Inside Arizona Mortgage Lending

How can I help make your Arizona mortgage process easier?

Leslie Nilsen-First Class Financial (First Class Financial Services NMLS#162476) — Wed, 29 Jun 2011 18:40:13 -0700

How can I help make your Arizona mortgage process easier?

1. First and foremost, buying a home is in the top 5 most stressful things one will do in their lifetime. I certainly do not expect you to understand what, when, why and how. ASK! Call. E-mail or to make it a bit easier there is also a wealth of information online.

2. You can apply for your mortgage online at https://secure.web-loans.com/security-logon.aspx?timeout=1 - this is a SECURE webpage allowing you to enter your e-mail address, save your data and come back to it at a later time.

3. How much is it costing you to rent and what are the financial benefits to buying? You can compare renting versus owning here:

http://fcfs.net/loancenter-calculators-rentvsown.aspx

4. How much can you borrow? Use this calculator to help you find out -

http://fcfs.net/loancenter-calculators-prequalify.aspx

5. How will making an extra monthly payment affect the payback of your loan? Use this calculator -

http://fcfs.net/loancenter-calculators-extrapmt.aspx

6. Check out the Frequently Asked Questions section - http://fcfs.net/faq.aspx

Your question may be covered here too! No question should go without asking!

Remember, my goal- Having a dream is good, owning one is better!

Leslie Nilsen, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

AZ Mortgage Rental Property Home Insurance Tips

Leslie Nilsen-First Class Financial (First Class Financial Services NMLS#162476) — Tue, 21 Jun 2011 18:04:39 -0700

Arizona mortgage rental property home insurance tips:

First, THANK YOU to Loel Weatherly! My favorite American Family Insurance Agent! He has provided me some important pointers when it comes to home insurance for those of us that call ourselves landlords.

From Loel Weatherly, American Family Insurance Agency: "... A couple of points come to mind immediately...

•1) The proper policy form should be obtained once the property is rented out...typically called a "landlords" policy, "rental dwelling protection" policy, or a BOP (Business Owners Policy). The standard homeowner policy is not written or rated to provide coverage other than to the owner/occupant of the property.

•2) As part of these types of policies there is generally coverage provided for "loss of rents" or "loss of income" in the event that the property would be uninhabitable due to a covered loss.

•3) Another crucial part of these types of policy forms is the Liability coverage to protect the property owner....typically a minimum of $300,000 per occurrence and in many cases can be increased to $1 Million in coverage for a slight additional premium charge.

•4) Also, coverage for damage to the structure, walls and flooring as a result of a broken pipe either in the wall/ceiling or floor should be included. "

Many times clients call me AFTER something has happened to ask how they should handle it. I am new to this landlord gig so I want to make sure to pass on all that I get as I go through the process!

Again, thanks Loel! You can reach Loel at American Family Insurance at 480.926.2766.

Having a dream is good, owning one is better!

Leslie Nilsen, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

Cleaning the carpets at my rental......secret to stains!

Leslie Nilsen-First Class Financial (First Class Financial Services NMLS#162476) — Mon, 20 Jun 2011 16:32:21 -0700

First, I know this has nothing to do with the insides of the mortgage business. However, a good pointer I could not pass up.

I have tried everything to get the stains out of my WHITE carpet. I rented a carpet cleaning machine and even purchased the spot remover. Nothing worked. HOWEVER I remembered the Queen of Clean mentioning something about Baking Soda/Vinegar and Water. The baking soda WORKED! Literally took the BLACK stains from years ago, out of the carpet completely! I sprinkled down the baking soda, sprayed it with a water bottle and let it sit. That's it! Pulled it right out!

You can all thank me later!

Having a dream is good, owning a rental property with clean carpets is great, owning your own home is even better!

Leslie Nilsen, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

AZ Mortgage Buyer Checklist as provided by the Arizona Department of Real Estate

Leslie Nilsen-First Class Financial (First Class Financial Services NMLS#162476) — Tue, 14 Jun 2011 17:03:08 -0700

In researching some information through the Arizona Department of Real Estate, I found a handy Buyer Checklist!

You can find it here: http://www.re.state.az.us/PublicInfo/PropertyBuyerChecklist.aspx

This checklist has infomation on:

New homes in a Subdivision.......specifically to reading the contract completely (builder contracts can vary greatly from the typical purchase contract), how to get the public report, and notes on what to do BEFORE you sign the contract.

Previously Owned Homes........specifically to the realtor's representation, getting a home inspection, termite inspection and what to do BEFORE you write an offer.

Undeveloped Land........ specifically to advise regarding asking for the " Arizona Department of Real Estate Disclosure Report "(Public Report), reviewing the Arizona Department of Water Resource, and parcel requirements, if intent to build.

The checklists are kept up to date by the Arizona Department of Real Estate and have all of the important information for each category that you or your buyer might forget!

Although dry, the department can be a wealth of information. The more we know the better off we are.

Having a dream is good, owning one is better!

Leslie Nilsen, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

Greer Wallow Fire victims may want to consider flood insurance now?

Leslie Nilsen-First Class Financial (First Class Financial Services NMLS#162476) — Fri, 10 Jun 2011 11:21:22 -0700

First, my thoughts and prayers go out to all the individuals impacted by the devestating Wallow fire in Greer, Arizona.

Interesting turn on this fire. Due to the massive amounts of vegetation that has been lost, homeowners should consider flood insurance. Why? The vegetation was what handled the level of water that the area sees during the winter months. With that vegetation gone this winter, the remaining homes have a greater risk of flooding.

Although FEMA may not designate the area as an official flood zone, flood insurance should be something to consider. Homeowners should contact their current home owners insurance agent to secure any necessary policy or go to FEMA's website for further information at www.fema.gov/hazard/flood/index,shtm

Having a dream is good, owning one is better!

Leslie Nilsen, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

Great photos tip for listings in MLS...

Leslie Nilsen-First Class Financial (First Class Financial Services NMLS#162476) — Thu, 09 Jun 2011 16:33:44 -0700

Great photos tip for listings in MLS...

I went to a continued education class last week that I learned a great tip on labeling your pictures in MLS something other than "living room" "dining room" etc.

First, I know! It's a miracle that I learned something. The CE classes typically are so boring that I leave with little left but 3 hours gone from my life.

The tip was to name the pictures anything BUT what they are... the idea here is that when a buyer searces online for "Homes in Troon" AND you have named your "living room picture" Homes in Troon" they will see that image pop up. Another way to get exposure to your listings just by virtue of the search engines linking to your photo!

OR when a buyer who is relocating searches online for "Intel", a picture of your listing's pool will pop up in their search!

Here's a head start for you:

The address of the property.

The subdivision it is in.

The neighborhood it is in ...i.e."Troon"

The name of the elementary/middle/high school near by.

The major employers within 5 miles of the listing.

Fun things to do that are within 5 miles of the listing.

You get the idea! Hopefully this will drive more traffic to your listings!

Having a dream is good, owning one is better!

Leslie Nilsen, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

AZ Mortgage Question of the Day: Can an investor buy a property from Fannie Mae and then sell it to a new buyer using HomePath financing?

Leslie Nilsen-First Class Financial (First Class Financial Services NMLS#162476) — Thu, 09 Jun 2011 12:19:10 -0700

AZ Mortgage Question of the Day: Can an investor buy a property from Fannie Mae and then sell it to a new buyer using HomePath financing?

Sorry. The answer is No.

Fannie Mae properties are offered with special financing called HomePath financing. This allows for a buyer to purchase the home directly from Fannie Mae and take advantage of the perks of the HomePath financing.

In this case the client was purchasing an investment property. On investment properties, HomePath allows for a minimum 10% down payment and NO monthly mortgage insurance requirement!

Most HomePath properties are designated that way due to condition issues. The HomePath financing does not require a property appraisal so any condition issues are not relevant to qualifying.

Fannie Mae also have a special incentive running now offering 3.5% closing costs assistance through 6/30/2011.

You can find out more about HomePath properties at www.homepath.com and about the special incentive at www.homepath.com/incentive/index.html

Having a dream is good, owning one is better!

Leslie Nilsen, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

AZ Mortgage Question of the Day: Can I use money from my Home Equity Line for a down payment on an investment property purchase?

Leslie Nilsen-First Class Financial (First Class Financial Services NMLS#162476) — Wed, 08 Jun 2011 09:50:45 -0700

AZ Mortgage Question of the Day: Can I use money from my Home Equity Line of Cfredit for a down payment on an investment property purchase?

Yes. Yes you can! Couple of things:

1. Along with meeting the other investment property qualifying requirements, you need to be able to qualify WITH the new monthly payment from the home equity line.

2. You will need to show that is where your down payment money came from. This is important. IF you draw, for example, $20500 from your Home Equity Line of Credit, you cannot withhold $500 for yourself when you go to the bank to make the deposit. We will not be able to tie the two numbers together. Deposit exactly what you drew from the line. Then you will need to provide the statement from the line that shows the withdrawl and a statement from your account that shows the deposit. Voila! The numbers tie together and we can now "papertrail" the source of the funds.

3. You will need to provide the NOTE (your re-payment agreement) from when you acquired the Home Equity Line of Credit. This will show the terms of the line.

4. You will want to consider the Home Equity Line of Credit payment amount in your total exposure on the new investment property to ensure that it is still an income producing property.

NOW! Today! Immediately. PRONTO....is the time to consider purchasing investment property real estate. The opportunity is amazing. Property values are low and demand for rentals is extremely high!

Having a dream is good, owning one is better!

Leslie Nilsen, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

More AZ First Time Home Buyer Tips (really tips for ANY buyer!)

Leslie Nilsen-First Class Financial (First Class Financial Services NMLS#162476) — Mon, 06 Jun 2011 18:39:30 -0700

In Arizona, as in most places, if you are a first time home buyer, you can be overwhelmed with the process of purchasing a home.

Here is a bit more guidance:

First, when your realtor says "Location.Location.Location." Just trust them. It is critically important. The bottom line is, you can change virtually anything about a house, you cannot change where it is located. Again, just trust us on this one. Clients like to convince themselves into things. This one cannot be compromised.

Second, USE your realtor. Remember, your BUYER agent is paid by the seller so there is NO reason not to use a realtor and use them to your advantage. They have done this "home buying" thing before. They know what, when, who, where and how to look for real estate.... and how much! The "how much" is the biggest thing on everyone's minds these days..."how much" is not everything though... You realtor can walk you through all sides of it.

Third, get pre-approved. I know. I'm beating a dead horse here but full disclosure, it will not be the last time I bring it up. Use the mortgage calcuator at http://fcfs.net/loancenter-calculators-monpmt.aspx - this will help you get an idea of your potential monthly payment. Get your head around what you are comfortable with AND what is realistic.

Fourth, after you have your monthly payment from using the calculator- don't forget to add in your property taxes (go estimate is .78% of your purchase price is ANNUAL taxes - divide that by 12 to get your MONTHLY taxes) and go to http://www.iii.org/media/facts/statsbyissue/homeowners/ to get stats on average home owners insurance rates. You can use a factor of .35% (same way as above) to get an estimated amount as well. These will be added into your monthly payment so you want to be prepared for your FULL payment not just principal and interest. NOTE: Don't forget about potential home owner association fees!

Fifth, not sure? You may want to see the comparison of what is costing you to rent versus the benefit of home ownership- try out this handy tool to see the true impact - http://fcfs.net/loancenter-calculators-rentvsown.aspx - I can save you some time and just tell you that the value of home ownership will substantially outway renting (in this current Arizona market) but sometimes seeing it is believing it.

Remember, these are just items to give you some direction. Your loan officer and your realtor will walk you through all of these steps. The more you know before you start the better educated you will be during the process!

Having a dream is good, owning one is better!

Leslie Nilsen, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

FREE credit report!

Leslie Nilsen-First Class Financial (First Class Financial Services NMLS#162476) — Fri, 03 Jun 2011 16:26:32 -0700

Remember, the law states you can get a FREE copy of your credit report annually!

Through the Fair and Accurate Credit Transactions Act (FACT Act) consumers are entitled to receive a copy of all three credit reports, annually, for free.

You need only go online to:

www.annualcreditreport.com

Enter your state of residence and follow the instructions to request a copy. IF the copy is requested online, you will have access to print it immediately from the site.

You can request a copy by phone at 1-877-322-8228 or in writing. If you request a credit report by mail, download the "request form" by going to www.annualcreditreport.com, print and complete the form and mail to:

Annual Credit Report Request Services

P O BOX 105281
Atlanta, GA 30348-5281

If you order by phone or mail it will take up to 15 days to process.

IF you find any errors or corrections, you can dispute any item found on your report by going to:

Equifax - www.investigate.equifax.com

Experian - www.experian.com

TransUnion - www.transunion.com

It is important to monitor your credit report annually and this is an easy way to do it for FREE! (as always, if it's FREE, it's for me!)

Having a dream is good, owning one is better!

Leslie Nilsen, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

AZ Mortgage Question of the day: How long do I have to be out of an Arizona bankruptcy, short sale or foreclosure to be eligible to mortgage a new home?

Leslie Nilsen-First Class Financial (First Class Financial Services NMLS#162476) — Wed, 01 Jun 2011 15:27:18 -0700

AZ mortgage Question of the Day:

How long do I need to be out of an Arizona bankruptcy, short sale or foreclosure to be eligible to mortgage a new home?

Here is a generic guideline - keep in mind that many lenders have additional requirements depending on their own guidelines:

Bankruptcy:

Chapter 7:

FHA - 2 years with re-established credit / 1 year if bankruptcy was from extenuating circumstances and have shown substantial ability to manage new affairs since. A minimum 640 score.

CONVENTIONAL - 4 years and a minimum 680 credit score.

Chapter 13:

FHA - 1 year has elapsed since filing, all payments have been made to the trustee on time and ONLY with trustee prior approval.

CONVENTIONAL - 4 years and a minimum of a 680 score. All payments have been made to the trustee on time and ONLY with trustee prior approval.

Foreclosure:

FHA - * 3 years has elapsed from the finalized date of the foreclosure.

CONVENTIONAL -

* 3 years if borrower can prove extenuating circumstances. Additional occupancy, credit score and down payment requirements.

* 7 years if financial mis-management. Additional occupancy, credit score and down payment requirements.

Short Sale:

FHA - * 3 years has elapsed from the finalized date of the short sale.

CONVENTIONAL - * 4 years - Additional occupany, credit score and down payment requirements.

One additional note to consider: Many lenders will NOT follow these guidelines if they had their own prior loan included in the bankruptcy, foreclosure or short sale so keep this in mind when applying. All of this information is in a generic sense and can only be guaranteed with an approval directly from your lender. This is another reason that applying and getting loan approved BEFORE you start home shopping is so important.

Having a dream is good, owning one is better!

Leslie Nilsen, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

AZ Mortgage / First Time Home Buyer Tips

Leslie Nilsen-First Class Financial (First Class Financial Services NMLS#162476) — Tue, 31 May 2011 18:51:34 -0700

A big issue for most first time home buyers is being overwhelmed.

Here are some ways to help keep the first time home buying process manageable:

1. Ask your agent to send you the lisings BEFORE you go out together. MANY homes I was able to eliminate from my list just by driving by. The location, the neighborhood, the neighbors, the barking dog... good way to narrow down just how many you actually want to go inside of!

2. Take a buyer worksheet with you. This is a worksheet that allows you to list the address and each amenity that house has with some extra room for notes. For example: The house on REDFIELD has a great kitchen, small yard but swingset for the kids, purple bathroom but LOVE the jetted bathtub.. that kind of thing. Once you have looked at more than one house, they will all start to merge together and you won't be able to distinguish one from the next. Email me at mortgagedr@fcfs.net and Ill email you the worksheet I used when I bought my house.

3. Bring your camera. On your worksheet, list each house in the order you saw them- then as you review your pictures you can associate them to the property. Many times our minds have a way of altering what we saw...

4. Not to point out the obvious but LOCATION. LOCATION. LOCATION! It is really the core of your search. Just trust me.

5. Rely on your instinct. Don't ask too many people's opinion. Don't exclude everyone but really the more opinions only makes the decision more difficult. It's like the great menu at California Pizza Kitchen, great food but 1,000,000 choices... more is not always better. Get a trusted advisor. Parent. Fellow homeowner. Co-worker. They will have past experience to be able to give you good advice. They can also give their two cents on the tough questions that your realtor legally cannot even address.

Having a dream is good, owning one is better!

Leslie Nilsen, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

5 tips for First Time Home Buyers!

Leslie Nilsen-First Class Financial (First Class Financial Services NMLS#162476) — Fri, 27 May 2011 09:22:56 -0700

First, Congratulations on wanting to buy your first new home! NOW, is definately the time! This is not only an exciting time but a stressful one as well. Here are some tips to help you through the process:

1. Ask questions. Ask questions of everyone you can find. I mean EVERYONE! Chances are, they asked or experienced the same question at some point in their own lives. No question is a stupid question.

2. The first question to ask is: "Can you give me a referral to a good mortgage loan officer?" Your GOOD loan officer is going to be as valuable to you as your physician. Once you choose one, apply for your new home mortgage:

* How much do you WANT to spend?

* How much do you QUALIFY for? (these could be two radically different numbers)

* How much money will you need for your down payment?

* What, if any, issues will you need to deal with in order to qualify?

* What is the current interest rate and how much tolerance do you have for interest rate movement?

3. Once you have your qualified magic purchase price number, you need a GOOD realtor. Again, ask your sphere for a realtor referral. Interview them like they are applying for a job with you. They are! The will be "working" for you until you find your new home. You need to like them! They need to be clear about your needs/wants, available to take you out looking on your schedule and be someone you want to spend time with.

4. Start shopping! Hit the streets. What do you find? Does your price point accomodate your needs? Stay in contact with your loan officer. Do you need to tweak your pre-qualification in order to make the homes you are seeing work with your budget? What are mortgage interest rates doing?

5. Make an reasonable/realistic offer! It is a buyer's market! You are in the driver's seat here but be realistic. Listen to your realtor. Use their advice and make a reasonable offer!

Watch for future blogs to elaborate on each of these items. Again, buying a home can be in the top 5 most stressful things you will do in your lifetime. If you fill your sphere with knowledgeable and helpful professionals you can take a tremendous amount of stress out of the equation.

Having a dream is good, owning one is better!

Leslie Nilsen, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

Buyer/ Seller Checklist!

Leslie Nilsen-First Class Financial (First Class Financial Services NMLS#162476) — Mon, 23 May 2011 15:20:19 -0700

I have created the GREATEST (if I do say so myself) Buyer/Seller checklists.

They allow your buyer/seller to follow the process.

What is suppose to happen? Who is suppose to do it? Why it is happening? When should it be done?

It also gives ALL parties involved the inside scoop on what questions they should ask of their loan officer to ensure what is suppose to happen, actually does.

Feel free to email me at mortgagedr@fcfs.net and Ill forward them to you!

The checklists are ARIZONA specific but feel free to request it regardless. May be a good place to start with your loan officer to create one for you!

Having a dream is good, owning one is better!

Leslie Nilsen, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

"I can't buy a new house, I understand it is much more difficult to qualify"...

Leslie Nilsen-First Class Financial (First Class Financial Services NMLS#162476) — Mon, 23 May 2011 11:17:53 -0700

That statement is just simply not true!

I can't tell you the last loan application that I took that a borrower did NOT qualify. I'm sure there was one but it is definately not the norm.

I dare you to ask 5 people today, "Could you qualify for a mortgage if you applied today?" If they say "No." Ask "Why?" I guarantee they will say "I understand it is much more difficult to qualify" but they will not have specifics as to what they consider "more difficult". It appears that most are repeating what they hear in the media "Its more difficult to qualify". It's just not true.

Here is what people think... AND the reality in BOLD.

* I need 20% down payment, that could be 10's of thousands of dollars! ........... FHA requires only 3.5% and that can be gifted from a blood relative.

* I don't want an FHA loan but cannot get a conventional loan without 20% down payment....... Mortgage insurance companies are back in the game and allowing borrower and lender paid mortgage insurance up to 95% loan to value.

* My credit score is too low... FHA allows for a minimum of 580 credit score. Conventional loans allow for a minimum of 640 credit score. The average American citizen has a 660 score.

* I can't qualify to afford the payment... Most borrowers are shocked that their monthly mortgage payment is LESS than they are paying in rent.

* I don't have enough credit... borrowers need only 4 open active tradelines on their credit report and enough history to meet the minimum credit score requirement.

* I'm on fixed income and cannot qualify for the monthly payment ..... FHA allows for up to a 50% debt to income ratio (this means if you make $2000 a month you can have $1000 go towards total debt)

* I do not have any down payment money... the USDA Rural Housing product allows for a 100% financing on eligible properties on borrowers who meet the income eligibility as well.

I could go on and on. You get the point. Spread the word to your borrowers. Most people don't realize how easy it is to qualify and are waiting when they could be shopping!

Please join my "Squash the Qualifying Rumor" campaign.......Pass it on!

Having a dream is good, owning one is better!

Leslie Nilsen, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

Thank you to all of you tenacious realtors!

Leslie Nilsen-First Class Financial (First Class Financial Services NMLS#162476) — Fri, 20 May 2011 12:27:46 -0700

Here are some highlights from the recent member survey from NAR:

(read the full article here --->)

http://rismedia.com/2011-05-18/nar-member-survey-shows-focus-on-training-commitment-to-profession/

These were among the ones that surprised me:

The typical NAR member has 12 years of experience; nine out of 10 say they are certain they will remain in the business.

NAR members in the business for two years or less earned a median of $8,900, while those in the business for 16 years or more earned $47,100. Sixteen percent earned a six-figure income, reflecting the entrepreneurial aspect of REALTOR® businesses.

Fourteen percent of REALTORS® work fewer than 20 hours per week, 30 percent work 20 to 39 hours per week, 41 percent work 40 to 59 hours and 15 percent work 60 hours per week or more.

Half of the respondents use social or professional networking sites and 10 percent have a blog.

So basically the key to a successful realtor is committment, training and putting in the hours... WOW! Who knew?

I am also surprised that only half use social media and only 10% have a blog... something to think about... could that be a niche that you are fully missing out on?

Again, THANK YOU TO ALL OF YOU TENACIOUS REALTORS. I love you!

Having a dream is good, owning one is better!

Leslie Nilsen, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

Holy RATTLER!

Leslie Nilsen-First Class Financial (First Class Financial Services NMLS#162476) — Thu, 19 May 2011 19:11:32 -0700

Ok I just want to publicly apologize to my new neighbors... I am sorry new neighbors! AND publicly THANK Steve from Bulls Eye Pest Control... Thank you Steve!

I had to call the Scottsdale Fire Department to my neighborhood TWICE and Steve refused to leave me!

Let me explain:

I closed on my new house in Troon North at the beginning of May. In my excitement, I have had every contractor available to me, visiting! Today, was Steve's day. Steve is my awesome pest control guy. He was there because there are spiders getting mail, they are so big. The way I greeted Steve today, was by running to hide behind his driver door because of my fear of the GIANT RATTLER I saw camping behind my new mailbox!

UGH... I HATE SNAKES! This one was as happy as could be to have a comfy camp spot! Steve wisely recommends I call the friendly firefighters/ snake ranglers of the Scottsdale Fire Department. Unfortunately by the time they get there, Randy Rattler, has retreated back into his spot no where to be found. They TRY to apease me and say "Welcome to your new home in the Mountain Desert of Troon"! "IF you see him again, call us" and they leave.

Gracious Bug Steve is trying to spray bug spray into the snake hole in hopes of flushing him out. IT WORKS! Yup. Back on the phone with Scottsdale Fire Department. Steve, in his gracious refusal to leave me alone, and I wait like hawks on my stairs watching for him. SFD arrives again... shaking their heads but with the great snake grabber tool in hand! THankfully this time, Randy Rattler settles in for what he thinks is going to be a Long May's nap. Nope. SFD nab him and are on their way.

Apparently this is only the beginning of my snake sightings so if anyone has any pointers.. I'll take em!

Having a dream is good, Owning one (rattler free) is better!

Leslie Nilsen, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

To Condo or not to Condo?

Leslie Nilsen-First Class Financial (First Class Financial Services NMLS#162476) — Wed, 18 May 2011 11:33:34 -0700

Ugh. Condo's. I don't want to be a big downer on condo's but... here it comes. Specifically to Arizona, condo's are increasingly more and more difficult to lend on. There are several reasons for this but primarily the lenders make a distinction between whether the condominium project is warrantable or non-warrantable. Simply put, lendable or not?

Conventionally the project needs to meet a miriad of restrictions: (this is the short list.. there are more)

* 70% of the units need to be owned and occupied as primary residences.

* The HOA cannot be in any litigation with the homeowners.

* One owner cannot own more than 10% of the units.

* The HOA cannot have more than 15% delinquency.

* The HOA has to be turned over to the owners.

* In a new construction project, 90% of the units have to be delivered.

* The HOA has to carry a minimum of a $1million dollar liability home owners insurance policy and carry an employee dishonesty rider (Many other insurance requirements but this tends to be a big one)

For FHA, the project needs to have received its NEW FHA approval (all FHA approved condo projects needed to get reapproved in 2010)

Given the above restrictions, you can see why I would be a big downer on condos. With the amount of default we have seen in the state of Arizona, most projects have a higher than 30% investor occupancy. Many investors have gone in and bought several units and made the projects ineligible OR the current owner is in default/ delinquent on HOA dues.

I understand the draw to the condo projects as there are many that are priced too low to pass up. Ask the right questions initially in order to determine if it is eligible for lending. On a conventional loan, the HOA MUST complete a "Condo Questionaire". Most HOA's do not hand complete them any longer. They are typically done through HOA Questionaire Services for a fee.

My last question? How difficult will it be to re-sell given the difficulty today?

Having a dream is good, owning one is better!

Leslie Nilsen, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

Why rent when you could own?

Leslie Nilsen-First Class Financial (First Class Financial Services NMLS#162476) — Mon, 16 May 2011 15:46:03 -0700

This is a great tutorial on the comparison of renting -vs- home ownership!

https://edge.mortgagecoach.com/report/edgereport.html#45102-0-2-42620

I appreciate your feedback!

Having a dream is good, owning one is better!

Leslie Nilsen, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

Yay! Lender LOWERS FHA credit score requirement to 580!

Leslie Nilsen-First Class Financial (First Class Financial Services NMLS#162476) — Tue, 26 Apr 2011 09:35:58 -0700

I ask you... IF you can get a mortgage with:

1. A 580 credit score

2. Your grandmother can gift you the 3.5% down payment

3. The seller can pay ALL your closing costs

4. (You can have ZERO contribution of your own money)

5. You do not need reserves to qualify.

6. You can get an interest rate below 5%

7. You have more inventory to choose from than eggs at an easter egg hunt.

8. You can have a new mortgage payment less than you are paying in rent.

9. You LOVE your realtor.

10. You LOVE your loan officer.

11. You HATE your roommate.

What is everyone waiting for?

Spread the word. Life is good. We need to take advantage of it!

Having a dream is good, owning one is better!

Leslie Pelletiere, Owner/Broker

First Class Financial Services, proudly mortgage lending since 1999.

602.294.9288 (p) mortgagedr@fcfs.net www.fcfs.net

MB#0902810 / NMLS#162494

Leslie Nilsen, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

How does the new Loan Officer Compensation affect YOUR buyer/seller?

Leslie Nilsen-First Class Financial (First Class Financial Services NMLS#162476) — Wed, 20 Apr 2011 14:22:28 -0700

First, did you know there WAS new loan officer compensation?

There is. Basically (although unbelievably convulated and confusing) the new legislation says that borrowers have 2 options. EITHER to pay their loan origination fee OR to accept a higher interest rate and have the lender paid the loan origination fee. Seems simple, right?

Here's where YOU, as their realtor, come in. Does the loan officer that your buyer is obtaining their loan from, even have TWO options? Many lenders are adopting ONLY the lender compensation and ONLY offering the higher rate option to your client. IF you buyer is unaware that their are two options available to them, they may not know to ask or search for another loan officer (me).

Keep in mind, many times a lender paid, higher rate option works best. My job is to ensure that BOTH are presented to the borrower so, through analysis, we can determine which is best.

Also, on the lender paid option, most lenders have adopted a MINIMUM amount in order to ensure the loan officer receives adequate compensation regardless of the loan amount. HOWEVER, the lender may have to increase the interest rate, considerably, in order to pay the minimum compensation to the loan officer, again dramatically impacting the quality of the loan for the borrower.

On another note, the new Loan Officer Compensation does NOT allow for ANYONE to pay for ANY additional costs associated with the loan OTHER than the borrower. This typically comes up under lock extensions. IF a loan needs to be extended at a cost, the buyer is the ONLY one that can pay that expense. NOT the loan officer. NOT the realtor. Regardless of WHY the lock needs to be extended AND given that this is a new expense, the buyer will need to re-disclosed this expense (with mandatory disclosure times) which could affect your close of escrow date.

Just be aware. Ask questions. If your business is referral based as mine is, it is critical we are advisors for our clients not just transactional.

Having a dream is good, owning one is better!

Leslie Nilsen, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

Do you still have your loan officer?

Leslie Nilsen-First Class Financial (First Class Financial Services NMLS#162476) — Wed, 13 Apr 2011 12:04:28 -0700

According to the Mortgage Bankers Association, the mortgage industry workforce has plummeted by 51% since 2006! 12,000 jobs in the industry have been lost in the first two months of 2011 alone!

Furthermore, I'm shocked to find many realtors are not aware of the Loan Officer Compensation changes, regulated by the Federal Reserve, that went into affect 4/6/11!

Loan officer's are no longer allowed to be compensated by the borrower and the lender in the same transaction. It is one or the other. The bottom line is that the borrower needs to choose whether they want to pay their loan originator or if they want to choose a higher rate and allow the lender to pay their loan originator. Don't even get me started on this but the unintended consequences of this new ruling stretch beyond where my little blog can take me. This again, has caused many loan officer's to exit the lending industry.

In my "glass half full" moments, I am hopeful that is just more business for those of us that are career loan officers however as the realtor (regardless of buyer or seller agent) there are some things you need to be aware of:

1. Is your loan officer still answering their phone? Do they have a plan set from/for their office to be prepared for the changes?

2. There is mass confusion as to how the rule will be instituted and the Federal Reserve is unwilling to provide any guidance to the lenders or loan officers, making it incredibly difficult to answer most questions. Given that, I'll ask that you bear with me in my list of "some things you need to be aware of"

3. The rule went into affect 4/6/2011. Given that, April/May closings are going to be rough. Many lenders are just not prepared for changes.

4. Not all loan officers will be able to offer both options to their borrowers. Given the way the rule was created many lenders have limited their loan officers to ONLY offering the lender paid origination fee option. Remember, this is at a higher interest rate allowing the lender is pay the fee on behalf of the client. For a client that is planning to stay in their property long term, the higher rate may not be in the client's best interest.

5. IF a client chooses the lender paid option, they CAN switch to borrower paid, if they change their mind, however not vice versa.

6. The rule does not allow for ANY fees to be covered by the loan officer. For example, a loan needs to have a rate lock extended, at no fault of the borrower. In the past, I would personally pay for the cost of the extension. This, any all other fees, can no longer be paid by the loan officer. Given that, the borrower needs to pay for them however this requires re-disclosure and re-disclosure waiting periods (again, required by the Federal Reserve) These additional fees and re-disclosure times could impact your close of escrow date.

7. In an effort to make things easier and more consumer friendly, the new regulations have required a miriad of additional forms that need to be signed by the borrower.

Check in with your loan officer. Make sure you know where they are, what they are doing and how they plan to support you and your clients. It's during these times that people show their true colors, shining through, and thats why I Love You (sorry I Cyndi Lauper digress)....

Having a dream is good, owning one is better!

Leslie Nilsen, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

Kids and Money... The 3 C's.

Leslie Nilsen-First Class Financial (First Class Financial Services NMLS#162476) — Tue, 12 Apr 2011 12:04:47 -0700

Critical. Control. Credit. Critical is #1. Control is 1.1. Credit is #1.2. (All close in line is what I am trying to say)

I have talked to my son about all of these since he was a toddler. Little did he know when we were talking about how inappropriate it was for him to be throwing a fit while begging for candy at the grocery store, that we were really talking about his credit report. "You cannot get future great stuff without doing the right thing right now"

Critically think first, practice some control and know that credit is like breathing. Re-read that last sentence. If we all jumped out of bed, said "Goodmorning Day" and adopted that as our new mantra... where would we be?

So many clients come to me with the dream of home ownership only for me to tell them that their credit score it too low to qualify. They have worked their butts off, they have spent years saving the down payment money, they have changed their lifestyle to handle the new dream mortgage payment but skid...... no dream home for you. Their credit score is too low because last December, when they bought a new big screen TV instead of making the credit card payment, they forgot... "You cannot get future great stuff without doing the right thing right now" I have to also remind them that their credit score plummets and is like climbing Mount Everest to get the score back up again. THAT conversation is why I write this blog. Although titled "Kids and Money", sometimes my 44 year old clients need to be reminded of the lessons they should have learned with they were 4.

Critical. Control. Credit. Start with YOUR kids when they are 4.

Having a dream is good, owning one is better!

Leslie Nilsen, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

Kids and Money... It doesn't grow on trees!

Leslie Nilsen-First Class Financial (First Class Financial Services NMLS#162476) — Mon, 11 Apr 2011 12:34:50 -0700

The money may not grow on trees but it does come from gifts! I encourage my son's family members to gift in the form of CASH. I know. I know. Most gift givers do not want to give cash but it feeds to the rest of my story. #1 He loves the cash. Most family members now give him the gift in the form of individual dollar bills. Admit it, it just seems like more. #2 We practice control. How much to keep? How much to deposit? #3 We make another trip in the "dream car" to the bank. With "whats my balance?" being the next thing out of his mouth. Music to my ears! #4 Once the whole journey is over, he is reminded just how important it is to think first, deposit second, spend third.

My parents have also started contributing directly into his 529 college fund. They will send him something small and a note that they have contributed towards his college.

This morning we had the "How can I make more money?" conversation. He is seeing his goal looming on the horizon. He turns 16 in 310 days, 8 hours and 23 minutes. Not that either of us are counting.

Having a dream is good, owning one is better!

Leslie Nilsen, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

Kids and Money. Goals. Open Account. Compounding Interest!

Leslie Nilsen-First Class Financial (First Class Financial Services NMLS#162476) — Thu, 07 Apr 2011 13:20:47 -0700

What is more exciting to talk to your kids about than the magic of Compounding Interest? Ok so maybe thats just me!

My son and I started by talking about what he wanted to spend his money on. Initially it was small things he could buy immediately. The more we talked about it, the bigger his "dreams" got. He ultimately decided he wanted to save for his first car. On that note, we drove his "new dream car" to the bank and opened an account. Ask your local bank about accounts specfically designed for kids.

Over ice cream, to celebrate, we talked about compounding interest. The conversation is radically different over ice cream and with his own money. Once he figured out that the bank would GIVE him money, his sense of urgency to get money into the account compounded as well.

Now every time he makes or is gifted money, he holds out a portion for himself and the remainder is deposited into his account. He has a picture of his Jeep posted above his desk, right next to his bank statements.

Might be a good time to think about your own goals (home ownership or upgrading, of course), open an account and master the power of compounding interest! You can thank me later!

Over a glass of wine tonight, I'll decide my new goal for all the money I saved not having to buy my kids first car!

Having a dream is good, owning one is better!

Leslie Nilsen, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453