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finance: Demanding a Rate Over the Phone! - 01/18/07 11:25 AM
I received an interesting call yesterday, so I figured that I would share it for the world to see my response...Or atleast possible California clients and Associates :)
The potential client called me and started rambling about random things, I tried to keep some flow to the conversation. In the end, I question if I ended up on some Los Angeles radio station, where I was broadcasted across the state for everyone's humor, including my wife's.
With that said, here goes:
Caller: What are your rates?
Me: Sir, I need to get some information from you before we go through rates.
Caller: I'm looking for … (24 comments)
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finance: California Real Estate and Young Couples - 12/24/06 11:42 AM
Last night, I got into a good discussion with some family and friends about how things have changed in Real Estate...Specifically...For Young Couples!
Over the past few years, there have been some MAJOR changes in the Real Estate Market!
Homes across the United States have doubled, tripled and even increased in some parts by 5-600%! I know condos in Southern California that were selling for $150,000 that are now appraising and on the market in the mid $500,00's! A half a million dollars for a 1000sq foot condo! And, the association dues are a couple hundred dollars a month as well! Ouch!
The … (23 comments)
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finance: Going to bat for clients! - 12/15/06 05:19 PM
Each and everytime we get a new client at Oak Valley Mortgage or Beach Town Mortgage, we go to bat for our clients! What does that mean? Here's a list of things that you can expect from us...
1.) We look out for YOUR BEST INTERESTS! I.E. What are your goals? What are you trying to acheive with your Real Estate investing or personal finances?
2.) Setting you up to Win the game. That's right, win the game! It does no good to have random offers thrown at you if you wouldn't qualify for them to begin with! So, we study the pitches thrown in … (2 comments)
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finance: Equal Opportunity Lender - 12/02/06 12:30 AM
Understanding the importance of Equal Opportunity Lending is very important to us in the mortgage industry. It's symbol is much more than an image, which simply represents happy thoughts. Rather, it represents the commitment to not discriminate against our clients and/or potential clients based on race,sex,national origin and a multitude of areas for which people are discriminated against on a day to day basis. Giving EVERYONE the opportunity to purchase a home and participate in the American Dream is what is so great about our country! Where families in many other countries would only dream at the thought of being able to … (2 comments)
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finance: 2007 Conforming Loan Limits-Important Update! - 11/28/06 10:30 AM
Hello Everyone,
I thought that Real Estate Agents,Lenders and consumers would like to know that the OFHEO (Office of Federal Housing Enterprise Oversight) had a News Release on November 28th 2006, which confirmed that the 2007 Conforming Loan Limit for one unit properties would remain at $417,000 for most of the United States. So, what does this mean for homebuyers and homeowners across the United States? Well, the difference between Conforming and Non-Conforming interest rates today is about .375%. On a $417,000 Conforming First Trust Deed Loan, that equates out to a difference of $100/month.
$417,000 Conforming Loan Amount at 5.75% on a 30 year fixed = $2433.50 … (3 comments)
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finance: Counterproductive - 11/08/06 01:45 PM
This morning, I tried to start off the day on a productive note. I received the approval from my investor at 5:00pm last night on a file and went to work on getting all of the "prior to doc" and "prior to funding" conditions knocked out. By 7:30am this morning, I had all of my emails out and responses in with the needed requests in by 9am...a good thing!
There's an old saying, "the early bird catches the worm."
I've learned that it is good to be at first in line on a person's daily agenda, otherwise, it's mid-afternoon and they are in … (2 comments)
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finance: What are lenders really looking for? - 11/02/06 10:53 AM
Lenders will initially look at:
Employment
Income
Assets
Some kind of credit
Employment - Employment is a critical part of the mortgage application. Being employed continuously for the past two years is helpful. Being in the same line of work is preferred, since it shows that you have been consistent in that field. There are loan programs out there that DO NOT REQUIRE EMPLOYMENT history, however, the cost of the loan is generally higher, with a higher interest rate and the need for “compensating factors.” Compensating factors would include a large down payment, strong assets such as stocks or cash in the bank … (1 comments)
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finance: Chairman of the Federal Reserve - 11/01/06 12:19 PM
(Ben Bernanke is on the right and his predecessor Alan Greenspan is on the left)
The name is Ben Bernanke.....
Have you heard his name?
Do you wonder what he does?
And more importantly...How does he affect each of us as consumers?
Well, for starters, he took over the position that the well know Alan Greenspan held for 18 years as Chairman of the Federal Reserve. The Chairman of the Federal Reserve is nominated by the President of the United States and is approved by the Senate. The Chairman ultimately decides the direction of our economy. But how? Through the course of releasing … (2 comments)
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finance: Over Your Building Budget? - 10/27/06 12:41 PM
I get phone calls from homebuilders from time to time that are in distraught. They sold a home that they owned. Took that cash and decided to build their own dream home after purchasing the land and putting the plans together. The plans get approved by the planning commission or other local agency that controls the building of homes in their community and they are ready to move forward. After 6 months, they are out on their timeframe, budget and new home. What is one to do? First off, come up with a new gameplan! Investors are out there to help … (4 comments)
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finance: Personal Growth - 10/26/06 12:25 PM
I think personal growth is one of the most important things that we can do in our lives. If you stop learning and think you "know it all", you're dupped! That's right, dupped!
Yesterday I went and picked up a book at the mall that I have been meaning to pick up for some time now, called Rich Dad, Poor Dad by Robert Kiyosaki and Sharon Lechter. I do far more than just loans for my clients. Many of them ask me about financial advice and personal decisions that could impact their finances for a long time. This is why I read books such … (4 comments)
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finance: Window Shopping - 09/30/06 10:16 PM
Being in the new "buyers market" that we are in, I have heard some interesting stories from agents that I work with. There are "potential buyers" that go out into the marketplace and shop for homes, with no intentions of really purchasing a home, kind of like "window shoppers." In fact, some of them even know that they would never qualify to purchase a home! Some homebuyers will even go so far as to make offers, request quick escrows and so on, as if they get some sort of psychological enjoyment out of it. WOW! Unfortunately, home sellers are more likely … (6 comments)
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finance: A New Era - 09/26/06 11:58 AM
A new era has come to the Real Estate industry. What is it? Ummm yeah, the Internet. And what does that mean? Home seekers are becoming more witty, being able to get information about properties even faster than a lot of the real estate agents that are out there! Many home buyers fail to look at ALL of the benefits associated with using a real estate agent though! Merely being able to find a home that you like on the internet is part of the equation, but certainly not all of it! Having the representation to work on your behalf can … (0 comments)
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Scott Gormley
Chico,
CA
More about me…
Oak Valley Mortgage-California Home Loans and Refinancing
Cell Phone: (530) 592-8362
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