I have so much to be thankful for, sometimes its really easy for me to not thank some one, we get busy, we take someone or something for granted and we fall into a routine of complacency or worse a feeling that we are entitled to something.  One thing about this year it has left us all uncertain about things, uncertain about the direction of our economy, uncertain about jobs, uncertain about our retirement accounts.  I believe that it is in this time when things are so uncertain that maybe just maybe we stop and view the world around us differently, maybe this year during this thanksgiving we can be thankful for a few things such as.....

Gathering around a table with our family to enjoy a a dinner, when men and women are still on the front lines or in a mess hall eating a dinner with those they are fighting with and thinking about some friends that are absent and won't ever see their families again.

The home to have everyone gather in and eat, when so many have been foreclosed on this year and no longer have a home to celebrate in.

The abundant dinner that is prepard and all the hours that went into it - this year thank that person that helped prepare the meal the moms and dads around the country that wake up at 4 am to get started to feed us.

Our kids, remember them this thanksgiving and tell each one of them how thankful you are to be their parent - and how much you have loved watching them grow up, or just make plans to watch the Macy's day parade with them to point out their favorite balloon character - we all have one, I still remember when I saw the big spiderman balloon in the parade as a kid.

Those that are around you that you work with, when is the last time that you were able to thank them - thank them for being there, supporting you, helping you with an issue or maybe lending an ear on an issue, sometimes thank you can catch someone off guard - but whether it comes as a surprise or not its always music to the ears of those that receive it. 

Darren Stewart

OakStar Bank

If it is one question that I have been asked the most through my 21 years in banking it is where are the rates going? Early in my career I realized that this is one question that would be impossible to answer with certainty. 

In 1997 I was working around the clock while everyone was trying to refinance and get the great rate of a flat 7% WOW and that rate kept me busy then. 

It was in that year that I heard that one of the heads of one of the Federal Reserves had refinanced his home 4 times in the last couple of years - which tells me even the experts can't predict what interest rates are doing. 

I do believe however if we look at history and look at some basic facts we can guess at the probability of the general direction they will go.

In the last 12 years up until December 2008 the best rate that I had locked in on a 30 year fixed rate 0 points was 5.375, and that record held for 12 years until December 2008 and I have beat that rate ever since almost every day this year even going down into the 4.50 area - with no points.

Given the fact that we have seen very low rates this year it makes me wonder if there is no where to go but up or will we just have a year where they stay down?  In all honesty I don't know which way they will go but more and more in the news and market direction the pressure on interest rates to rise is building and I would not wait or gamble I would act now while the rates are good to buy or refinance.

Darren Stewart

OakStar Bank

I thought I would jot down some important facts about the VA loan that would be useful information to the realtor. VA Loans are awesome ways to finance homes for Veterans who are eligible for the product. It is really rewarding to help someone who helped protect and defend America realize the American dream of owning a piece of America.

There are some that shy away from these type of loans but with what our country has been through in the last 2 years assisting Veterans will be more and more common.

Some quick helps-

VA Loans require no down payment - it is 100% financing it enables someone to get in a home with nothing down and is backed by the VA guaranty - this allows the veteran to keep his savings which can be help out especially if this is a family transitioning from military life to civilian life.

There is no mortgage insurance when it comes to a VA Loan - so typically on average the veteran does not have to pay the 50 to 60 dollars per month premium that you would typically have on an FHA loan.

Not all veterans are eligible - most of the time when a veteran is discharged they are told about their benefits  - some automatically assume they are that may not be the case, the lender can determine by obtaining their discharge papers or form dd214.

Have a property that needs some updates to make it more energy efficient?  The VA Loan allows for financing of those updates on top of the purchase price - there are special guide lines depending on the cost of the repairs to be made- whether it be 1- 3000 dollars or 3000 to 6000 dollars, recently I helped a veteran who was able to include a brand new furnace, the energy efficiency was going to net 48 a month while the financing was only going to raise his payment 29 per month.

Disabled Veterans - Do not pay the VA funding fee - its waved for them.

Sellers can pay closing costs on a VA loan -

There are special grants from the VA to retro fit a home that requires an update that would accomodate a disability - these grants are something the government does for the veteran and these grants do NOT have to pay the loan back.

There is NO prepayment penalty with a VA Loan-

The VA hires the appraiser for the VA loan - the lending institution does not -

The amount of the VA funding fee (which is financed) depends on the number of times the Veteran has used the benefit.

A veteran can utilize his benefit again but can only have one VA loan at a time.

VA Loans are great to refinance should the market decrease many times they qualify to do a VA Interest rate reduction refinance which consists of an application - and credit check, no income qualification to refinance and no appraisal required to refinance.

These are some of the benefits to keep in mind - when looking at homes- I would want to know for instance if I had a client that loved a house but was disabled and the bathrooms were to small that a grant may be availalbe that would allow me to buy the house and upgrade it at no cost to me.

Many of these key items I hope will assist you at winning the business from these brave men and women in uniform. 

Darren Stewart

Home Lending Team

One of my earliest memories of my dad is both of us on a paddle boat on the tidal basin in front of the Jefferson Memorial in Washington D.C. I remember not being able to reach the peddles and looking up to my father and looking around and taking in the view of the Capitol Building and Washington Monument.

Washington DC was one of the first places the military sent my father, then closer to home in Missouri at Fort Leonard Wood and then to Europe where we lived for 3 years.  I remember the year that I was 5 years old dad got orders to Korea and we did not see him for a year- every morning my 3 year old sister woke up and kissed a picture of him good morning.  Being in a military family is unlike any experience that you will ever have, it teaches you alot, and you see the world and you become really close to the constant's in your life and you hold on to each other as your father or mother serves.  Anyone raised in the military knows the kind of changes I am talking about making friends but probably only knowing them for the maximum of 3 years and then going on to the next base to make new friends.

I was proud of my dad when I realized that his job was to protect and defend the United States, I came to understand that there is so much more to being in the military than just enlisting and basic training, the support from families and loved ones is crucial in order for the person in the military to do their job. Behind every soldier that is serving there is a support system of love and pride that allows them to face whatever the world may throw at the United States. There are goodbye's and so many times the question that is unspoken but understood among all in the military -  will I see him/her again?  Those are the moments that keep families on their knees in prayer for protection for their son or daughter, wife or husband.

There are reunions,  when I turned 6 and dad came  home I remember the drive to the airport and excitement that I was going to see my father for the first time in a year! Those homecomings are filled with so much excitement and thankfulness that a loved one has been brought home this time safe and we get to have them again until the next goodbye.

August 13, 2006, I said my final farewell to my father, two days later at his funeral the military sent a special detachment from Fort Leonard Wood (where my father served for 6 years) to not only say goodbye but to honor the soldier that my dad was. I will never forget the moment we pulled into the cemetary and his fellow soldiers were there standing at salute for him as we arrived.  I will never forget the soldier that bent to one knee and presented my mother with a flag folded in a triangle.

To all of the men and women in our armed forces and those that have served and their families, I would like to thank all of you from the bottom of my heart.  You are our Nation's finest and we are both thankful and honored for all you have and continue to do.

A proud son.

Our town newspaper has a logo 'tis a priveledge to live in the Ozarks, and having been born in this area I can honestly say that is true. I have lived all over the globe growing up with my father in the military, dad retired in 1985 and we headed back home to Springfield.   When you change schools 16 times in 18 years seeing the East coast, living on military bases and living in foreign countries with buildings predating our nations founding in 1776 it gives you a unique perspective on just how young America is but it also makes you appreciate your own home town. 

The Ozarks has been a great place to live and a great place to raise a family.  I have had the priveledge of assisting people buy their homes in this marvelous place for 13 years now and really enjoy doing the best job I can even in a time when getting a mortgage may seem like an arduous process, to the end goal of home ownership.

Things will continue to change in the mortgage industry and there will be no doubt be different forms, disclosures and entire re-vamping of closing statements- the focus however is the client and making sure the American dream of home ownership is realized.

I want to say thank you to all of my business partners for your continued support through this year, I really appreciate you trusting me with your clients - and I will do everything that I can to assist. 

A special thank you to the men and women in the armed forces this week, as we salute our veterans on Wednesday - and to all the active military thank you for defending the greatest nation on earth.

Darren Stewart

OakStar Bank

The first time home buyers tax credit was extended to April 30, 2009 today- first time home owners will continue to receive up to $8,000 tax credit that would not need to be paid back as long as they occupied the home they were purchasing for 3 years.

In addition - they have enhanced the tax credit to couples who have lived at their existing residence for 5 years or more and are deciding to move up, that credit will be for $6,500.00.

Darren Stewart

OakStar Bank N.A.

Extension of the First time Home buyers tax credit has cleared both the House and Senate and is heading toward the White House for a signature.  President Obama has indicated that he intends to sign the extension into law that would not only extend the credit until April 30, 2010 but enhance the credit to include a $6,500 tax credit to borrowers that have been in their homes for the last 5 years.  What the details are in the bill on qualifying for the $6,500 and when that will go into effect or if it will be retroactive has not been elaborated on yet but I will be posting as soon as the extension goes into effect.

Should you have any questions regarding the tax credit please feel to contact me, email or call me!  2009 has been a great year and we look forward to assisting even more clients become home owners in 2010.

Darren Stewart

OakStar Bank, N.A.

The last quarter of the year is a time where the funding of rural development loans may experience delays at some lenders - that is not the case with us !  We continue to fund USDA loans we process and close in our own name and then are able to sell it to our servicer who continues to fund so that there is no interruption of service or delays in closing.

We are also unique in the way we process our USDA loans we send our underwriting package and we send the USDA package at the same time which allows for us to close USDA loans within a 30 day contract window.

For faster, uninterrupted, service on the Rural Development Loans please feel free to contact me.

Darren Stewart

OakStar Bank

The clock is ticking..........

The first time home buyers tax credit deadline is fast approaching - all persons wanting to utilize the current tax credit of up to 10% of the purchase price with a cap at $8,000 must be closed by the last business day in November.   That means you need to be finding a house NOW ..there are a myriad of things that can happen when you go to purchase a property - repairs may need to be made, not to mention the Thanksgiving holiday will be thrown in there as well.

Its also important to note that no matter what type of loan that you get VA, FHA, Conventional or USDA - if you have not owned a home in the last 3 years you are still eligible to receive the tax credit. 

I have spent the last 21 years in the banking industry and the last 12 helping first time home buyers reach their dream of home ownership.

I originally posted this as a comment on another blog but thought I would repost this comment on my own blog. It is advice to a client who is thinking of making an offer on a short sale. Can it be done, you bet!  is it for everyone - NO WAY!    

I am a loan originator, I have seen buyers and realtors go through a huge amount of hoops in order to obtain a home.  Before they venture on this journey of making an offer on a short sale I have a few things that I always tell my clients -

1) if you need something from them please give them at least 2 weeks or longer - if they need something from you get it to them in 2 hours.  Patience is a huge thing and you will at the end of the day feel like you are being jerked around.

2) Your agents are going to be working hard for you - and you will get frustrated with them and you need to realize that alot of what is happening is not in anyones control, not the selling agent and not your agent.  Its not their fault -

3) The seller is an entity not an individual- your agent will be navigating different departments and may be told one thing and then another, they are not dealing with a motivated seller who communicates clearly they are dealing with a seller who is trying to mitigate the amount of loss that is going to occur to them as a company and walking away from the transaction for them while it may not be logical may occur.

4) Focus on the positive - take a picture of the home - off of the listing or copy of the appraisal and  put it somewhere in front of you - to remind you of the end goal.

5) focus on what your getting at the price your offering if you know your getting a home for $20k less than what you would normally pay for it - ask yourself is waiting 2 to 3 months for a home worth that amount of equity.

In some of these cases the buyers may or may not be able to live with what it takes to buy a short sale but all parties need to go into this type of transaction with eyes wide open, knowing it can change at anytime.

Darren Stewart

Missouri Loan Officer