Angie Gerhardson - Minnesota Mortgage Expert

Is there Hope for Homeowners? HUD says so....but what about the lenders?

2008-10-29T19:55:24Z

As we all watch the daily losses and triumphs of our volatile economy, our lives ever changing with each movement, we wonder what to do next. Our housing market has been struggling for the past two years as the foreclosure market has hit all time highs and lenders are claiming enormous losses. Through all of this, there have been many new programs rolled out to help those who are facing the possibility of foreclosure.

The roll-out of these programs started earlier this year, when the Federal Housing Administration (FHA) introduced a new loan called FHA Secure which was put in place to help those who had Adjustable Rate Mortgages and could no longer make their mortgage payments due to the high adjustments of their payments. While this program is still available, HOPE for Homeowners is the newest program to be rolled out as part of the Economic and Housing Recovery Act (HERA)

The HOPE for Homeowners Act was passed on July 30, 2008 as part of HERA. This housing bill is designed to prevent foreclosure by giving homeowners an opportunity to refinance into a new loan insured by HUD's Federal Housing Administration (FHA).

The Hope for Homeowners program (H4H) will only offer safe 30 year fixed loans. Under this program, borrowers who are unable to currently afford their existing mortgages and can meet certain criteria can refinance into a new FHA loan. The existing mortgage lender would have to voluntarily participate in this program and accept short pay-offs by writing down the current principal balance to 90% of the property's current appraised value. The program would automatically give you 10% equity in your property.

Borrowers must be able to afford the new loan amount and their income must be fully documented through their two most recent tax returns and they must meet other standards established by the program's governing Board or HUD.

Homeowners must meet the following guidelines to qualify:

You must have obtained the mortgage on or before 1-1-08
You must have a hard time paying your current mortgage
You must have had the home in question for at least 6 months
You can not own a second home
You must have a debt to income ratio of 31% or greater
You must have not provided false information on your current mortgage
You must be able to prove all your income and meet FHA guidelines for employment
Current lenders must agree to release your current mortgage lien
Borrowers may be current or delinquent on their existing mortgages
The holders of existing mortgage liens must waive all prepayment penalties and late payment fees

As we all know you can't get something for nothing. There is an upfront mortgage insurance premium of 3% and an annual mortgage insurance premium of 1.5%. And, the borrower must share newly created equity with FHA when the property is sold or the loan is refinanced. FHA's share in the equity is reduced from 100 percent to 50 percent in 10 percent increments over the first five years. After five years, the homeowner and government each will share in 50 percent of the equity. Borrowers must also share any future appreciation 50/50 with FHA upon the sale of the property.

For more information on this program, please go to:

http://www.hud.gov/hopeforhomeowners/index.cfm

Though this program supposedly started on October 1, 2008, we have yet to find a lender who is willing to take the principal reduction. Most lenders would like to try other means of working out your mortgage situation which are more beneficial to them rather than release you from thousands of dollars of negative equity.

On Monday, October 27, 2008, Fox Business confirmed, "that as of close of business on Friday, October 24, only 83 mortgages are under consideration for the Federal Housing Administration (FHA)""Hope for Homeowners"" foreclosure prevention program....".

If you are experiencing difficulty making your mortgage payments and need help, a good option would be to call your current servicer and see if they are willing to help in any way possible. Any "give" on their part is something you should "take" and run with.

It may be getting off to a slow start, but this mortgage broker are hoping that it helps many, many families stay in their homes.

A Special Thanks to Lynda Risch with Century 21 Moline Realty in Cambridge, MN for helping me to write this article.

Changes in Minnesota....Is it going to help?

2007-08-21T09:48:23Z

After new legislation went into effect for mortgage loans on August 1st, 2007, mortgage companies in Minnesota have been scrambling. This new legislation has banned mortgage brokers in MN from doing stated income or No Doc loans. I'm not quite sure why this seems like it was so last minute to everyone. We knew the legislation was coming....we knew what it said....we knew where we were headed.

But, it seemed as though the mortgage companies were just pretending that nothing would change. We all kind of rode the wave and when it crashed down, nobody knew what to do. Within the past couple of weeks, we have been hearing that many mortgage companies are closing shop and going to work for Federally Chartered Banks where, according to the new bill, banks and credit unions are exempt from the new standards.

However, I'm not sure this is going to change the way we can do business. Sure, we might be able to now offer the "bank" loans as well, but according to the new bill, "guidance from various federal depository institution regulatory agencies may discourage or prohibit [stated income and no doc] loans." So many of these "Banks" probably aren't going to be offering these programs anyway.

It seems that all lenders, regardless of the state originated, are tightening up on these guidelines while they see what is in store for the market.

As far as the new legislation goes, I have heard that Georgia had an anti-predatory lending bill that was overturned because borrowers complained to their local representatives. Maybe that's what we should be doing. We should be informing those borrowers that we can't help to contact their local representative and give them a piece of their mind.

The state of Oregon tried to pass a similar bill and the Brokers came together with two separate Mortgage Brokers Associations and past clients who benefited from such loans and brought their case to the legislators. As a result, they were able to stop the passage of such a bill.

We've already seen the effect that this is going to have on our clients and borrowers. But, I'm sure this is just the tip of the iceberg. Property values are declining, houses are sitting on the market for months, and many people no longer qualify for a home.

If you are a self-employed borrower or need a stated income loan in Minnesota, please call your local representative NOW. Let's do what we can to make sure that loans are available to the people who deserve them.

Information provided to you by Angie Gerhardson, Personal Mortgage Consultant with Homestead Mortgage Corporation. To get mortgage information or view my mortgage calculator, please click here.

National Night Out 2007 in Cambridge and Isanti, Minnesota!

2007-07-26T12:41:49Z

The Isanti Involvment Team and Cambridge Police Department invite area residents to the 24th Annual National Night Out 2007.

Isanti - Held at the Isanti Community Center on Tuesday, August 7th at 6:30pm for potluck dinner, root beer floats, moonwalk, games and prizes. Meet your local first responders and neighbors to help make a stand against crime.

Cambridge - Held at Helios lodge 273 at 343 2nd Ave SW in Cambridge. Event will be held from 6-9pm.

National Night Out is a National event which is sponsored by Target. It is a unique crime and drug prevention effort sponsored by the National Association of Town Watch (NATW).

NATIONAL NIGHT OUT is designed to:

Heighten crime and drug prevention awareness;
Generate support for, and participation in, local anticrime programs;
Strengthen neighborhood spirit and police-community partnerships; and
Send a message to criminals letting them know that neighborhoods are organized and fighting back.

National Night Out has also proven to be an effective and in-expensive way to promote positive police-community partnerships.

If you are interested in meeting your neighbors and uniting to stop crime, you may consider organizing a cook-out on August 7th.

Let's all take a stand against Crime and make our neighborhoods a better place to live!!

Information provided to you by Angie Gerhardson, Personal Mortgage Consultant with Homestead Mortgage Corporation. To get mortgage information or view my mortgage calculator, please click here.

Don't Miss the 130th Annual Isanti County Fair - July 25-29, 2007

2007-07-20T16:02:31Z

Get Ready for the 130th Annual Isanti County Fair! It gets bigger and better every year. Hope to see you there!

Here is your schedule of events:

Wednesday, July 25th

8am-9pm 4-H Animals entered, barns - ALL ANIMALS (except dairy) MUST BE ENTERED BY 9PM

9am 4-H Dog Show - Kennel Club Shelter

1pm-7pm 4-H Project Member interviews - Poultry & Rabbit in barns

2pm 4-H Pet & Cat Show - Kennel Club Shelter

4pm Beer Garden Opens

5pm Midway Opens - FREE Trolley Rides Start

5:30pm 4-H Dairy Goat Show, East Show Arena

5pm-9pm Zebreko Zoo-Tran Exotic Petting Zoo & Pony Rides, Rock Wall & Bungee Jumping open

5pm-9pm Wildlife exhibit opens - Deer Hunter's Building

6:30pm Battle of the Bands - Bandshell / Go Kart & Flat Track Racing - Grandstand

Thursday, July 26 - Senior's Day

SENIORS 62 AND OVER $2 OFF AT GATE

8am 4-H Horse Show - horse arena

8:30am 4-H Poultry Show - Poultry Barn

9am-9pm Zebreko Zoo-Tran Exotic Petting Zoo & Pony Rides, Rock Wall & Bungee Jumping open

9am-9pm Wildlife exhibit opens - Derr Hunter's Building

10am-2pm 4-H Market animal weigh-in, exhibitors be at pens. Order: swine, sheep & goats, steers

11am 4-H Rabbit Show, East Show Arena

12pm 4-H dairy must be entered; 4-H all animals in place

1pm MIDWAY OPENS

1pm-4pm OUTSTANDING SENIORS PROGRAM & AWARDS - Bandshell

3:30pm 4-H Fashion Revue - 4-H Building

4pm Professor Farquar - Kennel Club Building Tent

4:30pm Beer Garden Opens - KARAOKE WITH CONRAD - Bandshell

5pm FREE Trolley Rides

6pm Professor Farquar - Kennel Club Building Tent

6pm 4-H Challenged Riders Show - Horse Arena

6:30pm MOTOCROSS - Grandstand

6:30pm 4-H Horseless/Cloverbud - Horse barns / 4-H Swine Show - East Show Arena

7pm Isanti County Fair Talent Contest - Bandshell

10pm KARAOKE WITH CONRAD - Bandshell

Friday, July 27 - Kids Day

8am 4-H Horse Show, horse arena / 4-H Sheep Show, East Show arena

8:30am-Noon Kids Day events - FREE Games, Drawings, Creature Encounters, Inc., Juggler, Miller Tow Truck to climb on & check out, Canine Demonstration, Curlie Dimples the clown, FREE inflatables, FREE face painting, Kids Karaoke with Conrad, FREE Kids ID, Dalbo Fire Truck, Al the Cartoonist, & Safety Demonstration

2pm Kids' Pedal Tractor Pull

9am-9pm Zebreko Zoo-Tran Exotic Petting Zoo & Pony Rides, Rock Wall & Bungee Jumping open

9am-9pm Wildlife exhibit opens - Deer Hunters Building

10am-1pm FREE Trolley Rides

10am MIDWAY OPENS - ARM BAND DAY - 10am-2pm - $17 all ages

11am Kid's Karaoke with Conrad

11:30am Open Class Beef Show - Beef Show Ring

Noon Beer Garden Opens

1-4pm "High Ground" - Bandshell

1-5pm 4-H Demonstrations - 4-H Building

1-3pm Bear Q&A - Deer Hunters Building

4-8pm Karaoke with Conrad - Bandshell

4pm FREE Trolley Rides / Professor Farquar - Kennel Club Building Tent

5:15pm "Celebrity" Donkey Racers - Pre-meeting - Arena

6pm "Celebrity" Donkey Races - Arena

6pm Professor Farquar - Kennel Club Building Tent

6:30pm 4-H Lamb Lead & Wool Show - East Show Arena

6:30pm TRACTOR PULL - Grandstand

8pm HIGH NOON - Bandshell

Saturday, July 28

8am 4-H Beef Show - Beef Show Ring / Ranch Rodeo - Horse Arena

9am-9pm Zebreko Zoo-Tran Exotic Petting Zoo & Pony Rides, Rock Wall & Bungee Jumping open

9am-9pm Wildlife exhibit opens - Deer Hunters Building

10:30am 4-H Dairy Show - Beef Show Ring

11:30am Open Class Dairy Show

Noon State Fair, State Horse Show Trips, Auction animals MUST be selected.

Noon Beer Garden Opens

Noon MIDWAY OPENS - FREE Trolley Rides All Day

Noon-4pm Ingapirca Band, Ecuadorian Folk Music - Bandshell

1-3pm Bear Q&A - Deer Hunters Building

1pm 4-H Member Achievement Program (all horse members) - Horse barns

1pm Open Class Sheep Show - East Show Arena

2pm Professor Farquar - Kennel Club Building Tent

3pm Market Wether Jackpot Lamb Show - East Show Arena

4pm Garage Band Jam - Outback Stage / Professor Farquar - Kennel Club Building Tent

4-8pm Karaoke with Conrad - Bandshell

5pm 4-H Gymkana - Horse Arena

5:30pm 4-H Livestock Auction - East Show Arena

6pm Professor Farquar - Kennel Club Building Tent

6:30pm DEMOLITION DERBY - Grandstand

8pm KILLER HAYSEEDS - Bandshell

Sunday, July 29

8am W.S.C.A. Horse Show - Horse Arena

8am Classic Car Show with music by "Bondo Bob"

9am-9pm Zebreko Zoo-Tran Exotic Petting Zoo & Pony Rides, Rock Wall & Bungee Jumping open

9am-9pm Wildlife exhibit opens - Deer Hunters Building

10am FREE Trolley Rides

10am-4pm Twin Cities Model Boat Points Race - Fairgrounds pond

Noon Beer Garden Opens

11am-3pm Ingapirca Band - Ecuadorian Folk Music - Bandshell

1pm MIDWAY OPENS - Armband Day Noon-5pm - $17 All Ages

1-3pm Bear Q&A - Deer Hunter's Building

2pm Professor Farquar - Kennel Club building Tent

2pm 4-H Round Robin Showmanship

2:30pm Classic Car Show Trophy Presentation

3pm DEMOLITION DERBY - Grandstand

4pm Professor Farquar - Kennel Club Building Tent

4pm 4th Annual Bale Throw & Seed Spitting Contest - Bandshell

4pm Ken Krona with "Easy Listening" - Beer Gardens

6pm 4-H Exhibits Released / Commercial Exhibits Released

7pm Open Class exhibits Released

We're looking forward to a great year at the Isanti County Fair. And, again, we hope to see you there!

Information provided to you by Angie Gerhardson, Personal Mortgage Consultant with Homestead Mortgage Corporation. To get mortgage information or view my mortgage calculator, please click here.

Braham Pie Day is here at last!

2007-07-20T14:37:53Z

Enjoy pie, pie, and more pie at the 18th Annual Braham Pie Day held in downtown Braham, MN on Friday, August 3rd, 2007.

The festivities are held in Freedom Park starting at 10:00 a.m. on August 3rd. Activities include a pie eating contest, an art, craft, quilt, and fashion show, a pie medallion hunt, the Sweet as Pie Collector's Car Show, and Pie in the Sky or Pie in Your Eye Game Show. Events continue throughout the weekend. Sunday, August 5th features a Celebration of Praise in Freedom park.

Braham Pie Day Schedule of Events

7:00 a.m. - Pancake breakfast at the VFW building, W. Central Drive

8-10:00 a.m. - Amateur pie-baking contest, delivery $5 per pie at the Braham Ev. Luthuran Church.

8:30 a.m. - Sweet as Pie Collector's Car Show registration.

10:00 a.m. - Pie and ice cream served in the park; Crafters and food vendors; small quilts; show opens at city hall; Pie Day postal cancellation; Pie Art; Squared Art Shows at Healty Adventures & IBR Realty; Pie Medallion Hunt begins at headquarters; Kids 'N' Berries Children's Tent with musical instrument building, nordic crafts, face painting, wood carving, juggling, and crafts.

11:15 a.m. - Bavarian Music at Elmhurst Commons; Pie-Alluia Chorus at Park Manor and then Elmhurst Commons, 11:45.

12:00 p.m. - Bavarian music, featuring Eric Ray, Jenny Schultz, under the picnic shelter in the park.

10:00 a.m. - 6 p.m. - Park and Ride at the Catholic Church, with pick up at Elmhurst Commons, Park Manor, and Hometown Liquor every 15 minutes.

For more information, call 1-320-396-4956 or go click here to go to the Pie Day website.

Information provided to you by Angie Gerhardson, Personal Mortgage Consultant with Homestead Mortgage Corporation. To get mortgage information or view my mortgage calculator, please click here.

Legislation changes in MN for mortgages effective August 1st, 2007

2007-07-19T12:59:09Z

Effective August 1, 2007, three anti-predatory legislative bills (H.F. 1004, S.F. 988, and S.F. 2096) enact changes designed to curb home foreclosures and mortgage lending fraud.

Many Minnesota lenders are taking a conservative approach by choosing, at least for now, to purchase only full documentation loans. Others are stating that "no income, verified assets" will be acceptable. However, all lenders are wanting to see that we have established a borrower's "reasonable ability to repay the loan."

As we move closer to the August 1 effective date, more investors are issuing statements describing their position on the effect of the legislation. While most of the focus is on stated income loans, the legislation also affects ARMS, Option ARMS, temporary buydowns, and interest-only programs.

Moving into the change, there is alot of confusion about what will work and what won't. We will be receiving clarification from lenders as we get closer.

How do we establish "reasonable ability to repay the loan?"

Reserves - Are there substantial reserves sufficient to cover payments?
Payment Shock - Is the new payment less than or equal to the previous payment, or doesn't represent a substanial increase?
Debt consolidation - Is the borrower's overall debt payment reduced?
Credit Score
Job Stability
Loan-To-Value
Access to other "non-usable" sources of income that can be documented, but cannot be included in the file income: Non-purchasing spousal income, roommate income, etc....

Net Tangible Benefit

The new legislation als requires that, on a refinance, there is a Net Tangible Benefit to the borrower. There will be a Tangible Benefit Worksheet (Anti-Predatory Lending Disclosure) provided to determine the benefit of a refinance.

Other pieces of the new legislation:

5% limit on financed "lender fees" for non-FHA and VA loans to include fees paid by the Lender to the Broker, including yield spread premiums and service release premiums.
Prohibits negative amortization features in residential mortgage loans other than Reverse Mortgages.
ARMS must be underwritten at fully indexed rate (index plus margin). For Home Equity lines of credit, qualification will utilize the Prime Rate and the margin at the time the mortgage loan is underwritten with the borrower.
All loans where there is an interest-only component must be underwritten using the full principal and interest payment.
All loans with a temporary buydown feature must be underwritten at the note rate.

I'm sure there will be updates to this information as the law goes into effect. I'll keep my eye out and make sure to report on it as soon as I can.

Information provided to you by Angie Gerhardson, Personal Mortgage Consultant with Homestead Mortgage Corporation. To get mortgage information or view my mortgage calculator, please click here.

A First Time Homebuyer's Step-by-step Guide for a Mortgage

2007-07-18T11:30:38Z

Buying a home is a BIG step! This step-by-step question and answer guide should give you the information you need to get started on your way to being a First Time Homebuyer.

Why Buy instead of Rent? Buying a home can be a wise investment. Typically, even in a down market, homes increase in value over time. You can build ownership interest - this is known as equity. Another benefit to owning vs. renting is that the interest you pay on a home mortgage is typically tax deductible.

Beginning is as Easy as 1-2-3!

Apply for a mortgage pre-approval.
Put together a personal "home team" of experts: An experienced real estate agent or builder and a knowledgeable loan officer.
Learn more about the home buying process and ask yourself some key questions.

How much home can I afford? To determine your maximum mortgage amount, lenders look at: Your Credit History, Available Cash for Down Payment and Closing Costs, Your Income, and Your Existing Debt and Financial Obligations. Your maximum mortgage amount plus your planned Down Payment equals your Home Purchase Price Range. Lenders use a debt-to-income ratio to determine the loan amount for which you may qualify. Once you know your maximum mortgage amount, it is up to you to determine if it is right for you.

How important is my credit? A history of paying monthly payments on time indicates that you are likely to make mortgage payments on time. Your credit score (FICO Score) can be a factor in the kind of mortgage program for which you may qualify. Your credit history can also affect the amount required for a down payment, the amount of money you can borrow in relation to your income, or the interest rate you are offered. If you haven't already, obtain a copy of your credit report.

To Establish or Improve your Credit Rating: Use credit to purchase low priced items. Make a few prompt, minimum payments....then pay off the balance. Try to pay off outstanding loans or credit card debt. Consider closing some credit card accounts. However, always keep the "oldest" credit account open even if you don't use it. This will help when the credit companies determine your credit history. If you have NO established credit history, or less-than-perfect credit, there are loan programs that can help you buy a home.

How much do I need for a Down Payment? Today's flexible mortgage programs make down payments less of a challenge. Some homebuyers may be eligible for down payment assistance. You may be able to buy a home with low or no down payment. Loans with down payments of 20% or less will require mortgage insurance. Most programs also require funds of 1-2 month's loan payments in reserve after loan closing.

What about closing costs? Generally, closing costs equal between 3% to 6% of the home purchase price. "Prepaids" must be collected at closing to cover the future month's taxes, interest and insurance. Most loan programs allow you to finance your other closing costs. Some programs allow all or partial closing costs to be paid by home sellers or other sources.

What does my mortgage payment include? Usually, your mortgage payment is made up of four amounts - often referred to as PITI: Principal, Interest, Taxes and Insurance. Certain funds may be held in an escrow account pay tax and insurance bills as they come due.

Which type of loan is right for me? By working with an experienced mortgage specialist, together you can select a program that best suits your needs and financial goals. There are a wide range of loan products on the market today including: Government loans (FHA & VA), Conventional Loans, and new Flexible mortgage programs.

What can I expect at application? Give yourself the advantage. Apply for a loan pre-approval before beginning your home search. You may be asked to provide documents or letters that verify any income you want to use for loan qualification. You will confirm your down payment and closing cost amounts in bank accounts or other asset accounts. Your mortgage consultant should go through your credit report with you to make sure all items showing up are being reported correctly.

What comes next? After application, your mortgage consultant will keep in contact with you to let you know how the process is moving along or if there is additional information required for approval. Your file will then go through processing, underwriting, and then to closing. Your mortgage consultant should call you before closing to go over the final costs and funds required to close, if any.

Now you are Ready! You can now approach your first home purchase as an educated consumer. Talk to your mortgage lender about key points: Pre-approval programs, a copy of your credit report, down payment and closing cost options, interest rate, and mortgage program offerings. Listen carefully to answers. They'll help you choose the program that is right for you, your needs, and your goals.

Information provided to you by Angie Gerhardson, Personal Mortgage Consultant with Homestead Mortgage Corporation. To get mortgage information or view my mortgage calculator, please click here.

Get it out of Your Head!

2007-07-17T15:02:08Z

When was the last time you cleared your mind? Wouldn't it be nice to process one thought at a time and get rid of all of the unnecessary pressure and stress these multiple thoughts put on us?

A little less than a year ago, many employees from our company got together to have a business planning and "brainstorming" session. The following is something that I learned from our conversations.

Apparently, having too much on your mind takes up 'psychic RAM' space which bogs you down and gives you that stress we were talking about earlier. The cure: Write it down! Everything! Little, big, personal, professional, urgent, not urgent, harebrained, not-sure-what-to-do-with-it, anything!!!

Your mind is for having ideas to begin with - it does that really well. It also reviews and analyzes data. However, it is not for storing and organizing the data. Your head has limited room and it's a crappy office! Your mind is not designed to hang onto things and remind you. It does a lousy job of it, as a matter of fact. Your mind can accumulate up to only about ten discrete items before it loses perspective on all of them.

Another problem is that things stored in your head, especially commitments to do things, operate without a sense of past or future. That means as soon as you tell yourself to do something ("call Mom", "Mow the lawn", "Fax that appraisal order", etc.), there is a part of you that thinks you should be doing it all, all of the time. (That's me!)

So, as soon as you file two things in your mind, you create instant stress and failure, because a part of you is trying to get them both done right now, and it can't do that. That's why people are so easily distracted and can find it hard to focus.

The more sophisticated you get in life, the more you will have ideas that can't be implemented where you have the idea. You'll be buying bread in the store, thinking of something to talk to one of your clients about. And you'll be talking to a client and remember you need bread. So, if you want bread to happen where bread is, and you want the information for your client to be when you are with your client, you must capture the thought the moment you have it.

That means keeping notepads, pens, and in-baskets in appropriate places around your life and work, and using them to collect whatever you are thinking about that might have usefulness past the moment.

Capturing all the things we have on our mind in some external form is absolutely critical for clarity and peace of mind.

I don't know about you, but I keep a notebook with me at all times in my office and also keep a pop-up post it dispenser handy for the quick notes. I try to write down everything I can, when I can, but I still need to work on getting all of my thoughts out when I have them. I manage to hold alot of information up there and it shows in my stress level. Just ask my husband.

So, the challenge to all of you is to "Get it out of your Head!" Try to write everything down when you think of it and make use of that note at the appropriate moment. I will work right along side of you. If there is anything we can do to make our lives a bit easier, it's worth a shot!

Information provided to you by Angie Gerhardson, Personal Mortgage Consultant with Homestead Mortgage Corporation. To get mortgage information or view my mortgage calculator, please click here.

It's never too late to write a Business Plan

2007-07-16T16:59:39Z

For those of you who are alot like me, right now you are realizing that you should probably pull out that business plan you wrote back in January. I'm sure that if I did, I'd find a few things that I have forgotten to do so far and I've made it half way through the year.

But, like I said, it's never too late to start on it now. If you haven't written one yet this year, get on it!! If you have absolutely no idea where to begin, that's where I come in today.

Step 1: Know your numbers! Know what you intend to acheive (income-wise). Know your average commission level. Divide the two out to come up with your number of loans required for the year. From here, you will be able to figure out how many loans you must close monthly, weekly, etc. Then, determine how many loan applications and contacts you need to make per week in order to make that goal happen.

Step 2: Determine at least three different sources of business that you will work to either maintain or make better. From there, decide what things you will begin to do or continue to do Annually, Monthly, Weekly, Daily, and on an Ongoing basis to make this happen.

Step 3: Make sure you have a General Marketing Plan which includes all of your general marketing such as business cards, flyers, postcards, etc.... Determine how you would like to portray your image in each of these marketing pieces.

Step 4: Put it all in writing!

Step 5: Review - I think we are all guilty of writing down our goals and filing them away never to be seen again. We all need to remind each other to review these goals on a weekly basis to make sure we hold ourselves accountable.

Step 6: Just Do It!!

I know that it isn't easy to just take time out to do this, but from experience, when your thoughts and goals are put to paper, it makes it much harder for you to fail. Success is the key in our business. So, let's take some time and either review our business plans or get to writing one. Make our goals and stick to them!

Angie Gerhardson, Personal Mortgage Consultant with Homestead Mortgage Corporation.

Isanti County is turning 150 years old......what an accomplishment!

2007-07-16T11:10:03Z

Let's Remember Isanti County on it's 150th Birthday!

Look at the way things have changed. 150 years ago, the roads weren't paved, the automobiles weren't affordable, indoor plumbing was hard to come by, and nobody even knew the word "technology". It is a big deal to see how far we've come and we need to take a look at the people and events that helped shape the way of living that we now enjoy.

We should celebrate the progress that has been made!

Isanti County's 150 years can now be commemorated in a few ways. Have you seen the new tee shirts that are for sale? They say, "We have a lot of dirt in our past" on the front, and the great 150th logo on the back.

They are available through the internet or at the Isanti County Historical Society Heritage Center, at City Center Market, Isanti County Equipment, Community Pride Bank, and John's Garden Center in Stanchfield. Get caught wearing one of these tee shirts in public by one of the historical society board members, and you could win $150.00 cash, or numerous other prizes donated by Isanti County individuals and businesses. Also for sale are commemorative coffee mugs with the 150th logo. Mugs are for sale at Anderson Drug and at Cafe Caffeine. They are a terrific souvenir or memento, and would make a great gift.

More commemorative items are coming soon, namely baseball caps and books. A book about Isanti County's 150 years is nearing completion that noted local author Marilyn McGriff is writing and editing. Advance book sales will begin in June, with the completed book available in the fall.

150 years is quite a landmark, and we need to celebrate and commemorate it. We hope you will show your pride in Isanti County by purchasing these items. Profits from the sales will go toward the Fall Isanti County Sesquicentennial Celebration to be held at the ICHS Heritage Center.

More information will be available soon about the events that will be happening during the sesquicentennial celebration.

Information provided to you by Angie Gerhardson, Personal Mortgage Consultant with Homestead Mortgage Corporation. To get mortgage information or view my mortgage calculator, please click here.

I have gathered this information from the local newspapers and sources at the Isanti County Historical Society.

Step Up! A Community Leadership Program Serving Isanti County

2007-07-09T10:56:53Z

Take the Next Step into Community Leadership and Career Development.

Participants are sought for a new class of individuals who want to improve their leadership skills for business and volunteer opportunities. The hope of this Community Leadership Involvement Program (Step Up!) is to form a strong base of people in our community who want to be involved in ways ranging from greater involvement in your community, civic organizations, government, and church to improving skills on your job. Some may not see themselves as leaders or as having leadership potential. However, there are many leadership roles and styles. The focus is to equip people from all walks of life to participate more effectively in community leadership and problem solving.

For those in the Isanti County (Cambridge, Braham, Isanti, Stanchfield, Harris, Dalbo, etc...) who are interested in professional development and civic involvement, we invite you to apply. A Leadership Planning Group, stemming from the first group of participants, is planning to offer this program to a new group of participants for 2008. This training program is being launched for those who live and/or work in Isanti County. The six session training program will be held on the second Tuesday of each month from January through June, 2008. Each session will begin at 8:30 am and have a 4-hour training program followed by a lunch where the participants will be exposed to different community civic involvement opportunities ranging from government to health care. This class will feature a retreat in the second session which will take place on Friday through Saturday (February 8-9) at the Best Western Kelly Inn in St. Cloud, MN.

The cost for this program is $295 per participant. It is anticipated that most participants will be sponsored by their employer or an organization in the community. However, for those who are not and need financial assistance, there will be a limited number of scholarships available.

Those interested in finding out more can call Angie Gerhardson at 763-245-6150. Brochures are located at Cambridge, Braham, and Isanti City Halls, Homestead Mortgage Corporation in Cambridge, New Hope Community Church office, and at the Cambridge Area Chamber of Commerce. The applications are due no later than October 31st, 2007.

Now is your chance to Step Up!

Information provided to you by Angie Gerhardson, Personal Mortgage Consultant with Homestead Mortgage Corp.

Single family moratorium for Cambridge, MN?

2007-07-06T16:06:30Z

What good will this do?

Some local realtors in Cambridge, Minnesota are asking the city for a temporary halt on building new single family homes. One realtor feels that a moratorium on large developments would decrease housing inventories, thus result in higher home values and benefit all home owners.

Has the city done a demographic study to determine housing need in Cambridge? Has consideration been given to determine the effect of too much housing inventory (which results in lower home values)? Has consideration been given to how the real estate market will be or has been affected by new developments?

One local realtor states "Anyone who has tried to sell a home within the last three years has felt the negative impact of too much housing inventory."

The Cambridge City Administrator says "there are no legal grounds for a moratorium on single family homes at this time." Another council member said that "we don't have a legitimate reason to impose a moratorium" and another added "It would be difficult to find legal resoning for a moratorium."

In response to the information requested on whether we should adopt a single family housing moratorium, research staffer Alexis Stangl of the League of Minnesota Cities said that "It seems that you are considering a moratorium on single family homes at the request of area realtors," a private business. "First, a moratorium can only be enacted for the valid purpose of protecting city planning and for the health, safety and welfare of it's citizens. Second, basing a moratorium on the request from a private business may raise the concern that the decision to enact a moratorium was arbitrary or was enacted to limit certain projects that were in the planning stages. In other words, the city should not enact a moratorium that addresses purely private interests or appears to address only private interests. ...ou need to carefully consider whether there is a valid reason for enacting the moratorium and what purpose the moratorium would accomplish.

The council has agreed to revisit the issue during the September 17th meeting.

Information provided to you by Angie Gerhardson, Personal Mortgage Consultant with Homestead Mortgage Corp.

We also offer a FREE Mortgage Calculator for all of your financing questions.

Isanti Firefighters Rodeo and Jubilee Days - 31st Annual

2007-07-03T14:35:14Z

And.....Again, it's time for the Isanti Firefighter's PRCA Rodeo and Isanti Jubilee Days!

With a couple schedule changes, this year's Rodeo should shape up to be a great show for area fans. Jubilee Days kicks off on Thursday July 5th with a Rodeo "Slack" Performance beginning at 2pm which is for the overflow riders who want to take a shot at the purse money but won't be riding in any of the three performances.
This is followed by a pig and turkey roast out at the Rodeo Grounds. The first performance will then be 6:30 p.m. Friday, July 6 at the Isanti Rodeo Grounds, followed by a Chase Roberts concert and fireworks. This year, they have added a 1:30pm performance on Saturday, July 7th - a "family day" draw, where Viking Coca-Cola will be giving away many great prizes for kids 12 and under. The last show, beginning at 6:30pm on Saturday will be followed by a concert by the Killer Hayseed and another spectacular fireworks display. Also, on Saturday night, K102-FM deejay Chris Carr will be hosting a trivia contest for adults with many prizes to give away. There will be no Sunday afternoon Isanti performance this year (different from the past many years). Many of the town's businesses and sponsors are kicking in by offering specials and fun and games at their locations. This is an event that you shouldn't miss. Bring the family and come enjoy some food, fun, and entertainment.

Here is a quick schedule of events:

Thursday, July 5

2 p.m.-?? Rodeo "Slack" Performance

3:00 p.m. Isanti Area Chamber of Commerce 24th Annual Pig & Turkey Roast. Prepared by Isanti Custom Meats. Location: Rodeo Grounds. Tickets: Adults $6.00 advanced, $6.50 at gate.; Children: (Under 12) $2.50 advanced, $3.00 at the gate. Live music by: Angie Senger, 3-5 p.m.

4-7 p.m. Game World Inflatable Games on Main Street

Preceding Parade Fly Over by T-6 Thunder - Sponsored by Strike Funeral Homes

6:30 p.m. Isanti Rodeo/Jubilee Days Parade - Grand Marshal: Isanti VFW Post 2735

5:30 until Parade Live Music by Angie Senger - 30 W. Main

5-10 p.m. Pie & Ice Cream at Faith Lutheran Church

Friday, July 6

11 a.m.-2 p.m. Community Picnic sponsored by Community Pride Bank - Food, Music & Fun - 905 6th Ave. Ct. NE, Isanti - Across from Isanti County Equipment 6:30 p.m. PRCA Rodeo Performance Followed by a dance at the rodeo grounds featuring:"Chase Roberts Band"

Dusk Fireworks Display at Rodeo Grounds Sponsored by: Isanti Lions, Isanti Fire Department Rodeo Association & East Central Sanitation - Special thanks to John Wojack for organizing this event.

Saturday, July 7
7:30 a.m.                          Registration for Fitness Run/Walk - 30 W. Main Street
8:00 a.m.                          5 mile & 2 mile Fitness Run/Walk -30 W. Main Street, - sponsored by Isanti Co. Active Living
9:00 a.m.                          Isanti V.F.W. Horseshoe Tourney - Backyard

9:00 a.m. Sign up for Turtle Race - Community Center

10:00 a.m. Turtle Race - Sponsored by Isanti Lions - No Blandings Turtles allowed to race. - Community Center

10:00 a.m. Isanti Lions Corn Feed - Community Center

10 a.m.-2 p.m.                   Dunk Tank - Featuring Community Leaders - Your chance to soak your "favorite official" & raise money for the Isanti Ambassador Program
10 a.m.-3 p.m.                    Bingo - Community Center - Sponsored by Landmark Community Bank
10 a.m.-3 p.m.                    Pie Social - Faith Lutheran - Sponsored by Faith Lutheran
Kids Activities - Heritage Corral
Main Street
10 a.m.-3 p.m.                     Game World Inflatable Games 10 a.m.-1 p.m.                     FREE Kiddie Games (Prizes) 10 a.m.-2 p.m.                     FREE Al the Cartoonist 10:15 a.m.                           Kiddie Parade Registration & Judging - Isanti VFW - Adult must register all children. No motorized vehicles. No large animals
10:15 a.m.-1 p.m.                 FREE Pony Rides
10:30 a.m.                           "Zoo to You" Live Animal Presentation featuring Bugs, Reptiles & Mammals
11:00 a.m.                            Kiddie Parade - Isanti VFW. Awards given to best entries. - Sponsored by Isanti V.F.W. Auxiliary. 11-3:00 p.m.                         Wellness Screening - Community Center - FREE health screening. - Sponsored by Isanti Lions.
11:15 a.m.                            Royal Box Lunch Auction - Main & 1st Avenue - 2006 Isanti Ambassadors & 2007 Ambassador Candidates with Col. Lyle Bostrom, Auctioneer.

12:30 p.m. Line-up for Outhouse Races - Main & 1st Avenue

1:00 p.m. PRCA Afternoon Rodeo Performance

1:00 p.m. Isanti V.F.W. Classic Horseshoe Tourney

2:00 p.m. 18th Annual Outhouse Races - Main St. & 1st Ave.

6:30 p.m. PRCA Rodeo Performance - Followed by dance featuring: "Killer Hayseeds"

Dusk Fireworks Display at Rodeo Grounds - Sponsored by: Isanti Lions, Isanti Fire Department Rodeo Association, & East Central Sanitation.

It's Rodeo Time! Hope to see many people there!

Information courtesy of Angie Gerhardson, Personal Mortgage Consultant for Homestead Mortgage Corp.

The Art of Asking for Business...Is there a right way?

2007-06-27T11:33:42Z

So, here I am...8 years in the business of being a mortgage loan officer. To this day, I continue to visit real estate offices in hopes that there is at least one realtor there for me to chat with. On the good days I can find 2 or 3 (if I'm lucky). Now, I'm also lucky to be in the Cambridge area where it's a little more laid back and I can actually make it past the front desk.

We start up the "How are you....Good....How 'bout you?" conversation and get the generals out of the way. Some people will have time for a 20 second chat and others a 45 minute life story. But, then there comes the point where I need to "ask for the business." Now, after 8 years, this is still the hard part for me. I feel like I've been asking the same question the same way forever.

The question is: What can I do differently? I mean, if I am sick of doing the same old thing, I'm sure the agents have gotten me figured out by now. I need a new approach! Are there any loan officers out there who have some tips for me? Or any realtors who can tell me how they'd like to be asked?

Is there a right way to ask for business? I'm not necessarily asking for business per say, just asking for a business relationship where I can prove my worth so that they want to send their clients to me. I mean, I know I do a great job, but it's getting the agent to know it, which is the hard part, when I first have to get a referral.

Comments are VERY welcome!!!