mortgage: 5% Down Conventional Loans in Arizona - 04/08/10 05:31 PM
We all deserve good news now and again --- So for this week, take the new 95% Conventional Program to the Bank.
In light of FHA raising their Upfront MIP to 2.25% this week, there is now another option for those willing to put an extra 1.5% down in cash on a new home.
Here are the details on the 95% Conventional Program:
Primary Residence only 1st Time Home Buyers and Move Up Buyers Monthly Multiple as high as .94% ($195K loan the monthly mortgage insurance is $151 est.) Credit Score above 720 DTI Ratio at 45% or less Good information … (2 comments)
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mortgage: Week In Review 1/11/10 - 1/15/10 - 01/15/10 06:19 PM
Licensing for Mortgage Loan Originators is here!!! I spent a few days last week in classes, brushing up on Federal and State Law and sharpening my skills as a Mortgage Consultant/Loan Originator. It may be easy to complain about the licensing requirements, but in reality, it will help to make better "professional loan officers". I learned every day that while in class and I am excited to take the test (early next Tuesday for the federal test) and to be able to call myself "licensed". Even if the only thing passing the test will lend me (no pun intended) is a … (2 comments)
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mortgage: July 23rd - "Obtain More Buyer's" Seminar - Glendale, AZ - 06/16/09 07:07 PM
Do You Wonder...
* What is Causing Delays in Loan Fundings?
* Why are Appraisals so Difficult to Get?
* Are there any new Mortgage Products available?
* Why can't my client get Mortgage Insurance?
Stop Wondering and find out at the "Obtain More Buyer's" Seminar. You will learn about snags in undewriting, pre-approval vs. pre-qualification, credit concerns, and much more.
It will help turn those serious leads into buyers!
WHEN: THURSDAY, JULY 23RD, 2009
WHERE: DHI TITLE - ARROWHEAD
7025 W. BELL ROAD, STE. #2
GLENDALE, AZ 85308
COST: FREE!
In a … (1 comments)
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mortgage: It's all in the Spin! - 06/05/09 05:41 PM
Life and our outlook on it, is sometimes dependent on how we Spin the situation.
It's the "Half glass full vs. Half glass empty" theory. But it is true, we can apply it to any situation.
For example, with mortgage rates increasing over the last couple of weeks there are two recurring thoughts:
"I can't believe rates have increased to the mid 5% range. That is outrageous.' "Rates have increased but at least we aren't paying 6.5%-7.5% like the historical averages. A thirty year fixed rate in the 5% range, is still a great deal." Two statements - Two completely different outlooks.
… (0 comments)
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mortgage: "Monetizing" the Tax Credit for use as Down Payment Assistance - 06/01/09 06:15 PM
On May 29, 2009, HUD released Mortgagee Letter 2009-15.
Initially this letter appears to help First Time Homebuyer's to use their $8000 Tax Credit as a part of their down payment before they actually receive the credit back from the government.
Based on my research this is not the case!
Currently their are 10 States that are participating in "First Time Homebuyer Tax Credit Loan Programs" - for purposes of this blog and since I work in AZ, please note that Arizona is not on the list.
In addition, if you read the entire Mortgagee Letter there is a very important Condition … (1 comments)
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mortgage: Volatility - Can I have the definition Please? - 05/29/09 06:57 PM
This week was the Scripps National Spelling Bee. I didn't watch all of it but on Monday, I happened to catch about 10 minutes of it on ESPN. What I found most interesting was the way the kids showed their pleasure or discomfort with the words immediately. One contestant looked as if she was about to begin dancing when the moderator (or whatever they call him) asked her to spell ____________. (Heck I don't remember the word, it's not like any of them are used in daily conversation anyway!!!)
However, it does bring me to the word of the week - … (4 comments)
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mortgage: Week in Review - March 23-27th, 2009 - 03/27/09 06:48 PM
Rates stayed pretty consistent throughout the week with a few swings up .125% and down .125%, but for the most part it was right at where we ended last week. I can't stress enough that we don't know how long these rates will stay down in this range, so be on the lookout for those buyers and the affordability that the rates and prices of homes truly has for them.
On another note - some stories for the week:
April 4th the new DU Program will be available - Well not the entire Home Owner Affordable Plan refinance and loan modification … (1 comments)
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mortgage: "Making Home Affordable" - Refinance and Modification - 03/04/09 10:04 AM
Today is March 4, 2009 and the new "Making Home Affordable" Refinance and Modification programs were unveiled today.
The Financial Stability website is a great place to locate the information regarding these two programs. It has everything from the full guidelines on the modification program to discovering which option may be the best for you, Refinance or Modification.
In summary, they ask four questions on the "Making Home Affordable Refinance Option" and four questions on the "Making Home Affordable Modification Option". If you answer yes, to all four questions, it then directs you to contact your CURRENT SERVICER OR LENDER and inquire about whichever … (1 comments)
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mortgage: Week In Review - 2/02/09 -2/06/09 - 02/06/09 01:17 PM
Another week has come and gone. Here are a few highlights and my take on them, purely from an opinion standpoint. Rates are up this week, we will see where they move to in the next few days.
•· Cardinals lose in Super Bowl XLIII - I flew home from Dallas last weekend early to watch the game. I really didn't feel that sitting on a plane during the Super Bowl was the place that I wanted to be, hence the need to change the flight. It turns out that I witnessed a very exciting Super Bowl. This year the commercials … (3 comments)
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mortgage: New Changes Coming - 02/03/09 04:32 PM
There are a few new items coming up or at least in the works. Thought it might be of interest to realtors and to their clients as well as to mortgage professionals.
Appraisals - Starting 4/1/09 appraisals will need to be ordered by the investors and not through the mortgage broker. The point is to eliminate discussions between mortgage consultants/brokers about property value. The question is whether this helps the average person or hurts the average person? Tax Credit - Currently, FTHB have access to the tax credit of up to $7500 if they purchase a new home before July 1, … (2 comments)
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mortgage: Week In Review: 1/19/09 -1/23/09 - 01/23/09 02:55 PM
Rates are up slightly this week (about a quarter of a percent) - which is odd because there really isn't great news out there. Perhaps the loan volume is so great that the big players are trying to slow down the refinance train so they can catch up. Underwriting times can be as much as 15 days for some lenders. We are still trucking along at about 5 days, which is longer than our normal 48-72 hours. It is all good though as we are working our way through this surge of activity.
Three quick topics this week:
•1) Near Freezing … (3 comments)
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mortgage: Week in Review - January 9, 2009 - 01/09/09 04:16 PM
Quick Review of the Week:
•1) Gators win National Championship - Yep, once again the underdog gets it done. There is something about these college football players and pro football players (think Cardinals) that once they are told they can't do it, rise up and do what it takes to win. Congratulations to those Florida fans! Go Cardinals! (In all honesty - a bit weird to write that because they haven't been anything to root for since I was born, but they are saying it can't be done, time to prove everyone wrong!)
•2) Obama says that Stimulus Package needs to … (2 comments)
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mortgage: Week in Review December 19 - 12/19/08 08:19 PM
I hate to be the bearer of GOOD NEWS...but rates are really exciting. Think about it...a 30 yr fixed rate for less than 5%, those have to be some of the best rates in over a quarter century. Case in point - Read this USA Today article: http://www.usatoday.com/money/economy/housing/2008-12-18-mortgage-rates_N.htm .
This week some cool things happened:
President Bush had a shoe thrown at him: If you saw the footage, then you would see that he stayed relatively calm considering. I think you send a pretty strong message when you take your shoe off and throw it at someone, then again, you may … (0 comments)
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mortgage: FHA Window of Opportunity Closing - Lower Rates...Hopefully Not! - 12/02/08 03:36 PM
At least in Maricopa County and the majority of the remaining counties in Arizona, on January 1, 2009 the FHA max loan limit will change to $271,050 from $346,250. If you have a listing in that range, maybe the best move is to play up FHA. With rates in the mid-5's for FHA loans, it should/could make those homes more affordable. But you only have about a week to get the deal done, because any longer than that and the "window" will be closed. So put on your sales cap and lets find a buyer.
The last time rates went lower - … (1 comments)
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mortgage: Credit Thaw - Good news in the credit markets. - 10/20/08 06:40 PM
Here is some good news for everyone:
I caught this today when perusing my usual financial sites. It is from Dave Fader regarding the 2 YR Swap Spread and LIBOR. Things are beginning to go the right way. Let's up that the credit freeze does begin to thaw so that we can continue to see improvements in the market.
Check the vido at: http://www.cnbc.com//id/15840232?video=896623086&play=1
Here's to positive news all week.
… (5 comments)
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mortgage: My Phoenix Lender - New Mortgage Blogger - 10/20/08 06:31 PM
A couple of weeks ago, my former colleague at Silver State Bank, began her very own blog. Though I am jealous, as she seems to be more proficient at it than I am (see: Own domain name, good blog content, fun widgets), I am excited that she is continuing to increase her business through this tool. Her site is at the following link... www.myphoenixlender.com .
If for no other reason then to check it out, go to her blog and say hello. If you want, say that I sent you - I don't get anything for it, just the satisfaction of … (0 comments)
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mortgage: Pressure and Success - 08/28/08 10:45 AM
My coaching endeavors and travels will take me to San Jose this weekend for a hockey tournament that I hope is a huge success. A bit nervous as this is my first foray into "Head Coaching" and a lot of pressure is riding on my ability to put the athletes in a position to succeed.
However, dealing with pressure and making sure transactions "succeed" is nothing new to me. As the most important part of my job is creative thinking and problem solving.
For example:
What specifically is the underwriter looking for within a specific file (when a "No" is the first response to a loan … (4 comments)
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mortgage: FHA makes Changes to Mortgage Insurance Policy - 06/16/08 12:00 PM
In the past, FHA has had a mandatory 90 Day waiting period to insure recently foreclosed properties. However, today the "Bush Administration...announced a temporary policy that will extend government-backed mortgage insurance and allow for the immediate sale of vacant foreclosed properties."
This policy will be in place for one year and you can read the full News Release at http://www.hud.gov/news/release.cfm?content=pr08-082.cfm .
What does this do?
1) Allows foreclosed properties to be sold quickly through FHA.
2) "...Help(s) stabilize neighborhoods experiencing high rates of foreclosure by reducing the inventory of unsold properties."
3) "Ease(s) the excess supply of unsold homes in neighborhoods … (6 comments)
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mortgage: Yes: Positive Feedback - 05/20/08 04:44 PM
I made a follow up phone call today to the listing agent that I worked with on a recent loan closing for a mutual customer. My goal in every transaction is to communicate as effectively with the listing agent as I do with my customer and their real estate agent. Everybody wants peace of mind in this lending environment and so I try to deliver that service to them. I believe it is invaluable to all parties involved to know the status of the loan as things are completed or change during the process. But this isn't about me, this is about the listing agent and the … (5 comments)
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mortgage: Zillow Mortgage Marketplace - 05/19/08 04:54 PM
It has been around since April 2, 2008 and I have been checking it out occasionally to see if it is a viable option for consumers. It does in fact seem to be working well for some lenders and borrowers. However, there are also some definite draw backs...
1) The goal is to be transparent. But when the rates are scrolling there is no way to know if the rate quoted is at no origination fee and no discount points to the borrower or if the rates are quoted with points and origination fees. There is still a wide range in rate … (0 comments)
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