Damon's Blog

Helping people become homeowners

Damon Gunter (Eagle Nationwide Mortgage Co) — Fri, 13 Jun 2008 07:07:21 -0500

How many agents are using "The Nehemiah Program" and are they using other programs like "keys for less"

What other programs are out there to get people into homes...

Veterans Refinancing (VA Loans) - Shut out due to low credit scores

Damon Gunter (Eagle Nationwide Mortgage Co) — Tue, 13 May 2008 08:25:55 -0500

As the credit markets become more and more strict, I am seeing more and more veterans been shutout in obtaining that dream of owning a home. Active and inactive veterans need to take stock of their surroundings and pay attention to this issue.

E-mail marketing

Damon Gunter (Eagle Nationwide Mortgage Co) — Mon, 12 May 2008 14:03:03 -0500

I send out an average of 700+ e-mails every two weeks using e-mail vendors.

I am not sure that my "clients" are actually reading them/seeing them!

How can I make sure that my clients are getting the e-mails and benefitting from them - I know we all get enough emails to drive us all crazy and "brain drained" from all the info, but I want to keep in front of my clients and $0.42cent stamps are getting a little pricey!

Any great ideas out there, anyone?

Veterans Refinancing (VA Loans)

Damon Gunter (Eagle Nationwide Mortgage Co) — Fri, 09 May 2008 12:40:55 -0500

Refinancing Options

VA offers two types of refinance loans, the Interest Rate Reduction Refinance Loan (IRRRL) and the Cash Out.

INTEREST RATE REDUCTION REFINANCING LOANS (IRRRL)
A veteran who obtained a VA guaranteed loan may refinance it with another VA guaranteed loan at a lesser interest rate without using additional entitlement.

Note: IRRRLs can only be used to refinance existing VA guaranteed loans.

The new loan must be at a lesser interest rate than the old VA loan except when refinancing an existing adjustable rate mortgage with a new fixed rate mortgage.
The dollar amount of guaranty applicable to the prior VA loan is transferred to the new loan.
The minimum guaranty on an IRRRL is 25%.
If the existing loan is delinquent, the IRRRL must be submitted to VA for prior approval.
Although no underwriting is required, approval of new credit may be required by the trustee in a Chapter 13 bankruptcy.
No appraisal is required.
The veteran may not obtain cash proceeds.
No portion of the loan proceeds may be used to pay off other debts.
The new loan is limited to the balance of the old loan, the funding fee, up to $6,000 of energy efficient improvements, and allowable closing costs including not more than 2 discount points.
The term of an IRRRL may not exceed the original term of the loan being refinanced by more than 10 years.
The veteran, including active-duty service members stationed elsewhere, is able to satisfy the occupancy requirement by certifying prior occupancy.
If the veteran whose entitlement was previously used has died, and the surviving spouse was a co-obligor, that spouse is considered a veteran for the purpose of the IRRRL.

Did you know????
Interest Rate Reduction Refinancing Loans (IRRRLs) were first authorized in 1980.

CASH OUT REFINANCING LOANS
The loan is limited to 90%* of the amount of the Certificate of Reasonable Value, plus the funding fee and the cost of any energy efficient improvements up to $6,000.

A cash-out loan may be made to refinance the outstanding balance of an existing mortgage, but can also include other debts (the first mortgage must be included in the refinance).
The veteran can receive cash proceeds from the loan for any purpose acceptable to the lender.
Existing mortgage loans or other liens of record may be refinanced whether they are in a current or delinquent status, but refinancing loans are subject to the same income and credit requirements as regular home loans.

Note: The maximum guaranty on VA Cash Out refinance loans is $36,000.

*The maximum loan amount is limited to 80% in the state of Texas if the borrower receives cash proceeds.

VISIT

Eagle Nationwide Mortgage Co - A Subsidiary of Eagle National Bank 90 Painters Mill Rd #215 - Owings Mills, MD 21117
Cell Phone: (240) 328-7499 E-mail: dgunter@eaglerates.net

WWW.DMGLOAN.COM and apply online or call

Purchasing a Home

Damon Gunter (Eagle Nationwide Mortgage Co) — Fri, 09 May 2008 11:43:27 -0500

Purchasing

Owning your own home provides several benefits. In addition to the satisfaction of being a homeowner, you can build equity, enjoy tax deductions, say "good bye" to your landlord and take control of your living environment.

Whether you are a first-time home buyer, renter, or are purchasing a new or second home, we have an assortment of tools and loan programs to meet your individual financing needs. Use our easy-to-navigate site, or contact us by phone today.

We can help you realize your homeownership dreams by offering you all the best advantages:

- Low Rates
- Easy Online Application
- All Types of Mortgage Programs
- Guidance and Advice From an Experienced Loan Professional

Determine how much you can borrow and buy with our pre-qualification calculator.

You can beat the competition and negotiate more effectively when you're pre-approved. Apply online now to be pre-approved.

See how your equity and security can grow as a homeowner. Compare the benefits of owning vs. the cost of renting with our Rent vs. Buy Calculator.

Eagle Nationwide Mortgage Co - A Subsidiary of Eagle National Bank 90 Painters Mill Rd #215 - Owings Mills, MD 21117
Cell Phone: (240) 328-7499 E-mail: dgunter@eaglerates.net
Maryland Mortgage Originator License #: 4950

Debt Consolidation

Damon Gunter (Eagle Nationwide Mortgage Co) — Fri, 09 May 2008 11:30:34 -0500

Lower Your Monthly Payments

Pay off high interest rate credit cards and loans.
Trade in your high payments for one easy, low monthly payment.
Lower your monthly payments every month even if your credit is less-than-perfect!

This may be your golden opportunity to lower your monthly payments. Our friendly debt consolidation experts are waiting to help you.

Apply online today!

Take a look at just how much you could save!

Want to see how much you can save?

Use our Debt Consolidation Calculator or simply Apply Now!

Bills	Balance	Payment
Auto loan	$15,210	$375
Visa	$9,834	$275
Mastercard	$5,450	$140
American Express	$8,231	$287
Department Store Card	$5,312	$210
Personal Loan	$3,323	$136

Current Total:	$47,360	$1,423 (mo. payment)

New Loan:	$50,000	$464* (mo. payment)

Monthly Savings!		$960 per month
*Monthly payments based on a 15 year fixed loan with a 7.5% fixed rate, APR of 7.747%. This is an example only. Actual monthly payments, closing costs and APRs may vary.

Reverse Mortgages

Damon Gunter (Eagle Nationwide Mortgage Co) — Fri, 09 May 2008 11:24:17 -0500

Reverse Mortgages

What is a reverse mortgage?

A reverse mortgage is a home loan (used for any purpose) where seniors, 62 and older, can access the equity (cash) built up in their home.

There are several different reverse mortgage programs. Fannie Mae Home Keeper®, Jumbo Cash-Out loan, and the HUD-insured Home Equity Conversion Mortgage (HECM) are three such programs. As demand increases, more reverse mortgage programs from different organizations will become available.

It is called a reverse mortgage because you borrow money from a lender, but the lender makes monthly payments to you, rather than you making monthly payments to the lender. All interest is paid at the end of the loan, rather than in the beginning.

What are some of the benefits of a reverse mortgage?

Strengthen your personal and financial independence.
Help pay for health care or other needs.
You can never lose your home in foreclosure as long as you maintain the property tax and insurance payments.
The loan is only paid off when the house is sold by you or your heirs, or all borrowers move out of the house.
Keep your Medicare or Social Security benefits.
Use it as a credit line and draw upon it as needed.
Get all your cash right away.
Get the best of both-get cash now and have a balance in reserve to use as a credit line.
No Income Requirements: The homeowner does not need to be working and is not qualified based on income.

As the homeowner receives monthly cash income, the loan balance increases. In the following twelve-month example, the homeowner begins with a debt-free home. As money is received by the homeowner, the mortgage grows. By the end of month twelve, the homeowner owes the bank $6,000 plus $232.44 interest. All Reverse Mortgage loans have a variable rate.

Assumptions*

Regular monthly advances	$500
Annual interest rate	7.0 %
Monthly interest rate	.583% (.07 / 12)

Month	Beginning Balance	Interest	Ending Balance	Cash Disbursement
0	0	0.00	0.00	$500.00
1	$500.00	$2.92	$502.92	$500.00
2	$1,002.92	$5.85	$1,008.77	$500.00
3	$1,508.77	$8.80	$1,517.57	$500.00
4	$2,017.57	$11.77	$2,029.34	$500.00
5	$2,529.34	$14.75	$2,544.09	$500.00
6	$3,044.09	$17.76	$3,061.85	$500.00
7	$3,561.85	$20.78	$3,582.63	$500.00
8	$4,082.63	$23.82	$4,106.44	$500.00
9	$4,606.44	$26.87	$4,633.31	$500.00
10	$5,133.31	$29.94	$5,163.26	$500.00
11	$5,663.26	$33.04	$5,696.29	$500.00
12	$6,196.29	$36.15	$6,232.44	$500.00

*Many criteria are considered when determining the reverse mortgage loan amount, interest rate, etc.

Visit www.dmgloan.com or call 240-328-7499 for a FREE Broacher and Analysis

Damon Gunter - Maryland's Loan Expert and Relocation Specialist

Damon Gunter (Eagle Nationwide Mortgage Co) — Thu, 08 May 2008 12:43:09 -0500

FREE Howard County "Paying off your Mortgage faster"

FREE Keys to Paying off your home in 1/2 to 1/3 it normal takes Seminar!!!.

Saturday, May 17^th

2 Convenient Times, 1 Convenient Location,

+ FREE Individual Consultations (If Desired)

· FREE information

· FREE light food and drink, door prizes / giveaways

· NO MONEY DOWN programs available

· Get a FREE credit analysis and tips on improving credit

Make it yours, We'll Show You How. Free and Clear^TM

The Money Merge Account System is an interest-reducing program.

NO refinancing of your existing mortgage

NO change in your monthly mortgage payment

Minimal change to your existing lifestyle.

A FREE analysis is available from me at dgunter@dmgloan.com or visit my website at http://www.dmgloanmma.com/ when you get there push the yellow button, and then do steps 1, 2 and 3. Take a look at the "testimonials"--they're great--I'm looking forward to hearing from you.

	Money Merge Account Program	Conventional Program
Starting Balance	S197,545.20	$197,545.20
	$187,067.42 Balance in 1 year	$194,939.30 Balance in 1 year
Repayment Time	11 years	30 years
Total Interest Paid	$79,209.62	$236,080.08
	$156,870.45 Total Interest Saved with the Money Merge Account Program

This event is FREE, but we ask that you register in advance.

SPACE IS LIMITED, so register today by calling (240) 328-7499

Money Merge Account

Damon Gunter (Eagle Nationwide Mortgage Co) — Fri, 11 Apr 2008 19:55:27 -0500

This is a program where a homeowner can pay off their home in a little as ½ to 1/3 of the time, thus allowing them to not only built equity, but once paid off they can start building a financial dream.

This is a great opportunity to make a little extra money on the side without having to be a Mortgage Broker or a Realtor.

Should anyone want more information or have a client you want to direct to my site, I would greatly appreciate it - or I can help you get started in earning more income

Visit my website at http://www.dmgloanmma.com for more information.

Zillow's New Mortgage Rate's

Damon Gunter (Eagle Nationwide Mortgage Co) — Wed, 09 Apr 2008 08:12:24 -0500

I am not sure that Zillow's effort in giving buyers a competitive edge in getting rates is really giving the home buy/refinancer a fair "deal" I believe that the "short" version of a GFE will only confuse the buyer/refinancer and end up driving the customers away. How many Home buyers truly understand the GFE? Giving a buyer a GFE without all the Escrow's, Title Costs, County/State Taxes Costs etc will only cause confusion. IE: Explain the intangible tax in Florida and the customers says I don't need to pay that.... No room for seller concessions on a purchase, or 1^st time home buyers stamps etc...