Market Minute

BNI - Business Networking International & You

Cherry Creek Mortgage — Wed, 21 Apr 2010 15:23:35 -0700

Three years ago I started the first BNI chapter in the Tri-City region. I was leary at first of the "Amway" feel to the organization plus weekly meetings...forget about it! Since that time I have closed nearly $100,000 is business from my BNI affiliation. In addition the skills that you learn as a BNI members are invaluable. Networking properly is an artform. It is most often a learned behavior. Few are "natural networkers". Word of mouth is the most powerful form of advertising with the biggest ROI that I know of. You can find a list of BNI chapters in your neighborhood at www.bni.com. Each group has a different "culture/vibe" visit several before you find the right fit for you! Remember "Givers Gain!"

DANA MUNDY
Certified Mortgage Planner
Branch Manager

Cherry Creek Mortgage - Tri-Cities
Richland, WA

Credit score too low? Not for long!

Cherry Creek Mortgage — Wed, 21 Apr 2010 00:03:11 -0700

In December one of my Reatlor partners referred a client to me. A recent transplant to the Tri-Cities they were anxious to purchase a new home. A new business, low credit scores to name the top two challenges. Since the business was new, I could not count the income so the husband and his debts were removed from the loan. Her credit score was 560 when we started. After running a credit simulation I determined that in order to get the score over 620 some debts would need to be paid down...not off just down. She did that and the score was immediately improved to 660. We were in business. She was pre-approved to $250,000. Of course the home she loved was $300,000....more debts would need to be taken care of and a larger down payment was made.

Without letting the client know, I went back and had another rescore done. Her score again improved and was now up over 700. When the client arrived at closing she found that her rate was improved by 25%. Now that is the type of surprise clients should be happy to have!

DANA MUNDY
Certified Mortgage Planner
Branch Manager

Cherry Creek Mortgage - Tri-Cities
Richland, WA

Tax credit or no tax credit, buying your first home is a great investment!

Cherry Creek Mortgage — Tue, 20 Apr 2010 09:35:33 -0700

A huge fuss is being made that time is running out to buy a home. Not true. Time is running out to take advantage of the first time home buyers tax credit. That is not the end of the world. The tax credit has only been available for two years. It was a good idea to buy a home before that and it will still be a good idea after. Right now seller's have the upper hand because there is an extreme shortage of home for sale under $200,000 in the Tri-City market. Once the tax credit expires the advantage will begin to shift back. The perceived feeding frenzy will diminish and buyer's will be able to negotiate lower prices.
Interest rates are low and zero and no down payment options are still available. It is always a great time to buy the right home!

DANA MUNDY
Certified Mortgage Planner
Branch Manager

Cherry Creek Mortgage - Tri-Cities
Richland, WA

AmeriChoice Home Loans an Affiliate of Seattle Bank announces new partnership with Seattle Seahawks & Seattle Sounders

Cherry Creek Mortgage — Mon, 19 Apr 2010 17:28:56 -0700

It's official, Seattle Bank is now the official bank of the Seattle Seahawks and Seattle Sounders FC. To read the official press release: https://base.firstroi.com/custom/fi/seattlebank/fb/disclosure/Seattle-Bank-Announcement.2.pdf

The entire team at AmeriChoice Home Loans is excited about our new partnership!

DANA MUNDY
Certified Mortgage Planner
Branch Manager

Cherry Creek Mortgage - Tri-Cities
Richland, WA

What to expect when you apply for a home loan

Cherry Creek Mortgage — Mon, 19 Apr 2010 17:22:56 -0700

One of the most frequently asked question from home buyers is "What can I expect during the process?" The answer to that question is "it depends"! It depends, number one, on who you choose to do business with. Is the company you are working with local? AmeriChoice Home Loans is an affiliate of Seattle Mortgage and Seattle Bank. Seattle Mortgage has been lending in the State of Washington since 1944. Seattle Bank was recently named the official bank of the Seattle Seahawks and Seattle Sounders FC. Is your lender experienced? I am a certified mortgage planner and have over 17 years lending experience. Does your lender have experienced, in-house processing? Jennifer Bocek has been a member of the AmeriChoice Team for over 6 years and has over 10 years experience as a loan processor. Your entire transaction is processed locally. What kind of communication can I expect? A common complaint among home buyers is their loan officer and loan processor are not reachable. At AmeriChoice we proactively communicate with you every step of the way. In addition, our client appreciation program will lavish you in unexpected and fun ways! From start to finish with AmeriChoice Home Loans, you will know excactly what to expect. If your lender is keeping you guessing consider switching to AmeriChoice Home Loans in Richland, Washington.

DANA MUNDY
Certified Mortgage Planner
Branch Manager

Cherry Creek Mortgage - Tri-Cities
Richland, WA

Buying a home? What you do first can save you thousands!

Cherry Creek Mortgage — Fri, 17 Jul 2009 00:39:56 -0700

You've decided to buy a home. Way to go. Now what? It's easy to get excited about buying a home. Buying a home is sexy and fun. The problem is that too many people forget to do their homework. If you have made the decision to purchase a home, you have just completed the 1st step. The 2nd step IS NOT to find a house. Here is a quick step by step guide to buying a home:

1. Make decision to STOP paying your landlord's mortgage!
2. Contact local mortgage professional, schedule a face to face meeting
3. Work with lender to create long-term financial plan
4. Get pre-approved
5. Using the amount that the lender recommends - make your home shopping checklist
6. Lender will recommend 1-2 top Realtors
7. Interview Realtors (remember they will be guiding you through the process)
8. SHOP for the RIGHT home
9. Make an offer
10. Meet with your lender to go over your paperwork & get your loan started

If you don't follow these steps you could end up shopping for a home in the wrong price range. If you don't work with an experienced lender you could end up spending thousands of dollars more in closing costs and interest charges. You have the right to expect excellent service from all parties involved in your transaction. Communication is the key to a successful home purchase. If you have already started the process with a lender that is not pro-actively communicating with you. Don't be afraid to move your transaction to a lender that will go beyond your expectations.

DANA MUNDY
Certified Mortgage Planner
Branch Manager

Cherry Creek Mortgage - Tri-Cities
Richland, WA

Relief for Responsible Homeowners

Cherry Creek Mortgage — Thu, 05 Mar 2009 00:21:19 -0800



	March 4, 2009 tg-48 Relief for Responsible Homeowners One Step Closer Under New Treasury GuidelinesWith Detailed Program Requirements, Servicers Can Now Begin `Making Home Affordable' Loan Modifications *Extensive Borrower Outreach Efforts Underway* Washington, DC - The Obama Administration today announced new U.S. Department of the Treasury guidelines to enable servicers to begin modifications of eligible mortgages under the Administration's Homeowner Affordability and Stability Plan - announced by President Barack Obama just two weeks ago. The release of detailed requirements for the "Making Home Affordable" program facilitates implementation of the critical provisions that will help bring relief to responsible homeowners struggling to make their mortgage payments, while preventing neighborhoods and communities from suffering the negative spillover effects of foreclosure such as lower housing prices, increased crime and higher taxes. "Two weeks ago, the President laid out a clear path forward to helping up to nine million families restructure or refinance their mortgages to a payment that is affordable now and ito the future. Today, we are providing servicers with the details they need to begin helping eligible borrowers," said Treasury Secretary Tim Geithner. "It is imperative that we continue to move with speed to help make housing more affordable and help arrest the damaging spiral in our housing markets, just as we work to stabilize our financial system, create jobs and help businesses thrive. Economic recovery requires action on all three fronts." "Only two weeks after the President unveiled his plan to help promote homeowner affordability, we are moving forward today with these guidelines to implement that plan," HUD Secretary Shaun Donovan said. "This step forward represents a tremendous coordinated effort between major government and regulatory agencies to help bring relief to America's housing market and homeowners. This plan will help make home ownership more affordable for nine million American families and in doing so, help to stop the damaging impact that declining home prices have on all Americans." The guidelines will implement financial incentives for mortgage lenders to modify existing first mortgages and set standard industry practice for modifications. Treasury announced today that the Making Home Affordable program will also include additional incentives for efforts made to extinguish second liens on loans modified under this program. Extinguishing second liens will make mortgages more affordable, improve loan performance, and help prevent foreclosures. In conjunction with the release of the new guidelines, Treasury, HUD and other members of a broad interagency task force have prepared consumer friendly Q&A and eligibility assessment tools for borrowers available at FinancialStability.gov. To ensure the program can be implemented as quickly as possible, the agencies also have conducted extensive outreach with housing counselors and mortgage servicers, including the development of call center phone scripts, a training plan and detailed guides, to prepare them for incoming inquiries from borrowers in the wake of the guidelines release. An expanded online resource will soon be available for borrowers, and agency representatives will fan out across the country in the coming weeks to conduct outreach at homeownership events in communities hardest hit by the housing crisis. ###

DANA MUNDY
Certified Mortgage Planner
Branch Manager

Cherry Creek Mortgage - Tri-Cities
Richland, WA

Wanted single, head of households, expecting large tax refunds!

Cherry Creek Mortgage — Tue, 03 Mar 2009 11:08:20 -0800

It's tax time again and for many of you that means....REFUND TIME! What did you do with your refund last year? Pay off a credit card? Take a little trip? Buy new furniture? Can you even remember? This year, why not make an investment in your future? Don't you deserve it?

Your landlord knows that one of the most sound investments you can make is real estate. He's also figured out that you are the perfect person to pay his mortgage. Every month you pay his loan payment right on time. Isn't it time you did something for you and your family? With interest rates at historic lows, low down payment options and a strong Tri-City housing market, now is the best time for you make your move. It's so simple to get approved. You are one phone call away. There are a number of ways to apply for your first home loan but none are easier then this 509.735.6603. Give us a call and ask for your free first time buyers consultation. Don't forget to ask how you can collect $8000 from the IRS when you buy before December 1, 2009.

DANA MUNDY
Certified Mortgage Planner
Branch Manager

Cherry Creek Mortgage - Tri-Cities
Richland, WA

AmeriChoice Home Loans hosts fundraising bus tour for Habitat for Humanity

Cherry Creek Mortgage — Tue, 03 Mar 2009 11:05:27 -0800

By Rudabeh Shahbazi KEPR TV Reporter

Video YAKIMA COUNTY-- The only thing more romantic than Valentines Day in wine country, is knowing you're doing it for a good cause, say organizers of Saturday's wine tour.

The proceeds went to Habitat for Humanity, and representatives networked with wine tasters to recruit volunteers for the nonprofit.

The plan was for a bus-load of people to spend the day exploring the areas wineries, but organizer Dana Mundy soon had to order another bus and put people on the waiting list for the first fundraiser of its kind. More than 100 people participated.

"It's just been thrilling," said Mundy. "Plus, it's fun. It's fun to get to know other local business people and just to connect with other people that feel the same way we do about the community."

Mundy works for AmeriChoice, a home loan company, so she said the beneficiary was a natural fit.

Habitat for Humanity Executive Director Theresa Richardson, says the proceeds were a welcome donation in this tough economic climate. The price of raw materials and labor needed to build homes is sky-high. At the same time, the need for affordable housing is growing.

"The families, you know their lives are going to change," said Richardson. "That cycle of poverty has ended because they have an affordable place to live and and to take care of their families. They're so proud of it. Their kids' education improves. Their health improves. It's just a win win win situation."

The organization's goal is to build a new home every month. Habitat is working on four new houses in Pasco right now, and will soon begin more in Kennewick.

The effort to recruit new volunteers seemed to be working.

"It's really given me a new appreciation for what they do and in just visiting with people who are here from Habitat, and really given me some interest in helping families get affordable housing," said wine taster Deanne Stephens.

On this Valentine's Day, the event gave a whole new meaning to love for others, as the generosity kept flowing.

"That arrow shoots through he heart of the whole organization, and ends up benefiting our families," said Suzzanne Carroll, who works for Habitat.

The wine tasters raised a couple thousand dollars, but Habitat is always in need of funds. For more ways you can help, visit their website at http://www.habitat-tcp.org/.

The next tour will be of Walla Walla vintage wines in June 6th from 12:00 pm - 7:00 pm. Tickets are $40 each and available at AmeriChoice Home Loans 509.735.6603.

DANA MUNDY
Certified Mortgage Planner
Branch Manager

Cherry Creek Mortgage - Tri-Cities
Richland, WA

Tr-Cities Washington Ranks #25 for Price Appreciation

Cherry Creek Mortgage — Tue, 03 Mar 2009 10:52:16 -0800

Tri-Cties, Washington sellers can SELL high and BUY Low!

The Tri-Cities was ranked 25th in the country for housing price appreciation in the Federal Housing Finance Agency's fourth quarter 2008 report. Tri-Cities home prices reportedly showed a 1.73 percent appreciation rate from the third quarter of 2008 to the fourth, and a 2.3 percent growth when comparing fourth quarter 2008 to the same time in 2007, according to the FHFA.

What does this mean for sellers? If you currently own a home and are considering moving up, now is a great time to considering selling your home. While homes under $300,000 are still moving fast, those priced over $300,000 are offering some exceptional buys. This means you can still sell high and buy low. Mortgage rates remain low. Now is the best time to sell your home and buy the home of your dreams. Call 509.735.6603 today to find out what your options are.

DANA MUNDY
Certified Mortgage Planner
Branch Manager

Cherry Creek Mortgage - Tri-Cities
Richland, WA

8000 Reasons to Buy Your First Home NOW!

Cherry Creek Mortgage — Tue, 03 Mar 2009 10:43:49 -0800

Are you still renting? Tri-City, WA (Kennewick-Pasco-Richland & Surrounding Cities) residents pay an average of $800 per month in rent. Did you know that you can purchase a home in Kennewick, Pasco or Richland and lower your monthly housing expenses? All three cities offer first time buyers down payment assistance depending on your income qualifications and the location of your purchase.

The USDA Rural Housing Program offers zero down loans in Burbank, Finley, Benton City, Prosser and North Pasco. These loans are not reserved for first time buyers but you cannot currently own a home. The seller can pay ALL of the costs associated with this loan - which means you can purchase a home with no money out of pocket.

Now courtesy of the Stimulus Package first time buyers qualify for up to $8000 in the form of a Tax Credit. What does this mean? This means Tri-City home buyers now have 8000 reasons to purchase a home. If you want to learn more about the tax credit and the benefits of investing in Real Estate, please call Dana Mundy at 509.735.6603.

DANA MUNDY
Certified Mortgage Planner
Branch Manager

Cherry Creek Mortgage - Tri-Cities
Richland, WA

Buyers want to see foreclosures first!

Cherry Creek Mortgage — Tue, 03 Mar 2009 10:38:22 -0800

Buyers always want to see foreclosures first!

Foreclosures have always been a strong attraction and an excellent way to pull in buyers. If twenty listing ads are in one place and one of the listing ads says "Foreclosure" you can always bet an interested buyer is going to be attracted to that ad first. We take advantage of that common tendency with this system.

We are finding even in good markets where foreclosures are not an issue this program is working just as great as it is in heavy foreclosure areas.

ads are in one place and one of the listing ads says "Foreclosure" you can always bet an interested buyer is going to be attracted to that ad first. We take advantage of that common tendency with this system.

Until recently the HomesByLender system has only been available to loan officers. We are now expanding to offer our exclusive sites to Realtors too. So, if you are looking for a way to close more transactions check out the HomesByLender system at www.hblsystem.com.

DANA MUNDY
Certified Mortgage Planner
Branch Manager

Cherry Creek Mortgage - Tri-Cities
Richland, WA

A funny thing happened on the way to the bank!

Cherry Creek Mortgage — Sat, 10 Jan 2009 11:55:44 -0800

I've been in the lending business for over 15 years and I am still amazed at the level of "dis-service" clients continue to receive. I was recently contacted my a woman "Lisa" who had been working with an online mortgage company. Lisa and her husband had applied for a VA home loan back in November. They made an offer on a home on five acres. The purchase price was $170,000 which included an addendum stating that at closing the seller would be provided $2500 so that in the near future he could connect the property to public irrigation. RED FLAG!! VA never allows seller concessions. This should have been explained to the borrowers at application, not 6 weeks later. Even after six weeks the lender said they thought they could make it happen. Fortunately Lisa decided to explore her options. Since concessions aren't allowed, I sought an alternative. Lisa and her husband thought they lacked the resources to come up with the $2500 necessary to purchase the supplies needed to connect the irrigation. I contacted the Realtor and worked out an alternative solution to the problem. I asked the Realtor that if the buyer agreed would they lower the sales price by $2500 and elimate the concession. They agreed. I contacted Lisa and proposed that we would reduce our fees so that she could recoup her $1000 earnest money, then explained to her that if she closed in January she would not have to make a mortgage payment until March. Her paymen was $1200 per month. Add that to her $1000 earnest money and she had the funds necessary to complete the transaction. This is a much much simpler way to get the job done and everybody wins.

The moral of this story? Now more than ever it is important to seek advice from a local, experienced professional.

DANA MUNDY
Certified Mortgage Planner
Branch Manager

Cherry Creek Mortgage - Tri-Cities
Richland, WA

Do you spend over 70% of your day prospecting?

Cherry Creek Mortgage — Fri, 09 Jan 2009 00:41:23 -0800

Over the past year I have been coaching with Susan Ross the owner of Blue Ocean Coaching. With Susan's guidance my income increased 10 fold. I'm sure if you asked Susan she would tell you that I have been her biggest challenge to date. My goal when I entered coaching was to increase my income...that's it. No FU FU stuff for me. So, Susan waited patiently. Then this past fall, Susan recommended that I ready THE ANSWER by John Assaraff. The Answer is all about brain science. Brain science, NOT FU FU. What I learned changed the way I live and the way I do business.

Now, better equipped to take on new challenges and implement those tasks necessary to run a business sucessfully (not have my business successfully run me) I am prospecting and focusing on dollar producing activities 50-70% of each day. It is blocked out. Calling clients, realtors, strategic partners, taking loan applications. Read THE ANSWER, you will learn how to "trick your brain". Hire an accountability coach, you will learn how to successfully operate your life and your business. A coach is not an expense. It is an investment. If you're going to leave your home and your family for 10 hours a day, don't you want to get the most out of it?

DANA MUNDY
Certified Mortgage Planner
Branch Manager

Cherry Creek Mortgage - Tri-Cities
Richland, WA

Social networking via client appreciation events

Cherry Creek Mortgage — Wed, 07 Jan 2009 18:16:15 -0800

The recent upswing of WOM (word of mouth marketing) has got me thinking. Now more than ever we need to get in front of our key clients and partners and show our appreciation. What you do for your clients matters as much as what you say. Since many markets are experiencing downturns it can be difficult to justify the "expense" of an event. Consider co-hosting your events with your strategic partners. For instance on Valentine's Day I will be hosting a Wine and Chocolate Bus Tour. I have brought in my escrow agent to provide the "catering" and we are charging $20 for each ticket. The funds collected from ticket sales will be donated to the local Habitat for Humanity. By including a charity, I will be able promote the event for free. I will also be able to double my database because the director of the charity will be more than happy to forward the invitation out to her database.

Show your clients you care! Help your community and increase your exposure. You'll be glad you did.

DANA MUNDY
Certified Mortgage Planner
Branch Manager

Cherry Creek Mortgage - Tri-Cities
Richland, WA

Tri-Cities Ranked #1 for Lowest Cost of Living in the State of Washington

Cherry Creek Mortgage — Sun, 30 Nov 2008 01:14:14 -0800

A recent report ranked the Tri-Cities #1 for cost of living. With the housing market holding strong and jobs plentiful, the Tri-Cities is a hidden gem. Located just 2 hours south of Spokane, the Tri-Cities is a great place to live and work. I've lived in the Tri-Cities since 1986 and can't imagine life anywhere else. The average cost to purchase a home is under $200,000 and the average income is over $60,000. With mild weather, lots of sunshine and only a few drops of rain....why would you want to live anywhere else?

DANA MUNDY
Certified Mortgage Planner
Branch Manager

Cherry Creek Mortgage - Tri-Cities
Richland, WA

Happily Ever After - On Your Own

Cherry Creek Mortgage — Wed, 08 Oct 2008 12:02:30 -0700

When I was growing up I learned about life from fairy tales. Cinderella, Sleeping Beauty and Snow White were my role models. They were all lovely maidens waiting around for Prince Charming to come rescue them. In these stories it was Prince Charming that provided the "Happily Ever After". Real women in the real world aren't waiting around. According the National Association of Realtors® nearly 25% of the homes sold in the United States are sold to single women that is nearly triple the number sold to single men. The Joint Center for Housing Studies credits single women for more than one-third of the growth in real estate ownership since 1994.

This fact is astonishing considering that until Congress amended the Fair Housing Act in 1974 providing that no person in the United States shall, on the ground of race, color, national origin, religion, or sex, be excluded from purchasing a home. Prior to that landmark amendment many banks would not even consider the income of a woman because it was understood that she would quit her job to have children. Women have come a long way in a very short time.

Women homebuyers come in all shapes, sizes, ages and from all walks of life. Some are divorced, never married and some are single mothers. Each has a unique tale and a common thread. Women are taking charge of their financial future. They don't need Prince Charming. With today's low interest rates many women are taking advantage of low down payment loan programs. The fact is buying a home is affordable and with the tax benefits your mortgage payment can be less than your rent.

If you're a potential single woman home buyer who is considering making an investment in real estate, Jennifer Musselman's book, Own It: The UPS and DOWNS of homebuying for women who go it alone, will help you make that decision with confidence. You can have Happily Ever After in your very own castle.

DANA MUNDY
Certified Mortgage Planner
Branch Manager

Cherry Creek Mortgage - Tri-Cities
Richland, WA

Renters Have Much to Gain by Pursuing Home Ownership

Cherry Creek Mortgage — Sat, 16 Aug 2008 14:39:06 -0700

Buying a home vs. renting is a big decision that takes careful consideration. But the rewards of home ownership are great. For many years, purchasing real estate has been considered an extremely profitable investment. It is an achievement that offers a sense of pride, financial stability and potential tax advantages. Yes, there are certain responsibilities associated with owning a home. Landlords will often argue the benefits of renting, and for obvious reason. If you are renting, you're helping them make their mortgage payment.

The numbers are staggering if you look at it this way. If you are paying $1000 per month for an apartment, and you know your rent will increase 5% every year, then over the next five years you will pay your landlord $66,309. Your landlord thanks you.

However, if you were to purchase your own home or condominium, you would be well on your way toward building equity in that same five-year period. In addition to building equity, there are tax advantages that come into play with home ownership. Depending on your tax bracket, owning a home is often less expensive than renting after taxes.

There are many different types of loan options available, including "low" and "no" down payment mortgage programs.

Housing is an expense that takes a big bite out of the monthly budget. If you are a renter and feel that "home" is more than someplace to hang your hat, think about the advantages of purchasing real estate. It may be time to take the step into building your personal net worth as a home owner.

DANA MUNDY
Certified Mortgage Planner
Branch Manager

Cherry Creek Mortgage - Tri-Cities
Richland, WA

Stage to Sell: Open House Joint Venture with Lender and Home Stager

Cherry Creek Mortgage — Wed, 13 Aug 2008 23:49:25 -0700

I recently partnered with Diane Turner. Diane is a certified home staging expert and the owner of Stage to Sell, a Tri-City based home staging company. What is a home stager? Home stagers work with home owners to make sure that their home is ready for the market. If you are selling your home, you need to stage it to sell if you want to maximize the price you get for your home.

Diane met with the seller three weeks before the scheduled "Staged to Sell" open house. Together they walked through the home, room by room, taking notes and pictures. Afterwards, Diane prepared a Home Staging Report for the seller. The seller was given two weeks to complete the necessary changes. This was a lovely home in North Richland in a desirable location yet it wasn't selling. Maybe the pink paint in the living room and black floral wall paper were to blame. Once the work was done Diane met with the seller to do a "walk through" of the home and took the "after photos". The seller did an amazing job. She neutralized the pink paint on the walls with a simple paint job, repainted the bathroom and made some simple changes to the furniture arrangements.

I then took the photos and created a before and after presentation. One week before the open house we sent out postcards to 100 neighbors and began our ad campaign. We also installed a sign in the YARD the Monday before the Saturday Open House.

Diane & I co-hosted the Open House with the seller. The results were amazing and they worked. After months of attempting to sell the home the seller got an offer $25,000 over the value several local Realtors assigned the property before the home was staged.

If you're a local Realtor or by owner seller and you have a home that has "hidden potential", Diane & I would love to come to the rescue. You can nominate your home by sending an email to dana@americhoicehomeloans.com.

DANA MUNDY
Certified Mortgage Planner
Branch Manager

Cherry Creek Mortgage - Tri-Cities
Richland, WA

Vicki Monteagudo: Passionate About Success

Cherry Creek Mortgage — Wed, 13 Aug 2008 23:29:34 -0700

Tri-City Realtor Spotlight: Vicki Monteagudo

Vicki Monteagudo has always been an achiever. She graduated second in her class at Pasco High and went on to attend Washington State University. But long before she set foot in a classroom she was taking business courses from her mother. Vicki credits her mom for instilling in her an entrepreneurial spirit.
Vicki believes that integrity must be woven into the fabric of everything that she does and she has built a team that embraces this philosophy. Vicki has truly built a unique business model. She employs a graphic designer, marketing manager, professional photographer, transaction coordinator and a home staging expert. She has embraced the fact that she cannot be all things to all people. Vicki knows that her strengths are in marketing and contract negotiations and she has surrounded herself with experts that each excel in their field. Clients that work with Vicki are treated to concierge style service. "I'm passionate about working with my clients and helping them achieve their goals of home ownership. At the end of the day, I want to be remembered for my commitment to treating my clients with respect and integrity."
Vicki's passion for excellence is just one of the reasons that she is the #1 Coldwell Banker agent in the state of Washington.

Vicki Monteagudo is a licensed Washington State Realtor and works at Coldwell Banker in Kennewick, WA
Original story published in the Mundy Market Guide Fall 2007

DANA MUNDY
Certified Mortgage Planner
Branch Manager

Cherry Creek Mortgage - Tri-Cities
Richland, WA

Mortgage Rescue Bill Announcement

Cherry Creek Mortgage — Wed, 13 Aug 2008 21:02:59 -0700

On July 30, 2008, President Bush signed into law H.R. 3221, the "Housing and Economic Recovery Act of 2008," a sweeping $300 Billion rescue plan to help struggling homeowners avoid foreclosure, and to boost confidence in the sluggish housing market.

As your trusted mortgage advisor, I wanted to let you know that I am in the process of analyzing this landmark legislation, how it affects you, and what opportunities it presents to your financial goals and needs.

The bill itself is very large (hundreds of pages!) and contains many complex provisions that can be interpreted in different ways. In fact, I've already seen and read a lot of conflicting analyses of this important bill in the media. Rest assured, you will be hearing from me soon with accurate details that you can trust regarding this bill, and more importantly, how you might benefit from it. Some of the highlights include exciting new tax incentives for homeowners and home buyers, an extension of higher loan limits at preferred interest rates, and real help for homeowners that may be headed towards foreclosure, all of which will help strengthen property values in our neighborhoods. In addition, the new tax credit and pending changes for certain mortgage programs could make this the best opportunity in many years for a first-time home buyer.

If you have any questions or concerns regarding the new legislation and how it may affect your mortgage or your plans to buy a new home, do not hesitate to send me an email or give me a call.

DANA MUNDY
Certified Mortgage Planner
Branch Manager

Cherry Creek Mortgage - Tri-Cities
Richland, WA

Looking for FSBO's in the Tri-Cities?

Cherry Creek Mortgage — Wed, 13 Aug 2008 20:55:50 -0700

Are you looking for a new home? Have you explored the online network of for sale by owner websites? The internet is a powerful tool. More than 80% of home buyers use the internet to research their home purchases. There are a number of great sites that allow you FREE access to information on for sale by owner homes. I have been working with local sellers in the Tri-Cities, Walla Walla and Yakima for over three years. You can access a large database of for sale by owner homes by going to www.homesbylender.com and choosing the state and city that you are interested in. It's simple and it's free. Can't find the home that you are looking for? You can register for the Buyer Advantage Program and our system will notify you every time a home that meets your criteria is added to the site.

Now, shopping for a home and buying a home are two different things. There are a lot of legalities that you will need to be aware of and if you are dealing directly with a seller, you must do your homework or better yet hire a Realtor to represent you. A Realtor is trained to negotiate, they know the laws and they can help protect you during the home buying process and in Washington State, the seller pays their commission. Buying a home is an emotional time and making home buying decisions when your emotions are running the show, can end up costing you.

Be smart. Do your homework. Be prepared. Buying a home is one of the best financial decisions that you will ever make and now is a great time to do it. The Tri-Cities economy is strong. The job market is strong and that means a strong housing market. Stop paying your landlord's mortgage and start investing in your own future.

DANA MUNDY
Certified Mortgage Planner
Branch Manager

Cherry Creek Mortgage - Tri-Cities
Richland, WA

Life After Bankruptcy

Cherry Creek Mortgage — Wed, 06 Aug 2008 19:55:46 -0700

By Dana Mundy, Certified Mortgage Planner
AmeriChoice Home Loans

Tri-Cities, WA - Bankruptcy is an uncomfortable subject for a variety of reasons. The most obvious is the potential havoc it can wreak on your finances. Running a close second is the negative stigma which is often attached to the process. This negativity is important to mention because strong emotions can sometimes lead to unsound financial decisions with devastating results.

Bankruptcy becomes a viable option for someone who is "upside down" in terms of cash flow. In other words, when a person has more money going out each month than coming in, bankruptcy should be considered if no reversal of this negative cash flow is within sight. The longer someone waits to explore the various options available, the more serious his or her situation may become.

One of the worst things people can do in this situation is to borrow more money to try and pay off their debts. On paper, this is clearly an unwise financial decision. In the real world, however, it is very common for individuals to pursue this strategy in an attempt to buy time and hold off on filing for bankruptcy. On the surface, this is certainly a noble notion; however it can often compound the problem and serves only to delay the inevitable.

For many homeowners in the midst of this upside down cash flow, speaking to a qualified mortgage professional is a much better option. An experienced loan officer can objectively look at your finances and help you determine if restructuring your mortgage would not only help, but possibly even alleviate any need for bankruptcy.

If bankruptcy is the only option, seek out a reputable bankruptcy attorney and credit counselor. A qualified mortgage specialist can provide references for you as well, as he or she works with these professionals on a regular basis. Reliable references are essential in this case because experienced professionals greatly increase the odds of a successful bankruptcy experience. It's that simple.

When filing for bankruptcy, be completely honest and accurate regarding every aspect of your financial situation. This includes any changes to your income which may occur throughout the process. Bankruptcy is a federal procedure, adjudicated by real judges, and scrutinized by representatives who coordinate with the Department of Justice, the FBI, and the IRS.

Here are some additional steps you can take to make the bankruptcy process as painless as possible:

Save all paperwork regarding your bankruptcy, and keep it organized. This will prove beneficial after your bankruptcy as you now have all of the pertinent information in one place. Also, be sure to write down your discharge date. It's surprising how many people forget to do this.

Establish a household budget. This can be accomplished in many ways, but there are several inexpensive computer programs available which do an excellent job.
Throughout the bankruptcy, do your best to not only live below your means, but to save as much cash as possible. You never know what you may need it for once the process is completed.
Be prepared for a barrage of junk mail. There will be sharks on the loose who are hoping to capitalize on your need for credit.

Tips for Rebuilding Credit:

If you must buy a car, focus on transportation as opposed to style. Buy an inexpensive, used car, and try to get a loan for it. It's a good idea to figure out what your budget allows in terms of a dollar amount first. This means obtaining financing prior to looking for a car.

Get a secured credit card. Secured credit cards allow for the cardholder to deposit a said amount of money into an account, thus establishing the spending limit of the card. Missed payments result in deductions from the account. Some of these cards will reward responsible borrowers by upping the limit without an additional deposit. Some will even convert the account into a traditional credit card. (Be wary of offers of "easy credit" or any card which asks you to call a 900 number. You will be charged for the call.)
Meet with a credit repair specialist. Not only can they help you clean up the damage to your credit report, they can advise you on specific ways to rebuild the credit you lost as well.

While it does take time, there is definitely life (and credit) after bankruptcy. Some mortgage lenders will even lend to you within a year or so after a bankruptcy. If you're in serious financial trouble, the trick is to get the help and advice you need from professionals you trust.

Dana Mundy is affiliated with AmeriChoice Home Loans, a Licensed Broker, Washington Department of Real Estate. For a free copy of our Consumer Credit Scoring Booklet, contact Dana Mundy at 509-735-6603.

DANA MUNDY
Certified Mortgage Planner
Branch Manager

Cherry Creek Mortgage - Tri-Cities
Richland, WA

Life After Bankruptcy

Cherry Creek Mortgage — Wed, 06 Aug 2008 19:54:59 -0700

By Dana Mundy, Certified Mortgage Planner
AmeriChoice Home Loans

Here are some additional steps you can take to make the bankruptcy process as painless as possible:

Establish a household budget. This can be accomplished in many ways, but there are several inexpensive computer programs available which do an excellent job.
Throughout the bankruptcy, do your best to not only live below your means, but to save as much cash as possible. You never know what you may need it for once the process is completed.
Be prepared for a barrage of junk mail. There will be sharks on the loose who are hoping to capitalize on your need for credit.

Tips for Rebuilding Credit:

Get a secured credit card. Secured credit cards allow for the cardholder to deposit a said amount of money into an account, thus establishing the spending limit of the card. Missed payments result in deductions from the account. Some of these cards will reward responsible borrowers by upping the limit without an additional deposit. Some will even convert the account into a traditional credit card. (Be wary of offers of "easy credit" or any card which asks you to call a 900 number. You will be charged for the call.)
Meet with a credit repair specialist. Not only can they help you clean up the damage to your credit report, they can advise you on specific ways to rebuild the credit you lost as well.

DANA MUNDY
Certified Mortgage Planner
Branch Manager

Cherry Creek Mortgage - Tri-Cities
Richland, WA

Targeting buyers with Foreclosure Safaris (Bus Tours)

Cherry Creek Mortgage — Wed, 06 Aug 2008 17:02:43 -0700

Tri-Cities, Wash

AmeriChoice Home Loan's has put an exciting twist on the Foreclosure Bus Tours that are gaining popularity across the country. AmeriChoice, a Richland, WA based mortgage banking firm, teamed with a local Real Estate professional to launch their Foreclosure Safaris in June of 2008. The event gained local and national fame for it's innovative and fun approach for showcasing distressed properties.

The Safaris depart monthly and offer eager home buyers the opportunity to not only tour a variety of foreclosed home via a chauffered motor coach, they get a "seminar on the go". AmeriChoice has taken the average "HOW TO BUY FORECLOSURES" seminar on the road in a completely original way. The first tour held on June 19th was SOLD OUT due to intense local, state and national media coverage.

The Safari's depart monthly and last 3.5 hours. Participants view 6-8 homes. The homes are hand selected so that a true picture of the market is represented. Tourists arrive 15 minute before departure to check in and receive their Foreclosure Guidebook and Passport along with a catered lunch & goodies.

Between stops Dana delivers a mini-seminar educating the passengers on everything from Bidding Dos & Dont's and Top Negotiating Strategies. "There was absolutely nothing I would change about the tour. The information was concise and delivered in a fun manner. I can't wait for the next tour!" Nicole C., Richland, WA.

The next scheduled departure is August 23rd at 9:35am. For more information go to www.foreclosuresafaris.com/tricities or www.homesbylender.com/tricities.

Let your Real Estate investing journey begin!

DANA MUNDY
Certified Mortgage Planner
Branch Manager

Cherry Creek Mortgage - Tri-Cities
Richland, WA