advice: You've Been Pre-Approved -- Now Get RE-Approved - 12/19/07 10:21 AM
Even if you've been recently pre-qualified (or pre-approved) for a mortgage, it may be prudent to get "re-approved". The mortgage industry is changing quickly; being prepared beats the alternative.
Recently, mortgage lenders have made adjustments in what they will lend, and to whom. This shrinks the pool of eligible mortgage borrowers.
… (3 comments)
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advice: How to Squeeze Extra Tax Deductions from Your Mortgage In 2007 - 12/18/07 04:55 PM
For most Americans (but not all), mortgage interest is tax-deductible in the year in which it was paid.
With some advance planning, therefore, a homeowner can increase his 2007 tax deductions by paying additional mortgage interest while the calendar still reads 2007.
The key is to make the mortgage … (1 comments)
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advice: Mortgage Rates are Going Up -- But Not for the Reason You'd Expect - 12/13/07 12:16 PM
Conforming mortgages are getting more expensive -- but not because of mortgage rates.
To protect against further weakness in the housing sector, Fannie Mae and Freddie Mac are instituting "delivery fees" on all conforming mortgages, effective March 2008.
Fannie Mae's Adverse Market Delivery Charge and Freddie Mac's Market Condition Delivery Fee will … (7 comments)
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advice: Just Because You Can Borrow From a 401(k) Plan Doesn't Mean You Should - 10/19/07 09:15 AM
According to the Wall Street Journal, the number of Americans taking loans against their 401(k) plans is increasing because most plans allow participants to borrow funds to purchase a home or to avoid foreclosure.
But just because the avenue is there, though, doesn't mean that borrowing from a 401(k) is a good … (9 comments)
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advice: How Japan and China Can Impact the Mortgage Rate on Your Home - 10/17/07 09:33 AM
Mortgage rates are determined by the prices of mortgage bonds; this, we've covered before. As bonds prices go up, bond rates come down.
And the price of a mortgage bond is a matter of Supply and Demand.
The greater the demand for a bond, the higher its price. High … (3 comments)
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advice: The Week in Review (October 15, 2007) : What to Watch For - 10/16/07 10:35 PM
The economy appears to have shrugged off August's credit market turmoil and is continuing to expand. This pushed mortgage rates higher last week as market players move money into stocks and hope to capitalize on the Dow Jones rally.
After the Fed's last meeting, the central bank lowered the Fed … (2 comments)
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advice: How Mortgage Calculators Can Be Misleading - 10/16/07 09:38 PM
Mortgage calculators are ubiquitous on real estate-related Web sites but that doesn't mean that they're helpful.
See, Internet-based mortgage calculators take three figres into consideration when determining "how much home can you afford".
Income Debt Downpayment/Equity Next, the calculator figures in your downpayment, multiplies your income by a factor of … (3 comments)
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advice: Need $$ for Downpayment? Think About . . . (4 of 4) - 10/06/07 02:17 AM
Option 4: Lease-To-Own With a lease-to-own, you essentially lease a home, but make larger payments in order to begin accumulating a downpayment. For example, if a house would normally lease for $800, you might lease it for $1,000/month, with $200/month going into a special account. At the end of a … (7 comments)
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advice: Need $$ for Downpayment? Think About . . . (3 of 4) - 10/06/07 02:15 AM
Option 3: Owner Financing Owner financing means exactly that: the owner (or seller) finances a portion of your home purchase. For example, you might borrow 80% of the value of a home from a lending institution, and "borrow" the other 20% from the owner. In this situation, the owner "carries … (1 comments)
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advice: Need $$ for Downpayment? Think About . . . (2 of 4) - 10/06/07 02:13 AM
Option 2: Special Loan Programs Special loan programs come and go quickly. There is many available right now that will allow the seller to provide up to 6% towards the down payment and/or closing costs required for a home loan. That means no money out of your pocket if you … (2 comments)
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advice: Need $$ for Downpayment? Think About . . . (1 of 4) - 10/06/07 02:10 AM
Option 1: FHA Loans Although there isn’t a "No Money Down" option yet, the FHA loan is by far one of the best alternatives for people who want to buy a home and don’t have much money to put down. With an FHA loan, you could put down as little … (0 comments)
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advice: Simple Ideas for Raising Money for a Down Payment… - 10/06/07 02:02 AM
With all the credit tightening going on, many programs will require that buyers come up with at least some small downpayment. Even if you are able to secure 100% financing, you will still need to pay closing costs (if the seller does not agree to pay for you). So, here are … (9 comments)
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advice: Investing in Your College Student's Housing - 09/28/07 09:48 AM
For parents with children in college, or nearing college age, this video from NBC's Today Show is worth watching.
Investing in collegiate housing is not for everyone, but if the angle interests you, don't forget to purchase an accompanying personal liability insurance for injuries that may occur on-site.
Something to think … (4 comments)
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advice: What Happens on the National Real Estate Scene Shouldn't Matter to You - 09/26/07 05:05 PM
The National Association of Realtors® released its monthly Existing Home Sales report for August 2006 and, as usual, you should be ignoring it.
The report discusses real estate on a national level and we all know that real estate is a local phenomenon.
It's not that the report isn't helpful … (10 comments)
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advice: Can't Find Your Cash? You Probably Ate or Drank It! - 09/25/07 02:17 PM
In a study of 2,036 U.S. adults commissioned by Visa USA, nearly half of all Americans are losing track of their money.
An average of $45 in cash is "lost" each week in what Visa dubs "mystery spending", Visa's version of "I know I had this money in my … (11 comments)
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advice: Do you read every article in the newspaper or in a magazine? - 09/24/07 11:41 PM
Probably not. So, how do you decide which ones to read? By the headline, of course. The headline first gets you interested, and then you read for more details.
And a good headline is exactly how you can increase readership of all your ads.
Have an interesting headline in every ad … (6 comments)
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advice: Trusting in Trust - 09/22/07 10:06 PM
What do today's outstanding salespeople have in common?
They share a commitment to base each of their business relationships on trust, according to sales trainer Stephan Schiffman.
He notes, "Too many salespeople focus on whether or not they appear trustworthy. That's not the point. To earn a customer's trust, you must be trustworthy."
And … (8 comments)
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advice: Quick Marketing Tip - 09/19/07 11:28 PM
Looking for more people to put in your sphere of influence?
Ask to go through all your broker's old files that were handled by agents who no longer work at your office. These files and names belong to your broker. And because these people have already dealt with your office, they should … (8 comments)
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advice: I Know You're Busy, But . . . - 09/19/07 12:07 AM
You're a very busy person. So am I. That's exactly why we need to make an extra attempt to exercise.
Our bodies cannot continue to excel under the stress we expose them to in this business if they are not in shape. We often work 7 days a week, and keep odd … (26 comments)
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advice: Open House Marketing Tip - 09/15/07 09:05 PM
I'm sure you've heard of sending out open house postcards to all the neighbors. You might even do it yourself.
But instead of sending an informal postcard that might just get tossed in the trash without a second glance, how about calling the neighbors yourself and personally inviting them to the open house?
Not only … (32 comments)
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advice: A Great Housewarming Idea - 09/13/07 09:47 AM
Many real estate and mortgage consultants I know give plants as house warming gifts.
That’s a good idea, but plants die.
Another idea is to give a fireproof safe for all their important documents. The safe costs more than a plant, but will last a lifetime. You can get one … (30 comments)
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advice: Thank You, Zig! - 09/10/07 11:10 PM
Zig Ziglar’s most famous quote is “You can get anything you want if you help enough people get what they want.”
It’s true. Help your clients get what they want:
a nice homea fair pricegreat service.Do this, and you'll have clients for life - clients who will tell all their … (22 comments)
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advice: 25,000 Points in 30 Days!!! - 09/08/07 06:57 PM
Ok, so why the flames? Because I'm burning this joint up! LOL
Once I got the hang of working with ActiveRain, I decided that (no matter what, I would do a post on what my first 30 days have brought me. Well, I'm glad to report that I passed the 25,000 mark … (21 comments)
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advice: If Interest Rates Go Back Up to 18%, What Will You Do? - 09/05/07 11:12 PM
We all know that real estate is a seasonal business. When the economy is good, real estate is booming. When things slow down or when rates go up, real estate goes on life support.
Do you have a second stream of income to protect you not only from the economy, but … (18 comments)
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advice: Look to Your Past - 09/04/07 08:14 AM
Every now and then, reflect upon on the past with the aim of searching for techniques that have made you successful . . . not only in sales, but in all other endeavors as well.
Perhaps recalling a summer job during high school or college will unearth a skill that … (0 comments)
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advice: P.S. Did You Know . . . ? - 09/02/07 08:20 AM
The P.S. (postscript) in any letter is the second most read statement after the headline.
So, add a P.S. in every single one of your letters.
You could use it to provide a general summary of whatever you said in your letter. Or you could write "teaser" information to … (45 comments)
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advice: Selling a House With No Equity - 09/01/07 08:34 PM
You can’t list a house with no equity.
Well, you can if you don't mind working for free.
You will occasionally run across a listing where the owner does not have enough equity in the house to pay for your real estate commission. You obviously cannot help, but a private … (6 comments)
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advice: Do Your Clients Know How Much You Do For Them? - 09/01/07 08:00 PM
You can never educate your customers too much.
As their agent or lender, you need to tell them in excruciating detail, everything you do for them. Like an attorney, who lists every minute he spent on your behalf, you can list every action you take for them.
There is nothing … (12 comments)
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advice: Consumer Alert: Homeowners' Associations - 09/01/07 07:43 PM
When you're looking for a new home, here's something to keep in mind: many communities and almost all condos have Homeowner’s Associations. These are groups of people who live in the community and have been elected to make sure the rules of the Board are followed by all homeowners in the … (0 comments)
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advice: Make it a Goal to Buy a House - 08/20/07 10:33 AM
How do people get what they want?
Easy. First they have to know what they want, and visualize it. In your case, you want to buy a house. So we need for you to create the goal that you will buy a house. And to make it even better, you … (8 comments)
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advice: How Big Will Your Backyard Be? - 08/18/07 10:59 PM
One of the things new homeowners look forward to is having a yard to call their own. So I get a kick out of asking my clients this question: How big will your backyard be?Some people tell me they want huge backyards so their kids can play with their pets. … (7 comments)
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advice: 7 Things You Must Never Do When Applying For a Home Loan - 08/18/07 09:55 PM
This is a list of things to steer clear of when you are seeking to obtain financing for a home. The following items may prove to be a detriment when you wish to move forward with the loan process.
Don't buy or lease an auto! Lenders look carefully at your … (14 comments)
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advice: Is Your Loan Officer Incorrectly Reading In Which Direction Mortgage Bonds Are Moving? - 08/16/07 10:15 PM
As we discuss over and over again, mortgage interest rates are determined by the price of mortgage bonds. Nothing else, and nothing more. The challenge in that truth is that mortgage bond pricing is not very accessible to the general public.
This includes the press.
As a result, the media … (4 comments)
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advice: A Few Good Reasons To Ignore Your Mortgage Prepayment Penalty - 08/15/07 11:12 AM
Industry trade magazine Inside B&C Lending pegs the 2006 dollar volume of new sub-prime loans at $640 billion. According to the Real Estate Charts chart (exhibit 18), 78% of those dollars were in 2-year adjustable loans.
A loan of this variety is often called a 2/28 ("two twenty-eight").
A 2/28 originated … (7 comments)
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advice: Simple Steps To Keep Home Insurance Costs Down - 08/14/07 11:06 PM
As homeowners insurance premiums rise across the nation, Bankrate.com writes a helpful story on ways to keep your premiums down. The tips may surprise you.
Some of the highlights include:
Don't think a series of small claims is better than one big claim. The smaller claims are more expensive to process for … (5 comments)
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advice: Why Alerting Your Mortgage Lender About Bad News In Advance Is Better Than Surprising Them - 08/10/07 02:34 PM
Having trouble paying your mortgage? You aren't alone. According to RealtyTrac, 1 out of every 134 homes filed for foreclosure in the first half of 2007.
More and more, though, mortgage companies are doing their best to work things out with delinquent homeowners.
Loss of a job or a sudden medical emergency are … (5 comments)
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advice: Are You Eligible To Get Rid Of Your PMI Payments? - 08/10/07 02:18 PM
If you're currently paying Private Mortgage Insurance (PMI) and have been for several years, it may be time to petition your lender to have the PMI payment removed.
Waiting for it to drop off "automatically" may mean you will be stuck with the higher payments for at least five to ten years … (4 comments)
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advice: Why Downpayments Are Investments, Not Cushions - 08/10/07 02:00 PM
When home prices are stable or falling, home buyers often mischaracterized their downpayment on a home, calling it their "cushion" against falling home prices.
Nothing could be farther from the truth.
Nobody wants to owe money when they sell their home. In fact, when asked, most people will answer that they just want … (3 comments)
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advice: Sharing Your Credit Card Balances Can Lower Your Mortgage Rates - 08/10/07 01:45 AM
Typically, higher credit scores get lower mortgage rates and access to a wider array of mortgage products.
Extent of Indebtedness comprises 30% of a credit score and is the second largest component in the credit scoring model. In plain-speak, Extent of Indebtedness is: "How close is this person to maxing … (4 comments)
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advice: How To Answer "How Much Home Can I Afford?" - 08/10/07 01:38 AM
Home shoppers know to consider the impact that a new home will have on their household budget and that is called keeping your eye on the ball.
Unfortunately, most shoppers are keeping their eye on the wrong ball.
The proper way to answer the "How Much Home Can I … (0 comments)
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advice: Ilyce N. Powell Earns Certified Mortgage Planning Specialist (CMPS) Designation. - 08/09/07 11:57 PM
Recognized for its preeminence within the industry, the CMPS curriculum represents the core knowledge expected of residential mortgage advisers, regardless of the diversity of specializations within the industry. Columbia, MD -- (SBWIRE) -- 07/09/2007 -- Ilyce N. Powell, a mortgage lender with National City Mortgage, has passed the qualifying exams to … (5 comments)
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advice: Maryland Loan Officer Stands Up for Increased Home Buyer Education - 08/09/07 11:50 PM
Columbia, MD -- (SBWIRE) -- 06/29/2007 -- Ilyce N. Powell, CMPS announced today a large investment in increased education for home buyers by joining the National Association of Responsible Loan Officers (NARLO). By joining NARLO, Ms. Powell has agreed to adhere to the strictest Code of Professional Conduct in the … (6 comments)
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