About Jolynn Craig

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So far Jolynn Craig has created 33 blog entries.

You need WHAT??

By | 2011-08-12T09:41:01+00:00 August 12th, 2011|

As a result of the trem-endous rise in foresloures the ability to document a borrowers ability to repay a loan has in my opinion gone overboard. For the last couple of years there has been an enormous amount of extra paperwork involved in a home mortgage. However, since I don’t set the rules, I must [...]

The Downgrade and US Debt Simplified…

By | 2011-08-11T09:47:06+00:00 August 11th, 2011|

I received this in an email this morning...written by someone else, and forwarded on down line. Thought I would share and would LOVE your comments!! I'm not sure about you, but I think I would be in bankruptcy court. No wonder our credit rating was down graded! The U.S. Congress sets a federal budget every [...]

Again, be glad you’re in Oklahoma!

By | 2011-07-20T15:29:19+00:00 July 20th, 2011|

Something that I’m sure that I will be receiving many calls on in the coming weeks as the media increases their coverage on the topic is the decrease in the conventional loan limits beginning October 2011. In 2008 when the mortgage industry was in a crisis, Fannie Mae and Freddie Mac allowed for the temporary [...]

Has your house payment gone up?

By | 2011-05-19T10:16:41+00:00 May 19th, 2011|

Every year about this time, I get my friendly letter in the mail from my mortgage company giving me my escrow analysis. Usually too this is about the time I get phone calls from my clients asking me why their payments went up so much. To explain a bit about escrow accounts, as you are [...]

Loan Quality Initiative

By | 2011-05-03T17:32:53+00:00 May 3rd, 2011|

In June 2010 Fannie Mae rolled out a new criteria for loan applications called the Loan Quality Initiative. For loan applications taken after that date and for conventional loans only, lenders must do a “soft” repull of credit. What this does is update a borrower’s credit report with new history and inquiries, but doesn’t update [...]

What is this MI stuff anyway?

By | 2011-02-25T11:10:08+00:00 February 25th, 2011|

Most people that come into my office usually have heard of PMI but usually don’t know what it is. Mortgage insurance (MI) is an insurance policy taken out that protects the lender in case the borrowers default on the home. Typically, when a borrower defaults, there is a gap between what is owed and the [...]

It’s just the principal of the thing

By | 2011-02-07T07:06:31+00:00 February 7th, 2011|

After finally coming to terms with my need for glasses, I finally went shopping for a pair over the weekend. This whole coming to terms with glasses was a big thing for me. I had laser surgery in 2003 and had a big problem with here, 8 years later, needing glasses again. It's just the [...]

What is today’s rate?

By | 2011-01-28T15:36:17+00:00 January 28th, 2011|

Imagine walking on the lot of a local car dealership and asking "What's the price of cars today?" or asking a stockbroker "What's the price of stocks today?"  Initially you would probably get more questions than answers.  It's the same with mortgage rates.  There are several different products to choose from - conventional, FHA, VA, [...]

Hello world!

By | 2011-01-25T04:24:28+00:00 January 25th, 2011|

Hi there!  I guess I have finally decided to join the masses and begin blogging.  Actually I'm a bit surprised being the opinionated person that I am that I haven't done this before, but I guess now is as good of time as any to get started!  My goal with the blog is to fill [...]