PAY ATTENTION TO THE REAL ESTATE REBOUNDS, THE POSITIVE SIGNS - 11/30/11 09:13 AM
“Pay Attention to the Real Estate Rebounds, the Positive Signs”
My wife and I have been flipping houses for many years. Two weeks ago, we put two homes on the market, both of which are already on deposit. Both at full price and minor concessions. Yes, I know there may be issues that show up, but these are positive signs. That makes me believe that the market is getting stronger in certain areas. These areas will continue to expand.
 
Multiple Signs Point to Real Estate Rebound
posted By Susanne In Consumer News and Advice,Finance and Economy,Real Estate Information,Real Estate News,Real … (0 comments)

HOW TO HANDLE YOUR CREDIT COMPLAINTS - 11/30/11 09:08 AM
“How to Handle Your Credit Complaints”
 
The article below speaks to a topic I deal with everyday. I see so many situation that has bad information on credit reports. In some cases, the clients have been able to resolve the issues directly with the creditor, but sometimes a resolution is not obtainable. Click onto this web site and register your complaint: CFPB's home page.
 
In many cases the Consumer Financial Protection Bureau has been able to resolve many of these issue.
 
… (0 comments)

FRANK HAS ALREADY DONE ENOUGH DAMAGE, DON'T YOU THINK? - 11/29/11 10:59 AM
Frank Has Already Done Enough Damage, Don’t You Think?”   I have become a believer again, there is a GOD! I heard an interview that was done, where he indicated, the reason he was no longer running for public office, was that his district now incorporated people he didn’t know. What a crock of S**T. He can’t even tell the truth on his way out. He has done enough damage in this term to last this country many life time’s and he says, in the best interest of the public. He will go out into the sunset, collecting his huge pension … (3 comments)

ANOTHER BAILOUT? I DON'T UNDERSTAND THE MATH - 11/29/11 10:44 AM
“Another Bailout? I don’t Understand the Math”
 
When the guidelines were set up during the creation of FHA, I don’t believe the belief was that this lending source would become the size that it is today. In any case, FHA is estimating that they would need a 13 billion dollar bailout if values dropped another 9%.
 
FHA fees more than doubled to make up a shortfall to bring the reserves up to two percent. Besides the daily case flow and monthly fees that they get, there should be enough cash flow to weather the storm. I can understand … (0 comments)

WHAT IF THE US HAD DEATH SENTENCES FOR CHEATING, LIKE CHINA? - 11/28/11 08:10 AM
“What if the US Had Death Sentences for Cheating, Like China?”
I was stunned by reading the article below about folks that were sentenced to death for cheating their investors. We hear so much of this going on in the US and wonder what kind of response we would get here for this kind of sentence? Would eliminate the problem? I sure don’t have the answer, but was amazed by the story. I know one thing for sure, we would need a lot less laws on the books.
Let me know what you think.
 
Chinese Fund Managers Sentenced to … (4 comments)

WHAT I HAVE LEARNED FROM AND ABOUT FAILURE - 11/28/11 08:05 AM
“What I have Learned From and About FAILURE”
There is a quote below that comes to mind, every time someone tells me that they have failed. Besides the quote I think about Thomas Edison. Can you imagine where we would be if he had stopped, after the first few times he was not successful?
I’ll share one more extreme about thinking about failure. A tenant of mine, who sold computers for a living, made a crazy statement to me. He said, “There is no difference between success and failure”. I told him he was crazy! He said Joe, let me ask you … (4 comments)

MORTGAGES FOR RENOVATIONS AND REMODELING - 11/25/11 07:53 AM
“Mortgages for Renovations and Remodeling”
The article below, speaks to all the renovation activity and the record levels. We certainly do our share of mortgages for clients that are adding on or doing home improvements of all kinds.
One of the mortgage products that we have used extensively, is the FHA 203K, which is ideal for a refinance, when renovations are involved and for folks that are buying a home, that requires renovations or repairs.
We are closing on a home in Manchester, Ct. The purchase price for the home was $150,000. There were $30,000 worth of renovations required. … (5 comments)

HAPPY THANKSGIVING - 11/23/11 10:01 AM
 

 
 
 
 
 
THIS THANKSGIVING, WE GIVE THANKS FOR LIVING IN A GREAT COUNTRY AND HAVING WONDERFUL FRIENDS AND FAMILY. FROM OUR FAMILY TO YOURS, WE WISH YOU A WONDERFUL THANKSGIVING HOLIDAY!
… (3 comments)

INCOME FRAUD CONTINUES TO RISE. IT HAS HAPPENED TO ME - 11/23/11 09:11 AM
“Income Fraud Continues to Rise. It Has Happened to Me”   You can’t be in the mortgage business and have not experience this issue. It happened to me a few months ago. The sad part about it, his mom referred her son to me. I have done a number of mortgages for her over the years.   Jeff came to me to get prequalified for a mortgage. He was a self employed carpenter. In the process, I ran the credit, no problem. He had a sufficient down payment, no problem. He had two years of tax returns, showing sufficient income, 2009 was … (0 comments)

FREDDIE MAC CREATES PROGRAM TO HELP SELL ITS REO'S - 11/22/11 09:34 AM
“Freddie Mac Creates Program to Help Sell Its REO’s”   Yes, it may sell a few more of their properties, but we’ll see how much impact the program will have, certainly not a major affect. An additional $1,000 for the selling Realtor is great, but most Realtors will do what is right for the client and not worry about the extra money. Also, most prospective buyers are already asking for seller paid closing to be part of the transaction.   If Freddie Mac wanted to create a program to sell its REO, what would have an effect is loosening of their … (2 comments)

REAL ESTATE TRANSACTIONS FALLING APART - 11/22/11 09:25 AM
“Real Estate Transactions Falling Apart”
 
Last month, I got a panicked call from a Realtor I met a few months ago, through my blogging on Activerain. Even though we were in the same state, I had never met her before. She said she was involved with a transaction that involved 3 sales, as part of the chain and 2 of the transactions were having mortgage financing issues. The two transactions with the issue were in New York. She asked me if I could help out. “I love these challenges”.  
 
It turned out, the problem with the first transaction … (5 comments)

BUSINESSES OPTIMISTIC GOING FORWARD, BUT HAVE MANY CONCERNS - 11/21/11 06:46 AM
“Businesses Optimistic Going Forward, But Have Many Concerns”   The article below, continues a growing trend. There are however two common concerns for businesses today. First, the ability to borrow so that they could expand, so they could hire more people. Second, the high tax rates that these businesses have the pay.   As a mortgage broker, residential lending has many challenges because of strict and often unrealistic guidelines, that cause many unnecessary loans to be turned down. However, business owners have a much more difficult time, as their ability to borrow is an extreme uphill battle. When businesses have the … (0 comments)

DO YOU SEE THE EUROPEAN DEBT CRISIS GOING AWAY? - 11/21/11 06:40 AM
“Do You See the European Debt Crisis Going Away?”   Do you see our own economy getting better real soon? If you have answered NO, to this question, you should also continue to see low interest rates in the foreseeable future.   The housing market is what will assist America toward an improving economy. Putting a new administration in place, will go a long way toward the road to recovery.   I did a preapproval this morning for a couple. They wanted their estimated monthly payment to be about what they were paying for rent, $1,250. As I took them through … (3 comments)

FEWER MORTGAGES GOING BAD - 11/19/11 03:29 AM
“Fewer Mortgages Going Bad”   Articles continue coming out, making the statement, fewer mortgages are becoming delinquent. Most also believe that it will take a few more years before there is a normal level. This is a direct correlation to unemployment.   Unemployment that is publicized and unemployment that we really have is the primary reason for most delinquencies and defaults on mortgages. Do you know anyone that wants to lose their home?   The current administration will not take this country out of the unemployment issues. I can’t imagine 4 more years of this kind of failed leadership.     … (4 comments)

Thinking of installing wood floors? - 11/19/11 03:25 AM
… (3 comments)

HARP QUESTIONS CONTINUE - 11/18/11 08:44 AM
HARP Questions Continue”
I get lots of questions every day. Unfortunately, many of the answers are not what homeowners want to hear. Most homeowners have no idea if their mortgage is owned by Fannie Mae or Freddie Mac.
A typical question is as follows: I pay my mortgage to Bank of America , but when I call them, they say they can’t help me, what can I do. When I explain to them, that Bank of America is the servicer and not the owner of the mortgage.
Another question: I have two mortgages, can I qualify for the HARP … (3 comments)

DO YOU THINK HOUSING MUST BE A NATIONAL PRIORITY? - 11/17/11 09:31 AM
“Do You Think Housing Must Be a National Priority?”
Has there ever been a time in recent history that HOUSING wasn’t a National priority? Look, the way housing goes, so goes our country. Every Realtor, mortgage professional and all related business understand how housing is a National priority.
Each of us understand that we need to do our part, with every existing homeowner and those that want to be homeowners.
I got a thank you from a client I did a mortgage for, last month. She thanked me for getting her a mortgage, when two of the local banks said … (2 comments)

NAR MAY HAVE FLAWED INFORMATION - 11/17/11 09:24 AM
“NAR May Have Flawed Information”   In the first 6 months of 2011, I did 4.2 preapprovals per week, for first time home buyers. Since July 1st, I’m doing slightly over 5.5 preapprovals per week. I am also seeing slightly higher mid credit scores during the second half of 2011. I suppose, if I didn’t track everything, NAR’s assertion might not mean anything.   I ask each person, why now. They mention the following: Interest rates, mortgage payment will be about what they are paying for rent and tired renting. All of these statements make good sense.   In my practice, … (3 comments)

BREAKING NEWS, MORE MORTGAGE TURN-DOWNS' - 11/16/11 08:46 AM
“Breaking News, More Mortgage Turn-Downs’
 
For everyone in the mortgage or real estate business today, there are financing challenges. I like to say the lenders and underwriters don’t discriminate. I don’t care if the borrowers have good credit or not so much, I don’t care if the borrowers make a lot of money or not so much. Each and every mortgage has its challenges. All of the additional guidelines have created so much unnecessary chaos and slowed the process so dramatically and for NO REASON!
 
I have a lot of frustration with the appraisal process, it is crazy. Here … (9 comments)

I BUY, MADE IN AMERICA AND PROUD OF IT - 11/16/11 08:36 AM
“I Buy, Made in America and Proud of it”
I purchased a shirt the other day, that was made in the USA, probably paid $10 more than if I bought one made in China or some other foreign country. It felt great putting it on! I wonder how many of us would have to do the same thing, so that it has some impact? I feel it is my responsibility to buy American, how about you?
 
Do Your Part: Support ‘Made in the USA’
By: Terri Bennett
 
You can’t escape the angst Americans are feeling about the state of the economy … (5 comments)

WHAT ONE MAN CAN DO AND ONE WIFE - 11/15/11 09:28 AM
“What One Man Can Do and One Wife”
I have a sister-in-law that is in critical condition, at Yale-New Haven Hospital. Believe me we can use all the prayers we can get. In any case, my wife and I walk outside to get a sandwich from one of the outside venders. At the street corner, there was a make wide a cup, asking for change. My wife went over and put a few dollars in his cup. We ate our sandwich at a nearby bench, I acknowledged my wife for making a difference in his life, as she does, with anyone … (6 comments)

THE ADMINISTRATION'S HOUSING SCORE CARD - 11/15/11 09:08 AM
“The Administration’s Housing Score Card”
 
I suppose it’s all in who you ask. If you ask the majority of men and women that are in the real estate and mortgage industry what grade they should get, most would give them a failing grade.
 
The sooner we can get most of the recently passed rules and regulations, repealed, the sooner real estate values will stabilize and begin moving upward. HVCC has had more to do with falling values than anything I have seen in 40 years. The unrealistic guidelines and fees charged by Fannie Mae and Freddie Mac has keep … (1 comments)

DODD-FRANK ANALYSES FEAR - 11/14/11 08:30 AM
“Dodd-Frank Analyses Fear”   The article below is about lawmakers that are asking financial regulator analyses. Besides being one of the worst bills ever passed, this bill needs to be repealed, sooner rather than later.   The problem with the lawmakers asking for analyses, who are they asking? This is not like you asking the wolf in the hen house. They should be asking the individuals like me, who have to administer these stupid regulations and guidelines. All these regulations and guidelines cost our economy  jobs and hurt the housing market.   I can’t wait to hear what the “analyses” is … (1 comments)

MY SOCIAL MEDIA MARKETING ADVENTURE - 11/14/11 08:23 AM
“My Social Media Marketing Adventure”
In the last few years many friends, co-workers and referral partners had recommended that I participate with social media. They were much smarter than I was. I said to all that recommended, this is not something that I need to do. How very foolish I was.
I have now been at this SMM for 8 months and I can’t get over the impact that it has made. There have been two major areas.
First, I have been able to refer out twice as much business, as I did previously. I am acquiring new referral partner each … (1 comments)

MORTGAGE REGULATIONS, GOOD NEWS AND BAD NEWS - 11/11/11 10:07 AM
“Mortgage Regulations, Good News and Bad News”
 
The article below addresses some of the changes going forward, some better, some not so much. It never ceases to amaze me, that the current administration, much of the Congress and Senate and all related agencies don’t understand how much of regulations have stymied our economy.
 
Let me relate how much impact over regulations have hurt my mortgage business. I am fortunate to have a large mortgage practice, but I turn away 30 out of every 100 individuals and families that I can’t help, because of over regulations. Just think about 30% … (3 comments)

FREDDIE MAC SAYS: 16 YEAR LOW, FOR CASH OUT REFINANCES - 11/11/11 07:42 AM
“Freddie Mac Says: 16 Year Low, for Cash Out Refinances”   I had to laugh when I read the article. Did anyone tell them, that folks have less equity in their home, so many can’t refinance? Did anyone explain to them that as a result is the fees they now charge, which get included in the interest rate, that in some cases it doesn’t pay?     Freddie: Equity-to-Cash Conversions Lowest in 16 Years By: Ryan Schuette Giving homeowners more reason to refinance their loans, third-quarter results show that a majority of borrowers who exchanged their fixed rates for today’s low … (1 comments)

15 YEAR MORTGAGES, ITS LIKE FREE MONEY - 11/10/11 09:07 AM
“15 Year Mortgages, its Like Free Money”
Nearly half of the mortgage refinances that I am doing today are reducing their 20-30 year mortgages to 15 years and in some cases less. At around 3.5% interest, it is so hard to pass up.
A number of clients have opted for odd years like 8 year or 12 years, as we have these terms available as well.
Believe it or not, I refinanced a client last week, from an 8% mortgage, yes that’s right 8%. She indicated that she had such a bad experienced, when she did her mortgage ten years … (2 comments)

THE SCOOP ON INFLATION AND ITS IMPACT ON HOME LOAN RATES - 11/10/11 08:59 AM
“The Scoop on Inflation and Its Impact on Home Loan Rates”
CPI, PPI, PCE...sounds like a nice bowl of alphabet soup. But did you know that what lies behind these letters impacts not only YOU every single day...it also bears a very heavy influence on the direction of home loan rates? So pull up a chair, grab a spoon, and let's dig in to learn more.
First, let's break down what these letters mean. CPI stands for the "Consumer Price Index," and just like it sounds, it is a measure of prices that consumers are paying for goods and services here … (0 comments)

THIS IS A MUST WATCH ON GRATITUDE - 11/09/11 09:44 AM
“This is a Must Watch on Gratitude”
 
I know from time to time I need to be reminded. How about you?
 
 

… (3 comments)

THE MORTGAGE NUMBERS DON'T LIE - 11/09/11 09:38 AM
“The Mortgage Numbers Don’t Lie”
When purchasing a home for the first time, 8 out of 10 buyers put down 5% or less. So if the only mortgage products that were available required 20% down, can you imagine the how many less sales of home, that would translate too?
Each and every time I see anything written about 20% down, my mind starts having crazy thoughts. I wonder what the average age is for a first time home buyer today and how old would they be once they save 20% down? Can you see how crazy this idea would be?
 
Why … (0 comments)

THAT'S IT, LET'S CONTINUE TO REWARD FAILURE - 11/08/11 09:03 AM
“That’s it, Let’s Continue to Reward Failure” 12.9 million in bonuses, for 10 employees of Fannie Mae and Freddie Mac, approved by the Federal Housing Finance Agency. Now if that is not rewarding failure, I don’t know what is. I knew there was a reason for all the additional fees that these companies are charging homeowners. Hopefully, you know that I am being sarcastic. President Obama, please don’t allow failure to be rewarded. Just do the right thing, this time.   Senator wants Obama to reclaim Fannie, Freddie bonuses by Paige Winfield Cunningham
Accusing President Obama of rewarding failure, a top … (1 comments)

WHEN THE HELL IS THE FED GOING TO FIGURE OUT, THEY ARE PART OF THE PROBLEM - 11/08/11 08:58 AM
“When the Hell is the Fed Going to Figure Out, They are Part of the Problem”
In an attempt for Fannie Mae and Freddie Mac to recoup some of the billions they have lost, which all Americans are paying for, by the way. They continue to pour gasoline on this fire.
They have instituted more stringent rules and guidelines that make it more difficult for potential homeowners to get a mortgage. On top of these rules and regulations, they have increased fees. With these increased fees, comes higher interest rates. All of these steps, have caused less people to be … (0 comments)

DODD-FRANK, PAY ME NOW OR PAY ME LATER - 11/07/11 09:16 AM
“Dodd-Frank, Pay Me Now or Pay Me Later” This bill is already costing Americans, dearly. Which translates to it costing consumers, dearly. I seriously doubt that this bill will get repealed during the current administration. The entire bill hasn’t even been written, the more it is, the worse it will be for our economy. We only have about one more year of this torture. This bill is bad news for America.   Hearing Portrays a Public Divided Over Dodd-Frank By Ryan Schuette As debate heats up about whether to repeal the Dodd-Frank Act, witnesses testifying before the House Financial Services Committee … (6 comments)

MORE INFORMATION ABOUT REVISED HARP PLAN - 11/07/11 08:42 AM
“More Information About Revised HARP Plan”
 
The more information that comes out about the revised HARP plan, the more I continue to believe, that it has a chance to work. Not for everyone and I still do see issues, but it will be able to assist folks that are upside down on their mortgage.
 
Important is the appraisal and loan to value went away, which make good sense and made it overly restrictive the last time around.
 
… (2 comments)

MORTGAGE LOAN OFFICER 101- WOW YOUR CUSTOMERS - 11/05/11 10:32 AM
“Mortgage Loan Officer 101”
 
 
… (4 comments)

WASTING TIME, VERY EASY TO DO - 11/05/11 10:28 AM
 
… (4 comments)

CREDIT UNION SAY NO, BUT I GOT FIRST-TIMER A MORTGAGE - 11/04/11 10:06 AM
“Credit Union Say No, But I Got First-Timer a Mortgage”
I got a call from my Right Trac Financial Facebook pages. Since I track everything, I asked how did you get on my Facebook page. His answer is typical, but frustrating. He said he wasn’t sure. He said got on Google, put in “Mortgage Turned Down in CT”, then he put in “First Time Home Buyer in CT”, then he said he put in “Help for First Time Home Buyers in Ct”.
He said two of the three searches got him to me. Here is what is frustrating, after I finished … (1 comments)

THERE IS NO ROOM IN MY BUSINESS FOR FRAUDULENT LENDERS - 11/04/11 10:02 AM
“There is NO Room in My Business for Fraudulent Lenders”   I am embarrassed every time I read an article about another lender that is charged with committing fraud. It puts such a shadow of distrust on what I do for a living. I’m proud of what I do, as I impact so many lives in a positive way, so to keep reading stories like this, really sucks!   Feds Sue Allied Home Mortgage, Alleging $834M Fraud By: Ryan Schuette Prosecutors slapped Allied Home Mortgage Capital Corp. with a lawsuit Tuesday, seeking to recoup $834 million in bad claims from two … (0 comments)

THE FOREIGN NATIONAL MORTGAGE FINANCING - 11/03/11 08:43 AM
“The Foreign National Mortgage Financing”
 
Buying a Home in the U. S. made easier for
non-U. S. citizens.
 
We offer these loan in Ct, NY, RI, VT, ME, FL.
 
For citizens of another country and want to purchase a primary residence or
Second home. We have a mortgage just for them. Home financing made possible.
 
We offer citizens of other countries with valid passports and visas a better financing solution.
Borrow from $100,000 to $650,000
Eligible properties include single-family homes, condos, townhouses.
Designed for borrowers with strong credit profiles and significant reserves
Flexible loan terms
No … (1 comments)

OVER REGUALTIONS ONE OF THE MAJOR CAUSES OF ECONOMIC PROBLEMS IN AMERICA - 11/03/11 08:39 AM
“Over Regulations One of the Major Causes of Economic Problems in America”
 
There is no one in the real estate or mortgage business, that won’t understand the “Telling it Like it is”, rant by Mike Kelly. Yes, I’m only bring up the real estate and mortgage business, because I deal with the regulation issues every minute of every day, but if you are in business, no matter what business, you fight regulation battles every day.
 
In my mortgage practice, prior to all these ridiculous new rules, regulations and guidelines. It used to take 2-3 weeks to get a mortgage … (3 comments)

FHA PREMIUMS HAVE HURT MORTGAGE VOLUME - 11/01/11 08:57 AM
“FHA Premiums HAVE Hurt Mortgage Volume”   A numbers of months ago HUD made numerous changes to the fees structure that they charge to do FHA mortgages. The mortgage insurance fees more than doubled. So to put some numbers to what was done. On a $150,000 mortgage, the mortgage insurance fee would be $143, the fee was $62. So, a first time home buyer ends up paying an additional $81 or nearly $1,000 a year.   Here is another problem that was created and this one makes no sense what so ever. Individuals that have an existing FHA loan, that was … (3 comments)

I HAVE MADE EVERYONE OF THESE MISTAKES - 11/01/11 08:52 AM
“ I Have Made Everyone of These Mistakes”
The article below has many great ideas, that all of us can use about e-waste. Unfortunately, there was very little information available previously so I thought it would be important to share with all of you.
 
Do Your Part: Top 5 Solutions to E-waste
By: Terri Bennett
 

[1](MCT)—The season of gadgets will soon be upon us. There will be the “must-have” cell phones, tablets, computers, gaming devices, and all the rest of it. So what happens to your old electronics once you’ve upgraded? Do Your Part and don’t let it … (7 comments)

 
Joe Rainmaker_large

Joe Petrowsky

Manchester, CT

More about me…

Joe Petrowsky NMLS# 6869 - Right Trac Financial Group, Inc

Address: 110 Main St., Manchester, CT, 06042

Office Phone: (860) 647-7701 x 116

Cell Phone: (860) 836-9294

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