mortgage: Surprise: "Toxic" Mortgages Are The Best - 09/26/07 09:58 AM
With all the negative talk and horror stories concerning the Option ARM I thought I would share this article that recently came out in BusinessWeek.
Surprise: 'Toxic' Mortgages Are the Best
… (2 comments)
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mortgage: Making English Out Of Fed-Speak (June 2007 Edition) - 06/29/07 05:16 PM
The Fed left the Fed Funds Rate unchanged again today for the eighth time in a row after 17 consecutive hikes. None of this is news to us.
The Fed's press release, though, highlights a key theme about our country's economy: inflation may be moderating, but we are far from in the clear. … (0 comments)
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mortgage: How To Protect Yourself From Becoming A "Trigger Lead" - 06/26/07 09:23 AM
From the CBS News Video Web site, an interesting story for anyone who's recently applied for credit.
Credit repositories now sell the contact information of people applying for new mortgage loans to other mortgage lenders that want to compete for the business.
Called "trigger leads", an unsuspecting mortgage applicant can have his credit … (0 comments)
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mortgage: Be Wary Of Opinions That Masquerade As News - 06/21/07 10:14 AM
Is "news" always news, or is it masked opinion?
When doing research on mortgages, it's important to pay attention to the objectivity of your research source.
Often, a writer will deploy key adjectives, phrases, and/or images that distort an otherwise factual story.
The above cartoon from clangnuts.com is a terrific example.
It … (1 comments)
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mortgage: The Two Methods To Generate Home Equity Are Not Equal - 06/15/07 06:15 AM
Home equity is created in one of two ways (assuming increasing home value and a non-negatively amortizing first mortgage).
In the first method of creating equity, the homeowner pays down the principal balance on the mortgage. This increases the difference between what is owed on the home and what the home is … (0 comments)
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mortgage: Would You Have Answered The Mortgage Type Quiz Correctly? - 06/14/07 06:32 AM
The pie chart above comes from a Bankrate.com survey, sampling 1,000 adults about their current housing situation.
The question asked: What type of mortgage do you currently have?
While the 34% "Don't Know" figure is troubling, even more frightening is the 6% "ARM" figure.
The sample size was small, but … (0 comments)
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mortgage: What Role Do You Play In This Rising Mortgage Rate Environment? - 06/13/07 10:17 PM
The American Consumer keeps spending.
This morning, the monthly Retail Sales report showed a larger-than-expected jump. Even after stripping out elevated gas prices, the sales increase was more than double the expected amount.
The economy surges ahead, fueled by everyday spending, and this does not bode well for the future … (1 comments)
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mortgage: Proof That Mortgage Bonds Are A Global Market - 06/12/07 09:17 AM
If you ever wanted proof that mortgage rates react to global events, the past four days are it.
Worldwide, investors are shunning the United States mortgage market in search of higher returns elsewhere.
The more they sell, the worse mortgage rates get.
The latest catalyst for extra supply: speculation about a Bank … (0 comments)
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mortgage: The Week In Review (June 11, 2007) : What To Watch For - 06/11/07 08:37 AM
After a semi-calm start, last week ended terribly for mortgage rate shoppers highlighted (lowlighted?) by Thursday's mortgage bond market crash.
The drubbing Thursday was the worst day for the bond market in three years and is one of the reasons why the conforming and jumbo 30-year fixed mortgage is up 0.625% … (3 comments)
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mortgage: When Mortgage Rates Snowball Higher And It Becomes An Avalanche - 06/09/07 07:35 AM
Thursday was the single worst day for mortgage rates in more than four years.
Because so few homeowners understand how mortgage rates are determined, a day like Thursday may have little context.
So, let's try to put it in perspective.
If somebody told you that the stock market crashed, you'd understand. A … (1 comments)
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mortgage: Planning Your Mortgage and Seeking Pre−Approval - 06/05/07 06:33 AM
Choosing the right lender is a key element to managing your mortgage. As a mortgage planner, my goal is not just to provide you with a loan, but also to help select the one most beneficial to you and your long-term goals, and then, help you manage that debt over time. … (0 comments)
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mortgage: Why "Prime Rate" Is A Name And Not A Number - 06/04/07 05:44 AM
Pop Quiz: Which interest rate is lower? 8.25% or Prime Rate?
If you answered anything other than "they are the same", then you can understand first-hand why banks refer to Prime Rate by name instead of by number.
It's a neat little piece of sales psychology that keeps people from recognizing … (4 comments)
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mortgage: Alert! Your Name is Being Sold - Take Action Now! - 06/03/07 08:50 AM
Your name is worth everything to you...it's your identity, it's YOU. Here's breaking news you need to know...and you need to let all your family and friends know right away as well.
Few people realize that each time their credit is checked, the information provided to the credit bureaus (Equifax, TransUnion, … (0 comments)
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mortgage: One Method To Reduce The Amount Of Sub-Prime ARM Foreclosures - 06/02/07 01:59 PM
The above graph comes from The Wall Street Journal and it illustrates something that we all intrinsically know: Sub-Prime ARMs foreclose at a faster pace than all other home loan types.
When adjustable rate mortgages reach the end of their "fixed rate" period, some homeowners are unprepared for the upward-adjusting mortgage payments and … (3 comments)
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mortgage: Dealing with Credit Challenges - 06/02/07 06:00 AM
Typically, a person with a bad credit score is in this position because they lack structure in their life. There are, of course, cases where unplanned health or employment complications are to blame, but for the most part, these are individuals who lack the discipline to pay their bills on time … (1 comments)
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mortgage: S.M.A.R.T. Approach to Achieving Your Goals - 06/01/07 07:43 AM
Specific Define your eventual success. Create vivid, detailed, clear written descriptions, so you know exactly where you are headed. Do you want to own waterfront property or acreage in a location of your choice? Do you want your real estate to generate income? If so, how much? Continually, keep your goals … (3 comments)
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mortgage: Ten Questions You Must Ask Any Realtor Before You List - 05/31/07 06:26 AM
Most of us sell only a few homes in our lifetime. With such limited experience in real estate, how do you maximize the profits from your home sale? Many home sellers make the critical mistake of thinking all Realtorsâ are the same. They list with the first agent who comes along. Does … (1 comments)
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mortgage: Training and Managing a Team - 05/31/07 06:12 AM
When it comes to training and managing a team, you must start out with a clear vision in directing your team to a common goal through job description and training. Creating a job description and training the individual you hire is very important to the end result. You must think through … (1 comments)
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mortgage: Business Owner or Self−Employed? - 05/30/07 06:55 AM
Two fantastic sources for entrepreneurs are The E-Myth Revisited by Michael Gerber and Rich Dad's Cashflow Quadrant by Robert Kiyosaki. Gerber's book is accurately sub-titled: Why Most Small Businesses Don't Work and What to Do About It. He examines the small business and the entrepreneur, and his results are intuitive but … (1 comments)
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mortgage: “WARNING! Don’t Put Your Home on the Market Until You’ve Read This Post... Avoid 11 Mistakes That Could Cost You Hundreds... Even Thousands of Dollars!” - 05/30/07 06:39 AM
Selling your home can be an exhausting experience. Last minute walk-throughs, inconvenient calls, price adjustments and the possibility of being stuck with two mortgages are real concerns. If you are not completely prepared, you could end up losing hundreds even thousands of dollars in profit.
The difference between a profitable smooth transaction … (0 comments)
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mortgage: The "Kick 'Em While They're Down" Rule - 05/29/07 06:28 AM
In his weekly syndicated column, Kenneth Harney pulled back the curtain on a nasty piece of IRS tax code that can penalize homeowners with foreclosures and short sales.
Because the IRS treats canceled debt as ordinary income, homeowners that "work something out" with their lender may inadvertently add tens of thousands of … (12 comments)
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mortgage: Secrets Lenders Don’t Want You To Know: Read This 11 Point Report Before You Sign Anything - 05/29/07 06:16 AM
The right or wrong decision when signing your home mortgage can mean thousands of dollars difference in interest paid. There are very important considerations to evaluate before you commit to a 15 or 30 year note. For many of us, our mortgage payment is the most important financial decision we'll ever … (2 comments)
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mortgage: Freedom Isn't Free- Memorial Day Poem - 05/28/07 09:54 AM
I watched the flag pass by one day, It fluttered in the breeze. A young soldier saluted it, And then he stood at ease... I looked at him in uniform A warrior who looked so proud, With hair cut square and eyes alert He'd stand out in any crowd. I thought how … (4 comments)
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mortgage: Appreciating What You Have - 05/28/07 08:27 AM
In the age of "I want, I need, and I must have", I think it's important to have the ability to see things on a larger scale. The gift of having perspective and to see our lives in comparison with the rest of the people who live in our world. It really does seem the … (3 comments)
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mortgage: 7 Habits Of Success - 05/27/07 01:36 PM
1. Be proactive: If you want something to happen, figure out how, then make it happen.
2. Begin with the end in mind: The best way to predict the future is to create it.
3. Make decisions and act in accordance with them: Your current actions should always be taking you … (6 comments)
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mortgage: Actions Speak Louder Than Words - 05/27/07 08:56 AM
Practicing scripts is a wonderful way to perfect what you say to clients. It's also important to study how you look when you deliver your speech. Body language can account for up to 90% of the impression you make in a conversation, and it can enhance or undermine the point you're … (4 comments)
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mortgage: Reverse Mortgages: Financing the Golden Years - 05/27/07 08:11 AM
Until recently, seniors 62 years of age and older have not had the best choices when it came to getting cash from their homes. Traditional home loans only offered the option of either selling one's house or borrowing against its equity.
With reverse mortgages coming on the scene, seniors now have … (0 comments)
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mortgage: Taxes When You Sell Your Home - 05/25/07 06:13 AM
IF YOU'RE A HOMEOWNER, then you're probably aware of the incredibly generous tax break available when you sell your home. Play your cards right and you can lock in a profit of up to $250,000 ($500,000 when you file jointly) and owe nothing to the IRS.
This great deal was enacted … (0 comments)
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mortgage: The Race for Equity - 05/24/07 05:22 AM
Those who take property ownership seriously often look for options to build equity at a faster pace. An aggressive approach is to select a 15-Year loan program over a 30-Year mortgage.
A 15-Year loan works well for homebuyers budgeting time and money, those who are possibly looking forward to a debt-free retirement, … (0 comments)
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mortgage: Buying A Primary Home - 05/22/07 07:47 AM
There are many pitfalls you can avoid when you are in the market to buy a new home. Here are just a few tips and strategies to help you prepare for success:
Know your credit score! You may be able to get a better mortgage rate and more favorable loan terms by … (1 comments)
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mortgage: Saving Money On Taxes - 05/21/07 08:04 AM
There are many mortgage and real estate equity planning strategies that can really help you save money on taxes whether you are buying, refinancing or selling a primary home, vacation home or investment property.
The Caylor Mortgage Planning Team brings a team approach to your situation by working with qualified CPAs, … (0 comments)
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mortgage: Twenty Terms You Must Know and Understand Before You Sign Off On Your Mortgage! - 05/19/07 07:40 AM
Buying a home is a major achievement in most everyone's life. Pride of ownership, tax breaks, equity and the ability to increase your wealth and net worth are just a few of the many benefits you'll enjoy with your new home. Your home purchase may also be one of the largest … (0 comments)
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mortgage: Giving to Receive - 05/19/07 06:17 AM
Information marketing infuses free information about a product or service along with the regular sales pitch. Unlike the decoder ring in a box of Cracker Jacks, info-marketing provides the free prize before any purchase has taken place. It appeals to consumers much more, because they don't feel as though they are … (2 comments)
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mortgage: RESPA - 05/18/07 05:50 AM
In many states, Real Estate licenses are granted without close examination of an applicant's knowledge of RESPA guidelines. As a result, many Real Estate Agents go into business unaware that certain practices are prohibited via Federal statutes enacted by the US Department of Housing and Urban Development.
RESPA stands for the Real … (0 comments)
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mortgage: Are You Creating The Proper Image? - 05/17/07 06:11 AM
Before your next meeting with a prospective client or potential referral source, take a long look in the mirror and ask yourself, "If I was a prospect, would I want to do business with this person?"
The image you create, and the way people perceive you, has a tremendous impact on your … (5 comments)
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mortgage: Success is a Numbers Game, but Discipline Drives the Process - 05/16/07 06:37 AM
Since the early 1990s, Mike Ferry has conducted over 5,400 seminars and presentations on the subject of what it takes to succeed in real estate. In an interview I recently listened to, Ferry focused on the need for real estate professionals to go back to the basics of setting goals and … (4 comments)
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mortgage: Congress Makes PMI Tax Deductible: Millions of Borrowers Will Benefit - 05/13/07 09:57 AM
The federal government's Private Mortgage Insurance legislation is great news for the Real Estate Industry! Enacted on January 1st, 2007, the bill makes Private Mortgage Insurance tax deductible for potential borrowers whose personal adjusted gross income is less than $100,000. For millions of home buyers, the bill creates an amazing opportunity … (0 comments)
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mortgage: The Perfect Purchase Transaction!! - 05/12/07 03:10 PM
Have you ever wondered what the Perfect Purchase Transaction would look like? Close your eyes and dream about it for a minute... Few inbound phone calls. Your cell phone never rings. Clients leave so ecstatic with your service that they hand you three names of people they know who are ready … (1 comments)
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mortgage: THE HITS JUST KEEP ON COMIN’! - 05/12/07 09:33 AM
But we're not talking about the latest top 40 hit by Mariah Carey!!
It's the FED. The Federal Reserve Board has hiked rates seventeen consecutive times over the past two plus years...and while they've paused in their hiking cycle for the time being, the hits they've given to rates have added up … (0 comments)
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mortgage: Customer Satisfaction vs. Customer Elation - 05/11/07 07:01 AM
Striving for customer satisfaction is like going for the bronze. You won't be remembered as the best unless you really exceed the customer's expectations. Take the phrase "customer satisfaction" out of your vocabulary, and instead strive for "customer elation." Your customers must be so impressed that they are actually excited to … (2 comments)
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mortgage: The Key To College Planning - 05/11/07 06:44 AM
In today's world, a college education is more important than ever. Many of the jobs that do not require a college degree have been outsourced to workers in other countries, or replaced by a computer or machine.
In addition, according to Fed Chairman Ben Bernanke, the income disparity between college grads … (0 comments)
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mortgage: The Art of Database Management- Part IV - 05/10/07 06:55 AM
It's important not to assume to know what is relevant to your clients. You must ask intelligent questions, run reports on this information, and then proactively meet your customers' relevant needs. This completes our analysis of Bill Gates' quote regarding managing information, and brings us full circle.
We've talked about gathering information. … (0 comments)
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mortgage: Home Improvements Turn Average Homes into Dreams Come True - 05/10/07 05:58 AM
If you're thinking about taking out a home improvement loan, there are several options to consider. First and foremost, your mortgage professional needs to know why you want a home improvement loan. Here are some factors to take into consideration.
•· How long have you been in the home?
•· Will the improvements increase … (0 comments)
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mortgage: The Subprime Crisis: Is Your Home at Risk? - 05/09/07 07:18 PM
It's all over the news. Subprime mortgage companies are in the midst of a true crisis! According to The New York Times, over two dozen lenders have already closed their doors for good. In fact, more than half of the top 25 mortgage companies from 2006 have either reported serious losses, been sold … (0 comments)
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mortgage: Protecting Your Credit During Divorce - 05/09/07 08:03 AM
When a marriage ends in divorce, the lives of those involved are changed forever. During this time of upheaval, one thing that shouldn't have to change is the credit status you've worked so hard to achieve.
Unfortunately, for many, the experience is the exact opposite. Unfulfilled promises to pay bills, the maxing … (0 comments)
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mortgage: Lead Follow−Up Campaigns- Never Give Up On a Lead! - 05/09/07 07:57 AM
You might wonder, "When is a lead no longer a lead?" A lead is always a lead until the person tells you to stop calling. The key to success in sales is professional persistence. Take time to earn the loyalty of prospects by showing them that you add more value to … (3 comments)
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mortgage: Is a 30-Year Fixed Mortgage the Best Type of Mortgage? - 05/08/07 08:25 AM
With interest rates still near 40-year lows, is a 30- year, fixed-rate mortgage the right choice? While the mass media's response is usually yes, my reply is NO.
Today's market is much different than the market and lifestyle of the previous generation. That generation typically had one job, one pension, one … (0 comments)
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mortgage: The Mortgage Planning Process - 05/07/07 06:55 AM
The mortgage planning process is different than the typical "shopping for a mortgage" experience. The mortgage planning relationship is not about you:
Wasting your valuable time trying to save $25/month by comparing rates, fees and closing costs among different lenders. Wasting your valuable time trying to baby-sit the mortgage company you've … (0 comments)
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mortgage: Are You Using Your Voicemail Effectively? - 05/07/07 06:42 AM
Have you ever stopped to consider how many times a new prospect gets your voicemail before they have a chance to speak directly with you? Your voicemail greeting provides an excellent opportunity to create a first impression that can have an enormous impact on whether people decide to use your services. … (10 comments)
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mortgage: Protect Your Personal Information - 05/04/07 06:54 AM
Did you know that the major credit bureaus sell your personal information? It's true! Known as "trigger leads", the files of borrowers applying for a home loan are immediately flagged, packaged, and sold by the credit bureaus to the highest bidders.
For about $25 to $100 or more, your name and … (0 comments)
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mortgage: Communication: Proactive Methods to Improve Business - 05/04/07 06:34 AM
I once heard the expression, "Communication is the lubrication in your organization." That couldn't be truer, especially in the world of business. You simply can't over-communicate when dealing with clients. I find that the best way to eliminate the constant state of reactivity in which most of us work is to … (1 comments)
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mortgage: What Are Points and When Should You Pay Them? - 05/03/07 07:26 PM
Points are up-front fees paid by the borrower to obtain a better interest rate on a loan. One point equals one percent of the loan amount. And while a lower interest rate may result in a lower monthly payment, it is important to consider how long you intend to be in … (1 comments)
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mortgage: Buy Household Products Online: The Savings will Surprise You! - 05/03/07 08:03 AM
Since its inception, the Internet has caused a fair share of controversy. Some people see it as a valuable tool while others consider it the devil's playground. Wherever you stand, one thing is certain - it has changed our idea of commerce forever.
eBay® is a perfect example. On this website, the … (0 comments)
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mortgage: Sell Yourself to Prospects: Be a Great Listener - 05/03/07 07:55 AM
No matter what type of business you are in, your prospect has the option to select from a variety of competitors within the same marketplace. You must set yourself apart from your rivals, and it all starts by having the ability to listen attentively to each and every new prospect. You … (0 comments)
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mortgage: Countering Objections: Know Why People Say No - 05/02/07 05:29 AM
Not every objection can be overcome, but they can all be countered, so you should always have a rebuttal in store. If you don't have years of experience, or a trainer to guide you, you can find yourself blindsided by the most obvious objections and hesitations.
There are three basic reasons for … (2 comments)
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mortgage: Considering a Home Equity Line of Credit? - 05/01/07 09:32 PM
When a bank, mortgage company or credit union approves your home equity line of credit (HELOC), it doesn't give you a check. Instead, you get a checkbook; sometimes you receive a debit card too. You can write checks as you normally would (or use the card), except that each use is … (0 comments)
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mortgage: Tap Into Google Local: Your Personal Chamber Of Commerce - 05/01/07 06:02 AM
The Internet has revolutionized the way we live in countless ways. We are able to access news as it's happening, email friends and relatives all over the world, and purchase anything from cars to vacation packages with a few clicks of the mouse.
What's ironic is that we frequently neglect to use … (0 comments)
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mortgage: Learn from Your Success: Focus On Strengths Rather Than Weaknesses - 05/01/07 05:55 AM
Our culture teaches us to focus on our weaknesses and then improve upon them. While practice is critical to improvement in some areas, author Benson Smith of the Gallup Organization believes it is more important to focus on your strengths. By turning your strengths into super-strengths, your valuable time can be … (8 comments)
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mortgage: Increasing Your Hourly Rate of Pay - 04/30/07 07:52 AM
Each and every one of us works on an hourly rate of pay. What we get paid by the hour has a direct correlation with what we choose to do with our time, and how we make use of the employees and systems we surround ourselves with in our daily work … (1 comments)
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mortgage: How Purchase Loans Are Made: A Step−By−Step Walkthrough - 04/29/07 05:50 PM
1. Pre-qualification - Lenders are encouraging buyers to get pre-qualified for a mortgage so they'll know in advance how much house they can afford.
2. Loan Search - Although buyers often use a lender recommended by their Real Estate agent, some prefer to do their own comparisons.
3. The Hunt - The buyer … (0 comments)
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mortgage: ON−Time: Take Time Out for Planning - 04/29/07 08:20 AM
Have you ever had days, weeks, or even months go by when you were frustrated in your work activities because you failed to implement the things that you know you need to do in order to be more successful? Perhaps you've taken pages and pages of great notes at seminars on … (1 comments)
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mortgage: An Inverted Yield Curve: What It Means to Mortgage Rates & Programs - 04/28/07 07:34 AM
The U.S. economy, interest rates, and the housing market are frequent topics on the nightly news. Viewers are told about leading economic indicators, how the stock market has performed, and whether the Federal Reserve is planning on changing interest rates. What isn't explained is how these items are interrelated and how … (0 comments)
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mortgage: Marketing to the Better Half- Don't Leave Spouses Out of the Equation - 04/28/07 07:27 AM
Marketing guru Faith Popcorn, who is considered a trend expert, posed this insightful question to an audience in San Francisco back in 1999: "Since men and women are obviously different, why do we continue to market to them in the same way?"Let's take Faith's concept a step further: When meeting with … (0 comments)
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mortgage: Strategic Financing: The Solution to Today's Changing Market - 04/27/07 07:35 AM
Interpreting one of the main challenges of today's mortgage market isn't as difficult as it might seem. With interest rates on the rise, a lot of consumers are extremely troubled by the negative effects of increasing interest rates on their Adjustable Rate Mortgages. Each month, they are forced to watch hopelessly … (0 comments)
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mortgage: Trapped in Telephone Purgatory? Use These Short Cuts & Break Free - 04/26/07 06:43 AM
Does this scenario sound familiar? Your latest credit card statement comes in the mail, and there's an error. You know that it needs to be dealt with, but for some reason you keep putting it off. Then it hits you. The reason for your procrastination is that you just cannot bear … (0 comments)
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mortgage: Victorville Facts and Information - 04/25/07 08:33 PM
Here is a link that will help you discover Victorville and some of the history behind it!!Victorville, California - Wikipedia, the free encyclopediaHope you find this site informative. Please don't hesitate to give me a call if you need any more information. … (0 comments)
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mortgage: Gasoline $ense - 04/25/07 06:37 AM
In terms of the economy and its effect on our daily lives, there is no hotter topic than the outrageous prices we are seeing at the pumps. The maddening part is as consumers, we have zero control over these inflated costs. To make matters worse, there's always that person who says … (6 comments)
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mortgage: Disaster Preparedness- Simple Steps Everyone Can Take - 04/24/07 06:48 AM
Natural disasters are a fact of life. Each area of the country has its own challenges, from hurricanes on the Atlantic and Gulf Coasts to tornados in the Plains and earthquakes in California. Regardless of where you live, it's important to have plans in place to ensure that you and your … (0 comments)
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mortgage: The Art of Happiness- Making Each Day Your Best - 04/24/07 06:15 AM
In The Art of Happiness*, the Dalai Lama shares this powerful insight into life: "I believe that the very purpose of our life is to seek happiness. That is clear. [Regardless of religion], we are all seeking something better in life. So I think the very motion of our life is … (3 comments)
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mortgage: One-of-a-Kind Gifts - 04/23/07 07:45 AM
Purchasing a gift can be a stressful experience. Whether you're buying for a close friend or a mere acquaintance, the same questions arise. Will they like it? If the answer is yes, then it could be that they already own it! If you choose to go the safe route and buy … (1 comments)
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mortgage: College Savings Plans - 04/23/07 07:21 AM
Saving for your child's education just became a bit more complex as a result of the new tax bill passed last May. The Uniform Gifts to Minors Act (UGMA) is a popular program which allows minors to own stock in their name and, if they fall between the ages of 14-17, to … (0 comments)
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mortgage: Where Your Tax Dollars Go - 04/22/07 08:27 AM
The US government expects to collect some $2.6 trillion in tax revenue this year! That's a 6% increase over last year, and a 13% jump since 2005. With the tax season behind us, did you ever wonder how your tax contributions are spent? Well, according to the government's 2008 budget, nearly … (2 comments)
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mortgage: The Pitfalls of Plastic - 04/22/07 08:19 AM
Credit cards are a great tool when it comes to building up a good credit history. However, according to a recent report, credit card debt in America reached nearly $800 billion in 2005. How can you obtain the benefits while avoiding the pitfalls? Here are some dos and don'ts:
Monitor your … (0 comments)
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mortgage: Subprime Changes the Lending Landscape - 04/21/07 08:44 AM
The effects of the subprime crisis are becoming clearer with each passing day. According to the Wall Street Journal, tightening guidelines and fewer available products are creating challenges for borrowers with credit issues. If you're thinking about taking on or refinancing a mortgage, your credit score will be crucial when it … (0 comments)
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mortgage: First-Class Mail is Forever Altered - 04/21/07 08:09 AM
The US Postal Service has introduced the "forever" stamp. This special stamp, good for any first-class letter weighing up to one ounce, is valid forever, no matter how much postal rates increase. That means consumers can purchase these special stamps at today's rate and use them for years to come, even … (5 comments)
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mortgage: The Five Factors of Credit Scoring - 04/20/07 06:39 AM
There are five factors that comprise the credit score. They are listed below in order of importance, just as an underwriter would look at the score:
Payment History: 35% impact. Paying debt on time and in full has a positive impact. Late payments, judgments and charge-offs have a negative impact. Missing a … (0 comments)
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mortgage: Personal Note Cards- Powerful Marketing Tool - 04/20/07 06:25 AM
The business professional with the most friends WINS! Period. The formula for success is that simple.
The power to attract people is what gauges success. The more people consider you a friend and a business professional, the greater your potential for success. Your existing client base, if managed properly, can become your … (6 comments)
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mortgage: Write−offs to Remember: Deductions in the Loan Process - 04/19/07 07:18 AM
Write-offs are the government's way of rewarding taxpayers when they've done something the government likes. And to judge by the write-offs, the government likes it when people borrow money to buy a house. There are write-offs aplenty, many of which people often forget. Make sure you take advantage of every break … (0 comments)
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mortgage: Finding Our Niche- What it Takes to Get Ahead of the Competition - 04/18/07 06:35 AM
Very few of us have the luxury of being the only professional in our marketplace offering our particular service. Competition is constantly at our heels, hoping to catapult one step ahead of us. For this reason, we must continually strive to differentiate ourselves from any competition we may have.
Dan Sullivan, President … (3 comments)
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mortgage: Annual Percentage Rate- What is the Real Cost of Financing? - 04/18/07 06:05 AM
Annual Percentage Rate (APR) is a tool that consumers can use as a starting point to compare loan programs. However, it's important to keep in mind that APR is not a perfect system, and not all lenders calculate APR in the same way. While the Federal Truth-in-Lending Act does require any … (0 comments)
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mortgage: Building A Referral Network- How to Reach Out to Those Around You - 04/17/07 11:09 PM
Everyone has heard the expression, "It's not what you know but who you know." Of course this isn't entirely true, but having a successful referral network can lead to a significant increase in satisfied clients with minimal effort on your part. Have you ever gone into a large home improvement store, … (3 comments)
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mortgage: A Lesson From A Gazelle and Lion - 04/17/07 08:42 AM
Every day in Africa a gazelle wakes up. It knows that it must run faster than the fastest lion, or it will be killed.
Every morning a lion wakes up. It knows that it must outrun the slowest gazelle, or it will starve to death.
It doesn't matter whether you are a lion … (3 comments)
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mortgage: Winners vs Losers - 04/16/07 07:17 AM
Winners vs Losers
A winner is always part of the answer. A loser is always part of the problem.
A winner always has a plan. A loser always has an excuse.
A winner says: "Let me do it for you."A loser says: "That is not my job."
A winner sees an answer for any … (4 comments)
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mortgage: Renters Have Much to Gain by Pursuing Home Ownership - 04/11/07 09:28 PM
Buying a home vs. renting is a big decision that takes careful consideration, as most mortgage planners will agree. But the rewards of home ownership are great. For many years, purchasing real estate has been considered an extremely profitable investment. It is an achievement that offers a sense of pride, financial … (0 comments)
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mortgage: Refinance Your Mortgage for Rate and Payment Reductions - 04/06/07 06:54 AM
One of the biggest reasons homeowners refinance their mortgage is to obtain a lower interest rate and lower monthly payments. By refinancing, the borrower pays off their existing mortgage and replaces it with a new one. This can often be accomplished with a no-points no-fees loan program, which essentially means at … (0 comments)
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mortgage: Getting the Best Interest Rate on Your Home Loan? - 04/04/07 03:27 AM
Consumers interested in purchasing or refinancing a home will pay an interest rate based on current market conditions and their ability to pay back the loan. The borrower's income and debt ratios are taken into consideration by the lender, as well as the predictability factor provided by credit scoring. It's important … (0 comments)
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mortgage: Should You Leverage Your Home or Pay It Down Rapidly? - 04/03/07 08:33 AM
There is a great debate within the inner-mortgage circles these days. Should we, as loan professionals, encourage clients to borrow as much money as possible? Or would consumers benefit more if we helped them to understand the advantages of 15-year amortization schedules and pre-paying principal? Let's examine the pros and cons … (0 comments)
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mortgage: Home Buyers Face Decisions That Affect Their Long-Term Financial Picture - 04/02/07 05:09 AM
Taking the step into home ownership is one of the most important financial decisions a person will make in their lifetime. There are many factors to consider when embarking on this venture. Literally hundreds of loan programs are available, and it is important to find the one that best fits your … (0 comments)
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mortgage: What To Ask When Shopping For A Mortgage - 04/01/07 09:37 AM
Research is an important component of any large transaction. I'm sure you'll agree that a home mortgage is one of, if not the largest financial investment a person will make in their lifetime. I'm sure you'll also agree that given the importance of this investment you would want an industry professional … (6 comments)
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