FHA Loan Limit for NW Indiana - 02/29/08 11:38 AM

I am getting this out early and I am about 99% sure this will affect us all in NW Indiana. 
In the areas where the median home price is above $583,800, the maximum FHA loan limit will be $729,750. HUD has indicated. In areas where the median price is below $216,840, the FHA limit will be $271,050."
It is a for gone conclusion, all FHA loans will fall in between $271,050 and $729,750.
This will only be in affect till December 31, 2008, unless there is an Act of Congress.  
If you have any questions feel free to call me or visit my website.  … (3 comments)

DownPayment still Alive and Well - 02/29/08 09:40 AM
 
UPDATE
Gaithersburg, MD - AmeriDream's programs including down payment assistance will continue.  On October   31, 2007 United States Federal District Court Judge Paul L. Friedman ruled in the case of AmeriDream v. Jackson that the Department of Housing and Urban Development could not implement its regulation on downpayment assistance. As a result of that ruling, the HUD regulation will never be effective at any date, or with respect to any downpayment assistance provider, unless the ruling blocking the regulation is withdrawn.  Judge Paul L. Friedman, the United States District Court Judge who issued the ruling blocking the HUD regulation, confirmed today … (1 comments)

Mad Mortgage Minute - 02/28/08 09:12 AM

Weak data will push the mortgage bonds up and over the 100 Day Moving Average - currently up 50 bps. Some other data today:
Sprint Nextel posts a $29.5 billion Nextel writedown. - I do wish they would have handled the merger better with these two companies
GDP comes in at 0.6% - slightly less than what was expected.
Freddie Mac takes a loss at $2.45 billion for 4th quarter. - lets see who they can blame this month
Today, I am recommending that to my clients that we float, but I am keeping an eye on the bond market.
I have my finger on the button, just in … (0 comments)

Daily Quote - By Example - 02/27/08 03:36 PM
"I don't know any other way to lead but by example."Don Shula (1930 - ) winningest coach in NFL historyI never really thought of this till I had a child.  Well, my wife had her, I was just in the room for support.  But, when I misbehave and do things unbecoming an adult and then I get mad when I see the same behavior in her.  She is only following my example.  So, I need to be absolutely sure that what I do is what I want her to see.  Sadly, I know she is already putting a few of her … (0 comments)

Up and down round and round - 02/27/08 03:12 PM
Volatility
Well, if you like volatility this week you must be loving the bond market (rates).  Yesterday, we had not one but two alerts that there may be a intra-day reprice for the worst and today we have had one for the better.  Isn't it nice to know that there is a Mortgage Consultant out there that knows these types of things.  I had the displeasure of hearing of a LO tell a customer that rates would likely go down since Big Ben lowered the rate.  Uh, she was wrong and I happy to you that her client is now her former client … (0 comments)

Evidence of Success - 02/25/08 03:27 PM
I think we all need a refresher course on what each of us does.  Here is what I do and if you respond.  I would like to know what you do!
I took a loan application 3 weeks ago on an aged couple that their ARM was about to adjust.  That a local bank completely dropped the ball on.  She called me a tizzy.  She had to close now.
Here were their issues:  zoned r-2 and she runs a business out of the home. 
Here are my issues: NONE
Loan closes not only on time, but early.  She is absolutely in love with … (1 comments)

This week in rates - TWIR - 02/22/08 07:41 PM
If you are the kind of person that like volatility then the past couple weeks have been all you.  I have seen dramatic swings this week that remind me of a playground with kids swinging back and forth on the swingset.  Yesterday, we saw the bonds get back what it lost the last two days then to watch it all go down the drain today. 
The bond is up and then it is down it all goes round and round.  The Dallas Fed President sounded some fear about inflation and growth alarms and the bond drops to lows for the day.  … (1 comments)

Daily Quote - Creative Effort - 02/21/08 08:42 AM
"Happiness lies not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort."Franklin Delano Roosevelt (1882-1945)32nd president of the United States
I saw this quote and I just loved it.  I like it when my creative juices are just flowing and then to have a pay-off with a sale from that effort.  Don't you just love it when you create something and then you put it out there and with hours or days someone calls you from it.  The satisfaction of a job well done and the over-all feeling of a dollar well … (3 comments)

Daily Quote - Investing in Knowledge - 02/20/08 04:45 PM
"An investment in knowledge pays the best interest."Benjamin Franklin (1706-1790)American statesman, writer & scientist
How much do you spend on your knowledge?  Last year, I spend nearly $2,000 in hotel, books and seminars.  I made that much back in the lessons that I learned.  There is more than investing, there is implementing.  You can go to every seminar on the block, but if you do not implement what you learn then you should not go to anything. 
I am not going to go into what I learned.  I like to keep that to myself.  I do not give my information out freely … (3 comments)

9 Primary Elements of Self-Leadership - Self-Talk - 02/20/08 10:35 AM
I love this one and I thank God every day for Bluetooth technology.  So, it does not look like I am talkig to myself.  But, I am a great self-talker.  I talk myself through situations and my daughter will sit in the backseat and ask me who I am talking to and I just point to my headset. 
But, we all have been there, on the high dive looking down to the water below and say to yourself you can do this it is easy to do and you just toss yourself into the water.  The first time you do it … (0 comments)

Moment of Clarity - 02/20/08 10:23 AM
I was lying in bed this morning next to my daughter.  She sneaks in during the night and I am such a heavy sleeper.  I thought of my day and then in a moment I thought of all the people that I have come into contact in this business.  The talkers, the doers, the ne-er do-wells and the list can go on and on.  I wondered if it just happened to me or was an industry wide phenomena. 
I remembered a guy that was the big shot, it had to be his way and he wanted me to move into his … (0 comments)

Financial Intelligence - 02/19/08 12:40 PM
FINANCIAL INTELLIGENCE Are you keeping up with the Joneses?We really hope not! Read why...
"Keeping up with the Joneses" is a popular catchphrase in many parts of the English-speaking world. It refers to the desire to be seen as being as good as one's friends' and neighbours and is associated with the accumulation of material goods. To fail to "keep up with the Joneses" has been perceived as demonstrating inferiority. Some people equate this with consumerism. Consumerism is the equating of personal happiness with the purchasing of material possessions and consumption. But, you already knew this.
The bottom line is that "keeping up … (0 comments)

9 Primary Elements of Self-Leadership - Self-Direction - 02/19/08 11:58 AM
I started and stopped this part 4 times.  I just could not focus on the task at hand.  I think I have a handle on it now and I am sure that I am headed in the right direction.  Funny, how this is on Self-Direction. 
You can lead others, or better yet you can manage others.  You are a good manager, but can you lead yourself.  Do you have what it takes for Self-Direction?  I had an image yesterday of the Big ToDo List on my desk and the HoneyDo List.  Which one are you more likely to do first?  Wait, … (0 comments)

My Why... - 02/17/08 12:49 PM
this week on vacation.  I got sick I was in bed for nearly two and half days and slept for 36 of 48 hours.  But, as i laid there in bed tween the grunts and the groans.  I began thinking on my why.  Why do I do what I do?  Why do I help people find the funding for the home of their dreams. 
Why?
I came up with this and I know this is going to be a work in progress it will change from time to time. 
Why I do what I do.  I enjoy it.  I can help people, but … (2 comments)

America is a Service Nation... - 02/17/08 12:29 PM
with Poor Service!
I heard that on the radio this morning from a guy in Chicago.  I would tend to agree with his statement until I look at the Real Estate Industry.  Well, most of it, anyway.  Now, I am sure we all have been at a restaurant where we ask and have to re-ask for a glass of water or in my case.  I had some lock work done here at the office and the locksmith had been great before.  So, I will take this day as a blip.  He made some keys wrong he did not test them, I did … (1 comments)

Charlie still wreaking havoc - 02/16/08 09:51 AM
I was just down at my parents condo and work is still not done.  There has been a history of bad dealings with this condo and the builder.  So, the condo association brought in a guy to finish the work at a cost of $3600 per unit.  Wow, I wish I could have got this deal. 
First, he works on builing 1 then goes to 2 then to 4 bypassing my parents building of 3.  He comes to their unit, their unit to be repainted, there is a huge chip in the porcelain bath tub and so on and so forth.  … (1 comments)

Loan Limits Increasing - 02/08/08 12:08 AM
I have been hearing it all day and it looks like the house and the senate have passed a bill that will increase the loan limits for not only FHA but for FNMA.  What does this mean?
More people can afford to buy a home in the former jumbo area and conforming rates and it increases FHA loan limits to those buyers that have little to no credit, but great jobs to buy a house that they really like.  Also, it will allow hundreds of thousands jumbo loans to be refinanced into a much better saving them thousands of dollars a year.
This … (3 comments)

What is a Billion - 02/07/08 12:19 PM
First of all, I am a Republican, moreover I am a Nationalist.  I think we need to worry about us first then the world second or third.  I believe we need not be the worlds cop to punish rogue nations, if other countries are willing to step up  why should we.  I do not blame any one party, but moreover the system.
I received this in an email, I thought I would share it...
What is a 'billion'? This is too true to be very funnyThe next time you hear a politician use theword 'billion' in a casual manner, think aboutwhether you want the … (2 comments)

Daily Quote - Principles - 02/05/08 11:53 PM
"Circumstances should neveralter principles."Oscar Wilde (1854-1900)Irish writer & critic
I have been reading a lot of articles lately of people who have been swept up in the heat of the moment only to have their world come crashing down.  They make a call in momentary lapse of judgement for the sake of money or toget a closing to happen, and they pay for it with their livelihood.
But, did they really, were they really long for this business if they were willing to let circumstances dictate to them.  Stick to your principles at the end of the day it is all you have.
Dave … (2 comments)

Transfer of Trust - 02/05/08 10:49 AM
I was struck the other day at this notion of "Transfer of Trust".  We market ourselves, we blog, we do a lot of things to drive people to us and our business and business philosophies.  We get clients or better yet create clients, but when do they trust us?
We are helping them find the home of their dreams or in my case helping them create probably the largest debt they will every have.  That is a lot of trust that they are putting in us, but at what point do they transfer it to us.  Do we educate them and … (0 comments)

Daily Quote - Opportunity - 02/04/08 11:26 PM
"Opportunity is missed by most people, because it is dressed in overalls and looks like work."Thomas Edison (1847-1931)American inventor, salesmanfrequently worked more than 40 hours straight
I missed my calling by 7 years.  I was first introduced to the mortgage world when I met a LO when he called on my buddy who was a builder back in the mid-90's in Romeoville.  I had expressed some interest in his job, but my buddy in his infinite wisdom told me he worked so hard.  Since, I was allergic to hard work.  I passed. 
Gosh, I often think of that day and I grin.  … (4 comments)

9 Primary Elements of Self-Leadership - Self-Ambition - 02/04/08 10:21 PM
This is the 3rd part of a 9 part series of Elements of Self-Leadership - Self-Ambition
A desire to achieve.  A desire to succeed.  A desire for personal achievement.  This is a little more than self-motivation more than your why it is the end all be all.  It is the "What"!  What do you want to be?  Are you content with being the run of the mill Realtor or Mortgage Consultant? 
Do you have that desire to succeed to be more? 
Do you want to close more?  Do you want to have a couple extra initials after your name?  Do you want to … (1 comments)

9 Primary Elements of Self-Leadership - Self-Motivation - 02/01/08 05:41 PM
This is the second part of the The Nine Primary Elements of Self-Leadership and the second part is - Self-Motivation.
I used to be hard to get up and going in the morning.  I dreaded going to class, and after I graduated I dreaded going to work.  I was never motivated.  I really was hating what I was doing or better yet hated who I was doing it for, and that was not "myself". 
I woke up one day knowing what I had to do.  Work for myself, but I had to go from point "A' to point "B".  I had a … (3 comments)