (1) adequate credit score (2) proper LTV (3) satisfactory debt to income ratio (using income verification documents) – no deal.
Will the “stated income” loan, which constituted a large percentage of 1 – 4 unit loan volume in the BMM era (before mortgage meltdown) but had vanished from the face of the earth by 2007, return some day?
Why not? It’s simply a question of formulating (1) pricing and (2) conservative, appropriate underwriting criteria.
If someone with no income on the their tax returns wants to borrow 50% of appraised value on a primary residence and has a 780 credit score, the risk of loss on the loan is extremely low. A lender could add a slight interest rate premium – say an extra .25 percentage points compared to a conventional interest rate for a borrower qualifying within all traditional underwriting guidelines – to create a safe and profitable return on investment. There is cetainly some intersecting point on the LTV / credit score graph that equals a safe loan regardless of borrower income.
A reasonably structured “stated income” loan might allow some property owners not currently able to access debt to borrow productively
Contact Nick @ Bona Fide Mortgage,1 Candlebush, Irvine, CA 92603
www.bonafidemortgage.com CA DRE broker license # 00813731