Texas Home Loan Blog

Don't pay to have someone file your Homestead Form. It is FREE!

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Tue, 08 Dec 2009 22:57:51 -0600

Good info for first time homebuyers. You will get lots of offers after you buy a home as the transaction is a public record.

Via Jeff Kessler ABR,GRI, Texas 512.801.5666 (Austin Homes, Realtors www.CentralTexasHomeRebates.com):

So you may have bought a new home this year, if so, congratulations. The home buying process can be a fun and interesting process. Hopefully you had a good experience.

Most likely when you closed on your home you went to the title co and signed a ton of paperwork.

In that paperwork is probably a form to fill out so you can get your homestead exemption. If not I will post a link for you at the bottom to find your Taxing Office.

Come Jan 1st you can then file for your homestead, but not before the 1st. You have till April 30th to get the form in.

Now is the important part.

Watch out for scams. You will most likely get a very official looking notice in the mail that says "company name" will file your homestead for $25. All this company does is fill in your information and fax the form to the Tax Office.

THIS SERVICE IS FREE so please don't pay anyone to do this for you. Just send in the forms yourself.

Here is the link to the Tax Appraisal offices. http://www.txcountydata.com/selectCounty.asp If your county is not in the drop down box then visit this link. http://www.txcountydata.com/links.asp This site does not have all the counties, but it is a good start.

Enjoy saving money this Jan 1st.

Here are a few more ways to save money on your next home purchase or let a friend know how to save.
That would be a great holiday gift.

For new home anywhere in Texas purchases please see http://www.RebateOnTexasHomes.com

For resale home purchases anywhere in Central Texas please see http://www.CentralTexasHomeRebates.com

The Fight to Save YSP

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Sat, 05 Dec 2009 12:09:58 -0600

The Fight to Save YSP

YSP is under fire.... And many in the industry think this will actually RAISE COSTS to the Borrower/Buyer.

This short 4:00 video will give you all of the information you need to comment on this very important.

Remember: THIS WILL RAISE BORROWER COSTS!!!!

http://www.thinkbigworksmall.com/mypage/tbws/

And don't forget to subscribe to TBWS Daily!!

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

Wondering what is wrong with your Appraisal?

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Sat, 05 Dec 2009 10:15:04 -0600

Everyone in our industry needs to get involved here.

Sign the petition

Via Gynell Stalford - Texas Cert. Appraiser *****FHA & FLAGSTAR APPROVED***** (Metroplex Appraisal Services - The FHA Appraisal Shop):

This might help.

http://www.thinkbigworksmall.com/mypage/archive/1/4916/

Please sign the petition and help change this.

http://www.hvccpetition.com/

Gynell Stalford

Metroplex Appraisal Services - FHA & FLAGSTAR APPROVED

Commerical & Residential Appraisal & Consulting Services

Serving Collin, Dallas, Rockwall, Kaufman and Tarrant Counties.

Xerox is doing it again this year - send a card to a soldier

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Sat, 05 Dec 2009 09:55:50 -0600

This is real.... Support the troops with a personalized card!!

Via Dave Rosenmarkle (Highland Realty):

XEROX IS DOING SOMETHING COOL

If you go to this web site, http://www.letssaythanks.com/ you can pick out a thank you card and Xerox will print it and it will be sent to a soldier that is currently serving in Iraq. You can't pick out who gets it, but it will go to a member of the armed services. It is FREE and it only takes a second. Our soldiers over there need to know we are behind them. This takes just 10 seconds and it's a wonderful way to say thank you. Please take the time and please take the time to pass it on for others to do. We can never say enough thank you's. Thanks for taking to time to support our military!

Foreseeably Harder Approvals: FHA gets tough

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Thu, 03 Dec 2009 16:13:42 -0600

Some good info here from a friend and fellow loan officer in Georgia!!

Via Ken Cook, FHA Home Loans 678-439-8683:

For many years home mortgage insured by the Federal Housing Administration (FHA) have made home ownership possible for millions of home owners. During the "boom" FHA loans lost a lot of ground in the marketplace because non-conforming loans were often easier to get and cost the borrower less scrutiny and often less out of pocket. (More on Examiner.com from my article this morning.)

Welcome the day when Housing and Urban Development Secretary (HUD) Shaun Donovan stood in front of Congress and reported the reserves of the FHA insurance pool to be only .53% - far below the federally mandated, by law, 2% reserves. As you may imagine Mr. Donovan, in an effort to save his job, is now scrambling for good ideas to get those reserves back to the minimum legal level. Let us all observe as the fireman tries to put out a big fire while his own pants are on fire.

Here are some of the recommendations thus far:

Raise the required minimum down payment from 3.5% to 5%

Lower the maximum seller contribution from 6% to 3%

Establish a required minimum credit score

Eliminate the ability to finance the Up Front Mortgage Insurance Premium (UFMIP) into the loan

Raise the cost of FHA mortgage insurance (higher premiums)

Currently it is much more difficult to be approved for a home loan, purchase or refinance, than it was two years ago or even six months ago. Mortgage brokers are not dropping like flies they have already dropped like flies and the remaining small percentage are having great difficulty getting loans underwritten and closed when they involve lower credit, lower income borrowers. Mid-level lenders are now the ones who are disappearing as they still lose warehouse lines of credit at an astonishing rate. This week saw the demise of LendAmerica.

Judging from the applications I have accepted and closed over the last few months these changes will absolutely impact at least 25% of the borrowers who have successfully purchased or refinanced their homes in the last few months. In fact I have two borrowers today who easily qualify who will likely not qualify if these changes are made. Considering I'm one out of tens of thousands go ahead and do the math.

Just wait ... it's not only FHA - it's Fannie, then Freddie and Ginnie. We predicted it a few months ago that it would not be long until buyers would need a minimum of 5% down, a minimum of a 640 credit score and rates would start to rise.

Are you ready to pay attention even if you don't get CEs for participating in the conference calls? If I were an agent I would be - I would want to be ahead of the curve!

Ken Cook - Georgia - FHA, USDA, VA and Conventional Home Loans (678) 439-8683

Hey Texas... FHA Streamline Reinance Rates below 5%

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Tue, 01 Dec 2009 16:37:38 -0600

FHA Streamline Refinance Rates

Wow! Below 5% on a non-qualifying(mostly) loan. Still need a 620 credit score and job is verified. However, we do not calculate income/debt/assets.

A refinance is not for everyone..... But there is no charge to have a mortgage analysis done by your professional loan officer.

Call today for your free consultation!!

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

Verizon Wireless To The Rescue

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Mon, 30 Nov 2009 15:54:01 -0600

Verizon Wireless Bailed Me Out!!

Over the weekend, I somehow hammered my Verizon Cellphone. I think it got got kinked in my pocket while I sat on my deer stand deep in the woods over the weekend.

Well, one visit to the Verizon Wireless store to visit my favorite sales representative Jessica Stout and all is well.

It may be a refurbished phone but it looks brand new, works like brand new and still has the original warranty!!!

If you are in the North Dallas area I highly recommend Jessica. She works at the store located on the S.W. corner of U.S. 75 & Parker Roads.

I usually take pretty good care of my phone. Except for the occasional slam into my dash as I avoid a bad Dallas area driver. So it was good to know that I am covered when the phone takes a little unintended abuse.

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

RESA-Dallas Chapter Meeting December 10th - FREE and open to anyone!

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Mon, 30 Nov 2009 12:24:40 -0600

Great group of people to know...

Via Karen Otto, Home Stager, Plano, TX 469)964-0516 www.homestarstaging.com (Home Star Staging):

Greetings of the Season!

The RESA-Dallas Chapter invites anyone interested to attend our December meeting which will be a casual holiday gathering at CORT Furniture Rental's new Valwood Parkway Showroom December 10th, 2009. We're doing a pot luck holiday gift exchange (on a voluntariy basis if you want to participate, you may walk out with something great knowing the stagers who will be participating!).  This is a purely social event that is open to members and non-members, all North Texas Home Stagers and Realtors and anyone else, whether you've attended two meetings or none, no guest fee or attendance limit will be assessed!

We hope you can join us! See below for the details.

          Dallas Chapter

                              *********************************************************
Season's Greetings,

To celebrate our 1st holiday season as a Chapter, we would like to have a Christmas party for the December meeting.  Come and bring your friends - stagers or not!



Food,Fun & Friends

This month's meeting is all about getting to know each other and having a great time in the process.  We will have a snack and dessert potluck and a gift exchange game for those who wish to participate.

Bring your favorite pastry or snack to share with all.

Bring a gift wrapped gently used home staging accessory (feel free to bring something from your current collection/inventory), worth $20 to $40.

Bring friends.

This is for everyone; no fee will be assessed.

CORT Showroom-Carrollton, TX
Thursday, December 10th, 2009
10:00 am to 12:00 pm
1505 Valwood Pkwy, Ste 100, Carrollton, TX 75006
   Please RSVP by Friday, Dec. 4th.

Click on the appropriate link, and send.

Yes! I will attend this event.
No. I cannot attend this event.

*********************************************************

Excited about Our Upcoming Conversation with Chris Brogan on Social Media Edge!

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Tue, 24 Nov 2009 09:16:24 -0600

Don't miss JCKC on BlogTalk Radio

Via Jason Crouch, Broker - Austin Texas Real Estate (512-796-7653) (Austin Texas Homes, LLC):

Ken Cook and I are very pleased to announce that Chris Brogan will be joining us for our next show. We've had a string of terrific guests, but Chris is arguably our most well-known guest to date. I have a feeling that this show will probably break our previous listener records, but time will tell. I would like to publicly thank our friend, Cathy Browne, PR pro, for booking Chris. Cathy has been in charge of booking talent for a few months now.

Chris' blog at ChrisBrogan.com has over 30,000 subscribers, and he's the co-author of "Trust Agents", which became a New York Times best seller earlier this year. He is a highly-sought-after speaker these days, and I highly recommend both his book and subscribing to his blog.

Here's a quick review of "Trust Agents" that I wrote previously:

"Trust Agents" - Chris Brogan & Julien Smith - Quick Book Review

Clearly, the guy knows a bit about social media.

Join us on Tuesday, November 24th at noon Eastern (11am Central, 10am Mountain, 9am Pacific) right here LIVE to hear Chris (and us, too!):

http://blogtalkradio.com/jckc

I think the segment with Chris will start around 25-30 minutes into the show. It promises to be an hour of fun and learning.

On another note, if you have any questions that you would like for me to ask Chris during our time together, feel free to leave them in the comments below and I'll do my best to work them in, depending on how many I get.

If, for some odd reason, you are simply unable to listen live, you can always listen via the archive recording. All of our previous shows can be found on our Facebook page: http://facebook.com/socialmediaedge thanks to Mike Mueller!

So, here's the list again in case you missed anything above:

1. Tune in to listen to us and Chris LIVE Tuesday morning.

2. Post any questions you might have for Chris below.

3. If you miss it, listen to the archive recording.

Thanks for listening!

If you enjoyed this post, why not connect with me in these other communities?

If you're looking for a home in the Austin area, you can visit my primary Austin real estate website at www.austintexashomes.com. Thanks!

How Can Realtors Answer Those Pesky Demographic Questions?

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Sun, 22 Nov 2009 14:31:17 -0600

How Can Realtors Answer Those Pesky Demographic Questions?

Realtors have the unfortunate duty to say NO in a lot of cases. So when a client presses for information about a neighborhood, how can a Realtor legally & ethically answer the question? Well, thy can't.... But there is no law saying that they cannot point the client to internet tools so they can do the research themselves.

Client: "Hello Jo Realtor, what's the skinny on this neighborhood? Old? Young? White? Black?

Realtor: "I can't give you the skinny.... You need Zip Skinny"

Zip Skinny uses census data to provide demographic info sorted by zip code.

I found the Occupation and Household Income iformation particularly interesting. As well as the 'stability' data. Homes in my area are owned 5+ yrs.

Realtors, share this site with your clients instead of walking that fine line

http://zipskinny.com/

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

Non Purchasing Spouse with Texas FHA Loans

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Sun, 22 Nov 2009 14:04:36 -0600

Non Purchasing Spouse with Texas FHA Loans

The non purchasing spouse is a married person NOT on the mortgage loan. But there is special treatment of the non purchasing spouse with respect to FHA Mortgage Loans in Community Property States like The Great State of Texas.

A non purchasing spouse situation arrises when for whatever reason one spouse is left off of a mortgage loan. Typical reasons are that one spouse has bad credit and the other spouse can buy the home solely on their income and credit.

In Texas, as all community property states, the non purchasing spouse will have their credit pulled. Debt payments not showing on the Purchasing Spouse's credit will be added to the loan application and as a result affect the debt ratios on the loan. This is to assure that there aren't any 'Household Debt' that would affect the ability to repay the loan. <= Which simply means, that the non purchasing spouse cannot hide the $700/month lease payment on their Lexus from FHA.

Borrowers in this situation should work with a lender who understands the guidelines and can offer a Conforming option to their borrowers.

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

FHA Streamline Refinance Changes

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Sun, 22 Nov 2009 09:49:02 -0600

FHA Streamline Refinance Changes

We have seen tightening of all loan guidelines.... And the same is true for the FHA Streamline Refinance Loan.

Key Revisions:

* Seasoning: At time of application the borrower must have made at least 6 payments.

* Payment History: For mortgages with less then 12 months payment history, all payments must be paid on time. For mortgages with more than 12 months history, no more than one 30-day late is allowed.... and the previous three months must have been made on time as well.

* Net Tangible Benefit: The lender must determine that there is a benefit to the borrower making the loan. A reduction in PITI(payment) or refincing from an ARM to a fixed rate or reducing the term of the loan. See your preferred lender for the fine print.

* Certifications & Verifications: Employment must now be verified. And any cash to close funds must be verified.

* Credit Score: Most lenders require 620 FICO score.

* Maximum Combined Loan-to-Value: If subordinate financing(2nd lien) is to remain in place then the maximum CLTV = 125%

With or without an appraisal, this is still a very good loan for those who purchased back when rates were a little over 6% and would like to lock in at these historically low rates today!!

The biggest benefits to the loan is that lenders do not care about new debt taken out since the mortgage was originally taken. And borrowers who have seen a decline in income are not affected.

Talk to your preferred lender today and see if an FHA Streamline Refinance is right for you!!

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

General Mortgage Loan Guideline Changes - Regarding Debt Ratios

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Sat, 21 Nov 2009 16:52:06 -0600

Mortgage Loan Guideline Changes

Capital Market adjustments to guidelines:

Conforming Fannie Mae & Freddie Mac Debt Ratios:

Effective on loans funding after December 12, 2009 the maximum debt ratios are as follows. References to DU 8.0 are due to the pending update to Desktop Underwriter(automated underwriting).

* DTI > 45% must be approved thru DU Version 8.0
* Fannie Mae indicated that debt ratios exceeding 45% require compensating factors. Fannie does not publish a list of compensating factors and it is unknown whether DU 8.0 will approve above 45%

FHA, VA, USDA & Bond Program Loans:

Effective with loans funding on or after December 12, 2009 the maximum debt ratios are as follows.

* Maximum DTI 50% regardless of AUS(automated underwriting) Findings.
* DTI 45% - 50% at the sole discretion of the underwriter who will require measurable compensating factors, including, but not limited to 12 months verified housing history with no late payments. Limited payment shock. Cash reserves. Possible increased down payment.

Minimum FICO on ALL LOANS will be 620..... Gov't or Conforming.
Get ready for 640+ credit score requirements as I believe the tightening will continue.

Borrowers need to prepare themselves to provide more documentation than ever before. Realtors... prepare your clients!!

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

But, I Have Good Credit......

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Sat, 21 Nov 2009 14:53:44 -0600

Good Credit

I recently denied client for a loan.... She thought she had good credit. And on the face of it she did.... Zero derogatory accounts, perfect payment history. And that would have been enough if she had a few more accounts with some age on them.

But why did she get denied? Every credit card was maxed out!!! That's right... right up to the limit. If she had a $1000 limit on a card, it was sitting there with a $980 balance. THIS is Bad Credit!!!

Huh, you say? Well, a great % of your credit score is how you use your revolving credit lines. And the maxed out cards had the FICO Scores depressed by at least 60 or 80 points. With her short credit history this was too much to overcome.

Think you've got good credit? Are your credit cards maxed out? Then you have BAD CREDIT!!!

Edie Webber with Clean Slate Credit Repair explains balances in proportion to credit limits.

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

New Tax Credit For Homebuyers

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Sat, 21 Nov 2009 12:30:03 -0600

Found a little video that describes the Homebuyer Tax Credit very well.

RE/MAX Chief Executive Officer, Margaret Kelly, talks about the government's extension/expansion of the first-time homebuyer tax credit. Certain existing homeowners can now qualify for the credit and homebuyers have until April 30, 2010 to put a contract on a house. Find out more on www.remax.com and www.facebook.com/remax.

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

Free Website Marketing For Real Estate Agents

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Wed, 18 Nov 2009 17:13:03 -0600

Hey guys.... I highly recommend Chad Weber and his service.

I went thru his training.... He knows his stuff!!!

He has another class coming up!!

Via Loan Officer Marketing Lab/ Real Estate Marketing Lab:

I promised you last week I had something very important I wanted to share. I apologize in advance if this is going to sound a bit on the unbelievable side - But if you check out the link I've provided below, you'll see how all of this possible: www.freerealestatemarketinglab.com/realestate

- 3 days of intense online marketing instruction (We don't charge a penny for this)
- A fully built, lead generating website (No cost)
- Learn how to properly use Google to find home buyers
- A proper email follow up strategy that turns prospects into clients

So what makes all of this unbelievable? Well, probably the simple fact that I'm going to give you all of the above, as well as 3 days of hand-holding without charging a single penny, and also without hitting you with obnoxious product pitches! (Like everyone else does)

Am I doing this because I'm a nice guy? Well, sort of - Meaning yes, I am a nice guy, but I do have my own ulterior motive of course. I want to attract a whole lot of attention for my new website. The best way for me to do this is to give away the best darn training you've ever seen and to do this at no cost! (This really works - We drove 40,000+ video views to our mortgage video in less than 10 days using this same model -There really are no strings attached!)

Here, have a look at this: www.freerealestatemarketinglab.com/realestate

Enjoy the free resource! You're going to learn the very same techniques we use to develop lead generating websites for small businesses, mortgage companies, and even our own website network. Enjoy!

CW -

PS - I hate to be a wet blanket, but I really can only get 200 real estate agents onto this training... So please register early if you're serious about learning how to get more traffic using the web...

TX Mortgage Rates.

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Tue, 17 Nov 2009 13:53:12 -0600

Texas Mortgage Rates, Dallas TX Lender

What a year. We have seen rates as high as in the mid 6%'s and as low as the low 4% range on 15yr loans.

We are staring at the lows right now.... A great time to refinance to a low fixed rate that you will never have to refinance out of.... It is that low!!

Remember.... Refinancing has costs..... Either out of pocket or rolled into the loan. It doesn't always make sense to refinance your loan. If you think there is a good chance of moving for your job, you might be better off in your current loan.

Contact me today to determine whether your Mortgage Loan is performing for you the best that it possibly can!!

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

Please share this article on your facebook wall!!

New Homebuyer Tax Credit.... What you need to know

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Sat, 07 Nov 2009 10:51:20 -0600

New homebuyer tax credit

A new tax credit for homebuyers has been enacted and there are some changes. Income limits have been increased and it is no longer restricted to First Time Homebuyers.

I have included a chart below from the National Association of Realtors. This is the best illustration I have seen so far and will help answer many questions. I have heard positive feedback from those that have called the IRS from the phone numbers found on their website, irs.gov. Hold times are short and you can easily get to a human being!!

The effective date of this new credit is November 6, 2009 as that is the day this was signed into law!!

I hope this is helpful for those with questions.

As you can see, the income limits were increased to include more participants in the program as well as the inclusion of buyers who have previously owned a home.

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

Please share this article on your facebook wall!!

And re-blog if you are an activerain member!!

When Credit Card Companies Lower Your Credit Limit

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Tue, 03 Nov 2009 10:04:13 -0600

When Credit Card Companies Lower Your Credit Limit

Has this happened to you? It may have happened and you didn't know it because it was tucked into the fine print of your recent bill. But if you aren't using the full limit..... Does this action by the credit card company help you or hurt you!?!?!?!?

It will hurt!! Plain and simple.

There is a term used by the experts in credit scoring.... And that word is Utilization. We are referring to how much of your revolving credit lines that you are currently using. And this is about 30% of your FICO Score.
So how can this hurt? Let's start with an example:

Joe owes $750 on his Visa card. The limit is $2500. Joe is currently using 30%(750/2500) of his credit limit. Experts agree that you should strive to keep that utilization % below 30% and the lower the better. Why? Because once you start approaching the higher percentages.... The FICO Scoring Method sees you as a great risk. Think about it.... Someone with 30% utilization vs someone with all of their credit cards maxed out.... Who is the better risk? Well, FICO knows.... and the person with the high utilization will have a much lower FICO Score as a result.

Ok.... So Joe is being responsible. His hot water heater breaks and he put that purchase on the card to the tune of 30% utilization. But then the credit card company lowers Joe's limit to $1000 to reduce their exposure to risk. Overnight, Joe went from a responsible 30% to utilizing 75%(750/1000) of his credit limit. Ooooops!!! Now what? Well, it is quite possible that Joe's respectable 720 credit score falls into the high 600s. Let's say 660 or so. What is the impact? Go try and buy a car with a 660 FICO and 720 FICO and see what interest rate difference you get. Try to buy a home on a conventional mortgage with a sub 680 FICO Score and see the if you are eligible for PMI.

But, Tom, I pay off the balance in FULL each month? So this doesn't affect me!!
Not so fast.... If you put $800 travel expenses on that $1000 limit credit card and that gets reported to the credit bureaus on the 4th of the month..... Yet you pay your bill on the 5th.... What number will FICO use? That's right, they will assume 80% utilization and dock you many points for it right then and there.

So, how can you protect yourself?
Keep more than one credit card.
Spread out large expenditures over a few cards.
Open a store card for that one time purchase(hot water heater example)
Know when your credit cards report your balance and pay history to Experian, Equifax & Transunion so you can pay off/down those cards before you apply for that big purchase like a car or new home.

Note: FICO says that it adds up all of your limits and all of your balances to calculate FICO. However, I have seen people suffer greatly by maxing out one card when they had 3 other cards with zero balance. Don't ask me why... This has been experienced by me more than once.

This credit scoring tip has saved many of my clients thousands of dollars... And it could save YOU many thousands too!!!

Did you know: That if a credit card company raises your interest rate that you have a right to cancel the card and pay it off under the old terms**?

** Remember: If you close that account, it lowers your total revolving credit available balance and could raise your 'utilization' which we discussed.

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

Share this on facebook

Download this video for free and you have video content on your site!

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Mon, 02 Nov 2009 21:57:24 -0600

Some neat home 'staging' tips on the attached video!!

Via Tara Jones- Atlanta, GA (Reel Productions TV- Real Estate Video ):

We've been preaching it for a very long time...Real estate professionals need high quality video content on their website. It helps with SEO results, it portrays a more professional image and retains viewership some 70-percent longer than a website without video.

But let’s get real. Times are tough and high quality video production can be expensive. Well, we have the solution. The Video Connector , is sending out an early holiday gift... FREE VIDEO!!

It’s simple. Just log on to TheVideoConnector.com/FreeVideo and cut and paste the embed code, put it on your site and reap the benefits!

Free Lifetime Hunting & Fishing License - Promotion

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Tue, 27 Oct 2009 10:21:38 -0500

Free Lifetime Hunting & Fishing License

What a great fundraiser! And what a great State Agency. Texas Parks & Wildlife does a fantastic job with conservation, not to mention what they do with all of the fantastic parks and lake acces facilities. I am a huge fan of Texas Parks and you should be too!!

What a great gift idea for that hunter/fisherman in your family.... And it only costs $5 to enter.

This is your chance to win a Lifetime Super Combo License, giving you the right to hunt and fish in Texas without ever having to buy another state license or stamp.

Only $5 per entry and you can enter as many times as you like!

Purchase your entries wherever Texas hunting and fishing licenses are sold.

Find a retailer near you or purchase online now!

Drawings will be held December 30, 2009 and June 30, 2010. Enter by December 27, 2009, and you will be eligible for both drawings! Entries for the June 30, 2010 drawing must be purchased by June 27, 2010.

All proceeds from the Lifetime License Drawing fees go directly to the Texas Parks and Wildlife Department for on-the-ground conservation efforts that help make Texas one of the best places in the country to hunt and fish.

2009-2010 Official Rules

Click here for more information on Lifetime Licenses.

* Winners not exempted from the Federal Duck Stamp requirement.

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

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How to use your blog to enhance relationships with existing prospects and clients

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Fri, 23 Oct 2009 14:51:38 -0500

How to use your blog to enhance relationships with existing prospects and clients

Do YOU use your activerain blog catalog to reach out to existing clients and prospects? Here is what I have done.

I have used extensively my article on FHA Streamline Refinances. I get questions by email and thru discussion forums about the FHA Streamline Refinance Loan and 99% of them can be answered with this article. I have pasted a link to this article on a prospect's facebook wall and pasted a link to the same article to answer many questions on the Trulia Answers q&a.

I can think of other occasions that I have linked a potential client to 'my' articles when that article was really only a re-blog of some very well written content. I simply state that "a friend of mine wrote a great article about this" and send the link and follow up with a phone call.

I also use my Happy Hour Announcements on facebook. Posting a couple of times during the week about the upcoming event or posting a link right on the page of who I really want to see come out. <= This isn't clients, but realtors are the target!! I know, I am a sneaky guy!!

I write off topic articles sometimes too. I like to really promote those because it reminds people that I do have a blog. While they may not want to read an article about Fannie Mae Guidelines Changing they might jump over to activerain to see a little article about my 8yr old's baseball team..... Hey, I got them there.... now they can look around.

My First Time Homebuyer Tax Credit Quick Reference Chart got leveraged big time. A short article with a chart or an example whether it be a photo or a diagram is a great way to get a few cliks and pass along answers to frequently asked questions!!!

I wish I could say that it has been more exciting than this but it isn't really all that sexy. It is just using my best content over and over again.... To save me time. And I really do feel like it brings a little prestige to me as I am a 'published author'. LOL.

I never really considered what I was doing until I read Bob's article today. http://activerain.com/blogsview/1298767/using-your-blog-to-enhance-existing-relationships

I like a challenge.... And when Bob Stewart is giving away a ridiculous amount of points for accepting the challenge then that just makes it all the sweeter.

Here are a few ways I have leveraged MY content to enhance relationships with prospects and clients.... What ways have YOU leveraged your catalog of articles?

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

Educating Real Estate Agents On How To Use Modern Technologies To Better Their Business Will Never Be The Same!

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Fri, 23 Oct 2009 13:43:30 -0500

Educating Real Estate Agents On How To Use Modern Technologies To Better Their Business Will Never Be The Same!

On November 17th, 2009 dozens of the most respected educators in the real estate industry converge to host the first of its kind, Virtual Real Estate BarCamp.

Virtual Real Estate BarCamp is a 1-Day Learning Extravaganza.
From 9am until 4pm PST, three concurrent webinar "rooms" will each host 9 different sessions, for a total of 27 different presentations.
There is something for everyone and everything for someone, and best of all, IT IS FREE and attendance is unlimited!

Click below to:
Register.
Learn more.
See who is coming.
Check out the Session Calendar.
Get sponsorship info.

Attendance is projected to be at least 1000 agents, nationwide.
Do not miss out on being part of this ground-breaking event.

Session topics include:

Social Media Risk Management
Flickr for Real Estate
Developing Your Brand
Online Advertising Secrets
Facebook for Real Estate
WordPress Training
Daily Goal Tracking
Starting a Real Estate Blog

...and much more, with new sessions being added every day.

And if that wasn\'t cool enough, individuals from around the country are volunteering to host In-Real-Life MeetUps for after the event.
Learn all day, and then meet to have a beer with local participants. This is going to be a blast!

We hope to see you there!

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

Dallas Real Estate Industry Happy Hour

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Tue, 20 Oct 2009 11:21:45 -0500

Dallas Real Estate Industry Happy Hour

AMP Networking Event - Dallas - 3rd Wed Every Month

Wednesday October 21, 2009 from 6:00pm - 8:00pm

Bluefish

18149 Dallas Pkwy # 100
Dallas, Texas 75287-7141 Get Directions

Real Estate & Mortgage Industry Networking Event for Realtors, Lenders, Builders & Vendors.

AMP Networking promotes & provides FUN events, education and travel opportunity to deepen business and social relationships, improve networking, and further career opportunities for real estate and mortgage industry professionals. Our member invitation list is over 10,000, and 500 people attend our Mortgage Industry Networking events every month in Dallas, Plano, Tarrant County, Houston & Austin.

Bring your BUSINESS CARDS for ENTRY!

Share food, drinks & networking with friends in the Real Estate & Mortgage business

Retail Loan Officers
Realtors
Builders
Mortgage Brokers
Loan Processors
Wholesale Lenders
Credit Reporting
Doc Prep Attorneys
Title Companies
PMI Companies
Appraisers
Surveyors
Insurance Agents
Financial Consultants
Placement Firms
Credit Repair Reps
other Vendors

Come see your old friends and make new ones!
Delicious Appetizers and Happy Hour Drink Specials
are provided by your Strategic Partners

Join us for a FAMOUS good time!

Homepage
http://www.AMPNetworking.com

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

The 9 words that strike fear in the heart of every Loan Officer

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Tue, 06 Oct 2009 19:50:18 -0500

The 9 words that strike fear in the heart of every Loan Officer

“We're using a Realtor we found on the Internet”

Buyers have the right to use any Realtor they want for their transaction. But when one of my pre-approved borrowers tells me that they will be using the Realtor they found on the internet…. I cringe!!!

You see, when I pre-approve my borrowers I am happy to refer them on to one of my ‘Preferred Realtors’. I know that my Preferred Realtor will be responsive and go to closing and explain all of the intricacies of home buying from a professional’s perspective.

I know what will NOT happen when my client uses my Preferred Realtor, that happens all too often with the “Internet Realtor”.

I know that my clients will benefit from fair and accurate comps being used in the negotiation at MY CLIENT’s best interest.

I know that they will not be stranded at closing.

I know that there will be no sneaky little transaction fee inserted on the HUD-1 without my knowledge.

I now that they will not be badgered into signing up for the bad Realtor's MLM scheme.

You see…. Internet Realtors promise great service with a ride in a fancy car from a bright smile and freshly perfumed holder of a real estate license. They offer % cash back to entice even the wiliest of buyers into their lair. Yet, the Internet Realtor actually brings little to the transaction and leaves both the client and myself stranded and disappointed.

You see... As a professional Loan Officer I KNOW that an Internet Realtor must be bad because.... well... They were found on the internet!!

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

;-)

Follow up: This article was a satirical response to http://activerain.com/blogsview/1271038/9-words-that-strike-fear-into-the-heart-of-every-realtor