| |
mortgage news: I just lost another loan to ditech, oh wait is ditech still around? barely! - 09/03/08 02:10 PM
I am sure you already heard, its going thru the financial networks and the blogging world faster than I can keep up with it. I just heard about this from a colleague of mine. GMAC Financial just announced they are laying off 5,000 employees. Here is a post from AR who broke the story on our network: GMAC Mortgage now gone as well.
You see this hits home with me because I spent 2 wonderful years at GMAC Mortgage Retail as a loan originator until the writing on the wall told me it was time to leave dodge. I am glad I made the … (17 comments)
|
mortgage news: Well, The Feds Might Have Opened Up Pandoras Box! - 12/06/07 02:40 PM
I just got this email, from a client of mine. He just got word that the Feds are going to bail out homeowners who cannot make their mortgage payments due to a reset in Rate.
I am wondering if this will set a huge amount of people off.
Here is his email:
Just joking, but should I stop paying my mortgage go into default so I can freeze my interest rate. I think that's a crock of *$#%&% that people get bailed out that can't pay their mortgage while people like me who are responsible get screwed up the @$$. Gotta love … (11 comments)
|
mortgage news: Mortgage Market Reports Updated Daily on my Website - 11/04/07 10:35 PM
I wanted to share the newest feature that I added to my website. I now have a link on my front page that links you to my daily market report. This financial report is updated Monday thru Friday every morning to update you on the rate trends and where the mortgage market is heading. If you have not had a chance to check this out, visit my website: Gary Miljour's Mortgage Market Reports
… (0 comments)
|
mortgage news: GET MOTIVATED? or GET SCAMMED? - 10/31/07 12:08 AM
Phoenix, Arizona
Today I went to the GET MOTIVATED! event presented by Peter and Tamara Lowe at US Airways Center in downtown Phoenix. This event comes into town about once a year, and the event is your normal inspirational, motivational speaker event to re-energize the batteries. Now, I really enjoy these events, and this year they had some great speakers. The 6 big headliners were Brian Tracy, Suze Orman, Lute Olson, Zig Ziglar, Michael Eisner and Colin Powell. My favorite speaker is still Zig Ziglar, and except for his deteriorating health, he is still such an inspiration to hear him talk and communicate. This man is powerful, and the … (31 comments)
|
mortgage news: Arizona News: One Sided Toxic Story Hit My Local Newspaper - 10/22/07 01:09 AM
Normally I do not read my local newspaper. If I do happen to pick up a paper, it's usually the Sunday edition, so my wife and I can look at the sales and cut coupons. Yes these days, we are back to being bargain shoppers.
Anyhow, my wife wakes me up this morning with a coffee and said she went out and bought the paper. On the Front page of The Arizona Republic is a story titled "Lies, greed, fraud, foreclosure Many Valley homeowners pressured or tricked into bad loans, experts say". Attached is the entire story so you can have the pleasure to read … (7 comments)
|
mortgage news: Another Update about the Ameridream DPA Program - 10/19/07 08:06 PM
I have been trying to keep everyone updated on what is going on with Ameridream, and just got another update from them today. They have asked for me to share with as many people as possible. I am a big supporter of DPA's and feel they do have a viable market for their services for certain homebuyers.
At the request of AmeriDream, HUD has voluntarily agreed today that the HUD rule banning seller-funded down payment assistance will not be effective with respect to AmeriDream until February 29, 2008. HUD will recognize all applications that have a signed sales contract prior to the … (2 comments)
|
mortgage news: Should I use the Home Builders Lender? - 10/19/07 06:05 PM
Homebuilders are offering so many incentives today, just to get your signature on the contract. They may throw in a free pool, incentives as high as $20,000.00 to $30,000.00 and no closing costs. Heck I heard one home builder advertising the other day on the radio, and they were giving away gifts worth about $100.00 just to come by and see their home models. Homebuilders are feeling the real estate crunch just like everyone else and they are playing the incentive game to sell homes, plain and simple.
Here is the catch, when you sign contract the builder usually will make it clear in writing … (44 comments)
|
mortgage news: Another Update about the Ameridream DPA Program - 10/15/07 02:41 PM
I have been trying to keep everyone updated on what is going on with Ameridream, and just got another update from them today. They have asked for me to share with as many people as possible. I am a big supporter of DPA's and feel they do have a viable market for their services for certain homebuyers.
Attached is a letter from the President of Ameridream.
Dear Friends and Colleagues:AmeriDream is alive, well and still "Doing things right for America's homebuyers."Despite overwhelming opposition from the public and Congress, on October 1, 2007, HUD issued its regulation entitled "Standards for Mortgagor's Investment in Mortgaged … (2 comments)
|
mortgage news: An Update from Ameridream as a Viable Down Payment Assistance Program - 10/09/07 06:08 PM
I do not usually like to do like to continue a discussion from another post, but I have been getting so many calls myself about if Ameridream will be in existence at the end of the month, that I thought I would share what I have gathered from Ameridream themselves.
First of all, there has been some great posts that have already covered this topic, and I would not feel right talking further without referencing these other posts.
Jeff Belonger has a great post about this recent challenge: HUD / Down Payment Assistance programs -- DPA & Nehemiah -- Alive for a while.... … (4 comments)
|
mortgage news: Credit repair might be required to refinance your adjustable rate mortgage - 09/09/07 04:06 AM
Recently, I have been calling my clients that are in adjustable rate mortgages(ARM)s about refinancing their mortgage loan before the rate adjusts on them. Most ARM's have a certain amount of time that the interest rate is fixed. Most are fixed for 2,3,5 or 7 years. After this period of time is up, the loan then converts to an adjustable rate that is tied to both an index and a margin. The index is rating system based on short term borrowing. The 2 most common indexes is the 1 year Libor and 1 year MTA. The margin is the profit point that the lender charges … (6 comments)
|
mortgage news: Home in 5 Bond Program VS. Ameridream DPA, Maricopa, Arizona - 08/17/07 12:57 AM
Here are 2 ways I help put more homeowners into homes.
VS
The home in 5 is a great program. Its a bond issued through the county. It gives the buyer 5% towards downpayment and/or closing costs.
Pros:
5% to be used toward buyers closing costs/prepaidNo Seller Contributions are necessaryLender has flexible loan programs to choose fromCons:
The initial 5% (silent 2nd) needs to be repaid if the home is sold in the first 10 yearsThe bond rate is set at the time of the issue of the bondThe program is income restrictiive For more information on home in 5 visit: www.phoenixida.com
Ameridream is a down … (6 comments)
|
mortgage news: Thornburg may be the next Victim in the Mortgage Meltdown Saga - 08/14/07 09:02 PM
My company Cherry Creek Mortgage Company announced today that Thornburg an Investment Mortgage Bank might be the next victim to the mortgage meldown.
The Stock feel 46.71% today and they halted the trading all together.
Thornburg seems to be an innocent victim in a very volatile market. Their portfolio has no delinquency and no loss issues.
Due to Moody's and S&P downgrading their rating, stock/bond investors cannot own securities that have below "Investment Grade" ratings.
With the downgrade, institutional stock owners had to sell.
Its is hard to say at this point if they will survive.
I feel we have not seen the end to … (7 comments)
|
mortgage news: Tempe, Arizona, Mortgage Planning Services for First Time Homebuyers: - 08/13/07 11:56 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)
|
mortgage news: A Nation of Spenders NOT Savers - 08/12/07 01:43 AM
Is this what your savings account looks like? For most of us it is.
A friend of mine recently commented on one of my posts and asked for me to explore in more detail about raising rates not just in certain sectors of the mortgage lending arena, but how this is starting to bleed into more tradition credit vehicles such as credit cards and unsecured loans.
I recently got letters from my credit card companies stating they are raising my rates. When I called to figure this out, it was not because of not having great credit, it had to do with the cost of money … (4 comments)
|
mortgage news: Arizona Housing Slowdown Hits Home Today - 08/09/07 01:32 AM
Today, the housing slowdown in Maricopa County, finally came like a cannonball hitting my ship.
One of my favorite agents who I have a great referral relationship shared with me that his daughter who works for a title company as an escrow assistant got laid off.
This is not to unusual, since all mortgage, title, and real estate people seem to be closing doors and cutting back staff however this one hit home with me.
My agents daughter is also a client of mine who 1 year ago I did the financing on her first home using FHA Financing. She is a great person … (2 comments)
|
mortgage news: Is your best friend FREEKED? - 08/04/07 12:10 AM
My best friend called me tonight and was in an uproar and wanted to have me discuss and explain the current housing market. He invests mainly in the stock market and is an avid supporter of Cramer. I guess Cramer took a stab at explaining the housing market effects on the overall economy.
I do not want to go into all the boring details, but did want to point out one thing I took from our one hour telephone conversation.
THE MAINSTREAM PUBLIC IS FREEKED OUT ABOUT THE HOUSING MARKET.
After I explained all the details and moving parts of the housing market, … (4 comments)
|
mortgage news: Will Your Mortgage Lender Be in Business Tomorrow? - 08/02/07 07:50 PM
I just got an email a day or two ago that Wall Street Banks are tightening up further on Alt A and Subprime lending and that they will be buying less paper. Then the next day, I hear that American Home Mortgage who is a pretty big mortgage company lost its investor lines and will not be funding loans. Their stock plummets. I hear today that they are now officially closed for business. In my market, all I hear is complaints from Loan Originators that they cannot find any loans. Some have quit and more will follow. My referrals have slowed down, and revenues … (4 comments)
|
|
|
|
|
|
Gary Miljour - Mortgage Lending for Arizona and California
Tempe,
AZ
More about me…
My City Lender Home Loans
Address: 2350 E. Germann Road Suite 34, (Corporate Office) , Chandler, AZ, 85286
Office Phone: (480) 945-4545 x corp
Cell Phone: (480) 251-0002
Email Me
Arizona BK-0920007
California DRE-01889021
My City Lender Home Loans NMLS#161428
Gary Miljour Licensed Loan Originator NMLS#207208
 Listings
Links
Archives
|
;)
;)
;)
