arizona mortgage lender: Positive Mortgage Changes Shed New Purchase and Refinance Options - 03/09/12 12:29 PM
Maybe the government is finally listening or maybe it’s the luck of the Irish upon us, but I have some great news to share about some positive changes to help clients purchase a home again and refinance their existing loans.
Positive Purchase Mortgage News: On Conventional loans, a homeowner who had a Short Sale or a Deed-in-Lieu 2 years prior may re-qualify again for a purchase of a home if the borrower can put 20% down. 5% of that 20% must be from your own funds, but the rest can be gifted (certain gifting rules apply). The guidelines read: … (3 comments)
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arizona mortgage lender: Can I buy another home if my house is underwater? - 07/12/11 03:19 PM
Can I buy another home if my house is underwater?
Did you know that about 50% of all homeowners in Arizona owe more on their current home than what the home is valued at. This is a shocking statistic, but this information becomes very important once a decision is made that you need to move. Every week I get calls from clients wanting to know if they can get approved to buy another home and rent out their current home. The answer is Yes, but with many lender guidelines. Since most homeowners are underwater, the banks are being … (10 comments)
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arizona mortgage lender: $100.00 Down HUD Deal Cancelled - 08/17/10 03:03 PM
Back in August 2008 I wrote a post (And You Really Thought You Can’t Get a Home with $100.00) about FHA HUD homes having a special deal on certain properties that allowed only $100.00 down. Well Folks FHA and HUD have decided to cancel this program for the time being. The marketing company for Hud homes is Arizona is www.mcbreo.com. They announced on July 19, 2010 the incentive Expiration for Arizona and Nevada.
from mcbreo website: ” HUD’s $100 Down payment initiative will expire on July 31, 2010. The $100 down payment was for owner occupants (Any individual who purchases a … (5 comments)
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arizona mortgage lender: Commissions lost as Real Estate Professionals lose control - 09/11/09 12:11 PM
Attention Real Estate Professionals: I have something important to share with you that is happening in the real estate world; and you need to know!
Your hard earned money is getting thrown out the door. Commissions are getting lost, your valuable time is being wasted and complaining isn't fixing the problem.
The good news? You have control of your business! It's time to take the lead and get rid of the garbage. You run your business!
There I said it. Again: You run your business! Oh that felt good.
I am sure by now, you want to choke me and just … (4 comments)
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arizona mortgage lender: Getting a mortgage loan in today’s market - 08/27/09 01:06 PM
I'll be honest; the entire process of purchasing a home is not fun. Having your teeth pulled by a dentist may be more comfortable than getting a mortgage approval these days. When I am asked about my system, I make it clear the more that is accomplished early on will make for a smoother closing. The system from the beginning to the end is time intensive. I will walk through some of these steps:
1. You hire a "team," meaning the right players that will help make the outcome a positive. First, you hire a lender and see how much you … (5 comments)
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arizona mortgage lender: As Mortgage Guidelines Tighten Professional Advice is Critical: - 08/13/09 03:33 PM
The days of choosing a mortgage professional based on a personality test and box of donuts in your real estate office is changing. Today with the tightening mortgage guidelines, having a mortgage professional who can review credit, employment, debt to income ratios, calculate assets, document the file and make sure that 2+2= 4 is the smart move for a business partner.
We just got word that in 2nd quarter of 2009, the big mortgage investors are still taking pretty significant losses on performance of their mortgage securities. These are not just the old loans that were originated 2 to 3 years … (12 comments)
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arizona mortgage lender: FHA: The Good Neighbor Next Door Program - 11/04/08 12:27 PM
Attention Police Officers, Firefighters, Teachers and EMT's. If you are in the market for a home you need to be aware of this specialized FHA loan program through HUD called the Good Neighbor Next Door Program. I am helping a couple of teachers right now with this loan and the outcome has been fantastic. Let me explain the mortgage loan details a little bit further. Basically if eligible for the program you can take advantage of an incentive to get into the home at a discount of 50% off the list price of the home. In return for the discount you … (4 comments)
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arizona mortgage lender: And You Really Thought You Can’t Get a Home with $100.00 - 08/29/08 06:45 PM
My speciality for the last 3 years has been primarily to focus on helping 1st time home buyers make the dream of home ownership a reality. Wow what a cliche I just said. Anyhow my question of the week from many real estate agents is: How am I going to help buyers who having very little or nothing down?
In the past, the answer was pretty straight forward, we would look into down payment assistance. With Housing Bill HR-3221 doing away with my favorite pet, clients, lenders and real estate agents are scrambling to find good solutions to help these buyers get into … (17 comments)
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arizona mortgage lender: Mortgage Financing Tips When Buying an Investment Property: - 08/16/08 10:59 AM
Prices are finally starting to bottom out in most of the best areas around the Greater Phoenix Market and investment opportunities with positive cash flow are easy again for come by. In the last 30 days I am once again getting calls from investors who would like to buy at the low end of the market for the long term growth to our market.
If you do decide to purchase an investment property in Arizona, here are some tips from a mortgage advisor who not only has helped many investors finance property but also owns investment property himself.
•· Tip … (3 comments)
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arizona mortgage lender: The Amortization Schedule: An Old Fashion Way of Creating a Savings Strategy - 07/13/08 11:45 PM
The Amortization Schedule was good for our Grand Parents and Parents, so why have so many consumers moved away from the fundamentals? To answer this question, we must dig in a little deeper of what strategies are available in the first place.
When it comes to building wealth using your primary home, it can be accomplished 2 ways.
•1. You can never pay a dime extra to the principal, maybe even get some interest only option and invest this money elsewhere. This is called the investment strategy.
•2. You can pay down the principal and get the mortgage paid off years … (11 comments)
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arizona mortgage lender: Know the Real Facts about Adjustable Rate Mortgage (ARM) Resets - 07/06/08 03:01 PM
This morning I read an article in the The Arizona Republic titled: "Arizona rate increases to peak in July". To paraphrase this article quickly, it basically states that Arizona homeowners will be faced with higher foreclosures due to the number of Adjustable Rate Mortgage that are about to reset.
Let me try to share some more factual information about this since the article did not explain it at all. The article has you to believe that all adjustable rate mortgages are BAD and that they all increase in rate. That is NOT true, it really depends on your promissory note.
I … (8 comments)
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arizona mortgage lender: Lender Fallout: Finding the Right Mortgage Lenders to Pick Up the Pieces - 07/02/08 01:26 AM
For once I picked up the paper and my local rag of a newspaper finally printed something about the mortgage business that was worth talking about. The Article was posted in The Arizona Republic titled: Finding lender you can count on then, I realized that it was not a new article but an article recycled by my home paper because they needed something to reflect our changing housing market. This article was actually written back in April, funny how they planted it now.
The 2 things they preached in the article are RIGHT on the money.
•1. Work with a … (2 comments)
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arizona mortgage lender: Does your Closing Agent make Housecalls? - 06/20/08 01:57 AM
It's funny how many vendors we are approached by each day stating that have the latest and greatest. Heck my competition is great at this. They like to announce to the real estate agents how they can deliver on time and how their service is better than the next guy, blah, blah, blah...
Most agents just put on their mortgage repellent in the morning and ignore all the noise. When you really break it down to service, I have always felt that the one who wins is the one who cares about his business partners needs, goals and aspirations. I have … (2 comments)
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arizona mortgage lender: It's really difficult to time the real estate market and interest rates - 06/04/08 02:11 AM
Lately I have been getting many calls from buyers who ask me if now is a good time to purchase real estate.
My simple answer: It really depends on your unique situation. If you are one of those folks out there that is trying to time the market perfectly to get the lowest price possible and the best interest rate than I think you might be waiting a long time.
You see the truth is no real estate professional or mortgage professional can time the market perfectly. We have to look at historical data from the past to draw conclusions for the … (0 comments)
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arizona mortgage lender: How to Avoid Credit Hijacks from Mortgage Lenders and Protecting Your Privacy - 05/30/08 12:56 AM
Have you ever applied for a home loan with a trusted mortgage lender just to have some other mortgage company call you within minutes offering you the same loan?
If you have: You have been a victim of what I consider an unethical but legal practice in the mortgage industry called "Credit Hijacking".
I have not had this happen to one of my clients in awhile, but it happens. It usually follows by a phone call from my client wondering if I sold their information to other companies.
My client usually feels like they have been "financially molested". I have to then explain to … (3 comments)
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arizona mortgage lender: Is the LSR (Loan Status Report) Pointless? - 05/24/08 04:16 AM
WARNING THIS POST IS FOR ARIZONA REAL ESTATE PROFESSIONALS ONLY
Unfortunately in the State of Arizona Loan Originators are not required to be licensed. This then trickles down to the professional integrity and honesty of that individual loan officer and the company they work for of who is the burdened party to uphold the state license for performing mortgage services.
It seems every year or two the Arizona Association of Realtors (AAR) gets together and decides to change the rules on what documentation they need from the lender to prove that the client (the buyer) can qualify to buy a home.
Currently it's the Loan Status Report … (2 comments)
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arizona mortgage lender: Tempe Mortgage Lender for First Time Homebuyers - 05/24/08 03:36 AM
Are you looking to buy your first home, but do not understand the process? Are you needing funds for down payment assistance? Were you turned down by other lenders who do NOT specialize in these types of loan programs? Well look no further, you have come to the right person to help you. I have over 14 years experience in the Real Estate and Mortgage Services Industry. The purchase of your first home will be one of the largest investments you will ever make. You will need a plan and guidance along the course of that long term investment. I am the Trusted Advisor that … (0 comments)
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arizona mortgage lender: The Best Mortgage Alternatives in the Declining Arizona Desert - 03/06/08 03:45 PM
Lately, I feel that I have beating a dead horse over here with all the changes due to a declining housing market. Our lending environment has became so tight that good borrowers feel that there are really no options to help them get into a home today.
Recently the mortgage guidelines have become more strict in Arizona and Conventional loans are really not the hottest ticket in town anymore. If you are a Conventional loan, the Sheriff has made it clear that he wants you out of town before sunset.
So what are your options. Its pretty clear.
If you cannot put at least … (5 comments)
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arizona mortgage lender: Is your ARM (Adjustable Rate Mortgage) Really Broken? - 03/02/08 11:33 AM
I wanted to talk about some situations that have been coming lately that has lead me to believe that the average "Joe Borrower" is still not aware of yet.
If you think your ARM (Adjustable Rate Mortgage) is BROKEN and this is going to cost your payment to skyrocket, you might be completely wrong.
Peter Thompson wrote a great post about this titled: Should You Refinance Your Adjustable Rate Mortgage?
I have been getting a flood of calls lately from folks who think they have a broken ARM (Adjustable Rate Mortgage). Well most of the time, the payment is not changing much, and in some … (4 comments)
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arizona mortgage lender: Adjustable Rate Mortgages a Smarter Alternative for the Savvy Borrower - 02/10/08 04:32 AM
In the Last 24 months, the popularity of the adjustable rate mortgage plummeted. With the inverted rate curve, it just made better sense for a mortgage lender to advise a client to stay far away from this product. When you could get a better rate on a longer term note that would not adjust it became pretty clear quickly that we had a one trick pony.
It was like going to the ice cream shop and asking for "Rocky Road" and you were told "we only sell Chocolate, Vanilla or Strawberry".
What's funny is how many mortgage lenders used huge amounts of advertising dollars to make the public think … (9 comments)
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