Good Faith Estimate Marketing - 10/16/06 08:38 PM
Home buyers are encouraged to shop for rates and sometimes rates and points. I strongly suggest that clients also shop by comparing Good Faith Estimates. The rate may be the same, the points may be the same but the variations on Good Faith Estimates are tremendous.
Most lenders will charge the standard fees … (2 comments)
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2-1 Buydown - 10/15/06 06:34 PM
The 2-1 Buydown that was popular a few years ago is coming back to life. The idea behind a 2-1 Buydown is to have the seller fund the cost of the differential between the 2% lower than market rate the first year and the 1% lower than market rate for the second … (2 comments)
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Open Houses - 10/14/06 09:23 PM
Various opinions have been expressed about the benefit or lack of benefit of holding Open Houses for your listings. As a mortgage banker I have made it a point to visit Open Houses to provide loan information on the specific house to the Realtor hosting the Open House and also to introduce … (1 comments)
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Personal Service - 10/14/06 05:44 PM
Ten years ago there were predictions being made that the mortgage loan officers would no longer be needed as the internet age continued. Ten years after those predictions were made the internet is critical to the mortgage and real estate industry but most people that I work with have used the … (2 comments)
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Oktoberfest Revisited - 10/13/06 09:39 PM
In one of my recent posts I mentioned the Oktoberfest at The Beach 2006 event in New London, CT sponsored by the New London Rotary Club. I am pleased to report that this was the largest Oktoberfest ever with over 1200 peole in attendance. Everyone enjoyed the chowder, live music and … (0 comments)
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Mortgage Inspection - 10/13/06 08:58 PM
Over the last two to three years I have had numerous clients that have told me that so and so has qualified them for a mortgage of X number of dollars. When I have reviewed the same information I come up with a figure considerably lower. I take the time to point … (2 comments)
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Forward or Reverse - 10/13/06 08:16 PM
After almost 26 years of writing Forward mortgages(Conventional, VA, FHA, Rural Development & CHFA) I just started offering the Reverse Mortgage program from HUD - the Home Equity Conversion Mortgage. It is an interesting approach to tap the equity that many seniors, age 62 and over, are sitting on. The clients that … (4 comments)
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Babies & Buying a Home - 10/13/06 05:08 PM
It is a real joy to watch the steady stream of clients that come to my office that are buying a new home because of their newborn baby. This week and last I have met with a large number of clients that brought their newborn babies with them. Everyone of the parents … (8 comments)
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Puzzled !?! - 10/08/06 08:19 PM
My wife and I were driving in the Mystic CT area and noticed two homes that are being marketed for over $1,000,000.00. They are big, beautiful homes just north of the historic Mystic Seaport with views of the Mystic River. Everything appears to be top shelf.
Only odd thing is that with the … (3 comments)
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Building A Team - 10/05/06 08:04 PM
There are real estate professionals that I have worked with since my start in the mortgage business in 1980. These are the people that have seen the highs and lows of the real estate business. We have worked with mortgage rates at 17.5% for a VA mortgage in 1981 and have enjoyed working … (3 comments)
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Potential Short Sales - 10/05/06 02:37 PM
The 100% financing options are potentially coming back to hurt clients that need to sell very soon after purchasing their home. Most home buyers expected to be able to sell their houses and make a profit very quickly after the closing. That is not always the case. If a house is … (2 comments)
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Rates and Gas Prices (cont) - 10/04/06 09:19 PM
One of my recent posts talked about the lack of media attention to the lowering of gas prices and mortgage rates. It appear that the media is picking up on this good news but with the twist that maybe it is just being done to help win votes in the upcoming … (1 comments)
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Credit Counseling Agency - 10/04/06 09:11 PM
It is worth working with clients that have been working with Consumer Credit Counseling of CT. This is an agency that sits down with clients, works out a budget for the clients, negotiates with the creditors and makes sure that their clients pay a specific amount to CCCC which in turn … (1 comments)
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Business Network International - BNI - 10/01/06 03:52 PM
BNI membership has been a boost to my business. This organization is in existence strictly to refer business to you and for you to refer business to other members of the group. One of their mottos is "Givers Gain". How true.
BNI is set up to have one person represent one profession … (2 comments)
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