Brad Troendle's Blog

3.75% 30 Year Fixed with 1.75% of sales price back as Lender Credit - FOR REAL

Brad Troendle (PNC Mortgage, a Division of PNC Bank) — Sun, 19 Feb 2012 17:06:21 -0800

Happy Sunday ARC!

I just realized our rates on loans $417,001 to $625,500 (super conforming - high balance areas) combined with my purchase special can offer your clients a huge credit towards their closing costs.

Loans above $417,000 and below$625,500

3.75% 30 Year Fixed with lender credit of 1.75% of the sales price
3.25% 15 Year Fixed with lender credit of 1.875% of the sales price

Example: $800,000 purchase, $625,500 loan amount, 3.75% 30 year fixed, with $10,946.25 lender credit
Example 2: $800,000 purchase,$625,500 loan amount, 3.25% 15 year fixed, with $11,728.12 lender credit
*Not sure how long the purchase special will last. Special only is valid on fixed products.
*We offer the 80-10-10 product (10% downno PMI) so you can keep your first at $625,500 and bring the rest out (up to 90% CLTV) on a line of credit or fixed 2nd.

Loans above $625,500 to 3+ million

30 Year Fixed 4.375% no points
15 Year Fixed 3.75% no points

10 Year Arm    3.625% no points
7 Year Arm    3.375% no points
5 Year Arm    3.000% no points

*20% Down to 1.5 million, 25% down above
*Primary Residence and Second Home
*Condo and COOP included

*Rates, products, purchase incentive are subject to change at any time.

Happy hunting!

Brad

Turquoise Place Condos - Financing Now Available

Brad Troendle (PNC Mortgage, a Division of PNC Bank) — Mon, 06 Feb 2012 15:38:00 -0800

Turquoise Place Condos

Turquoise Place Condos is a large, upscale condo developement located near the resort towns of Orange Beach and Gulf Shores in beautiful coastal Alabama. Turquoise Place Condos sits on prime beach front real estate on the highly sought-after Perdido Beach peninsula. Turquoise Place Condos offers a whole new level of luxury condo living. Its twin turquoise glass towers soar over 25 stories, providing million-dollar views of those white, sandy beaches and aqua blue waters for which the Gulf of Mexico is known.

Financing NOW Available

Turquoise Place Condos now has a financing option available that was not traditionally available in the the past. PNC Mortgage is very excited to offer our Jumbo mortgage product to those interested in buying a unit at Turquoise Place Condos. Our Jumbo product opens doors for middle class buyers who might not be able to pay cash for a purchase of this nature.

To make your dream of buying at Turquoise Place Condos a reality, PNC offers traditional financing, with your choice of a 30-Year Fixed, 30-Year Fixed-Interest Only, 15-Year Fixed, and a 5-Year Arm. And for those of you eager to own a slice of paradise at Turquoise Place Condos, PNC requires a down payment of only 25%! Call me today for that beach front property you've always dreamed of owning!

Please contact Brad Troendle to apply or get preapproved to purchase at Turquoise Place Condos

Rates are so good...

Brad Troendle (PNC Mortgage, a Division of PNC Bank) — Wed, 25 Jan 2012 19:05:52 -0800

Hey there...I was perusing the rates for Washington DC and other areas allowing Conforming loans to $625,500, and realized our rates are much better above $417,000 than below. Weird! ;0) I guess the bank wants larger loans. So I thought I would share with the AR community if you have any real shoppers out there;

Super Conforming Rates

30 Year Fixed - 3.75% with 1/2% credit to customer

15 Year Fixed - 3.25% with 1% credit to customer

10 Year Arm - 3% Zero Points

7 Year Arm - 2.75% Zero Points

5 Year Arm - 2.375% Zero Points

*All ARMs available interest only

*Rates are subject to change without notice. (I have to say that)

For those in areas were the conforming rate is capped at $417,000, not to worry as our Jumbo Portfolio rates are great as well;

Rates on our Jumbo Financing

30 Year Fixed 4.25%
30 Year Fixed IO 4.5%
15 Year Fixed 3.625%

10 Year Arm 3.5%
10 Year IO Arm 3.75%
7 Year Arm 3.125%
7 Year IO Arm 3.375%
5 Year Arm 2.75%
5 Year IO Arm 3%
*All quotes are subject to change base on secondary market pricing adjustments
**All quotes are ZERO point quotes and come with a $700.00 PNC Origination Fee.

Happy Selling!

Brad

80-10-10 Mortgage

Brad Troendle (PNC Mortgage, a Division of PNC Bank) — Mon, 23 Jan 2012 11:27:27 -0800

The 80 10 10 Mortgage

The 80 10 10 Mortgage is the best mortgage in the industry for buyers who can put 10% down, since this product has the least expensive total mortgage payment given the lack of mortgage insurance. Most banks that do not offer the 80 10 10 Mortgage charge the customer several hundred dollars a month in insurance if the customers down payment is less the 20%.

The Details of the 80 10 10 Mortgage

The 80 10 10 Mortgage is quite simple. We split the need for 90% financing into two loans, one for 80% and one for 10%. Since the first trust loan is at or below 80%, no insurance is required. What type of loans are they you ask? Good question! Think of each loan as two separate structures. The first trust loan for 80% is just like any other mortgage. You can choose a Fixed (30, 20, 15, or 10 Year) or Adjustable Rate Mortgage (aka ARM) for the first mortgage. You can choose a Fixed or a Line of Credit for the 10% portion.

Here is an example of how the 80 10 10 Mortgage can save you hundreds. The example is based on a $600,000 sales price and only includes the loan payment (no home owners insurance or taxes) for comparison purposes.

*I know the above picture is hard to read, but it was necessary to provide enough information for the reader to make a sound decision based on comparing a straight 90% loan with PMI to our 80-10-10 Mortgage.

Other Benefits of the 80 10 10 Mortgage

Tax Deductible - The interest from both loans on the 80 10 10 Mortgage are tax deductible, unlike using one loan with mortgage insurance, which is only tax deductible up to an income of $109,000.

HELOC is revolving - Should you choose the Line of Credit versus the fixed rate 2nd loan on the 80 10 10 Mortgage, you can use it as a cash flow tool. In the example above, the HELOC loan amount is $60,000 with a payment of $215.26. Should you have the ability to pay the balace from $60,000 to $30,000, your payment would reduce to $107.63 the next month after the paydown. Since the HELOC is revolving just like a credit card, you have access to the funds up to the original credit limit, in this case $60,000. Those who pay their taxes quartly, can do so through accessing the available credit up to the limit, and the interest on the HELOC is still tax deductible.

Avoid Jumbo Rates - The 80 10 10 Mortgage allows a borrower to keep the first trust mortgage conforming at $417,000 or $625,000 (in high cost states) using a comination 80 10 10 mortgage to avoid bank held jumbo rates and restrictive Jumbo guidelines. In the Washington, DC metro area, our maximum first trust is $625,500, if you want to take advantage of lower conforming rates. You can use our fixed second trust loan or line of credit second trust loan to fund an additional $500,000. Therefore, you can put 10% down on a purchase price of $1,250,000 and pay no PMI!

Call me direct at 202.997.4411 or Brad.Troendle@PNC.com for more information or to apply for the 80 10 10 Mortgage.

HARP NOW TO 125% Loan To Value - See if you qualify!!!

Brad Troendle (PNC Mortgage, a Division of PNC Bank) — Mon, 21 Sep 2009 15:20:48 -0700

Home Affordable Refinance Program Now To 125% LTV.

If you have a consistent history of paying your existing

mortgage on time, but have had challenges refinancing due

to market conditions, then you may be able to take advantage

of a lower mortgage rate or payment through this program.

Am I eligible for a Home Affordable Refinance?

Refer to the checklist below for eligibility requirements;

I am current on my mortgage.
My property is a single-family dwelling or a 2-4 unit attached dwelling.
This is my primary residence, second home or an investment property.
I have income to support new monthly payments.
I can obtain a lower interest rate, a lower monthly payment or a more stable loan product (e.g., switching from an adjustable rate to a fixed rate) by refinancing.
I understand my new loan amount cannot exceed 105% of the value of the home.
I understand that conforming loan limits apply.
My loan is owned by Fannie Mae or Freddie Mac.

To find out more about the Home Affordable

Refinance program - or to discuss other home

financing opportunities, call me today!

Brad Troendle

202-997-4411

Brad.Troendle@WellsFargo.com

Home renovations on sale!

Brad Troendle (PNC Mortgage, a Division of PNC Bank) — Mon, 21 Sep 2009 10:59:50 -0700

Excellent article by Money Magazines senior writer, Donna Rosato! Check it out.

Materials costs are plunging, and contractors are begging for work. Suddenly that long-postponed remodel is looking like a smart idea.

By Donna Rosato, Money Magazine senior writer Last Updated: December 8, 2008: 3:29 PM ET

(Money Magazine) -- If you're struggling to see a silver lining in the beaten-down real estate market, consider this one: It may be a rotten moment to sell your house, but if you've postponed a much needed renovation project on your home - replacing a rotting deck, repairing a leaky roof or updating an antiquated bathroom - now just might be the best time in years to tackle that task.

The reason: Costs are starting to drop - in some cases, sharply - on everything from building materials to contractors' fees as the economy weakens and housing prices tumble.

In fact, consumer spending on home improvements is off by 12% since peaking last year, according to Harvard's Joint Center for Housing Studies - and that works to the advantage of anyone willing and able to remodel now.

"It's hard for homeowners to think about spending on their houses when real estate values are falling," says Kermit Baker, a senior research fellow at Harvard who tracks remodeling trends. "But with contractors hungrier for business, you'll be able to negotiate better prices, win other concessions and hire better-quality contractors than you could a year or two ago."

Overall, experts say, you can expect to save at least 10% on the cost of a renovation and possibly a lot more, depending on where you live and the project you choose. And if prices on many remodeling materials continue to decline as projected over the next few months, the cost of home improvements should fall even further.

Yet another benefit: Putting money into needed repairs and updates now should help your home maintain its value even as other house prices keep falling.

Of course, not all renovations are created equal. Adding a home office or a swimming pool might be on your wish list, but these days neither is likely to give you much of a return on your investment.

With home prices still in a free fall, it's more critical than ever to understand which projects will return the most on your investment and how to negotiate the best deal with the pros you hire to do the job. The following strategies should help.

Cherry-pick your project

Understand this from the outset: No matter what kind of repair or renovation you undertake, you can't count on the payback you'd have gotten a few years ago when home prices were rising steadily.

According to a new study by Remodeling magazine, these days you can expect to recoup about two-thirds of your costs on a typical home improvement if you sell your home within a year after completing the job, compared with 87% in 2005, when home values were at their peak.

That means you have to be especially careful in choosing which jobs to do, considering the urgency of the need (if that roof is leaking, you really have to fix it now) as well as what you'll pay in material costs, how much of the total bill you may recover and any extra benefits you may get.

To the extent you have a choice, focus on projects with better-than-average returns that may yield additional savings in other ways. For example, installing new windows will cost $10,000 to $20,000 on average but return 75% to 80% of your investment (see "Payback time" above and to the right for the six projects with the best return).

And those improvements have the added benefit of making your home more energy-efficient, so you'll also save on your electricity and heating bills. Plus, you may qualify for tax credits that will further offset the cost of making the changes. A host of home improvement tax credits for windows, doors, insulation and roofing were added or extended in the recent bailout bill; for the complete list, go to energystar.gov.

Some exterior improvements also make a lot of sense right now thanks to sharply lower oil prices. That's because many petroleum-based products, such as asphalt and vinyl, are the core material in these renovations.

The costs of these products had soared recently along with the price of oil but have started to drop, making this the best time in a while to replace your aging roof, repave your driveway or redo your vinyl siding. (See "Building blocks at a discount" above and to the right for a look at recent price changes in key remodeling materials.)

Also think about limiting the scope of the project, since minor upgrades rather than major additions give you more bang for your buck today. For instance, if you modernize your bathroom, you can expect to recover about 75% of what you spent, but adding an entirely new bathroom will pay back only 64% of the cost of the job.

Press for a price break...

These days you'll find a glut of construction professionals vying for your business - a far cry from the situation a few years ago when it was impossible to get a reputable contractor to return your call and a six-month wait to start a kitchen remodel was the norm.

How low can you ask remodeling pros to go? According to a new survey by the contractor referral site Angie's List, 70% of home builders and remodelers are willing to drop prices at least 10%, and 30% say they'll give even steeper discounts.

"There's a larger pool of professionals fighting for these jobs, so a little negotiation may go a long way to get the best possible price for your project," says Angie Hicks, founder of Angie's List, which charges a monthly fee of $6 for access to customer reviews and references.

You'll have the most leverage in the areas that have been hit hardest by the housing slump. But no matter where you live, you should be able to strike a bargain (for tips, see "Hiring a Contractor" above and to the right).

Get bids from at least three remodelers, and insist that their quotes spell out all costs, including labor as well as materials (brand-name products where possible).

Let each pro know up front that you are comparison shopping and that price, in addition to quality craftsmanship, will play a key role in deciding whom you will work with. With the bids in hand, you can then compare prices and start negotiating.

Shopping around really paid off for Nancy Boris, who saved $2,800 on the cost of replacing the back patio of her 2,400-square-foot, three-bedroom home in Roseville, Calif.

Boris, a nurse case manager, got bids ranging from $2,400 (from a contractor who didn't have insurance or references) to $5,800. The highest bidder eventually came down $2,000 in price to $3,800, but Boris ended up going with a pro who had better references for $3,000.

...but be wary of super-low bids

As Boris discovered, it doesn't always pay to just reflexively choose the contractor who comes in with the lowest quote.

In their eagerness (or perhaps desperation) to win business in these tight economic times, some less than scrupulous remodelers may cut corners to come up with that low bid or else leave off charges that they may tack on later, making the actual cost of the project higher than it seemed initially.

Carefully scrutinize any bid that comes in significantly lower than the rest. Ask the contractor, politely but point-blank, how he manages to undercut his competition.

Does he have a general liability policy and workers' compensation? If not, should one of the crew get injured on your property, you'll be liable. Is he using low-quality materials? Is everything you need to get the job done included in the bid?

Then follow up by asking for references from previous clients and checking out his reputation and work history. To do so, go to contractorcheck.com, where for a fee of $13 you can get information about licensing and insurance as well as any legal actions taken. Sites like ContractorsFromHell.com and AngiesList.com can also provide valuable insights.

Wring out extra concessions

In addition to price breaks, ask for other perks while you're negotiating, like a faster completion or a more convenient schedule for work to be done, advises Sal Alfano, editorial director of Remodeling.

Remember, homeowners nowadays are in the driver's seat. "With contractors working on fewer projects, you can expect better service," he says. "Even if in the end you don't get a significantly better price on your project, you should at least get better work done."

How layoff-proof are you? We want to know what moves you're making now or have made in past downturns to keep your job. Did you step up and take on additional responsibilities? Or agree to a pay cut? Solve a critical problem for your boss? Or make yourself indispensable in some way? Send us your photos and videos and share your strategies that are keeping you off the unemployment line.

Home Renovation Costs Can Be Rolled Into Mortgage

Brad Troendle (PNC Mortgage, a Division of PNC Bank) — Mon, 21 Sep 2009 09:42:24 -0700

Home remodeling projects come in all shapes and sizes: from updating a kitchen to give it a fresh look to an extensive gut and rebuild of an entire house.

The nationwide housing boom of the past few years has extended beyond the initial purchase of a house. People are putting money into their homes to improve comfort, safety and protect their initial investment.

Brad Troendle, a Wells Fargo Certified Renovation Specialist in Washington, DC Metro Area, said there's always a need for basic home improvements because of the aging U.S. housing stock.

"And, when it comes to purchasing a home, renovation loans give buyers options when it comes to considering houses that aren't perfect," he said. "At an average age of more than 35 years, the nation's housing stock is in need of improvements and repair, so there is demand for mortgage products that address the needs of buyers who are looking at homes that need TLC."

The Federal Housing Administration's (FHA) Streamlined 203(k) is one of the more popular renovation loan programs. The loan is generally used to update or improve a house or condominium needing essential repairs such as new wiring, plumbing, or roof replacement.

Other renovation programs can offer higher loan limits, and the loans would allow for financing luxury items such as swimming pools and sun rooms.

"Renovation loans are great tools for homeowners and important for community revitalization," Brad Troendle said. "Investing in a home contributes to the financial well-being of a community because the homeowners are preventing older homes from deteriorating and falling out of the housing stock.

Ten Facts about the First-Time Homebuyer Credit

Brad Troendle (PNC Mortgage, a Division of PNC Bank) — Mon, 21 Sep 2009 08:19:43 -0700

Ten Facts about the First-Time Homebuyer Credit

Many taxpayers who purchase a home this year will qualify for an $8,000 federal tax credit. The refundable first-time homebuyer credit is a major tax provision in the American Recovery and Reinvestment Act of 2009. But time is running out to qualify for this credit.

Here are ten things the IRS wants you to know about the first-time homebuyer credit:

To be considered a first-time homebuyer, you - and your spouse if you are married - must not have jointly or separately owned another principal residence during the three years prior to the date of purchase.
You cannot claim the credit before there is a completed sale and purchase of the residence. The sale and purchase are generally completed at the time of closing on the purchase.
To qualify for the credit, the completed purchase must occur before December 1, 2009.
The home must be located in the United States.
The credit is either 10 percent of the purchase price of the home or $8,000, whichever is less.
The amount of the credit begins to phase out for taxpayers whose modified adjusted gross income is more than $75,000 or $150,000 for joint filers.
The credit is fully refundable. A homebuyer with no taxable income, who qualifies for the credit, may file for the sole purpose of claiming the credit and receive a refund. The credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.
The credit is claimed on IRS Form 5405, First-Time Homebuyers Credit.
Taxpayers can claim the credit for a qualified 2009 purchase on either their 2008 or 2009 tax return. For those who have filed a 2008 return, a Form 1040X, Amended U.S. Individual Income Tax Return can be filed in order to get a refund in 2009.
The credit for qualified 2009 purchases does not have to be repaid, as long as the home remains your main home for 36 months after the purchase date.

Qualified taxpayers who have been considering a main home purchase may find extra incentive from this tax credit to buy now so they can complete the purchase before the December 1 deadline.

For more information on this and other key tax provisions of the Recovery Act visit the official IRS Website at IRS.gov/Recovery.

Links:

First-Time Homebuyer Credit
YouTube Video - First-Time Homebuyer: English | Spanish | ASL
Audio File for Podcast - First-Time Homebuyer Credit 2009: English | Spanish
The American Recovery and Reinvestment Act of 2009: Information Center
Form 5405, First-Time Homebuyer Credit (PDF)
Form 1040X, Amended U.S. Individual Income Tax Return (PDF)

*The above information was directly from the IRS website.

REO Agents - Dont Miss the Boat On Renovation Financing!!!

Brad Troendle (PNC Mortgage, a Division of PNC Bank) — Sun, 26 Jul 2009 17:47:37 -0700

Are you having trouble selling your REO's that need repairs?

Are property appraisals making financing difficult?

Are the cash offers too low for the asset manager to accept?

Partner with a local expert:

Partnering with a local expert is key in renovation finance. You really need your partner to know your market and be able to identify other local experts involved in a purchase using renovation financing. Your renovation finance expert should be well known and be a competitive one stop shop for all mortgage products. Over 20% of my buyers looking to purchase a foreclosure end up switching to a renovation loan. You need that flexibility!

Increase Listings, Increase Revenue:

Take a different approach! Letting a listing sit on the market that needs work is going to get the seller the lowest offering price and thereby decrease your revenue as well. Instead, sell prospects on a homes potential. Most listings that offer renovation financing in the listing remarks, sell for more money and in less time with less headache. Increase your clients net proceeds, and you are sure to increase your listings!

Renovation Products:

FHA 203(k) STREAMLINE: Available for borrowers who plan to occupy the residence, and is intended for repairs up to $35,000. As the name says, this product streamlines the process by not requiring construction plans or a general contractor. FHA 203k Streamline financing is ideal for your "needs update" or "no appliances or counter tops" type foreclosures and short sales where perhaps the previous occupant took everything they can with them. ;0) A buyer can use this product for new appliances, carpet, kitchen and bathroom fixtures, and so on. Think streamline!

FHA 203(k) STANDARD: Best product in town. For purchase or refinance up to $729,750. Use 203k Standard for the larger jobs than the streamline product. The 203k Standard is similar to a traditional construction product where the buyer/owner has to hire a General Contractor and provide plans and permits. At first sight 203k Standard might seem overwhelming. With a renovation loan expert and a good General Contractor, it would be almost seemless for the listing agent.

CONVENTIONAL RENOVATION: Available for buyers that have more than 3.5% to put into the transaction and that may need renovation financing above $729,750 and up to 2 million. This product is great for INVESTOR RENOVATION FINANCING as well.

Going above and beyond for your client:

Don't just partner with me, partner with a General Contractor, Designer/Archeteck, and appraiser. Really show a potential buyer what the property could look like using a renovation loan. Have your designer do a before and after computer design, and place in a full color flyer. A good General Contractor should be able to give you rough estimates based on the designers suggestion. Finally, have your appraiser partner provide an appraisal based on the value after the renovation. Most buyers would wak into the home with equity and exactly what they are looking for in terms of applicances and the like.