Working with a Chase Preferred Agent has its benefits.

At Chase, we offer a broad range of financing solutions that work to meet your needs. And when you work with a Chase Preferred Agent you'll receive even more advantages.

Clients of Preferred Agents are entitled to receive:  

• Passport-to-PurchaseSM

Provides you with a pre-approval as well as 90-day rate lock options

• 90-Day Listing Lock Program

List your home with a Chase Preferred Agent and protect the rate on the home you are selling for potential buyers

• Application Incentives

Ask your Chase Loan Officer about special offers when you apply for a home loan with Chase and are referred by a Chase Preferred Agent

• Closing Cost Discount

Customers of Chase Preferred Agents get up to $500 off Closing Cost when they purchase or Refinance their home with Chase

• Chase Service Guarantee

Close within 20 days of completed application or Chase will pay you $500. Call today and learn more about the wide range of mortgage programs Chase has available and don't forget to let us know you were referred by a Chase Preferred Agent.

Contact me for details or visit my website.

Union Plus® Mortgage Assistance Program

Here's a valuable program offered by Union Privilege for members participating in the Union Plus Mortgage Program. The assistance benefit can provide peace of mind for union homeowners, their parents, and children. 

 Interest-free loans in the event of unemployment, disability or strike:

This unique benefit is designed to help out if you or your co-borrower (if you rely on your co-borrower's income for mortgage payments) is out of work because of a layoff, disability, union-sanctioned strike, or lock-out.

You can apply for an interest-free loan from the Union Plus Mortgage Assistance Program to cover your monthly payment. Loans are made on the basis of need and cover up to six months of mortgage payments. Loans are interest-free

and monthly payments begin one month after the last assistance program payment. If you sell or refinance your home, you must repay your loan in full at the time of the sale - if the proceeds of the sale or refinance exceed the value of the mortgage.

For more details, contact Kevin at 616.363.6042 or visit my web site.

Did you know, there are over 30 million Union Members in the United States? Today, when you take family members into account, nearly 1/4 of all homebuyers are eligible for our special Union Plus Program.

What will you do with your refund?

The 2008 Economic Stimulus Plan has got many people talking a lot lately. The $168 Billion package is supposed to kick start our economy by handing out tax rebates which should arrive in our mailbox as early as this spring. So the BIG question is: what will you do with your rebate check? Visions of a caribbean vacation or a new big screen HD TV come to mind. The information below could help you estimate how much you'll receive, so consider your options, and then start planning now so you're prepared.

So how much money will you receive?

The amount you receive will ultimately depend on how much money you made in 2007. For instance, single people with adjusted gross incomes up to $75,000 will receive a rebate check of $600. For married couples filing jointly and earning up to $150,000 agi, they can expect to receive $1,200. And those who earn at least $3,000 but don't pay taxes will receive about half as much, so $300 for individuals or $600 for married couples filing jointly.

If you are single and make more than $75,000 or married and earn more than $150,000, then your rebate amount will shrink. Plan on receiving $50 LESS for every $1,000 you earn over these limits.

And finally, for those who have kids, you can expect to receive a $300 credit for each.

SOOOO...What will or should you do with the money?

You do nothing...at least for now - Wait a minute before you start to mentally spend those dollars. You should hold off until you have filed your 2007 tax return. WHY??? Because the gross income listed on your 2007 return will determine how much money you will receive. So unless you absolutely need the money right now, try to hold off on spending it until you have the check in hand. All too often, we sometimes make the mistake of purchasing items on our credit card or with money from savings with the good intentions of paying it back...only to have have an unexpected expense come up. Avoid this temptation and make a commitment to wait for the check to arrive before you spend it.

Don't overspend - Regardless of how much you money you get back, put a limit on your spending and stick to it. We all know how easy it is to stroll into a store with a budget in mind and then walk out having spent more than you intended.

You could consider not spending any of it -The government is refunding this money with the hope that we spend it so that it helps to stimulate our economy. However, "spending" might not be the best plan. If you have high-interest rate credit cards, use the money to pay off or down the balance. If your balances are not very high, consider placing the money in an interest-bearing account, start a college savings plan, or put the money in a IRA where it will earn you more and more money as time goes on.

***The 2008 Economic Stimulus Plan has many benefits you may not be aware of. In addition to these rebate checks, it includes new conforming loan limits that may allow you to refinance into a lower rate and save money every month, or purchase a home more affordably.

So what are you planning to do with your money. Spend it or save it?  Give me some feedback and let others on AR know? I am thinking new tv, but I know my wife wants to sink her toes into the white sands of the carribean. I have to admit a vacation does sound nice.

The stage has been set to raise the conforming loan limit with HR 5140.

It's part of the economic Stimulus ACT of 2008 which passed by The House, then The Senate and is now on it's way to The President. So what is it about?  Well, most of us will be glad to know we will be getting a tax rebate between $600 and $1200 for married and filing jointly.  That will be a nice shot in the wallet come May 2008.

The real money savings is for those who have a JUMBO mortgage. It's important to note; not all the details have been hammed out yet. However, it sounds like there will be a calculation based on the median home price much like HUD does already for FHA loans. So the median home price will then be multiplied by 125% to determine the max conforming loan amount. If the calculation works out to be above $417,000 for the area (the current max conforming loan limit) then a home owner will be eligible to obtain a conforming rate at the higher loan amount.   However, in no case will the max conforming loan amount be allowed to exceed $729,750.  IS THIS AWESOME OR WHAT?

So many homeowners could benefit from this who live in a high cost areas, such as Anaheim, Baltimore, Boston, D.C., Los Angles, Miami, New Jersey, New York, Sacramento, San Bernadino, San Diego, San Francisco, San Jose, Seattle,  West Palm Beach, and possibly more. These people who have jumbo rate mortgages now would be able to receive a conforming rate.  The difference between conforming rates and jumbo rates is approximately a full 1.000%.  That's a huge difference for many and a major money savings as well. 

Again, not all the details have been smoothed out so not everyone will be able to borrower up to $729,750. I will continue to monitor this bill and pass along new updates as I get them.  Stay tuned, The President is expected to review it early next week.

If you are a current homeowner, no doubt you have EARNED IT!

It's the American dream, owning a home to call yours. However with the state of the mortgage industry, some homeowners who choose an adjustable rate mortgage (ARM) are now facing the reality of the losing their dream.  2 to 5 years ago, adjustable mortgages were incredibly low and at that time nobody would have thought this industry would have gone through a major correction.   Now some of those homeowners are experiencing their adjustable rate increasing to a rate they cannot afford to pay.  Some critics could argue these borrowers should accept some responsibility for taking such a risky loan. Furthermore, the lenders offering these loans should also be responsible for offering loans to borrowers who may not be able to make the payments if the rates were to increase.  That's whole another topic! Back in the day and even now, borrowers wanting an ARM mortgage are actually approved at a rate which is 1% - 2% higher. This approval process weeds out those who might experience financial problems as result of a rising ARM rate.  

So the real problem is not just the rate has gone up and people cannot afford the payment.  It's actually a combination of a increased mortgage rate and a weak economy.  Some of these homeowners are earning less money today than a couple years ago and those who were dual income families are now down to one spouse working.  To make matters worse, gas prices have sky rocketed, credit card companies are required to collect more with each monthly statement and the list goes on. So while it is a problem, it's not one that most homeowners or lenders should or could have seen coming.

So the solution is......maybe for some a FHASecure refinance.  FHASecure is a refinancing option that gives credit-worthy homeowners a second chance.  Homeowners who were making timely mortgage payments before their rate adjusted but are now in default could be eligible for a refinance.

WHO IS ELIGIBLE

To qualify for a FHASecure, and include the delinquent loan payments, homeowners must meet the following requirements:

1. Have a mortgage which is not a FHA ARM now;
2. Must not be a fixed rate mortgage now;.
3. The rate has already adjusted;
4. Formal income qualification for the new mortgage payment; and
5. Have a history of on-time mortgage payments before the rate adjusted.

Possibly the greatest feature about this loan is there is no limit on how far behind on payments a homeowner can be. Whether current on the loan or 6 months behind and facing foreclosure, the amount a homeowner can refinance is dependent on their home's value and the amount of equity they have left.  If there is not enough equity, then it's up the homeowner's current lender to offer a second mortgage to bridge the gap between what is owed and what the home is worth.

By refinancing into a FHA insured mortgage, a homeowner can expect to pay lower monthly mortgage payments. FHASecure can improve the quality of life for many communities by helping to reduce the number of mortgage defaults and bringing greater stability to local housing markets.

For additional information about the FHASecure loan, contact me or visit the FHASecure FAQ website.

America's number one crime, Identity Theft! Would you believe in the time it takes you to count to ten, five new people will fall victims to this crime? It's amazing!  And according to the U.S. Department of Justice, identity theft is now passing drug trafficking as the number one crime in the United States.  Unfortunately, more than 15 million people will be victimized this year alone.

If you are concerned about protecting yourself, you can actually take some steps by requesting a credit freeze (also known as security freeze). Essentially, a credit freeze gives you the ability to "freeze" or lock access to your credit report.  By doing this, you will prevent anyone from opening a new account using your name.

How It Works

When a thief tries to open an account using your name, they will be stopped before they even begin. What do we know about applying for a new loan?  The first thing any creditor will do before opening a new account is to run a credit report.

By requesting a credit freeze, creditors will not be able to run your credit report. And, since most creditors will not issue a new loan without first seeing your credit report, identity thieves will not be able to open fraudulent accounts using your good name. But, what happens when you want to apply for a new loan yourself?  You can request a temporarily lift on your credit freeze using a secure PIN number... thus, allowing your application to be processed.

There is a Down Side

It's important to first know that a credit freeze only prevents thieves from opening fraudulent accounts. It does not stop them from using your lost or stolen credit cards. So you still need to keep the phone numbers of your credit cards companies handy.

Some critics contend that a credit freeze will have more draw backs than most people realize. Such as, you will not be able to purchase a car, obtain a new credit card, or refinance a mortgage at the drop of a hat.  Impulse buying will not be available. So you will need to plan ahead by suspending your freeze and that can take up to three days.

However, for most major purchases, this should not be an issue. How many of us will buy a new car or a house without first thinking about it? Most of us start looking around first and, at that point, we can easily lift the credit freeze in anticipation of making a purchase. However, a credit freeze can present a problem if you are shopping at a retailer and the cashier offers you 10% off your purchase when you open a new credit card.

Alternative Options

Still critics of a credit freeze argue that anyone can just as easily fight identity theft with fraud alerts.  This would require a creditor to verify your identity before issuing new credit. If you think you might be a victim of identity theft, you can obtain a 90-day fraud alert. And if you provide reliable proof that you are in fact a victim, then a police report can extend your fraud alert for up to seven years.

There is a problem with this method though... fraud alerts only come into play AFTER you have been victimized. So for many people, a credit freeze offers more protection and more peace of mind.

But Here's the Kicker... You May Not Have a Choice!

Believe it or not, a credit freeze is not available in every state. Some states still need to approve a credit freeze law. Why you ask? It boils down to a battle between retailer's very profitable instant credit offers and the increasing need for higher security of personal information.

Unfortunately, billions of dollars are at risk in this battle! Retailers generate massive revenues streams through their instant in-store credit cards.  Obviously this increases profits through consumer interest and increased shopping. However, we as consumers are part of the problem too.  We as a society have simply grown accustom to receiving on-the-spot credit approvals for our purchases.

To learn more about these issues and to find out if your state allows credit freezes, visit www.ConsumersUnion.org/finance/creditfreezeinfo.htm.

Monthly Principal and Interest Rate Chart

If you're looking to buy a home or refinance the one you already own, this chart will help you determine a fully amortized principal and interest payment. My hope is this table will help you stay within your price range or payment goal. This chart only calculates the principal and interest payment only.  This chart does not calculate property taxes, home owners insurance, private mortgage insurance (PMI) or association dues.  If you are purchasing a home, a Realtor, builder or even I will be able to provide the remaining payment details.  To calculate the principal and interest portion of the monthly payment, first divide the loan amount by $1,000. Then multiply that number by the principal and interest payment factor. For example, if a $150,000 loan amount is desired on a 20 year fixed rate, then follow these steps:

1.     $150,000 / $1,000 = $150

2.     20 year loan @ 5.500% = 6.88 P&I Factor

3.     6.88 P&I Factor x $150 = $1032 per month

For interest only loans, a chart is not necessary.  Simply multiply the rate by the loan amount and divide by 12.  For example, a $150,000 loan amount with a rate of 5.500% would be calculated as follows:

1.     $150,000 x 5.500% = $8250

2.     $8250 / 12 months = $687.50 per month

For adjustable rate mortage, follow the same steps for a fixed rate mortgage and use the payment factor from the 30 year term.

Monthly Principal and Interest Payment Factors (per $1,000)

Everyone shopping for a mortgage loan wants to obtain the lowest rate possible, that's obvious.  However, I do not believe everyone knows where to shop for the lowest rate.  The actual rate a home owner ends up with will ultimately depend on the financial markets and the ability of the loan officer to properly read market conditions for the optimum timing to lock their clients rate.  However, if all elements were equal then how do you know who can offer the best deal?  There are three primary places to obtain a mortgage loan and those are from a banker, broker and lender.  Below is a brief description of each, and my opinion of their services.

The Banker: Loan officers working at a brick and morter bank where consumers also have checking or savings accounts.  These institutes might also provide additional services for consumer loans, investment choices, insurance and more. This type of mortgage operation is typically more of a corporate structure, has mutliple locations and the loan officers usually have to conform to the same rate and fee structure to keep a consistent offering between all branches. The loans offered are sold directly to the investor and not much brokering outside of the banks own product line is offered.  A positive note, bankers typically service the loan after closing so consumers can visit the branch to make payments and ask questions about their loan. A negative, bankers typically have higher rates because they have to pay for several layers of management, a large support staff, and have more buildings to maintain. 

The Broker: Loan officers working as a mortgage broker make up 50% of the loans delivered to consumers. Typically a broker will have more of a personal approach to their business since they may not have the name recoginiton of a large bank associated to their business. None of the loans offered will be serviced by the broker, meaning after close the consumer will need to contact the lender for questions concerning their loan.  However, the loan options offered are endless since a broker will have several lender relationships established to cover nearly any lending requirement a borrower may present. It isn't acurate to say that broker fees are higher than a banker because they are the middle man.  The fact is, a broker is a independent agent working for himself and has the ability to set his or her own fees according to their own business structure. However, a broker will almost always offer a lower rate than the banker because of the lower overhead a broker has. Little known fact; consumers receiving a rate qoute from their banker will be surprised to learn the same loan from their bank can actually carry a even lower rate by going through a broker.  

The Lender: Loan officer working as a lender has all the advantages as a broker, but also works for a company which has the ability to sell and service their own loans. Typically, these types of loans are a niche product which is a loan not being offered by the larger institutions.  

We are Top Flite Financial Group, a local broker in home financing dedicated to helping people get into a home with less stress.  It starts with my complimentary pre-qualification and continues with an easy application process. And I will make sure you get to the closing table quickly and efficiently.

In addition to a home loan, I can help with....

● Reviewing your credit to...increase credit scores, fix credit errors, lower interest rates, lower insurance premiums, and implement a credit freeze.

● Review your mortgage tax benefits for...non preferred debt, rate performance, balance & payments on other debt, reduction or elimination of private mortgage insurance, and covert all non-deductible closing costs into deductible closing fees.

● Review your finances to...increase cash liquidity, create an emergency fund, preservation of home equity, increase cash flow, and minimize interest expense.

● Develop or update...an estate plan, a will, power of attorney, home & health insurance coverage, and integration of home financing with other long & short term financial goals.

Personal, caring service including...annual equity & debt reviews, closing documents on CD, mail year end HUD statements, Mortgage Market Guide, familywatchdog.us, MMG weekly & monthly newsletters, rent vs buy analysis report, and just moved postcards.

To have a truly secure future, contact me today.