Dominick's Blog

Thank you active rain!!!

Dominick gaccino — Tue, 03 Mar 2009 13:10:26 -0600

I have a realtor i work w here in NY that owns a prop in AZ

He contacted me looking to refinance...................sad to say im not licensed in AZ

I contacted a fellow AR member who is licensed in AZ and he is going to be able to help my friend out

now i may not get the deal but that realtor will remember that i came through yet again

thank you active rain

Commercial Loans

Dominick gaccino — Mon, 13 Oct 2008 17:46:16 -0500

Great Prime based commercial loan product

*    The payment will be fixed for 12 months and adjust only once per
year on the anniversary of the loan.

*    The interest rate assessed on the loan will be adjusted with
each change in the Lenders Prime Rate.

*    Any over or under payment of accrued interest resulting from the
change in rate, will be applied to the borrower's principal balance.

*    Each year, the payment will be reamortized using the remaining
term, current balance and Lenders Prime Rate then in effect.

*    The loan can be converted to a fixed rate loan on the
anniversary date each year. The conversion fee is only $500 - no need
to reapply.

Refinance Basics

Dominick gaccino — Mon, 15 Sep 2008 06:42:12 -0500

In many ways, your house is like a savings account. If you have discipline and knowledge regarding the benefits of refinancing, you can tap into its equity for years to come. There are many reasons you might want to refinance and most people fit into one (or more) of the basic categories.

Convert an Adjustable Rate to a Fixed Rate Adjustable rate loans typically offer a lower interest rate than fixed rate loans because they shift the interest rate risk from the lender to the borrower. Interest rate risk can be quite substantial and should not be underestimated. In the 1980's interest rates on mortgages were over 10% and it was not uncommon to have a 13 or 15% rate. In 1981 the 30 year fixed rate mortgage rate ranged between 15% and 20%. Basically, when rates are historically low it is best to lock in a low fixed rate for the term of the loan.

Consolidate Debts to Save Money and Cash Flow Mortgages typically have the lowest interest rates and are tax deductible. Credit cards and Installment loans typically have higher interest rates and terms that are significantly shorter than mortgages. If you have equity in your house you can obtain a new mortgage to consolidate debts and save money. By obtaining a lower and tax deductible interest rate and by extending the term you save money and cash flow. By extending the term of your mortgage you still have the option to make larger payments on the mortgage which pays off the principal quicker.

Get Cash Out for Home Improvements This is a great way to use the equity in your home to increase the value and you get to enjoy the improvements.

Get Cash Out to Settle a Divorce Use the equity in your home to settle with your spouse, payoff joint debts and move forward with your life.

Lower Monthly Payments Lower monthly payments can be achieved by:

Obtaining a lower interest rate
Taking a longer term
Selecting a interest only feature
Selecting a negative amortization feature
PMI Removal
Paying down the balance on an adjustable rate or interest only mortgage

Lower Interest Rate to Save Money The traditional refinance "rule of thumb" -- that you must get an interest rate at least 2% below your current interest rate -- is often incorrect. The correct approach is to divide the closing costs by the monthly payment savings (due to the lower interest rate) and the result is the number of months it will take to break even on the refinance.

Shorter Term and Lower Interest Rate to Save Money The most effective way to save money on a mortgage is to lower the term and rate. The payments may be significantly higher although the interest savings over the life of the loan is quite substantial. In addition, a 15 year term typically has a 1/2% lower interest rate than a 30 year term.

Refinance Basic Steps:

1. Mortgage Pre-Approval

2. Mortgage Application

3. Appraisal

4. Underwriting

5. Closing

Rumblings about Declining Markets in NY-BE AWARE

Dominick gaccino — Fri, 29 Aug 2008 12:29:27 -0500

I am hearing that new counties may be added to lenders & MI companies declining market lists. This means All agency loans will get a 5% LTV reduction. Inform high LTV borrowers (over 90 LTV) to LOCK or they may not be able to get a loan; Period.

Counties currently considered declining by some lenders & MI companies:
Nassau

Suffolk

Orange

Dutchess

Counties currently under scrutiny: Bronx

Herkimer

Kings Madison

New York

Oneida

Onondaga

Oswego

Putnam

Queens

Richmond

Rockland

Tompkins

Westchester

political gamesmanship on the part of HUD-MI premiums starting Oct 1st

Dominick gaccino — Fri, 29 Aug 2008 12:25:49 -0500

The Housing and Economic Recovery Act of 2008 goes into effect on October 1, 2008. As part of this Act, Congress placed a one year moratorium on risk based mortgage insurance premiums on FHA loans.

Under the risk based premium structure that HUD put into effect on July 14, 2008, borrowers with better credit and lower loan to value mortgages are able to pay lower rates while riskier loans carry higher insurance rates. A perfectly sensible system that FHA statistics show may actually be a major benefit to lower income borrowers since this members of this group with FHA loans have been shown to have higher credit scores on FHA loans.

As part of what may be a little bit of political gamesmanship on the part of HUD, HUD has just announced a new mortgage insurance premium structure to take effect on October 1, 2008. Here are the details:

Upfront Mortgage Insurance Premiums

Purchase Money Mortgages and Full-Credit Qualifying Refinances = 1.75 Percent

Streamline Refinances (all types) = 1.50 Percent

FHASecure (Delinquent Mortgagors) = 3.00 Percent

Annual Insurance Premiums (paid monthly)

On 30 year loans with LTV > 95 %, annual mortgage insurance will be .55%

On 30 year loans with LTV < 95%, annual mortgage insurance will be .50%

On FHA Secure loans with LTV > 95%, annual mortgage insurance will be .55%

On FHA Secure loans with LTV < 95%, annual mortgage insurance will be .50%

On 15 year loans with LTV > 90%, annual mortgage insurance will be .25%

On 15 year loans with LTV < 90%, annual mortgage insurance will not be required

These premium changes apply to the folllowing FHA loan programs: 203b (standard 1-4 unit property), 203k (rehab loan), and 234c (condominiums) but they do not apply to FHA reverse mortgages.

Mortgages with FHA case number assignments made on July 14, 2008, through and including September 30,2008, shall maintain the risk-based premium structure for the life of the mortgage.

HUD promises to let us know what they plan to do at the end of the moratorium, but keep your eye on the legislation being pushed that restores seller paid down payment assistance programs. This legislation includes risk based mortgage insurance premiums.

Why use a broker?

Dominick gaccino — Mon, 25 Aug 2008 13:26:09 -0500

Why Use a Broker?

Independent mortgage brokers have had a significant positive impact on the lending industry. Over 50% of the mortgages in the US are originated by brokers. Today, the use of a professional mortgage broker is one of the key strategies used by sophisticated borrowers.

Myth = It costs more to get a mortgage through a broker. It does not cost more to get a mortgage through a broker than it does a banker. It can actually cost less. Brokers originate loans at wholesale rates and are paid by the lender while providing the borrower the same competitive rates and fees as a bank. Benefits of using a Mortgage Broker!

Specialization: Brokers specialize in mortgages. Banks do not specialize solely in mortgages. Using a broker provides you with a higher level of service and expertise in lifes largest financial transaction.
Competitive: Brokers deal with multiple lenders which gives you access to these multiple lender products and rates whereas banks have 1 set of products and rates; their own. Using a knowledgeable broker ensures you will receive unbiased advice, the right product for you and a competitive price.
Flexiblity: In dealing with multiple lenders a broker can easily direct a loan file to a different lending institution should a problem arise, whereas with a bank if a problem arises it could quite easily cost you a declined purchase offer or additional time and fees to apply with a different bank. Using a mortgage broker for your transaction provides an added level of safety.

What is a Mortgage Broker?

A mortgage broker is an independent real-estate financing professional who specializes in the origination of residential mortgage loans. Mortgage brokers normally pass the actual funding and servicing of loans on to wholesale lending sources. A mortgage broker is also an independent contractor working with as many as 100 lenders at any one time. By combining professional expertise with direct access to hundreds of loan products, your broker provides the most efficient way to obtain financing tailored to your specific financial goals.

What Do Mortgage Brokers Do?

In the volatile home-lending market, mortgage brokers can serve as safeguards, offering their clients security, safety, and peace of mind. One of the broker's most important functions is escorting your loan application through the entire process, constantly patrolling the transaction components for possible breakdowns. A professional mortgage broker can wade through the mountains of rate data and program options, researching current market conditions to find the most accurate and up-to-date information about cost-effective loan options.

Brokers Handle the Details!

There are literally thousands of variables that can affect the outcome of your mortgage transaction. That's why you need a mortgage broker to act as a liaison between the title and escrow company, real estate agent, lender, appraiser, credit agency, the underwriters, the processors, attorneys, and any other services which may affect your transaction.

A mortgage broker also:

Discusses and explains financing program options
Informs you of lock-in options
Explains all documents of the loan application
Explains all associated costs of the loan application
Explains the disbursement of all loan proceeds
Explains the loan process, from application to closing
Provides you with a good faith estimate of cost and fees
Communicates with you throughout the loan process in a timely manner
Coordinates the final closing of your transaction

What is a credit score?

Dominick gaccino — Wed, 13 Aug 2008 13:10:30 -0500

Before deciding on what terms lenders will offer you on a loan (which they base on the "risk" to them), they want to know two things about you: your ability to pay back the loan, and your willingness to pay back the loan. For the first, they look at your income-to-debt obligation ratio. For your willingness to pay back the loan, they consult your credit score.

The most widely used credit scores are FICO scores, which were developed by Fair Isaac & Company, Inc. (and they're named after their inventor!). Your FICO score is between 350 (high risk) and 850 (low risk).

Credit scores only consider the information contained in your credit profile. They do not consider your income, savings, down payment amount, or demographic factors like gender, race, nationality or marital status. In fact, the fact they don't consider demographic factors is why they were invented in the first place. "Profiling" was as dirty a word when FICO scores were invented as it is now. Credit scoring was developed as a way to consider only what was relevant to somebody's willingness to repay a loan.

Past delinquencies, derogatory payment behavior, current debt level, length of credit history, types of credit and number of inquiries are all considered in credit scores. Your score considers both positive and negative information in your credit report. Late payments will lower your score, but establishing or reestablishing a good track record of making payments on time will raise your score.

Different portions of your credit history are given different weights. Thirty-five percent of your FICO score is based on your specific payment history. Thirty percent is your current level of indebtedness. Fifteen percent each is the time your open credit has been in use (ten year old accounts are good, six month old ones aren't as good) and types of credit available to you (installment loans such as student loans, car loans, etc. versus revolving and debit accounts like credit cards). Finally, five percent is pursuit of new credit -- credit scores requested.

Your credit report must contain at least one account which has been open for six months or more, and at least one account that has been updated in the past six months for you to get a credit score. This ensures that there is enough information in your report to generate an accurate score. If you do not meet the minimum criteria for getting a score, you may need to establish a credit history prior to applying for a mortgage.

Should you talk to a mortgage professional before house hunting?

Dominick gaccino — Wed, 13 Aug 2008 13:08:15 -0500

Absolutely! Even if you haven't so much as picked out houses to visit yet, it's important to see your mortgage professional first. Why? What can we do for you if you haven't negotiated a price, and don't know how much you want to borrow?

When we pre-qualify you, we help you determine how much of a monthly mortgage payment you can afford, and how much we can loan you. We do this by considering your income and debts, your employment and residence situations, your available funds for down payment and required reserves, and some other things. It's short and to the point, and we keep the paperwork to a minimum!

Once you qualify, we give you what's called a Pre-Qualification Letter (your real estate agent might call it a "pre-qual"), which says that we are working with you to find the best loan to meet your needs and that we're confident you'll qualify for a loan for a certain amount.

When you find a house that catches your eye, and you decide to make an offer, being pre-qualified for a mortgage will do a couple of things. First, it lets you know how much you can offer. Your real estate agent will help you decide on an appropriate offer, but being pre-qualified gives you the confidence to know you can follow through.

More importantly, to a home seller, your being pre-qualified is like you walked into their house with a suitcase full of cash to make the deal! They won't have to wonder if they're wasting their time because you'll never qualify for a mortgage to finance the amount you're offering for the home. You have the clout of a buyer ready to make the deal right now!

Foreclosure help

Dominick gaccino — Tue, 08 Jul 2008 16:25:37 -0500

I can help with FC

what is basically done is your FC is stopped for 2 years and during that time you pay 1/6 of normal mortgage payment.

once 2 years is up you actually get your home back owing less than what originally owed.

Please contact me and I am more than happy to get you in contact with the investor to handle this for you

DOMINICK GACCINO

914-391-2388

dgaccino@yahoo.com

Riskiest US Housing Markets-EVERYONE needs a true mortgage professional

Dominick gaccino — Tue, 31 Jul 2007 12:42:01 -0500

I've included a link to an article i read on Yahoo regarding the riskiest US housing markets

Being from NY i was very glad to see that NY is one of the lowest

It was a very good article that i think everyone on active rain should read.

http://promo.realestate.yahoo.com/riskiest_us_housing_markets.html

between this article and what i have been watching on TV regarding the bond market things are not looking good for consumers and RE and Mortgage professionals.

Still i think that us TRUE professionals will be able to withstand this and come out heads high on the other end.

In this unstable market EVERYONE, be it a new home buyer or a person in need of a refi, really needs a true mortgage professional to hold their hand and guide them.

thats what i am here for

Please feel free to contact me and let me use 11 years of mortgage experience to your benefit

DOMINICK GACCINO

First Suffolk Mortgage Corp

914-391-2388

lender still doing 100% stated loans

Dominick gaccino — Fri, 27 Jul 2007 12:41:23 -0500

Morgage IT is doing 100% SIVA loans

needs to be 1 loan(no combo) so MI will have to be paid

can be either w2 wage earner or self employed

score needs to be 700 fico

This is great news because before it was same program but they were capped at 95%

im glad to see 1 lender is being easier instead of tightening their noose

DOMINICK GACCINO

First Suffolk Mortgage Corp

I think im on candid camera? my loans are insane

Dominick gaccino — Sat, 14 Jul 2007 11:10:04 -0500

some of my recent posts have been rants about some crazy loans i have had and the rediculous problems i have run into

This one isnt a problem on my end but its still a crazy situation for the borrower

whomever did their last deal was a real....for lack of a better term.....SCUMBAG

they have an adjustible mortgage due in october. 3 years ago it was a 3 year arm, 75% LTV, 695 score, SFR, Stated/verified deal......he gave them a rate of 7.125?????? and here is the best part.....4 year HARD PREPAY on a 3 year arm????? I didnt even know that could be done

1st off the prepay is rediculous, the rate is rediculous for the scenario.....he basically ripped this poor woman off. She said she signed the docs basically almost on way to hospital as she was about to have her 1st child.

So now she has a $12,000 prepay penalty on a 245kloan. her score is down to 674 and her value is down on the house.....yet i can get a 30 year fixed w no prepay at a higher LTV(95%) at 6.875

i feel so bad for this woman. The broker who did the refi 3 years ago should be reported. Isnt that predatory lending?

She said she is glad she is with me now becaiuse i am honest.

I take pride in that

I dont know how these others can live w themselves

DOMINICK GACCINO

First Suffolk Mortgage Corp

914-391-2388

www.dgaccinohomeloans.com

Ultimate HR Derby

Dominick gaccino — Mon, 09 Jul 2007 12:46:39 -0500

ESPN is listing their ULTIMATE HR DERBEY where you can vote on all time greats as matle, mays, the babe and so on

go to http://sports.espn.go.com/chat/sportsnation/listranker?id=722 and check it out

also anyone on that list who you think was snubbed?

chime in on this post

some who comes to mind for me asap would be reggie jackson, sammy sosa and Hank greenberg

MORTGAGE WEEK IN REVIEW: RISE IN RATES

Dominick gaccino — Mon, 09 Jul 2007 12:13:20 -0500

I JUST RECEIVED THIS EMAIL FROM GLENN RORO A FELLOW MORTGAGE BROKER IN FLORIDA BASICALLY EXPLAINING THE RISE OF RATES UP .125:

Last Week in Review

WHILE INDEPENDENCE DAY SIZZLED, BONDS AND HOME LOAN RATES FIZZLED...Just like a bottle rocket that turns out to be a "dud" - Mortgage Bonds sputtered and crashed lower last week, causing home loan rates to rise about .125% across the board.

The move was sparked by a variety of factors, including the Bank of England (like our Fed) announcing a hike in their benchmark interest rate to 5.75%, their highest rate in six years and .50% above our own Fed Funds Rate of 5.25%. Remember, our own US Bonds compete globally for investment dollars seeking the highest rate of return, so higher rates being offered in other countries can pull money out of our Bond market. And just like a slowing demand for any product would cause prices to decline - this caused Bond prices to move lower and home loan rates to rise.

Then the Jobs Report arrived with a bang, showing that the labor market is still hot - 132,000 new jobs were created in June, with another 75,000 jobs added to prior month's reports, and the Unemployment Rate remained at a lean 4.5%. This healthy report gives the Fed continued reason to be concerned over "wage-based inflation". This means that as employees are paid more - they have more money to spend on goods and services, which can drive prices of consumer products higher with the added demand. Additionally - employers that have to continually pay higher wages to their employees may have to raise the prices of their own goods and services, just to help retain their profit margins. This very real inflationary concern will keep the idea of a Fed rate cut on the back burner for now - and these concerns also drove inflation-hating Bonds lower still, again causing home loan rates to rise.

ALTHOUGH THE MID-WEEK HOLIDAY DIDN'T GIVE BONDS MUCH OF A BREAK - MANY AMERICANS TOOK THE OPPORTUNITY TO ENJOY TIME WITH FAMILY FOR INDEPENDENCE DAY. BUT IF YOU'RE ONE OF THE MANY AMERICANS FEELING CONCERN OVER YOUR ELDERLY PARENTS REMAINING INDEPENDENT - YOU WON'T WANT TO MISS THIS WEEK'S MORTGAGE MARKET VIEW.

Forecast for the Week

The week ahead is bound to be interesting - there are very few economic reports coming that have the potential to be market movers, so until Friday's Retail Sales and Consumer Sentiment numbers arrive, Bonds and home loan rates will be mainly driven by technical factors.

The chart below shows that Bonds have now been pushed back below the trendline shown in blue - and remembering that when Bond prices move lower, home loan rates move higher, it's not hard to see which direction appears to be in store. With no immediate catalyst on the horizon to help drive Bond prices higher or help them fight back above the trendline - it appears the tone may be negative for Bonds and home loan rates in the near term.

Chart: Fannie Mae 6.0% Mortgage Bond (Friday Jul 06, 2007)

The Mortgage Market View...

ROLE REVERSAL

Remember the days - back when Mom and Dad would constantly nag to bring a sweater, clean your plate, check in with a phone call when out late? Most of us couldn't wait to grow up and get out on our own - but before you know it, your role with your parents often reverses as they get older. Especially if you don't live in the same immediate vicinity as your parents, suddenly you find that YOU are the one worried when you don't get that expected phone call from them. Ironic, huh?

But even if you are watching out for a parent from a distance - there are answers.

First, listen carefully during even casual conversations. If a parent mentions that the house is getting harder to maintain or the stairs are too steep to climb, use this opportunity to start a conversation about alternatives such as downsizing, or perhaps having help come in once or twice a week. This may give your parent the independence that they wish to maintain, but also helps provide you both with peace of mind. The National Association of Professional Geriatric Care Managers offers this website: http://www.findacaremanager.org/ to help find assistance in your parents' home area.

Next, try to meet their neighbors and have their contact information handy. If you are not able to reach them, a neighbor may be able to make a quick visit to their home to make sure everything is OK. Additionally, check out the site http://www.eldercare.gov/, which provides information about local services and resources that can help an older person live independently in their own community.

Consider giving your parent the gift of technology with the Samsung Jitterbug phone. The phone is equipped with a large easy to read numerical key pad, a dial tone (unlike a regular cell phone), allows for numbers to be programmed and can be used by an individual with a hearing aid.

Sadly, identity thieves prey on the aging population. Help parents automate their finances by setting up direct deposit for their social security, pension or retirement and establish automatic payments for their monthly recurring expenses. That way, should a parent get a random phone call from a thief; they will be less likely to volunteer personal information knowing that the account is automatically paid. Also, be sure to remove your parent's phone number from telemarketers by visiting http://www.donotcall.gov/, and help them prevent identity theft by "opting out" of pre-approved credit offers, at http://www.optoutprescreen.com/

And even though it may be difficult to have "the talk" - discuss the idea of meeting with an Estate Planner to make sure that everything is in order, exactly as they'd want it to be - including a will, trust, power of attorney (both general and medical). Be sure to find out where these documents are kept and confirm that all documents including insurance policies, social security cards, lists of medications, and important contact information for lawyers, attorneys, and doctors are all filed in one secure location.

Please don't hesitate to contact me if I can help make recommendations to financial planning or estate specialists. I am happy to help in any way that I can to make sure your family is protected, and that you have peace of mind.

The Week's Economic Indicator Calendar

Remember, as a general rule, weaker than expected economic data is good for rates, while positive data causes rates to rise.

Economic Calendar for the Week of July 09 - July 13

Date	ET	Economic Report	For	Estimate	Actual	Prior	Impact
Wed. July 11	10:30	Crude Inventories	7/06	NA		3151K	Moderate
Thu. July 12	08:30	Balance of Trade	May	-$60.0B		-$58.5B	Moderate
Thu. July 12	08:30	Jobless Claims (Initial)	7/07	315K		318K	Moderate
Fri. July 13	08:30	Retail Sales	Jun	0.3%		1.4%	HIGH
Fri. July 13	08:30	Retail Sales ex-auto	Jun	0.2%		1.3%	HIGH
Fri. July 13	10:00	Consumer Sentiment Index (UoM)	Jul	86.0		85.3	Moderate

NY Yankees-are they done

Dominick gaccino — Sun, 08 Jul 2007 20:13:28 -0500

Being from NY i am a yankee fan

that being said im not a "homer"

meaning, believe it or not, im not a biased yankees fan.

Im a true baseball fan and love the game and love reading the box scores.

OK-all that being said i think the Yankees are truely done. I'd like to see this team get some actual leadership(not big name bats, but actual role players....grinders to take a hockey term)

well thats what i had to say....dont just rip the team but give some constructive critacism

rates going in wrong direction again

Dominick gaccino — Fri, 06 Jul 2007 10:13:30 -0500

I just received an email from a friend of mine who is an AE at Mortgage IT

he informed me that it seems the 10 year bond took a hit and rates will be on the move yet again in the wrong direction

He hasnt seen the rates yet and i hope he is wrong

its 11:12 am here on the east coast and i just found this out now so i figured id pass it along and have everyone brace themselves

everyone was hoping 7-7-07 was a good luck day

well not the way 7-6-07 is looking

good luck to us all

DOMINICK GACCINO

First Suffolk Mortgage Corp

914-391-2388

www.dgaccinohomeloans.com

How to be a good business partner

Dominick gaccino — Fri, 06 Jul 2007 08:17:36 -0500

From Denise Sinclair AE Daily emails

How to Be a Good Business Partner

Any business partnership can see big results with a little work and attention. Whether you are partnering with a financial advisor or a real estate professional to expand your consumer base, it's always beneficial to support your team with healthy partnership skills.

Here are some tips to positively impact your business partnership:

Communication: Always keep the lines of communication open. Promptly return all phone calls and e-mails. Consider inviting your partner out for coffee, lunch, or a game of golf on a monthly or bi-monthly basis to collaborate on selling ideas. Be sure to let your partner know that you are always available for business discussions.

Honesty and Trust: Trust takes time to build. At the start of a business partnership, take time to get to know your partner. What are your partner's business goals? What are their strengths and weaknesses? Speak openly and honestly about yourself.

Respect: Always be respectful of your partner's ideas. Listen when they speak, look them in the eye, and always take their opinions seriously. Provide constructive criticism, even if you don't necessarily agree, and provide praise for good ideas.

Tolerance: Everyone makes mistakes and there are appropriate ways to deal with them. If for example, your partner provides the wrong information to a client, constructively relay the error to the partner and politely request that more care be taken in the future. Always be ready and willing to apologize when you are in the wrong.

With these simple tips you'll start every new relationship off right - ensuring that both parties benefit from a long and fruitful business partnership.

Horror story-who handled this closing?

Dominick gaccino — Thu, 05 Jul 2007 21:26:45 -0500

I am doing a refi right now for a client.

Leasehold property

Last time he refied was many years ago........about 20 years

prop is now free and clear

we oredered title and it came back only under fee owner(land owner)

i thought my girl just ordered wrong title so i called title co myself to ask for leasehold section of title showing my borrowers ownership

HERE COMES THE SHOCKER-title from last closing was never recorded properly. My borrower was never deeded on as Leasehold owner

the fee owner was put on as owning it all(land and house)

So now we have to get him deeded on before we close.

I told him thank goodness he refied because if something happened to him you can see a huge legal battle going on

accordng to title he doesnt own it

I have never seen anythging like this

i was blown away to say the least

DOMINICK GACCINO

First Suffolk Mortgage Corp

914-391-2388

www.dgaccinohomeloans .com

Reverse Mortgage market-4.3 TRILLION in equity

Dominick gaccino — Thu, 05 Jul 2007 13:23:07 -0500

Seniors Hold $4.3TRILLION of Home Equity

Americans 62 years of age or older hold an estimated $4.3 trillion of home equity, according to the NRMLA/Hollister Reverse Mortgage Market Index. The index, launched by the National Reverse Mortgage Lenders Association and The Hollister Group, is the first market indicator to collect critical market, housing, and demographic data and to track and project the market for reverse mortgages, Hollister said. "The idea of using home equity to finance retirement is becoming increasingly mainstream even among the current generation of seniors who have traditionally been debt-averse," said NRMLA president Peter Bell. "The RMMI illustrates the significant opportunity for mortgage industry participants as the home increasingly plays a role as a retirement asset." The reverse mortgage industry has grown rapidly in the past five years, but only about 300,000 reverse mortgages have been originated, representing less than 1% market penetration, Hollister said. In the first quarter, home equity held by senior citizens rose by $19 billion, which was reflected in a 0.4% increase in the RMMI from 204.7 to 205.6.

Borrower getting screwed form previous broker

Dominick gaccino — Wed, 04 Jul 2007 22:04:00 -0500

I met with a client for the 1st time the other night who was referred to me by a local Realtor.

Young man who is looking to buy his 1st house.

His credit is below avg but i can still help him.

He had a bunch of questions because he told me the previous mortgage guy charged him $3500 up front to help him

yes your read that right....$3500!!!!!!!!! and then told them he couldnt help them...........took the money and ran

I was shocked and appauled

I told them right off that I nor any other broker should not get paid 1 cent until the loan closes and that this other broker should bve immediately reported to NYS banking assciation and the BBB

Its brokers like this that give honest people like myself a bad name

just when you thought you saw it all

DOMINICK GACCINO

First Suffolk Mortgage Corp

914-391-2388

www.dgaccinohomeloans.com

Met a great AR member today

Dominick gaccino — Wed, 04 Jul 2007 20:55:03 -0500

Im in NY and am having a rough time on a certain leasehold deal because of a title issue

Yesterday i posted on AR a blog asking fellow members for help

One member contacted me and mentioned i should speak with a Rommel Guzman of Island Title in Hawaii

I sent an email to Mr Guzman and he replied asap.

I asked for a little further clarification and Mr Guzman called me today....YES TODAY the 4th of July to answer all my questions and how i can resolve my issues

Im in NY and he is in Hawaii and even on the 4th of July he went above and beyond to offer his help

Thank you Mr Guzman

and Happy 4th

DOMINICK GACCINO

First Suffolk Mortgage Corp

914-391-2388

www.dgaccinohomeloans.com

Yet another lender down 7-3-07

Dominick gaccino — Tue, 03 Jul 2007 13:23:38 -0500

My processor just told me that Aegis has closed its doors

This includes Aegis and AegisHome Equity as well

Not that it affected me becasue i never had 1 loan with them

Just giving all my fellow AR members who may use this company the heads up

Hope you all have a happy 4th of July

Dominick Gaccino

First Suffolk Mortgage Corp

914-391-2388

www.dgaccinohomeloans.com

Top 5 Reasons your clients should have and keep a mortgage

Dominick gaccino — Fri, 29 Jun 2007 07:23:14 -0500

5 REASONS YOUR CLIENTS SHOULD HAVE AND KEEP A MORTGAGE

Mortgage planner and author Ric Edelman urges consumers never to own their home outright or pay it off, regardless of age or income. Here are five reasons why Home Asset Advisor's mortgage planning principles can work for your clients:

A mortgage is cheap money. Mortgages offer your clients the cheapest way to borrow, so it makes sense to get them the largest loan you can.
Mortgage interest is tax-deductible. Your clients can save as much as 35 cents in taxes for every dollar they pay in interest. That means a six percent mortgage loan can really cost as little as four percent.
Mortgages let your clients sell without selling. Your clients don't have to sell their homes to realize any increase in equity. They can simply get a new, larger mortgage to acquire the value of the home in cash without having to sell.
Long-term mortgages help create wealth. Introduce your clients to your Financial Planning partner who can show them how to create wealth with longer term, lower payment mortgage loans and equity redistribution.
Mortgages give your clients greater liquidity and flexibility. Educate your clients on the fallacy of pre-payments. Extra payments often go directly to principal and offer no tax deduction. Many clients can benefit from an interest-only loan, allowing them to invest any additional payments elsewhere for greater return.

10 out of 10

Dominick gaccino — Mon, 18 Jun 2007 12:28:31 -0500

I was just looking at Quicken loans and they clain 9 out of 10 of their borrowers are happy with the service and send referrals back to them.

They say 9 out of 10 is 90% and they give themselves and A!!!!

I feel it should be 10 out of 10.................every single person i have EVER done a loan for has sent me repeat business

I know the saying is"you can please all the people all the time" but apparently i am the exception to that rule.

There should not be 1 borrower who feels that they didnt get the best possible deal with me and i pride myself on that.

Im looking to build a great relationship with everyone i do business with so that they will always come back and send future clients to me

Give me acall and let me help you......rate me yourself

DOMINICK GACCINO

First Suffolk Mortgage Corp

914-391-2388

www.dgaccinohomeloans.com

Market update 6-18-07

Dominick gaccino — Mon, 18 Jun 2007 10:35:14 -0500

This week brings us the release of only two reports that are may cause movement in mortgage rates. Neither of them are important enough to warrant much concern or attention. One is considered to be of moderate importance and the other is not likely to affect rates at all unless it varies significantly from forecasts.

The first piece of data comes Tuesday morning with the release of May's Housing Starts report. This report gives us a measurement of housing sector strength. It usually doesn't have a major impact on the bond market or mortgage rates and I see no reason for this month's results to be any different. Analysts are expecting to see a drop in starts of new homes between April and May.

May's Leading Economic Indicators (LEI) will be posted late Thursday morning. The Conference Board, who is a New York-based business research group, will post this data. It attempts to predict economic activity over the next three to six months. If it shows rapidly rising levels of activity, bond prices will probably drop, pushing mortgage rates higher Thursday morning. But, a weaker than expected reading could lead to lower mortgage pricing. It is expected to show an increase of 0.2%.

Overall, I suspect that it will be a relatively quiet week for mortgage rates. With little relevant economic data on tap and no major speeches by key Fed members, I am expecting the bond market to remain fairly calm. That is unless we see significant changes to the major stock indexes. I still believe that last week's sell off in bonds was overkill and we will continue to see bond yields ease lower, therefore am holding the current float recommendations.