DEAR VAL: Mortgage Loan Officer Concentrating on Shelby County & Birmingham, AL

FHA vs Conventional Tip #1

Thu, 06 Aug 2009 13:11:21 -0500

FHA guidelines will allow the seller to pay up to 6% of the contract price toward purchasers closing costs, pre-paids and discount points.

Conventional guidelines will allow the seller to pay up to 3% of the contract price toward purchasers closing costs, pre-paids and discount points.

This is very important for the first time homebuyer purchasing homes below $150k. I recently had a client approved for FHA financing but the property was not FHA approved. Client had enough money to put a 5% down-payment and qualified for conventional, except...the seller could now only pay 3% of closing which left a shortfall of about $1800.

The $1800 left over closing costs added to the 1.5% more in down-payment killed the purchase.

Refinancing Your Home

Fri, 26 Jun 2009 21:34:40 -0500

Refinancing your currrent mortgage can be very beneficial to your financial situation. Whether you are doing a rate and term refinance or a cash-out you may be able to save hundreds of dollars per month.

In today's economic times it is important for your money to work harder for you. There is still money to lend and we are closing loans everyday.

Remember, the people refinancing today are the one's who will be purchasing a new home in 6-12 months. Do you know anyone in need of getting themselves in a better financial situation?

The Power of Social Media - Help For the Homeless

Wed, 24 Jun 2009 16:10:51 -0500

The last 3 days have been a blur but days I will never forget! There are Angel's Amoung Us, walking around everyday. We just don't always take the time to find who they are and what they have the power to do.

Please share in our three day journey and see what hard working women are able to accomplish for someone in desparate need.

Via Debbie Hutchins ~ CRS ~ Realtor ~ Greater Birmingham & Shelby Co Alabama (Re/Max First Choice ~ Pelham Alabama):

"They say the power of social media networking is amazing

                                                           but it is the power of the people who push it."   RB

MEET THE PUSHERS.....

The above Facebook post was made by Rhonda on Monday at 2:09

At 3:52 Rhonda did a post to her blog "Just Brantley" titled "Homeless in Birmingham".

Monday, June 22, 2009

Homeless In Birmingham

On Thursday afternoon, we decided to head down to Orange Beach to stay with friends. The invite was a welcome respite and the plan was to listen to good music, soak up the rays and eat with the locals.

Another post will include more on the trip - it was the call I received just getting out of town that still disturbs me.

                CLICK HERE TO CONTINUE READING POST

The following post was made on Facebook by Valerie Springer at 8:20 pm MONDAY

"If you were busy being kind, before you knew it, you would find you'd soon forget to think twas true that someone was unkind to you. If you were busy being glad and cheering people who are sad, although your heart might ache a bit, you'd soon forget to notice it. If you were busy being good and doing just the best you could you'd not have have time to blame some man who's doing just the best he can." THANKS VS!

                                                                                                 RHONDA BRANTLEY

On Tuesday afternoon Rhonda had found a housing unit available and went downtown with the funds collected and paid a deposit for the home. The unit would not be available until Wednesday. The last I heard there were blow up mattresses being pulled out, and this happy family is enjoying hot dogs, hamburgers and icecream at Rhonda's home as they wait to take possession of their new home.

Funds are still being raised for utility deposits and a blog has been posted by Lori Sullivan with a list of items needed. Anita Latham at Re/Max First Choice in Pelham (corner of Hwy 31 & Amphitheater Road) has been kind enough to provide a room to be used as a drop off station for the small items.

Lori put up the Facebook request below Tuesday Night with a link to her blogpost with a list of needed items.

DONATIONS NEEDED FOR HOMELESS FAMILY

We are collecting money and househol goods for a homeless family that God put in our path this week. The family consists of a single mother and her three children ages 3, 7 and 14. She lost her IT job recently and the family had just begun sleeping in their car when we found out about them.

                        CLICK HERE TO READ THIS POST AND SEE LIST OF ITEMS NEEDED

Tuesday, June 23, 2009

When A Plan Comes Together

".......Meanwhile, the emails, blogs and Facebook pages were on fire. Just say it like it is, we were on fire for the Lord. It gave us pause to NOT think about our woes, crappy economy and losses. It allowed us to communicate again and to do what we all enjoy. Giving back and paying forward - we're women of faith, holding our families together, teaching our children by our actions and all the while the manic rush to make a difference for just somebody, just today, just because was a superlative arrangement."....Just Brantley

            CLICK HERE TO READ COMPLETE POST

These sample posts are just a few examples of the social media mission to help this family. A good and deserving family that like so many people in this weakened economy are finding themselves in situations beyond their imagination. A time when many are skrimping to get by, pinching pennies and changing their lifestyles but when placed in the path of a need that can not be denied are stepping forward and pushing the envelope to get the results needed to help someone get back on their feet. As Rhonda mentioned in her post that she took the time to send out to all of the "helping hands"......"we were on fire for the Lord"!

From Homeless to Happy in 24 Hours

thanks to the Power of the Push, Social Media and God's Helping Hands!

ALL DONATIONS ARE GREATLY APPRECIATED!

Debbie Hutchins a Certified Residential Specialist has been a licensed Realtor since 1987. Serving the Greater Birmingham Area and specializing in Shelby County Debbie is available to assist you with your real estate needs. We hope you have enjoyed reading and hope you will come back! You may also subscribe to "debs doodles" and have it delivered to your email! And as always, you are welcome to search the MLS through Debbies Re/Max website. All phone calls are welcome! You can reach Debbie via her cell phone at 205-368-2474

The Power of Who by Bob Beaudine

Fri, 01 May 2009 22:14:59 -0500

Recently, I had the privilege of attending a seminar and the guest speaker was Bob Beaudine. Bob has one of the most amazing stories to share. The Power of Who is a life changing book written by Bob.

Bob says, all the power we need to succeed is already at our grasp. The Lord has already placed these people in our path by way of friend, family, co-worker and acquaintances. In our "WHO" we have the ability to change the lives of our friends and family, or even a stranger. When someone calls on us, we need to first think of "WHO" we know that could help, and then simply ask.

The last couple of months, after hearing Bob speak and reading the book, I have implemented my "WHO" and have been surprised at how easy it is to help someone in need. By doing this, I have received blessings unexpected.

I encourage each of you to not only buy this book for yourself but also pick up a dozen copies and pass them out to your 12 top "WHO". http://powerofwho.com

Have any of you read this book or heard Bob speak?

REFINANCE PLUS, ARE YOU ELIGIBLE?

Fri, 01 May 2009 13:06:27 -0500

To qualify for the Refinance Plus pogram you must be in a Fannie Mae or Freddie Mac transaction. If so this program is to help borrowers:

*Reduce Mortgage Payments *Obtain More Stable Mortgage Product

If you are currently in an FHA, VA or USDA (Rural Housing Loan), you are ineligible.

The Max loan to value is 105% and combined loan to value is $110%, 2nd mortgages must be subordinated.

The new loan amount may include payoff of first mortgage and closing costs. Borrower cannot receive any money back on the loan.

You must have a 620 credit score, no mortgage lates in the past 12 months and no new financing is authorized on second liens. The second lien must re-subordinate to second position. New borrowers may be added to the loan but the original borrower cannot be removed.

If you have questions please let me know.

Housing Valuation Code of Conduct (HVCC)

Mon, 27 Apr 2009 13:18:44 -0500

Effective May 1, 2009, the HVCC will be the new guideline for appraisal orders on Conventional financing. This means the loan officer will no longer have the ability to order the appraisal. Appraisal orders will be chosen from a pool of licensed appraisers and ordered by the investor.

I have some concerns.

1. There are good and bad in every field, we will no longer be able to weed out the bad.

2. Time is a concern as in the past we could get an appraisal done quickly if needed, now we will not even know who was chosen for the appraisal until we receive the report.

3. Appraisals will be increased in price as there is much more work to be included in the new guidelines.

4. No longer able to have a preferred appraiser in "new construction" subdivision, one that knows every property sold???, three houses could be sold and each of the three will have a different appraiser.

The new HVCC was structured to prevent pressure to increase the value of a home when it was not justified. It is an attempt to have appraisers not feel the need to "bring in the value" for fear of not receiving more business. Should reduce the number of fraudulent appraisals submitted to investors for financing.

I hope this will be a smooth transition and the end result will be worth the extra effort. We will see!

Your thoughts?

Alabaster, AL Purchase or Refi

Mon, 02 Feb 2009 14:06:15 -0600

If you are planning to purchase a home in the City of Alabaster, AL, in the heart of Shelby County, you have chosen a great place to call home. Alabaster in very convenient to shopping, restaurants, interstates, golf courses and a great school system.

Alabaster is also very diverse with homes available in nearly every price range. Come visit Alabaster, you will be happy you took the time. Call me with questions about refinance or purchase.

Decisions Decisions Decisions

Sun, 01 Feb 2009 11:06:50 -0600

There is much talk in the media about what may come of the future announcements from our government. There is some hope that interest rates may be cut but in the meantime, they may never come to fruition.

This means from your clients they may wind up waiting for the best and lose out on reality. If your client is fence sitting today, you must get them into the game. Whether it is a past client calling you for your opinion of whether to refinance or an active lead waiting for the best time to purchase we have short windows of opportunity.

Rates are important but the differences in payment between a 5.25% and 4.50% may be very little monthly. Yes they could save $50 per month but they could also wind up paying another $50 per month should they move higher. Rates are not the most important part of the decision. The value of the home you are purchasing, the amount of PMI if you are putting less than 20% down are all factors. PMI rates adjust just about as often as interest rates, but that is something that is not taken into consideration.

The more risky the loan the higher the PMI. So, if you save $50 a month and your PMI factor increases by the same amount, you have not gained. Let's do our best to communicate to our clients to find the dream home and then we will worry about the rate over the next 30 days while we are awaiting our closing date. Are we on the same page?

Bipartisan Stimulus

Thu, 29 Jan 2009 13:55:03 -0600

Rush Limbaugh wrote a Bipartisan Stimulus that was published in the Wall Street Journal today. I read the article and it sounds like a winner to me. Basically he is saying give the liberals pork barrel spending, give the conservatives their tax cuts. If both sides help the economy even greater.

If the conservatives get their tax cuts, the wealthy and those willing to take risks will move, in doing this as they rise higher they will pull the rest up with us.

If the liberals get their wishes granted and this indeed works for our economy we are in a no lose situation. If you would like to read the article go to www.wsj.com

What are your thoughts?

Helena Alabama Real Estate

Mon, 26 Jan 2009 23:10:28 -0600

If you are in the market to purchase a home in Helena, AL you have picked a wonderful area to raise a family, enjoy life and simply relax.

Helena is very unique. The City caters to families and is always planning special events for family participation. The school system is excellent and you will feel like your neighbors truly care about you. Old Towne Helena is filled with specialty shops where you are certain to find one of a kind treasures. Don't miss a chance to take a tour and see for yourself.

For more information please contact Debbie Hutchins, Realtor RE/MAX First Choice. www.debbiehutchins.com . Debbie will find your dream home and I will help you with your financing.

My First

Fri, 16 Jan 2009 22:36:00 -0600

I have lived 47 years without ever having an animal living in my home. Never thought I wanted one until I met Emme! She is a 2.5 lb Yorkie and has become a precious addition to our family. Meet my first furbaby! Emme celebrated her first birthday in December. Yep you guessed it, we made it special for her with extra treats. I have missed so much over the years, thank goodness I came to my senses.

Reports That Move Interest Rates

Wed, 14 Jan 2009 10:07:19 -0600

Three reports come out today, 2 have a high impact on mortgage rates and one a moderate. The two high are retail sales and retail sales excluding autos.

The report this morning was bleak. Sales dropped 2.7% which was much worse than the expectation of a 1.2%. When autos are excluded it gets even worse with a 3.1% decline in lieu of 1.4%.

On this negative news stocks have fallen and mortgage bonds have improved. If you have people sitting on the fence do you best to get them off. These dips make a difference in how much a purchaser can afford and long term cash flow. Wishing you success.

Mortgage Interest Rate Volatility

Tue, 13 Jan 2009 13:54:20 -0600

When we get a dip in interest rates everyone seems to hear it on the news and in a day or two pick up the phone and call their mortgage loan officer. By then we may have been up and down 10 times. If you are in the market for refinance here are a few tips to put you in the best possible position.

1. If you feel certain you are going to refinance, go ahead and call your loan officer for approval.

2. Provide all documentation and RESPA's.

3. Let your loan officer know what rate you are willing to accept.

4. Be patient and wait for the call to say you are locked. We are up and down all throughout the day and depending on many factors the loan officer may have only a short window to get you locked. There is usually not time to make phone calls, play phone tag and still be able to get best pricing.

5. Move swiftly if anything else is required after the file has been underwritten.

6. Close with ease.

Today, we cannot lock rates and not follow through on the loan. If we do, this hurts our standing with the investor.

Hoping this will make your transaction smooth as silk.

Be Aware of Underwriting Turn Times

Tue, 13 Jan 2009 10:17:10 -0600

There are many people refinancing their homes and taking advantage of the lower interest rates. This has bogged down the system as there are fewer investors. I had always taken pride in quick closings, 3-7 days. Today that is not attainable.

Most lenders are on a 5-12 day turn time for underwriting and 48 hours for clearing stips. This means it will take longer to get a clear to close. Also, it is imperiative that the client furnish the documentation requested very quickly. In today's market we need to send a complete file so it does not have to be revisited several times by the underwriter, slowing progress. Be sure when writing a contract to allow for these changes. Have you experienced closings not getting to the table on time? Were you aware of the backlog?

Refinance Anyone?

Mon, 12 Jan 2009 12:35:30 -0600

This past month has been a roller coaster ride that has lasted into the new year! What blessings we receive at the most unexpected time.

My phone lines are ringing and many are taking advantage of these low interest rates. Most of the clients I am speaking with have equity in their home and plan on being there for many years. Some are even shortening the term of the mortgage to 15 years and not making much more payment than they are currently at the 30 year mortgage. Adding the bi-weekly payments the effective rate is even less.

People are ready for their money to work harder for them instead of them having to work so hard for their money. There is money to lend and at great rates, if you need to refinance or have approval for a purchase, please give me a call. If you have been sitting on the fence or have clients that have been waiting, GET THEM MOVING! If you wait it may be too late!

New Orleans It Is Different???

Mon, 05 Jan 2009 17:04:18 -0600

Just returned from a visit to the Big Easy. We went down for the Sugar Bowl and to cheer the Tide to a Victory. Sad to say, we lost to Utah. Still proud as Bama did better than we had exected this year.

I usually go to New Orleans once a year. Have been going for the Mortgage Broker's convention for years before and after Katrina.

This past August I did not make the convention so it has been almost a year and half since I visited. I was shocked at the difference I saw in New Orleans this time. There is still destruction but seems like so much has been accomplished from August 2007.

In the past folks in New Orleans were so helpful and thankful for visitors. This didn't seem to be the case in many establishments today. We had lunch at "The Market Cafe" in the French Quarter. The food was horrible, our orders were repeatedly wrong and upon expression of disappointment the manager laughed. The waitress put a hefty tip on the ticket that was certainly not deserved by her service. All but two in our party had to order twice and I never did get my lunch. I will never set my feet in this establishment again and if you like service I would suggest you skip.

It was not only this restaurant or my group that noticed the negative behaviour. Other's that we came into contact with were complaining about the poor service and rude treatment received in many spots throughout the city. It seemed like the tourist have now become cumbersome and unwelcome.

I love New Orleans and have always enjoyed my visits, I have supported Katrina Relief Efforts and hoped that one day the city would rebound better than ever. I was very disappointed this time around! The Big Easy...Wonder if New Orleans can keep the name?

2008, What A Year!

Sat, 27 Dec 2008 15:33:23 -0600

2008 has been a very challenging year for those in our industry. I, for one, will be glad to send it off with a toast to better times ahead.

Reflecting on this time last year, I was also ready to see 2007 boogie on out. The past few months of the year were hard, but I didn't have a clue how much worse the progression was to include. We may be headed for a better year in 2009 or it could go farther downhill again!?!

Whatever we shall face, we will be one step closer to walking out of this valley. Even if we are still not at the bottom of the mountain. I am chosing to see the glass half full, the grass greener on the other side. I am sincerely hoping 2009 will be the year we will see a recovery even if a small one.

Do you think 2009 will be a better year than 2008?

Time

Sat, 27 Dec 2008 13:50:36 -0600

Do you think your time is more important than someone else? We all have the same amount of time per day to accomplish our goals. Twenty four hours for you, me and every other person on the planet unless it is their time to go.

Why is it some folks feel like their hours are more important? Do you ever think about how much time we spend waiting on someone else? Do they ever think about how they disrupt the lives of others and make their schedules have to change? This is my pet peeve. I am sick and tired of waiting on inconsiderate people that think their hours and minutes are more important, how about you???

WHEW!!!

Fri, 26 Dec 2008 21:04:58 -0600

The last guest is gone, a good time was had by all. We had a wonderful Christmas and can truly say this will be a year we will never forget.

A month ago I wondered how we would make it through this holiday season. It was very different this year but may have been our best ever. This year we just enjoyed each other's company. We reflected on the blessings we have been given and prayed for those less fortunate. We realized the true meaning of this very special Christmas Day in a way we had never truly experienced.

2008 has been an unbelievable year and I for one will be glad to usher this one out. I am also thankful for the very special gifts I have received and it took a terrible year to show me the light. Thank you Lord for getting me back to the place I always knew! How was your Christmas and were there any changes this year?

Silent Lord's Supper

Wed, 24 Dec 2008 16:12:46 -0600

Well we finally made it! Two months ago this was a feat we could not imagine. Our tradition is spend Christmas Eve with the in-laws. We have heavy hors deauvres and then play dirty santa. Then at 9 pm we go to our church and have a Silent Lord's Supper.

The church is lit only by candlelight and piano music playing Christmas music. It is really beautiful and since no one speaks it is a great time to reflect on how much we have to be thankful for this year. When we leave there we come home and open gifts between the three of us. My husband daughter and myself. Then it is off to bed and waiting for Santa.

On Christmas morning we wake up and open our stockings. Have a simple breakfast and prepare to head to my parent's! There we open gifts and then have the most fabulous Christmas Dinner prepared by my parents. After all is said and done, we are ready to come home and nap the afternoon away and then meet up with friends for Christmas Evening.

This year is different, we are enjoying each other's company more than anything else. Jesus is the Reason for the Season. What are your traditions?

Devil's Got Me Now??? Not Yet But I Almost Lost My Religion Today!

Mon, 22 Dec 2008 22:24:56 -0600

Today I had a closing that required me to get on two of the most congested roads in Alabama. It took me 45 minutes to go three miles. People are trying to dart across 3 lanes of traffic to get one car length ahead. Rude drivers and just plain wreckless. Emergency vehicles could not even get through the traffic because people did not want to get out of line. Let me remind you, it could have been one of your loved ones in need of medical help!!!

It really infuriates me when driver's do not want to get in the long line of traffic waiting to exit and fly up to the very end and push their way into the front of the line. It also infuriates me when they hold up traffic in the lane they are in waiting for some kind soul to let them over. It also infuriates me when I get so mad I would like to give some hand gestures and let words fly from my mouth that are not very lady-like. Satan was working hard to get to me today and he was very close. I kept my Southern Charm but it wasn't easy! People need to slow down and allow time to be courteous.

Is it just Alabama driver's or are people rude all over the United States?

A Baby For Christmas

Sun, 21 Dec 2008 20:05:06 -0600

26 years ago yesterday, December 20, 1982, I gave birth to a beautiful baby girl. The minute her little head popped into this world our lives were changed forever! She is the only child born to our small family of three. Let me introduce you to Miss Ashlee Springer.

On Christmas Eve 1982, my husband drove Ashlee and myself home from the hospital. What a wonderful Christmas present we received that year and it is one that has blessed us over and over!

Giving birth to a child is a miracle and a gift. It is very painful going through the process but when it is over it is clear the suffering was worth the end result. Our market is suffering right now, but these times will pass and our industry will have learned a life long lesson. Just as with labor, we don't know how long it will last but we also know it can't go on forever.

Happy Birthday Ashlee!

Volatility in the Market! Today was a Roller Coaster...

Wed, 17 Dec 2008 22:58:06 -0600

As a mortgage professional we are having the opportunity to feel like we are in an amusement park all day long. Rates are from top to bottom and are moving quickly.

My goal is to get the best rate possible for my clients but it is so hard in this current market. I spent much of the day trying to negotiate better rates for my clients that were already locked. Lenders and investors are bombarded with these requests and trying desparately to get everyone to the table on time. Just remember, in servicing our clients we may have an unexpected delay. Please share your story?!?

Debbie is Hot on my Heels!

Wed, 17 Dec 2008 22:47:51 -0600

These past couple days have been non-stop for the mortgage industry. Refinances are coming in droves, mostly those with excellent credit that have plenty of equity in their homes and plan on being there for a while. I am working about 15 hours a day and have not had much time for anything else.

Tonight I got a message from Ms Re/Max herself, Debbie Hutchins! Re/Max First Choice in Pelham, AL.

Debbie is a top producing realtor in the Shelby County area of Alabama. I invited Debbie to AR and what a jackpot I hit, she is a pro. I took the number one spot in Shelby County a while back and Debbie has taken the number two featured spot. She is hot on my heals and I am trying to keep my position. (LOL)

I have not mastered the links and placement of photos yet, but hopefully before too long, I will get sometime to learn the skills many of you have. Debbie's blogs are great, please take the time to check them out and comment on mine as well if you have the time. I am trying hard to stay on top!!!

WHAT IS A LOCKED RATE?

Mon, 15 Dec 2008 15:42:21 -0600

While purchasing or refinancing a home each client has the option of whether to lock the rate or float!? When a rate is locked it is an agreement between the client and investor that the investor will not raise your rate regardless of how high they go and it is also the client agreeing to accept the rate regardless of how low they may go.

In this volatile market everyone wants to get the best deal possible. Many will go ahead and lock because of fear the rate will increase, but when rates decrease they want the lower amount. There are some investors which will lock with a float down option but their rates are usually not competitive with best pricing. It is very important to have a loan officer that understands the market, knows what pushes mortgage bonds and guides you with sound advice.

Do you really want the rate you are considering locking?