Luke's Blog

The Mortgage Minute for 2.5.10

Luke Landis (Heartland Mortgage Group) — Fri, 05 Feb 2010 11:23:05 -0800

Luke Landis Senior Mortgage Consultant at Heartland Mortgage Group discusses the mortgage market as well as issues pertaining to the real estate industry. This video is created 3 times a week to keep Des Moines area realtors and the community informed of changes in guidelines, documentation and mortgage info in general. Enjoy! Luke first started in the mortgage industry 12 years ago. After several years in a bank environment, Luke determined that his real passion was helping people buy and refinance homes so he decided to work exclusively in real estate finance. As a Senior Mortgage Banker for Heartland Mortgage Group, Luke believes that quality customer service is the key to achieving a great loan experience. Outside of the mortgage industry, Luke has been married to his wife Emily for 11 years and has a four year old daughter named Allison and a two year old son, Owen. Luke is involved with his church Point of Grace and his passions are music , singing, the Iowa Hawkeyes and the Chicago Cubs. You can also find Luke on his company website: www.hmg1.com and you can hear him weekly on Saturdays at noon on Moving Iowa on 98.3 WOW FM, and Thursdays at 7pm and Sundays at 4pm on Praise 940 AM.

The Mortgage Minute for 2.1.10

Luke Landis (Heartland Mortgage Group) — Mon, 01 Feb 2010 13:21:16 -0800

Luke Landis Senior Mortgage Consultant with Heartland Mortgage Group in Clive, Iowa shares mortgage related info, designed especially for Des Moines area realtors. As a Des Moines Mortgage lender, I am truly passionate about my profession, and the result is that nearly 100% of my business is by referral from satisfied clients, trusted financial advisors and the most experienced realtors in Des Moines, and throughout Iowa. My mission is to carefully guide you through the entire home loan process, so that you feel confident as you make choices about the many options available for your financing strategy. With many years and a wide range of experience in the mortgage industry, my dedicated team stands ready to assist each and every step of the way.

The Mortgage Minute for 1.29.10

Luke Landis (Heartland Mortgage Group) — Fri, 29 Jan 2010 11:24:02 -0800

Luke Landis Senior Mortgage Consultant for Heartland Mortgage Group in Clive, Iowa briefly discusses what's going on in the mortgage market. With over 12 years of mortgage lending experience, Luke shares his knowlege with the Des Moines, Iowa community. Luke is passionate about what he does and it shows with his great attention to detail on every loan he touches. When looking for a lender to work with, consider Luke Landis for your real estate lending needs.

Mortgage Minute for 01/27/10

Luke Landis (Heartland Mortgage Group) — Wed, 27 Jan 2010 11:34:54 -0800

Mortgage Minute for 01/25/10

Luke Landis (Heartland Mortgage Group) — Mon, 25 Jan 2010 13:02:31 -0800

Mortgage Minute for 01/22/10

Luke Landis (Heartland Mortgage Group) — Fri, 22 Jan 2010 12:27:02 -0800

As a Des Moines Mortgage lender, I am truly passionate about my profession, and the result is that nearly 100% of my business is by referral from satisfied clients, trusted financial advisors and the most experienced realtors in Des Moines, and throughout Iowa. My mission is to carefully guide you through the entire home loan process, so that you feel confident as you make choices about the many options available for your financing strategy. With many years and a wide range of experience in the mortgage industry, my dedicated team stands ready to assist each and every step of the way.

Mortgage Minute for 01/21/10

Luke Landis (Heartland Mortgage Group) — Thu, 21 Jan 2010 11:34:49 -0800

I only have a few quick items to discuss in here first there are several changes to fha that I think are kind of important, here is what they are:

Raise upfront MIP by 50bps to 2.25% -which is the upfront fha fee that can be financed into the loan, it was 1.75%

Reduce allowable seller concessions from 6% to 3% -which let's face it 3% is the norm anyway

Also in mortgage market news:

We are up 12bps and closed yesterday up 16bps, so pricing should be better today. We are carefully floating. Mortgage Bonds are near unchanged, as Mortgage Bond Bulls are working hard to keep prices just above the 200-day Moving Average.

Initial Jobless Claims were reported at 482,000 for last week. This is significantly worse than expectations of 440,000, and a reversal of the recent trend lower. This morning's number also pushed the four week moving average of claims higher, up to 448,000. Remember we need to see Initial Claims under 400,000 per week to see stabilization in the Unemployment Rate.

That's all for today, new video tomorrow. Have a good one!

Mortgage Minute for 01/20/10

Luke Landis (Heartland Mortgage Group) — Wed, 20 Jan 2010 10:27:40 -0800

Mortgage Minute for 1/18/10

Luke Landis (Heartland Mortgage Group) — Mon, 18 Jan 2010 11:18:04 -0800

Mortgage Minute for 1/18/10

Luke Landis (Heartland Mortgage Group) — Mon, 18 Jan 2010 11:17:24 -0800

Mortgage Market Video Update for 11/17/09

Luke Landis (Heartland Mortgage Group) — Tue, 17 Nov 2009 13:07:10 -0800

Pssst. Pass it on!

Luke Landis (Heartland Mortgage Group) — Mon, 16 Nov 2009 11:56:47 -0800

Good News!

You know someone in the mortgage business.

Hello. You may or may not be aware that I
am a mortgage professional. This is good news
for you because now when you need mortgage services, you can get honest help from someone
you can trust.

If you are in need of assistance with any of the following, help is just a phone call away:

• Purchasing a home

• Refinancing your current home (to lower your
• payments, consolidate debt or cash out equity)

• Getting a Home Equity Line of Credit or
• Home Equity Loan

• Answering any mortgage-related questions

It would be great to hear from you. Feel free to contact me anytime.

Luke Landis
Senior Mortgage Banker

Office 515-222-0123

E-mail: luke@hmg1.com

Website: www.iowamortgageman.com

12345 University Ave Ste 100 - Clive, IA 50325

Heartland Mortgage Group

	P.S. I rely heavily on word of mouth to generate new business. If you would be kind enough to pass my information on to friends and family who may be in need of my services, I would be grateful.

This is not a commitment to lend or extend credit. Restrictions may apply. Information and/or data is subject to change without notice. All loans are subject to credit approval. Not all loans or products are available in all states.

To be removed from this list, reply to this message and include "remove" in the subject.

A funny joke about the Great One

Luke Landis (Heartland Mortgage Group) — Tue, 13 Oct 2009 12:03:12 -0700

Three quarterbacks die and go to heaven.

God asks Peyton Manning first: "What do you believe?" Peyton thinks long and hard, looks God in the eye, and says, "I believe in hard work, and in staying true to family and friends. I believe in giving. I was lucky, but I always tried to do right by my fans." God can't help but see the essential goodness of Manning, and offers him a seat to his left..

Then God turns to Tony Romo and says, "What do you believe?" Tony says, "I believe passion, discipline, courage and honor are the fundamentals of life. I, too, have been lucky, but win or lose I've always tried to be a true sportsman, both on and off the playing fields." God is greatly moved by Tony's sincere eloquence, and he offers him a seat to his right.

Finally, God turns to Brett Favre: "And you, Brett, what do you believe?" Brett replies, "I believe you're in my seat."

Mortgage Market Update for 2/25/09

Luke Landis (Heartland Mortgage Group) — Wed, 25 Feb 2009 12:48:16 -0800

As a Des Moines Mortgage lender, I am truly passionate about my profession, and the result is that nearly 100% of my business is by referral from satisfied clients, trusted financial advisors and the most experienced realtors in Des Moines, and throughout Iowa. My mission is to carefully guide you through the entire home loan process, so that you feel confident as you make choices about the many options available for your financing strategy. With many years and a wide range of experience in the mortgage industry, my dedicated team stands ready to assist each and every step of the way. I understand that it's not just a house, it's your home. Your home is one of the largest financial commitments that you will make during your life, and many people view that as meaning just another monthly payment. I can help you realize that your home is truly a valuable financial tool, and will help you achieve the dreams and plans they envision for your future. You only think about home financing a few times during your life ~ I think about it every single day. It's your home and your future. It's my profession and my passion. I'm ready to work for your best interest.

Mortgage Market Update for 02/18/09

Luke Landis (Heartland Mortgage Group) — Wed, 18 Feb 2009 15:32:53 -0800

Mortgage Market Update 1/16/09

Luke Landis (Heartland Mortgage Group) — Fri, 16 Jan 2009 11:42:52 -0800

10 Reasons Real Estate Buyers Want to Low Ball, Steal the House, and Stick It to the Seller

Luke Landis (Heartland Mortgage Group) — Wed, 07 Jan 2009 15:05:14 -0800

I thought this was a great blog and so true.

Via Janet Guilbault, California Mortgage Expert (RPM Mortgage):

What is the biggest misconception in the mind of the guy about to make an offer on a house?

This seller must be absolutely desperate to sell this house.

I will ignore the asking price, because all houses are priced with plenty of negotiating room.

Sellers expect low ball offers in this market.

Any seller would be lucky to have me buy their house.

It can't be a good buy unless I am able to steal the house.

If this offer doesn't go through, I'll just keep on low balling until I get another house.

I am a brilliant negotiator.

If the seller won't take this offer, I will walk away for a few weeks and let them stew until they do.

No one else would want this house, anyway.

No one pays full price in this market unless they are stupid.

The sorry state of our economy and the desperation of the retail world have combined to brainwash our clients about buying real estate. Somewhere along the way, "stealing the house" and "winning the negotiations" became more important than landing the best house in the best location at a price you can afford.

Extreme bargain hunting has become a national addiction, and it is spilling over into the real estate industry.

When EVERYTHING we buy from automobiles to clothes is marked down 50% or more, has a coupon attached for a further discount, and comes along with freebies on the side, is it any wonder buyers of real estate have developed an attitude of EXTREME superiority, believing sellers are mere beggars?

Can you see how they have been conditioned to believe that as a buyer, they can call all the shots, no matter how ridiculous?

Many think those beggar sellers must be thinking this:. "Please, buy my house. I am desperate, you know, and expecting your ridiculous offer".

And you know what they say, beggars can't be choosers. And so the stuggle to convince buyers that a house, ANY house, is priced "right" continues.

Here's a news flash: beggars may not be able to be choosers, but losers can sure be snoozers.

Buyers should ask themselves this: Am I willing to risk losing the house I love because I am addicted to scoring an extreme bargain?

Isn't getting the BEST HOUSE in your LOCATION OF CHOICE at a hugely deflated price enough of a high?

Or has extreme bargain shopping become like a drug addiction? You will sacrifice your long term well-being and logical thinking for that 10 minute high of feeling ever so smart because you "stole" the house?

Before you smile just thinking about how to make the seller squirm, remember this:

There is just that one piece of real estate in the whole world. That is what makes a house different from buying a car or a sweater.

Remember these things too: You cannot return it. You can sell it, but the cost of doing so will probably be far more than any savings from your extreme bargain.

Then get your priorities straight. It is about getting the house. Not getting the extreme bargain you can brag about at your next party. That feeling of superiority will last what? For a few days?

Getting the right house can give you a lifetime of pleasure and satisfaction. Even if you pay full price, you will look back and be amazed at the EXTREME BARGAIN these economic times served you up on a silver platter.

Want to know another secret? Sellers are not nearly as desperate as you think.

Written by Janet Guilbault, Mortgage Lending Expert Based Out of the San Francisco Bay Area

Mortgage Market Update 01/07/2009

Luke Landis (Heartland Mortgage Group) — Wed, 07 Jan 2009 15:02:03 -0800

Mortgage Market Update 12/15/08

Luke Landis (Heartland Mortgage Group) — Mon, 15 Dec 2008 11:46:39 -0800

The True Meaning of the 12 Days of Christmas

Luke Landis (Heartland Mortgage Group) — Wed, 10 Dec 2008 13:05:47 -0800

Via Nancy Larson:

There is one Christmas Carol that has always baffles us. What in the world do leaping lords, French hens, swimming swans, and especially the partridge who won't come out of the pear tree have to do with Christmas?

From 1558 until 1829, Roman Catholics in England were not permitted to practice their faith openly. Someone during that era wrote this carol as a catechism song for young Catholics.
It has two levels of meaning: the surface meaning plus a hidden meaning known only to members of their church. Each element in the carol has a code word for a religious reality which the children could remember.

The partridge in a pear tree was Jesus Christ.

-Two turtle doves were the Old and New Testaments.

-Three French hens stood for faith, hope and love.

-The four calling birds were the four gospels of Matthew, Mark, Luke & John.

-The five golden rings recalled the Torah or Law, the first five books of the Old Testament.

-The six geese a-laying stood for the six days of creation.

-Seven swans a-swimming represented the sevenfold gifts of the Holy Spirit--Prophesy, Serving, Teaching, Exhortation, Contribution, Leadership and Mercy.

-The eight maids a-milking were the eight beatitudes.

-Nine ladies dancing were the nine fruits of the Holy Spirit--Love, Joy, Peace, Patience, Kindness, Goodness, Faithfulness, Gentleness and Self-Control.

-The ten lords a-leaping were the ten commandments.

-The eleven pipers piping stood for the eleven faithful disciples.

-The twelve drummers drumming symbolized the twelve points of belief in the Apostles' Creed.

So there is your history for today. This knowledge was shared with me and I found it interesting and enlightening and now you know how that strange song became a Christmas Carol...so pass it on if you wish.'

Merry (Twelve Days of) Christmas Everyone

The Consumer Benefits of Solid Professional Relationships

Luke Landis (Heartland Mortgage Group) — Wed, 10 Dec 2008 12:55:55 -0800

Via Steve Kappre, Gloucester County, NJ Loan Officer/Certified Mortgage Planner:

If you have been paying attention, mortgage rates are great right now. Several days this week you could have locked a rate below 5%, depending on your scenario. We haven't seen rates like this in several years.

So who benefits from these low rates? This article is not going to get into FICO scores and loan-to-values. The people who benefit from low rates are primarily clients who have a solid working relationship with a mortgage professional. Consider this scenario ...

9:45am: Ratesheets show great pricing on mortgage rates. Loan officer (L.O.) calls clients that could benefit from these low rates.

11:15am: Client calls L.O. back to ask questions. L.O. is on the phone.

12:03: L.O. calls client back. Client is out to lunch.

1:10: Client calls L.O. back. L.O. is in a meeting with a new client for the next hour and a half.

2:50: Loan Officer calls client back, and finally gets client on the phone. At this point, the market hasn't done well on the day and rates go up .25%. Rates change daily, even several times a day. In this scenario, EVERYONE loses.

So how can this be avoided? By having a working relationship with the professionals you surround yourself with, in this case a mortgage professional. Imagine the same scenario above, BUT for each client that the loan officer is working with, there is a target rate/points scenario designated, so that the moment the ratesheet allows, the loan is locked in, in a matter of a few minutes. Who wins then? EVERYONE.

There are a few reasons why this scenario isn't more common. One reason could be that the client doesn't trust the loan officer enough to "commit" to this scenario, even though it is 100% free. Another reason could be that the loan officer doesn't have this ideal scenario anywhere in his mind, so a pre-emptive strike would be impossible. The relationship in this case can only hope to get lucky. It has been shown countless times that when the media reports low mortgage rates, it is almost always to late for the consumer to benefit. Rates have already gone up to where it isn't beneficial to the consumer.

Mortgage professionals are just like realtors, lawyers, accountants, financial planners, etc ... there are tons of mediocre ones out there, some bad, and some really good ones. Having a network of your own professionals, even as a regular 'ole Joe from Anytown, USA, you can bring about much more financial success for yourself. By working with such professionals, you create a scenario where financial success for you isn't a flip of the coin. It is a predetermined decision. It isn't a question of if the right scenario will come about, it is a question of, "Am I ready for that scenario at the drop of a hat?"

by Steve Kappre

Steve Kappre is a Certified Mortgage Planner in New Jersey and can be reached for more information at 856-419-3561 or via his Mortgage Website.

Quick Tips - Are 4.5% Home Loan Rates Possible?

Luke Landis (Heartland Mortgage Group) — Wed, 10 Dec 2008 12:53:40 -0800

Via Joe Farro:

Joe Farro
Certified Mortgage Planner

Phone: (678)289-6600
(800)613-0650
Fax: (678)289-6601
jfarro@joefarro.com

www.premiercapitalmortgage.com

4.5% Rates Possible?

The news is abuzz about the Treasury lowering home loan rates to 4.5% to stem the foreclosure crisis but details have been lacking. The Treasury Department stated it is looking for additional ways to help the struggling housing industry and believes lower rates are needed.

This idea is similar to the November 26th announcement from the Federal Reserve where they indicated the intent to purchase up to $500 billion in mortgage-backed securities from Fannie Mae, Freddie Mac and Ginnie Mae. In addition they would buy another $100 billion in direct debt issued by those firms. The November news caused bond prices to spike higher and forced mortgage rates lower. Just like any commodity, whenever tremendous buying interest exists, prices rise. Mortgage rates fell almost 1/2% in rate following the announcement. However, the following week market forces continued and rates spiked a bit higher from the recent lows.

It is important to remember that there are no details to the Treasury plan as of yet. The Federal Government does not directly dictate home loan rates. Rates are determined by price movements of Mortgage Backed Securities (MBS), which compete for investor funds in the open market. The Treasury can buy mortgage bonds on the open market but remember that they are not the only entity buying and selling these instruments.

The Treasury is in a very tough position in trying to manipulate home loan rates. Creating a new Federal mortgage program could be very risky. How would rates be set, who would qualify, and can the funds be used for purchases and refinances are just some of the questions being asked. The other critical concern is implementing such a program without destroying the current mortgage securities market. Doing so could have the unintended consequence of causing additional economic turmoil.

Rates are not going to 4.5% with the wave of a wand by Hank Paulson or Ben Bernanke. As a matter of fact, the massive borrowing to fund the TARP program has a negative effect on rates. At this time, the announcement still leaves a lot of uncertainty. What we do know is that rates are at historic lows and house prices have moderated setting up a great scenario for people who need to refinance or are looking to buy a home. Waiting for rates to fall to 4.5% may leave people sorely disappointed. Take advantage of the great opportunities today

Joe Farro
Certified Mortgage Planner
Premier Capital Mortgage

Mortgage Market Update for 12/10/08

Luke Landis (Heartland Mortgage Group) — Wed, 10 Dec 2008 12:48:28 -0800

Mortgage Market Update 12/08/08

Luke Landis (Heartland Mortgage Group) — Mon, 08 Dec 2008 14:46:36 -0800

Mortgage Market Update 12/05/08

Luke Landis (Heartland Mortgage Group) — Fri, 05 Dec 2008 14:43:17 -0800