Loan Officer Gustan Cho
Loan OfficerForum Replies Created
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Goals are realistics versus Dreams. Dreams are hoping for luck and one day come true. Goals are tasks that you need to work for and it is very attainable. Goals and dreams are related but distinct concepts. Here’s how they differ: Dreams are aspirations, hopes, or visions of something you desire to achieve or experience in life. Dreams are often more abstract, lofty, and without a specific plan or timeline. Dreams tend to be more idealistic and driven by passion or imagination. Examples: Becoming a famous actor, writing a bestselling novel, traveling the world.
Goals: Goals are specific, measurable, and time-bound objectives that you set out to accomplish. Goals are more concrete and actionable, with defined steps to achieve them. Goals are usually more realistic and practical, based on your current circumstances and resources. Examples: Losing 20 pounds in 6 months, saving $10,000 for a down payment by next year, getting a promotion at work. The key distinctions are: Dreams are broad and aspirational, while goals are specific and actionable. Dreams inspire and provide a sense of purpose, while goals provide a roadmap and milestones. Dreams fuel your passion, while goals help you make progress and stay motivated. However, dreams and goals are interconnected. Your dreams can inform and shape the goals you set for yourself. And achieving incremental goals can help you progress towards realizing your bigger dreams over time. Ideally, you’d have an overarching dream that ignites your motivation, and then set concrete, achievable goals as stepping stones to turn that dream into reality through consistent effort and dedication.
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My dad retired in 2000 and bought a home in Tampa, Florida, at 12524 Blazing Star Drive in the Lakewood Estates subdivision in 2000. Brand new home. I used to visit often and enjoyed the hard rains in the afternoon. It rained so hard for about one hour and then it would clear up. Loved the daily hard rains on 100 degree temperatures. My father ended up selling the house in 2019 and moved to Lakewood Colorado to be close by my sister. The home was purchased for $200,000 in 2000 and they sold it for $365,000 in 2019. It is now worth $500,000. Real estate prices have gone up a lot. Gone up a lot is an understatement. It has skyrocked.
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Peter, is there a reason why Catholics have Fishy Fridays? Laurie does not eat fish on Fridays and when the kids were younger, every Fridays were no meat and only fish and vegetables. Never got to know the reasoning behind that.
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I notice that too. Many times when you go through Google Voice that’s the way it comes out. I have Sapna checking into that. Responses needs to be original content and not Artificial intelligence assisted. Good catch, Doreen.
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Contact Marga @marga and she can prepare fliers for you.
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Here’s some photos of Chase
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Here’s Chase playing fetch with me this afternoon for 30 minutes. Very humid today in Southeastern Wisconsin. Couldn’t play long. However, he kept on asking to go out and play. Couldn’t say no. Tons of mosquitos. I willtake himout later this afternoon around six. He really enjoys spending alone time with me and apart from his other four legged furry brothers and sisters. I was not feeling well all week so it’s the first time I had a chance to take him out on the yard to play fetch since Sunday. During days of high temperature and high humidity need to make sure he doesn’t over exert himself. He also went by the truck after we were done playing fetch because he wanted me to take him for a ride around the neighborhood. I told Chase not today. Running short on groceries so I told Chase I will take him grocery shopping Saturday. That’s only two days away. I will take him out to play fetch again later today. Big guy sure loves one on one attention. He’s really good with staying by me without a leash. I really need to get him another German Shepherd brother or sister because he is always around his teacup brothers and sisters and he is really acting like a teacup toy breed dog on a large German Shepherd body. Can’t have that. He wants to sit on my lap, he wants to cuddle in bed, and he wants to sit on my lap while I am driving during car rides. I told him he’s a big guy but he won’t listen. Attached are some pictures of my big guy 🐕 🛷 🐶 🦮 🐕🦺
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This reply was modified 1 year, 11 months ago by Gustan Cho.
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This reply was modified 1 year, 11 months ago by Gustan Cho. Reason: Forgot image
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This reply was modified 1 year, 11 months ago by
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When a mortgage underwriter conditions for “reserves”, it typically refers to the requirement for the borrower to have a certain amount of liquid assets or cash reserves left available after closing on the mortgage loan. You cannot get a gift for reserve funds or borrower reserves when requested by the mortgage underwriter. Here’s some more detail on what reserves mean in this context: Purpose of Reserves: Serves as a financial safety net for the borrower in case of job loss, reduction of income, or other financial hardships that could impact their ability to make mortgage payments. Lenders see reserves as a way to mitigate their risk and increase likelihood the borrower can sustain the mortgage obligation.
How Reserves are Calculated:
- Typically based on a multiple of the borrower’s monthly housing costs (principal, interest, taxes, insurance).
- Common requirements range from 2-6 months’ worth of housing costs, but can go higher for riskier loans or investor properties.
When Reserves are Required:
- Often a condition for loans with higher debt-to-income ratios, lower credit scores, or other risk factors.
- Investor properties or second homes almost always require a minimum reserve amount.
- Jumbo loans, which exceed conventional loan limits, frequently have reserve requirements as well.
Funds Allowed for Reserves:
- Can include cash or cash equivalents like money market funds
- Vested retirement accounts are also usually accepted towards reserve requirements
- Reserves must be verified by the underwriter through asset statements
The amount of required reserves can vary significantly by lender and loan type. But in general, they provide an emergency fund cushion for the borrower after accounting for down payment and closing costs.
https://gustancho.com/reserves-requirement-on-home-loan/
gustancho.com
Reserves Requirement On Home Loan By Mortgage Lenders
Reserves Requirement On Home Loan By Mortgage Lenders is mandatory if Automated Underwriting System conditions it and on multi-unit homes
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