John's Blog

Still Offering 100% Financing...

John Elkins (Carolina's Premier Mortgage Corp.) — Thu, 27 Sep 2007 12:49:25 -0700

Hello Everyone,

Even though the mortgage lening industry is going through a massive market correction, there are still 100% financing programs available for credit scores as low as 570. The clients would need to meet certain requirements but they can still be done.

If you have clients that fall into this category, please contact me and we can see if we can get them approved. We also have great rates for good credit also.

Have a great day.

John Elkins

Branch Mgr. / Sr. Loan Officer

Carolina's Premier Mortgage Corp.

NEW Mortgage Lending Guidelines...

John Elkins (Carolina's Premier Mortgage Corp.) — Mon, 26 Feb 2007 13:06:48 -0800

Hello Everyone,

Just wanted to pass along some information from the mortgage industry. Even though interest rates are still relatively low, Lenders nationwide are changing their subprime and prime lending guidelines in relation to a borrowers credit score. Where we used to be able to get 100% financing with a 580 middle credit score for your borrowers, that is now changing to 600 - 640 depending on the lender. They are also getting tougher on general underwriting guidelines and Investment properties. Help your borrowers by getting them pre-qualified before showing homes and negotiating preices. This will help your clients in several ways but most importantly by letting them know how much house they can afford what rates they will be looking at and if they can get 100% financing or not. This can save all of us time and money.

This is in response to our country have some of the highest foreclosure rates in our history and the need by the lending industry to curb this trend. If anyone has any questions please feel free to contact me.

Add value to your service, let your clients know you are there to help!

John Elkins (Carolina's Premier Mortgage Corp.) — Mon, 15 Jan 2007 10:59:50 -0800

Let your clients know that you are there to help them accomplish their goal on their terms and timeframe. Offer them information and assistance to help streamline the process, reduce fears and increase closings. Help them be an educated consumer.

5 Smart Tips for Home Buyers

1) Get pre-approved for a mortgage before you make an offer. When you are trying to buy a house in a competitive market, your offer to purchase should contain as few conditions as possible. An offer that is conditional on obtaining financing is often a deal killer. The seller may accept a competing offer for less money rather than take the risk that you won't be able to raise mortgage money. A pre-approval letter from your lender tells the seller you are ready and able to commit.

2) Know when to quit. When you act on emotion, rather than reason, you may end up paying too much money. This can happen when you fall in love with a particular house and start fantasizing about how great it will be to live there. Another reason you may be driven to pay too much is that a bidding war triggers your competitive instincts and you must buy the house at all costs which you will regret later.

3) Set enough money aside to cover closing costs without having to forgo eating for a couple of months. You've put together a down payment. Be aware that there is also a long list of expenses you may have to pay at closing, depending on where you live and who your lender is. "Closing costs can add up to between two and six percent of your loan," says LendingTree's Chief Consumer Officer, Ed Powell. He advises you to ask your lender or mortgage broker to give you a Good Faith Estimate of the loan-related fees you'll have to pay. Get your real estate agent to compile a list of other expenses.

4) Try to coordinate the date you take possession of your new home and your moving date. If possible, avoid a situation where you've got to camp out with relatives or find a short-term rental because you must vacate your old house or apartment before you can move into your new digs. Moving once is enough.

5) Insist on a home inspection. The first really cold day you spend in your new house is way too late to find out that the furnace doesn't work. The one condition you should always include in an offer to purchase is a home inspection. Find out how much it will cost to fix any defects and have the seller fix them before you agree to buy or deduct the estimated cost from the final price you offer. If the seller won't help bear the costs and you want to go ahead with the purchase, make sure you can afford the necessary repairs on top of your mortgage.

Add Value to your service, let your clients know you are there to help!

John Elkins (Carolina's Premier Mortgage Corp.) — Mon, 15 Jan 2007 10:57:34 -0800

5 Smart Tips for Home Buyers

Add Value to your service, Let your clients know you are there to help!

John Elkins (Carolina's Premier Mortgage Corp.) — Mon, 15 Jan 2007 10:55:10 -0800

5 Smart Tips for Home Buyers

Add value to your service, Let your clients know you are there to help!

John Elkins (Carolina's Premier Mortgage Corp.) — Mon, 15 Jan 2007 10:53:46 -0800

5 Smart Tips for Home Buyers

Help You Clients Streamline the Financing Process by Setting Expectations!

John Elkins (Carolina's Premier Mortgage Corp.) — Wed, 10 Jan 2007 11:12:57 -0800

Many clients do not understand the proper procedures to get to closing quickly. By helping your client understand the process and getting them to get pre-qualified before placing an offer, you can minimize the time it takes to get to closing. Having your client working with a mortgage professional while they are looking can help this process. Below is some information on the loan process. On average the loan process will take approx 3 - 5 weeks to get to closing. Time Frame is very dependant on the client providing lender required documentation requested in a timely manner.

An Overview of the Loan Process

Organize your documents

If you are buying or refinancing a home

If you are salaried: provide two years W-2 and one month of paystubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement.
If you own rental property, please provide rental agreements and two years tax returns.
If you wish to speed up the approval process, please also provide three months bank statements for each bank, stock and mutual fund account.
Provide recent copies of any stock brokerage or IRA/401K accounts that you may have.
If you are requesting a cash out refinance please provide a letter explaining what you plan to do with the proceeds.
Provide a copy of divorce decree if applicable.
If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.

If you are applying for a home equity loan

If you are salaried: provide two years W-2 and one month of paystubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement.
If you own rental property, please provide rental agreements and two years tax returns.
Please provide a copy of the note on your first mortgage. This will normally be found in your closing loan documents.
Please provide a signed letter explaining what you plan to do with the proceeds.
Provide a copy of divorce decree if applicable.
If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.

Get Qualified

Getting qualified before you apply for a loan can help you understand how much you can borrow.

When buying a house, you may get pre-qualified or pre-approved. You can typically get pre-qualified over the phone or on the Internet in a few minutes. A pre-qualification is not as beneficial as a pre-approval where you have to go through a more rigorous process which includes verification of your credit, income, assets and liabilities. It is highly recommended that you get pre-approved before you start looking for a house. This will help you:

Find out the maximum house you can buy, so you don't waste time looking for properties you can not afford.
Puts you in a stronger position when you are negotiating with the seller, because the seller knows that your loan is already approved.
Helps you close quickly, since your loan is already approved.

Shop loan programs and rates

To shop for a loan you will need to:

Think about how long you plan to keep the loan. If you plan to sell the house in a few years you may want to consider an adjustable or balloon loan. On the other hand, if you plan to keep the house for a longer time, you may want to look at fixed loans.
Understand the relationship between rates and points. Points are considered to be prepaid interest and are tax deductible. Each point is equal to one percent of the loan. So for example 1 point on a $150,000 loan is $1,500. The more points you pay, the lower the rate you will get.
Compare different programs. Shopping for a loan can be difficult. With so many programs to choose from, each of which has different rates, points and fees, it's hard to figure out which program is best for you. That's where an experienced loan officer can help you make a decision that's best for you.

Obtain Loan Approval

Once your loan application has been received we will start the loan approval process immediately. This involves verifying your:

Credit history
Employment history
Assets including your bank accounts, stocks, mutual fund and retirement accounts
Property value

Based on your specific situation, additional documents or verifications may be required. To improve your chances of getting a loan approval:

Fill out the loan application completely.
Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.
Do not make any major purchases. Do not buy a car, furniture or another house till your loan is closed. Anything that causes your debts to increase might have an adverse affect on your current application.
Do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us.
Do not go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney, to authorize another individual to sign on your behalf.

Close the Loan

After your loan is approved, you will be required to sign the final loan documents. This will normally take place in front of a notary public or Real Estate Attorny. Be prepared to:

Bring a cashiers check mad out to the settlement company for your down payment and closing costs if required. Personal checks are normally not accepted.
Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan documents are accurate.
Sign the loan documents.

Your loan will normally close shortly after you have signed the loan documents. On a refinance and home equity loan transactions federal law requires that you have 3 business days (Right of Recission) to review the documents before your loan transaction can close.

Help Your Clients Streamline the Financing Process by Setting Expectations!

John Elkins (Carolina's Premier Mortgage Corp.) — Wed, 10 Jan 2007 11:07:28 -0800

An Overview of the Loan Process

Organize your documents

If you are buying or refinancing a home

If you are salaried: provide two years W-2 and one month of paystubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement.
If you own rental property, please provide rental agreements and two years tax returns.
If you wish to speed up the approval process, please also provide three months bank statements for each bank, stock and mutual fund account.
Provide recent copies of any stock brokerage or IRA/401K accounts that you may have.
If you are requesting a cash out refinance please provide a letter explaining what you plan to do with the proceeds.
Provide a copy of divorce decree if applicable.
If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.

If you are applying for a home equity loan

If you are salaried: provide two years W-2 and one month of paystubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement.
If you own rental property, please provide rental agreements and two years tax returns.
Please provide a copy of the note on your first mortgage. This will normally be found in your closing loan documents.
Please provide a signed letter explaining what you plan to do with the proceeds.
Provide a copy of divorce decree if applicable.
If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.

Get Qualified

Getting qualified before you apply for a loan can help you understand how much you can borrow.

Find out the maximum house you can buy, so you don't waste time looking for properties you can not afford.
Puts you in a stronger position when you are negotiating with the seller, because the seller knows that your loan is already approved.
Helps you close quickly, since your loan is already approved.

Shop loan programs and rates

To shop for a loan you will need to:

Think about how long you plan to keep the loan. If you plan to sell the house in a few years you may want to consider an adjustable or balloon loan. On the other hand, if you plan to keep the house for a longer time, you may want to look at fixed loans.
Understand the relationship between rates and points. Points are considered to be prepaid interest and are tax deductible. Each point is equal to one percent of the loan. So for example 1 point on a $150,000 loan is $1,500. The more points you pay, the lower the rate you will get.
Compare different programs. Shopping for a loan can be difficult. With so many programs to choose from, each of which has different rates, points and fees, it's hard to figure out which program is best for you. That's where an experienced loan officer can help you make a decision that's best for you.

Obtain Loan Approval

Once your loan application has been received we will start the loan approval process immediately. This involves verifying your:

Credit history
Employment history
Assets including your bank accounts, stocks, mutual fund and retirement accounts
Property value

Based on your specific situation, additional documents or verifications may be required. To improve your chances of getting a loan approval:

Fill out the loan application completely.
Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.
Do not make any major purchases. Do not buy a car, furniture or another house till your loan is closed. Anything that causes your debts to increase might have an adverse affect on your current application.
Do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us.
Do not go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney, to authorize another individual to sign on your behalf.

Close the Loan

After your loan is approved, you will be required to sign the final loan documents. This will normally take place in front of a notary public or Real Estate Attorny. Be prepared to:

Bring a cashiers check mad out to the settlement company for your down payment and closing costs if required. Personal checks are normally not accepted.
Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan documents are accurate.
Sign the loan documents.

Help Your Clients Streamline the Financing Process by Setting Expectations!

John Elkins (Carolina's Premier Mortgage Corp.) — Wed, 10 Jan 2007 11:03:59 -0800

An Overview of the Loan Process

Organize your documents

If you are buying or refinancing a home

If you are salaried: provide two years W-2 and one month of paystubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement.
If you own rental property, please provide rental agreements and two years tax returns.
If you wish to speed up the approval process, please also provide three months bank statements for each bank, stock and mutual fund account.
Provide recent copies of any stock brokerage or IRA/401K accounts that you may have.
If you are requesting a cash out refinance please provide a letter explaining what you plan to do with the proceeds.
Provide a copy of divorce decree if applicable.
If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.

If you are applying for a home equity loan

If you are salaried: provide two years W-2 and one month of paystubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement.
If you own rental property, please provide rental agreements and two years tax returns.
Please provide a copy of the note on your first mortgage. This will normally be found in your closing loan documents.
Please provide a signed letter explaining what you plan to do with the proceeds.
Provide a copy of divorce decree if applicable.
If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.

Get Qualified

Getting qualified before you apply for a loan can help you understand how much you can borrow.

Find out the maximum house you can buy, so you don't waste time looking for properties you can not afford.
Puts you in a stronger position when you are negotiating with the seller, because the seller knows that your loan is already approved.
Helps you close quickly, since your loan is already approved.

Shop loan programs and rates

To shop for a loan you will need to:

Think about how long you plan to keep the loan. If you plan to sell the house in a few years you may want to consider an adjustable or balloon loan. On the other hand, if you plan to keep the house for a longer time, you may want to look at fixed loans.
Understand the relationship between rates and points. Points are considered to be prepaid interest and are tax deductible. Each point is equal to one percent of the loan. So for example 1 point on a $150,000 loan is $1,500. The more points you pay, the lower the rate you will get.
Compare different programs. Shopping for a loan can be difficult. With so many programs to choose from, each of which has different rates, points and fees, it's hard to figure out which program is best for you. That's where an experienced loan officer can help you make a decision that's best for you.

Obtain Loan Approval

Once your loan application has been received we will start the loan approval process immediately. This involves verifying your:

Credit history
Employment history
Assets including your bank accounts, stocks, mutual fund and retirement accounts
Property value

Based on your specific situation, additional documents or verifications may be required. To improve your chances of getting a loan approval:

Fill out the loan application completely.
Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.
Do not make any major purchases. Do not buy a car, furniture or another house till your loan is closed. Anything that causes your debts to increase might have an adverse affect on your current application.
Do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us.
Do not go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney, to authorize another individual to sign on your behalf.

Close the Loan

After your loan is approved, you will be required to sign the final loan documents. This will normally take place in front of a notary public or Real Estate Attorny. Be prepared to:

Bring a cashiers check mad out to the settlement company for your down payment and closing costs if required. Personal checks are normally not accepted.
Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan documents are accurate.
Sign the loan documents.

Help Your Clients Streamline the Financing Process by Setting Expectations!

John Elkins (Carolina's Premier Mortgage Corp.) — Wed, 10 Jan 2007 11:00:53 -0800

Many clients do not understand the proper procedures to get to closing quickly. By helping your client understand the process and getting them to get pre-qualified before placing an offer, you can minimize the time it takes to get to closing. Having you client working with a mortgage professional while they are looking can help this process. Below is some information on the loan process. On average the loan process will take approx 3 - 5 weeks to get to closing. Time Frame is very dependant on the client providing lender required documentation requested in a timely manner.

An Overview of the Loan Process

Organize your documents

If you are buying or refinancing a home

If you are salaried: provide two years W-2 and one month of paystubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement.
If you own rental property, please provide rental agreements and two years tax returns.
If you wish to speed up the approval process, please also provide three months bank statements for each bank, stock and mutual fund account.
Provide recent copies of any stock brokerage or IRA/401K accounts that you may have.
If you are requesting a cash out refinance please provide a letter explaining what you plan to do with the proceeds.
Provide a copy of divorce decree if applicable.
If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.

If you are applying for a home equity loan

If you are salaried: provide two years W-2 and one month of paystubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement.
If you own rental property, please provide rental agreements and two years tax returns.
Please provide a copy of the note on your first mortgage. This will normally be found in your closing loan documents.
Please provide a signed letter explaining what you plan to do with the proceeds.
Provide a copy of divorce decree if applicable.
If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.

Get Qualified

Getting qualified before you apply for a loan can help you understand how much you can borrow.

Find out the maximum house you can buy, so you don't waste time looking for properties you can not afford.
Puts you in a stronger position when you are negotiating with the seller, because the seller knows that your loan is already approved.
Helps you close quickly, since your loan is already approved.

Shop loan programs and rates

To shop for a loan you will need to:

Think about how long you plan to keep the loan. If you plan to sell the house in a few years you may want to consider an adjustable or balloon loan. On the other hand, if you plan to keep the house for a longer time, you may want to look at fixed loans.
Understand the relationship between rates and points. Points are considered to be prepaid interest and are tax deductible. Each point is equal to one percent of the loan. So for example 1 point on a $150,000 loan is $1,500. The more points you pay, the lower the rate you will get.
Compare different programs. Shopping for a loan can be difficult. With so many programs to choose from, each of which has different rates, points and fees, it's hard to figure out which program is best for you. That's where an experienced loan officer can help you make a decision that's best for you.

Obtain Loan Approval

Once your loan application has been received we will start the loan approval process immediately. This involves verifying your:

Credit history
Employment history
Assets including your bank accounts, stocks, mutual fund and retirement accounts
Property value

Based on your specific situation, additional documents or verifications may be required. To improve your chances of getting a loan approval:

Fill out the loan application completely.
Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.
Do not make any major purchases. Do not buy a car, furniture or another house till your loan is closed. Anything that causes your debts to increase might have an adverse affect on your current application.
Do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us.
Do not go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney, to authorize another individual to sign on your behalf.

Close the Loan

After your loan is approved, you will be required to sign the final loan documents. This will normally take place in front of a notary public or Real Estate Attorny. Be prepared to:

Bring a cashiers check mad out to the settlement company for your down payment and closing costs if required. Personal checks are normally not accepted.
Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan documents are accurate.
Sign the loan documents.

Help Your Clients Streamline the Financing Process By Setting Expectations!

John Elkins (Carolina's Premier Mortgage Corp.) — Wed, 10 Jan 2007 10:58:21 -0800

Many clients do not understand the proper procedures to get to closing quickly. By helping your client understand the process and getting them to get pre-qualified before placing an offer, you can minimize the time it takes to get to closing. Having you client working with a mortgage professional while they are looking can help this process. Below is some information on the loan process. On average the loan process will take approx 3 - 5 weeks to get to closing. Time Frame is very dependant on the client providing lender required documentation requested in a timely manner.

An Overview of the Loan Process

Organize your documents

If you are buying or refinancing a home

If you are salaried: provide two years W-2 and one month of paystubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement.
If you own rental property, please provide rental agreements and two years tax returns.
If you wish to speed up the approval process, please also provide three months bank statements for each bank, stock and mutual fund account.
Provide recent copies of any stock brokerage or IRA/401K accounts that you may have.
If you are requesting a cash out refinance please provide a letter explaining what you plan to do with the proceeds.
Provide a copy of divorce decree if applicable.
If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.

If you are applying for a home equity loan

If you are salaried: provide two years W-2 and one month of paystubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement.
If you own rental property, please provide rental agreements and two years tax returns.
Please provide a copy of the note on your first mortgage. This will normally be found in your closing loan documents.
Please provide a signed letter explaining what you plan to do with the proceeds.
Provide a copy of divorce decree if applicable.
If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.

Get Qualified

Getting qualified before you apply for a loan can help you understand how much you can borrow.

Find out the maximum house you can buy, so you don't waste time looking for properties you can not afford.
Puts you in a stronger position when you are negotiating with the seller, because the seller knows that your loan is already approved.
Helps you close quickly, since your loan is already approved.

Shop loan programs and rates

To shop for a loan you will need to:

Think about how long you plan to keep the loan. If you plan to sell the house in a few years you may want to consider an adjustable or balloon loan. On the other hand, if you plan to keep the house for a longer time, you may want to look at fixed loans.
Understand the relationship between rates and points. Points are considered to be prepaid interest and are tax deductible. Each point is equal to one percent of the loan. So for example 1 point on a $150,000 loan is $1,500. The more points you pay, the lower the rate you will get.
Compare different programs. Shopping for a loan can be difficult. With so many programs to choose from, each of which has different rates, points and fees, it's hard to figure out which program is best for you. That's where an experienced loan officer can help you make a decision that's best for you.

Obtain Loan Approval

Once your loan application has been received we will start the loan approval process immediately. This involves verifying your:

Credit history
Employment history
Assets including your bank accounts, stocks, mutual fund and retirement accounts
Property value

Based on your specific situation, additional documents or verifications may be required. To improve your chances of getting a loan approval:

Fill out the loan application completely.
Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.
Do not make any major purchases. Do not buy a car, furniture or another house till your loan is closed. Anything that causes your debts to increase might have an adverse affect on your current application.
Do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us.
Do not go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney, to authorize another individual to sign on your behalf.

Close the Loan

After your loan is approved, you will be required to sign the final loan documents. This will normally take place in front of a notary public or Real Estate Attorny. Be prepared to:

Bring a cashiers check mad out to the settlement company for your down payment and closing costs if required. Personal checks are normally not accepted.
Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan documents are accurate.
Sign the loan documents.

Help Your Clients Determine the Right Financing for Their Needs!

John Elkins (Carolina's Premier Mortgage Corp.) — Tue, 09 Jan 2007 13:38:57 -0800

Below is a chart that can help your clients determine the right loan for their specific needs.

Which loan is right for me?

Years you plan to stay in the house	Recommended program
1-3	3/1 ARM, 1 year ARM or 6 month ARM
3-5	5/1 ARM
5-7	7/1 ARM
7-10	10/1 ARM, 30 year fixed or 15 year fixed
10+	30 year fixed or 15 year fixed

Loan Programs	Advantages	Disadvantages
Fixed Rate Mortgages 30 year fixed 15 year fixed	Monthly payments are fixed over the life of the loan Interest rate does not change Protected if rates go up Can refinance if rates go down	Higher interest rate Higher mortgage payments Rate does not drop if interest rates improve

Adjustable Rate Mortgages 10/1 ARM 7/1 ARM 3/1 ARM 1 year ARM 6 month ARM 1 month ARM	Lower initial monthly payment Lower payment over a shorter period of time Rates and payments may go down if rates improve May qualify for higher loan amounts	More risk Payments may change over time Potential for high payments if rates go up

Balloon Mortgages 7 year 5 year	Lower initial monthly payment Lower payment over a shorter period of time Many balloon mortgages offer the option to convert to a new loan after the initial term.	Risk of rates being higher at the end of the initial fixed period Risk of foreclosure if you cannot make balloon payment or if you cannot refinance or if you cannot exercise the conversion option

First Time Buyer Programs	Lower down payment Easier to qualify Sometimes you may get lower rates	May be subject to income and property value limitations Some programs which have government subsidies may have a recapture tax if you sell the house too early.

Stated Income Programs	Don't need to verify income Faster approval	Higher rates Higher down payment

No point, No fee Programs	No closing costs Less money required to close	Higher rates Higher payments

Imperfect Credit Programs	Potential for reestablishing credit if you pay your mortgage on time. When used for debt consolidation, you may be able to reduce your monthly debt payment	Higher rates Terms may not be as favorable Harder to get long term fixed loans Loans may have prepayment penalties

Home Equity Line of Credit	You only borrow what you need Pay interest only on what you borrow Flexible access to funds Interest may be tax deductible	Rates can change. The maximum interest rate is normally high. Payments can change Harder to refinance your first mortgage

Home Equity Fixed Loan	Fixed payments Interest may be tax deductible	Higher interest rates than on 1^st mortgages Harder to refinance your first mortgage

Help Your Clients Determine the Right Financing for Their Needs!

John Elkins (Carolina's Premier Mortgage Corp.) — Tue, 09 Jan 2007 13:36:52 -0800

Below is a Chart that is useful in helping your clients determine the right type of loan for their specific needs.

Which loan is right for me?

Years you plan to stay in the house	Recommended program
1-3	3/1 ARM, 1 year ARM or 6 month ARM
3-5	5/1 ARM
5-7	7/1 ARM
7-10	10/1 ARM, 30 year fixed or 15 year fixed
10+	30 year fixed or 15 year fixed

Loan Programs	Advantages	Disadvantages
Fixed Rate Mortgages 30 year fixed 15 year fixed	Monthly payments are fixed over the life of the loan Interest rate does not change Protected if rates go up Can refinance if rates go down	Higher interest rate Higher mortgage payments Rate does not drop if interest rates improve

Adjustable Rate Mortgages 10/1 ARM 7/1 ARM 3/1 ARM 1 year ARM 6 month ARM 1 month ARM	Lower initial monthly payment Lower payment over a shorter period of time Rates and payments may go down if rates improve May qualify for higher loan amounts	More risk Payments may change over time Potential for high payments if rates go up

Balloon Mortgages 7 year 5 year	Lower initial monthly payment Lower payment over a shorter period of time Many balloon mortgages offer the option to convert to a new loan after the initial term.	Risk of rates being higher at the end of the initial fixed period Risk of foreclosure if you cannot make balloon payment or if you cannot refinance or if you cannot exercise the conversion option

First Time Buyer Programs	Lower down payment Easier to qualify Sometimes you may get lower rates	May be subject to income and property value limitations Some programs which have government subsidies may have a recapture tax if you sell the house too early.

Stated Income Programs	Don't need to verify income Faster approval	Higher rates Higher down payment

No point, No fee Programs	No closing costs Less money required to close	Higher rates Higher payments

Imperfect Credit Programs	Potential for reestablishing credit if you pay your mortgage on time. When used for debt consolidation, you may be able to reduce your monthly debt payment	Higher rates Terms may not be as favorable Harder to get long term fixed loans Loans may have prepayment penalties

Home Equity Line of Credit	You only borrow what you need Pay interest only on what you borrow Flexible access to funds Interest may be tax deductible	Rates can change. The maximum interest rate is normally high. Payments can change Harder to refinance your first mortgage

Home Equity Fixed Loan	Fixed payments Interest may be tax deductible	Higher interest rates than on 1^st mortgages Harder to refinance your first mortgage

Help Your Clients Determine the Right Financing for Their Needs!

John Elkins (Carolina's Premier Mortgage Corp.) — Tue, 09 Jan 2007 13:18:19 -0800

Below is a useful chart to help your clients determine the right financing for their specific Needs.

Which loan is right for me?

Years you plan to stay in the house	Recommended program
1-3	3/1 ARM, 1 year ARM or 6 month ARM
3-5	5/1 ARM
5-7	7/1 ARM
7-10	10/1 ARM, 30 year fixed or 15 year fixed
10+	30 year fixed or 15 year fixed

Loan Programs	Advantages	Disadvantages
Fixed Rate Mortgages 30 year fixed 15 year fixed	Monthly payments are fixed over the life of the loan Interest rate does not change Protected if rates go up Can refinance if rates go down	Higher interest rate Higher mortgage payments Rate does not drop if interest rates improve

Adjustable Rate Mortgages 10/1 ARM 7/1 ARM 3/1 ARM 1 year ARM 6 month ARM 1 month ARM	Lower initial monthly payment Lower payment over a shorter period of time Rates and payments may go down if rates improve May qualify for higher loan amounts	More risk Payments may change over time Potential for high payments if rates go up

Balloon Mortgages 7 year 5 year	Lower initial monthly payment Lower payment over a shorter period of time Many balloon mortgages offer the option to convert to a new loan after the initial term.	Risk of rates being higher at the end of the initial fixed period Risk of foreclosure if you cannot make balloon payment or if you cannot refinance or if you cannot exercise the conversion option

First Time Buyer Programs	Lower down payment Easier to qualify Sometimes you may get lower rates	May be subject to income and property value limitations Some programs which have government subsidies may have a recapture tax if you sell the house too early.

Stated Income Programs	Don't need to verify income Faster approval	Higher rates Higher down payment

No point, No fee Programs	No closing costs Less money required to close	Higher rates Higher payments

Imperfect Credit Programs	Potential for reestablishing credit if you pay your mortgage on time. When used for debt consolidation, you may be able to reduce your monthly debt payment	Higher rates Terms may not be as favorable Harder to get long term fixed loans Loans may have prepayment penalties

Home Equity Line of Credit	You only borrow what you need Pay interest only on what you borrow Flexible access to funds Interest may be tax deductible	Rates can change. The maximum interest rate is normally high. Payments can change Harder to refinance your first mortgage

Home Equity Fixed Loan	Fixed payments Interest may be tax deductible	Higher interest rates than on 1^st mortgages Harder to refinance your first mortgage

Help Your Clients Find The Right Financing for Their Needs!

John Elkins (Carolina's Premier Mortgage Corp.) — Tue, 09 Jan 2007 13:15:52 -0800

Below is a useful guide to help your clients decide the right type of financing for thier specific needs.

Which loan is right for me?

Years you plan to stay in the house	Recommended program
1-3	3/1 ARM, 1 year ARM or 6 month ARM
3-5	5/1 ARM
5-7	7/1 ARM
7-10	10/1 ARM, 30 year fixed or 15 year fixed
10+	30 year fixed or 15 year fixed

Loan Programs	Advantages	Disadvantages
Fixed Rate Mortgages 30 year fixed 15 year fixed	Monthly payments are fixed over the life of the loan Interest rate does not change Protected if rates go up Can refinance if rates go down	Higher interest rate Higher mortgage payments Rate does not drop if interest rates improve

Adjustable Rate Mortgages 10/1 ARM 7/1 ARM 3/1 ARM 1 year ARM 6 month ARM 1 month ARM	Lower initial monthly payment Lower payment over a shorter period of time Rates and payments may go down if rates improve May qualify for higher loan amounts	More risk Payments may change over time Potential for high payments if rates go up

Balloon Mortgages 7 year 5 year	Lower initial monthly payment Lower payment over a shorter period of time Many balloon mortgages offer the option to convert to a new loan after the initial term.	Risk of rates being higher at the end of the initial fixed period Risk of foreclosure if you cannot make balloon payment or if you cannot refinance or if you cannot exercise the conversion option

First Time Buyer Programs	Lower down payment Easier to qualify Sometimes you may get lower rates	May be subject to income and property value limitations Some programs which have government subsidies may have a recapture tax if you sell the house too early.

Stated Income Programs	Don't need to verify income Faster approval	Higher rates Higher down payment

No point, No fee Programs	No closing costs Less money required to close	Higher rates Higher payments

Imperfect Credit Programs	Potential for reestablishing credit if you pay your mortgage on time. When used for debt consolidation, you may be able to reduce your monthly debt payment	Higher rates Terms may not be as favorable Harder to get long term fixed loans Loans may have prepayment penalties

Home Equity Line of Credit	You only borrow what you need Pay interest only on what you borrow Flexible access to funds Interest may be tax deductible	Rates can change. The maximum interest rate is normally high. Payments can change Harder to refinance your first mortgage

Home Equity Fixed Loan	Fixed payments Interest may be tax deductible	Higher interest rates than on 1^st mortgages Harder to refinance your first mortgage

Credit Help for your Clients...

John Elkins (Carolina's Premier Mortgage Corp.) — Thu, 28 Dec 2006 14:59:03 -0800

Hello again, One issue that has a direct impact on your clients ability to obtain financing for the purchase of their new home is their credit rating. One of the services I provide to my clients who have damaged credit is the advice and counseling they need to help them repair their credit and/or an alternative to a now purchase is a lease to purchase which will give them a year to rebuild their credit, then the financing is treated as a refinance on appraised value instead of a purchase. This gives them intant equity and provides future income for the real estate agent.

There is alot of information on credit repair and many companies out there offering their services for a fee which is a waste of money for your cleint when they can do it themselves for free and much quicker with the right information and guidance. As an example, I recently worked with a client for the past year helping them rebuild their credit which when we started was a 450 mid score and could not qualify for any financing. After 1 year of being very diligent in following the advice and information I gave them their mid score is now a 610 and they qualify for 100% financing which we just closed on Dec 20th.

If anyone has any questions, please feel free to contact me as this is an area I have become very knowledgable in.

Below is an article from the Wall Street Journal that I give to some of my clients along with other information to help them get started.

How to Boost Your Credit Score

By CHRISTOPHER CONKEY
Staff Reporter of THE WALL STREET JOURNAL

It might be the most important number you don't understand.

Credit scores-the arcane calculations pored over by everyone from mortgage lenders to auto dealers to decide how much they're willing to trust you to pay them back-are growing in importance as their use spreads beyond traditional lenders to wireless-service providers, insurance companies, and even employers.

Just this summer, for example State Farm Insurance Cos. Became the latest big insurer to unveil a new pricing system that uses a credit-scoring model to assign risk and set rates for new auto policies. A survey this year by the Society for Human Resource Management found that 19% of employers always do credit checks on job applicants, while 24% sometimes do. Last year, the group found that the number of employers examining the credit histories of potential employees had nearly doubled since 1996.

New uses like these are part of a trend to harness the predictive power of the data behind your credit score.

A person's score is basically a snapshot of one's creditworthiness at a particular moment, based on a wide array of data: It wraps in information about loans and credit accounts, along with a tally of who has accessed the report, as well as a list of court documents and other matters, such as bankruptcies, liens or foreclosures.

Companies have found that credit scores can be useful as a predictor of, say, who's most likely to fall behind on cellphone payments. Some studies also have shown strong correlations between low credit scores and other costly behaviors, such as car wrecks and fraud.

For consumers, it raises the prospect that even seemingly minor decisions-for instance, should you sign up for a retailer's credit card during the holidays to grab the extra discount-can have potentially far-reaching ripple effects.

As the use of credit scores proliferates, financial-services companies are rolling out an assortment of new products and services to try to help consumers track their credit score. For example, over the course of the past year, Equifax Inc. and Fair Isaac Corp. have partnered on Score Watch, a credit-score tracking service that sends emails or text messages to customers whenever their FICO score (the standard credit score) fluctuates outside of a set range.

These pitches increasingly are targeted at middle-income and upper-income individuals who may be just as interested in guarding against identity theft as they are in managing their score. One reason: Many people don't fully understand that simply having a big income doesn't guarantee a decent credit score.

The costs of a having a bad score add up fast. Scores range from 300 to 850, with 700 or so marking the point below which it can be tougher to get the best price on a loan. For instance, on a typical $150,000, 30-year mortgage, a person with a score of 639 would face annual payments nearly $2,000 higher than someone with a score of 760, according to Fair Isaac, the company that pioneered the standard FICO credit score in the late 1950s.

For consumers, this increases the importance of understanding the tricks for improving your score. It isn't surprising people are confused by the process. For starters, each of the 165 million credit-using American adults actually has multiple credit scores, not just one, as the scores are calculated individually by the credit-reporting agencies, Equifax, Experian and TransUnion LLC, based on closely guarded algorithms. Thus, scores vary depending on the source. However, the FICO score is the standard calculation used by mortgage lenders.

The most important way to raise a credit score is a no-brainer: Pay bills in full and on time. In fact, your history of making payments accounts for 35% of your overall FICO score.

Missing payments or submitting the minimum due each month will lower scores. This trap snared Tameka Clark in 2001, when she fell behind on credit-card payments and her credit score dropped to 550, pushing her into "subprime" territory where interest rates can exceed 10%.

It's important to be vigilant on bill paying, because it can take a long time to recover from a slip-up. After four years of sticking to a debt-management plan, Mrs. Clark, a 30-year-old Internet consultant, was able to raise her score to 680. "Now I'm closer to 6% on a 30-year mortgage," Ms. Clark says.

The second biggest priority for anyone looking to bump up their score is to maintain a low "credit utilization" level. This refers to the balance-to-limit ratio on credit accounts, or the percentage of available credit being used for each card. The credit-utilization level falls under a complicated category referred to as "amounts owed," which comprises 30% of the FICO score.

In plain English, maxing out credit cards will send a score plummeting. In fact, simply using 50% or more of a limit can cause problems. For example, for a consumer who has four credit cards with a $2,000 credit line on each, it isn't wise to carry a balance of more than $1,000 per card. In other words, it's usually better to carry smaller balances on several cards than to pile everything onto one card.

The third-most-important strategy, which makes up 15% of the score, is to build up a lengthy credit-using history. This means it's usually better not to close out all those old cards, as keeping them open adds to the credit record. Moreover, keeping otherwise-dormant accounts active will help lower the balance-to-limit ratio, as the limits are factored into the credit-utilization formula. Time, in this case, is literally money, which gives older adults a built-in advantage over high-school graduates.

The final 20% of the score is divided equally between two categories: new accounts and diversification. Unlike keeping old accounts open, taking out new lines of credit raises red flags because it makes the consumer look riskier. This is why it's best to avoid those retailers' cards during the holidays. (Unless, of course, a temporary decline in credit score is no big deal.)

Consumers get credit for having a variety of loans, so it's better to have an assortment, including installment plans like auto loans or mortgages, than just simply credit cards. That seems counterintuitive-after all, shouldn't fewer loans make you look better to prospective creditors? The answer, in short, is that creditors feel that consumers well versed in a variety of credit types pose a lower risk.

As credit scores are based on information in credit reports, it's important to check reports to make sure they're accurate. Often, credit reports can omit important bill-payment information, and sometimes they contain errors or accounts fraudulently opened by an identity thief. Information about obtaining free copies of credit reports can be found at http://www.annualcreditreport.com/ Be warned: Correcting errors requires patience, follow-through and lots of correspondence.

However, mortgage applicants who are in a hurry have a tool to bypass some of that headache. It's called "rapid rescoring," a process in which a mortgage lender contacts a credit bureau to quickly correct erroneous information on a credit report.

The idea is to produce a new, hopefully higher, credit score within a few days. Rescoring can cost as much as $50 per scrubbed account, which is typically absorbed by lenders, but it can end up saving a consumer thousands of dollars on a loan. For Maria Chiacchio, a Colorado resident who rescored in October to secure better terms on a mortgage, it was worth it: The process raised her credit score by 75 points in less than a week.

Hello and Happy New Year...

John Elkins (Carolina's Premier Mortgage Corp.) — Thu, 28 Dec 2006 14:57:45 -0800

I am new to active rain and just want to introduce myself and my company Carolina's Premier Mortgage Corp. and give you a little info on what we can do to help you close more sales. We are located in Fort Mill SC. about 20 Miles south of Charlotte NC and our team has a combined 35 years in the real estate industry. We have an onsite processor who has been in the business over 12 years in several capacities working in underwriting, as an account executive, title work and as a processor. We believe in honesty and hard work for our clients. Regardless of how hard a loan may be, if there is a way to get it done, we will find it. We are fully licensed in NC & SC for Residential and Worldwide for commercial.

100% Financing on Primary, Second Home and Investment Properties

95% down to a 500 Mid score

Super Jumbo Residential up to $50 Million

Commercial Financing worldwide up to $100 Billion

If anyone has any questions or needs help with any financing, please feel free to give me a call. If I do not know the answer, I know where to go to get it.

I am looking forward to hopefully meeting some of you and developing new friendships and working relationships.

Hello and Happy New Year to Everyone...

John Elkins (Carolina's Premier Mortgage Corp.) — Thu, 28 Dec 2006 14:31:09 -0800

We will hopefully be opening an office in Honolulu in Late January or Early February. I currently can get loans done in Hawaii and the below information applies to Hawaii also.

100% Financing on Primary, Second Home and Investment Properties

95% down to a 500 Mid score

Super Jumbo Residential up to $50 Million

Commercial Financing worldwide up to $100 Billion

If anyone has any questions or needs help with any financing, please feel free to give me a call. If I do not know the answer, I know where to go to get it.

I am looking forward to hopefully meeting some of you and developing new friendships and working relationships.

Credit Help for Your Clients...

John Elkins (Carolina's Premier Mortgage Corp.) — Thu, 28 Dec 2006 14:23:45 -0800

If anyone has any questions, please feel free to contact me as this is an area I have become very knowledgable in.

Below is an article from the Wall Street Journal that I give to some of my clients along with other information to help them get started.

How to Boost Your Credit Score

By CHRISTOPHER CONKEY
Staff Reporter of THE WALL STREET JOURNAL

It might be the most important number you don't understand.

New uses like these are part of a trend to harness the predictive power of the data behind your credit score.

The most important way to raise a credit score is a no-brainer: Pay bills in full and on time. In fact, your history of making payments accounts for 35% of your overall FICO score.

Hello and Happy New Year to Everyone...

John Elkins (Carolina's Premier Mortgage Corp.) — Thu, 28 Dec 2006 14:21:45 -0800

100% Financing on Primary, Second Home and Investment Properties

95% down to a 500 Mid score

Super Jumbo Residential up to $50 Million

Commercial Financing worldwide up to $100 Billion

If anyone has any questions or needs help with any financing, please feel free to give me a call. If I do not know the answer, I know where to go to get it.

I am looking forward to hopefully meeting some of you and developing new friendships and working relationships.

Hello and Happy New Year to Everyone...

John Elkins (Carolina's Premier Mortgage Corp.) — Thu, 28 Dec 2006 14:17:41 -0800

100% Financing on Primary, Second Home and Investment Properties

95% down to a 500 Mid score

Super Jumbo Residential up to $50 Million

Commercial Financing worldwide up to $100 Billion

If anyone has any questions or needs help with any financing, please feel free to give me a call. If I do not know the answer, I know where to go to get it.

I am looking forward to hopefully meeting some of you and developing new friendships and working relationships.

Credit Help for your clients

John Elkins (Carolina's Premier Mortgage Corp.) — Thu, 28 Dec 2006 13:34:46 -0800

If anyone has any questions, please feel free to contact me as this is an area I have become very knowledgable in.

Below is an article from the Wall Street Journal that I give to some of my clients along with other information to help them get started.

How to Boost Your Credit Score

By CHRISTOPHER CONKEY
Staff Reporter of THE WALL STREET JOURNAL

It might be the most important number you don't understand.

New uses like these are part of a trend to harness the predictive power of the data behind your credit score.

The most important way to raise a credit score is a no-brainer: Pay bills in full and on time. In fact, your history of making payments accounts for 35% of your overall FICO score.

Hello and Happy New Year to Everyone..

John Elkins (Carolina's Premier Mortgage Corp.) — Thu, 28 Dec 2006 12:55:57 -0800

100% Financing on Primary, Second Home and Investment Properties

95% down to a 500 Mid score

Super Jumbo Residential up to $50 Million

Commercial Financing worldwide up to $100 Billion

If anyone has any questions or needs help with any financing, please feel free to give me a call. If I do not know the answer, I know where to go to get it.

I am looking forward to hopefully meeting some of you and developing new friendships and working relationships.

Happy New Year to Everyone...

John Elkins (Carolina's Premier Mortgage Corp.) — Thu, 28 Dec 2006 12:27:41 -0800

May 2007 be a very Happy and Prosperous New Year for all.

Commerciaql Lending

John Elkins (Carolina's Premier Mortgage Corp.) — Thu, 28 Dec 2006 11:42:50 -0800

Hello, I am fairly new to the commercial lending world, but am learning very quickly. I have been fortunate to partner up with a few gentleman that are sending me alot of commercial leads and we are very close to closing on several of them. What a difference there is between residential and commercial in regards to time to close and documentation required as well as scammers and wannabes. I will have some articles to post here shortly, but I just wanted to get this spot started with a little bit of my experiences so far. Have a great day.