Home Loan Expert of Arizona

Announcing Temporary Changes to Business Operations

Phoenix Home Loan Expert (www.aimeeloans.com) — Wed, 12 Nov 2008 21:31:45 -0600

Now that I am the NEW Arizona Mortgage Guru, I am taking matters into my hands. *I feel like the new James Bond*. And at least for the time being I have decided that one person can only handle so much. Two is always better! So…in light of this revelation – well…and also being 9 months pregnant and about to go on maternity leave — I have decided to partner up with the Senior Mortgage Professional in our office, Mike.

Mike is THE MAN Shailesh and I have gone to for mortgage loan advice, input, information, help and coaching in the last fe years. Mike is simply amazing. Not only does have a TON of experience and knowledge (over 20 years in the industry), but he is actually a great guy. Someone you’d want to hang out with after work and have a beer with.

Read my interview with Mike Moshofsky at the Arizona Mortgage Guru blog.

No Customer Since 1972: Product Failure or Lack of Marketing?

Phoenix Home Loan Expert (www.aimeeloans.com) — Wed, 22 Oct 2008 16:49:03 -0500

I saw this article about a broom company located in Tokyo, Japan that has not had a customer since 1972! First of all, how do you stay in business all these years without customers? Aside from that issue, I have other concerns. First to put it in perspective, in 1972 Richard Nixon was President (Watergate was yet to happen); Godfather was Best Picture; the first female FBI agent was hired; the very first female was admitted to Dartmouth and the first scientific handheld calculator, the HP-35, was introduced. So, a lot has happened since this store had made a sale.

As I said aside from the question of how they've managed to stay open all these years, I wanted to explore other aspects of this interesting news. The article claims that perhaps the store receives little business because the product is not needed anymore. Now, I haven't lived in Tokyo, but I've been there and I'm pretty sure I saw people using brooms. I know Gilbert, and Tokyo are very different places, but I have two brooms in my home, one for outdoor use and one for indoor. Also, not to forget, Home Depot and Wal-Mart seem to stock plenty of them. So, I'm pretty sure there is a market for brooms.

The larger question then becomes is the store not attracting customers because of the product or because of the lack of marketing? At the end of the day you could have the most amazingly useful product/service but if you're marketing it properly then you won't sell. Marketing of course means understanding your core customer segment and delivering your unique selling proposition to that segment as a means to maximize sales conversion. To me the story of the broom store reminds me that no matter how useful your product is, if you don't have the acumen to market the product to your customer you won't succeed. Even a retail store in one of the worlds largest metropolitan area.

What do you think? Why do you think this store has not had a customer since 1972?

Is it the product or the marketing? Or both, that drives sales.

Aimee Ghimire Takes Over Blog

Phoenix Home Loan Expert (www.aimeeloans.com) — Sat, 06 Sep 2008 02:14:31 -0500

As you know, we made changes to our business practice recently. I am now with PrimeLending and no longer with CTX Mortgage. Also, Shailesh is no longer in the industry. Most of you have only known Shailesh but let me introduce myself to this community. Here is a bit about me from my "About" page on my website:

To me, being a loan officer is all about people and education. This is what I love about my work! I have such a passion for helping people. Since I was very young I can remember, even on the way to school on the train, assisting confused American tourists find their way in Vienna. Read more...

Onwards and upwards!

End of the Road in the Mortgage Industry

Phoenix Home Loan Expert (www.aimeeloans.com) — Mon, 18 Aug 2008 13:35:27 -0500

My five year stint in the mortgage industry has officially come to a close. With the recent down turn in the industry many mortgage companies are downsizing and making changes to what they expect from their loan originators. CTX is no exception. Its parent company Centex is closing all CTX retail branches and only keeping the builder financing part of the business. While there was a concerted effort from Centex to find CTX Mortgage a home with a different lender, given the volatile mortgage market this never transpired. Last month, it was announced that all retail branches and loan officers were on their own effective August 31, 2008.

Fortunately for the Arizona retail branches they will all be moving to PrimeLending effective today. Aimee is moving over with the rest of the loan officers from the Mesa, AZ branch (and all other AZ branches). As for me, Aimee and I decided that I would not be moving over with her, and she would run the business on her own. So, Friday was officially my last day in the mortgage industry. I will continue full time with AIR Marketing as the Director of Interactive Marketing, assisting companies understand and integrate social technologies into their overall marketing strategies.

I will continue to follow the mortgage industry and blog about my opinions and thoughts for what its worth. I may even re-brand this blog to reflect the free agent nature of the content, but that is up in the air at the moment. Nonetheless, it will be a personal journal of sorts and will be written more so from the customers perspective than a lender. I plan on staying on top of major lending practices and developments in the industry, so my regular readers should not see a noticeable difference in the quality of the content on this blog.

Over time, I do not anticipate updating this blog as often. That doesn’t mean I will not be blogging at all. In fact I will be active on the web as the Social Media Wiz and will be a contributor on the AIR Marketing company blog. Be sure to subscribe to both of these two blogs to stay updated and informed on social technologies and its impact on business - large or small.

In the mean time, feel free to contact Aimee Ghimire at Prime Lending for all your home financing and mortgage needs. She’s the best loan originator in the world and will take very good care of you! Her mortgage website will remain as AimeeLoans.Com.

Agents in Phoenix: Mortgage Seminar For You! Stay On Top of It....

Phoenix Home Loan Expert (www.aimeeloans.com) — Wed, 16 Apr 2008 17:34:51 -0500

The mortgage market is dramatically different these days. As an agent you can not be caught off guard when you're working with potential buyers. There have been so many (literally every week) changes to loan programs that you owe it to your business to stay on top of it. That is why you must attend the Hot Mortgage Topics Class next Wednesday April 23 at 9AM.

I, a.k.a. The Arizona Mortgage Guru will be covering the latest issues regarding home mortgage financing. I will discuss the hot mortgage topics to help you get more buyers and sell your listings!

FHA Loans - how this is keeping the market alive and what you need to know about seller contributions, down payment assistance grants and gifts
VA Loans - there are a lot of borrowers who qualify for this and as an agent you need to know the details of this program so you can negotiate on behalf of your buyer and get them the deal they deserve
Foreign Nationals Program - the what and how!
Declining Markets - did you know that Arizona is for all effective purposes classified as a declining market? Do you know how this can affect your next transaction?
Latest Fannie/Freddie News
Credit Crunch Update

When: Wednesday April 23 (9 Am to 10.15 AM - with light breakfast)

Where: Grand Canyon Title Agency, Inc. 1959 S Val Vista Dr. Ste 113, Mesa, AZ 85204

RSVP: Space is truly limited - please register today! Call Adam Saunders at (480) 510-0953 or e-mail him at asaunders@gcta.com

As always visit AZ Mortgage Guru dot com for the latest and greatest on home financing. Your buyers expect you to be in the know!

Renters Fight Back

Phoenix Home Loan Expert (www.aimeeloans.com) — Tue, 15 Apr 2008 14:44:52 -0500

Watch this video and let me know what you think....

Questions to ponder: Is it fair to have tax payers pay to bail out people who made poor financial decisions? What about the fact that some of the people who are in trouble didn't actually realize what they were getting into and just jumped in on the bandwagon? My full take is at AzMortgageGuru.Com.

Mortgage Blog Provides Answers For Canadians Purchasing Property in USA

Phoenix Home Loan Expert (www.aimeeloans.com) — Tue, 29 Jan 2008 11:47:41 -0600

The mortgage market in Phoenix, Arizona changes all the time. If you are a Canadian national seeking some mortgage information to purchase a home in the US then things can get pretty confusing really fast. At the Arizona Mortgage Guru Blog I try to maintain the most current information for you the consumer. In that spirit here are links to some very important articles for Canadians seeking to purchase real estate in the United States:

Do Canadians Need a Visa to Purchase US Real Estate?: Most loan programs require a copy of your Canadian passport or drivers license, but read on to learn more...
Canadians Could Make a Killing in Arizona Real Estate: See how the currency fluctuations can add to gains in your real estate in the United State. Read full article...
Phoenix Real Estate in Canadian Dollars: Curious about how real estate prices have fared against the Canadian dollar? Click here.
Best Time for Canadians to Purchase Real Estate in the US: How do you know if the time to buy some real estate is right? Well the parity of the two currencies could be a sign. Learn more.

Curious about obtaining a mortgage as a Canadian citizen? Well I've written two mortgage financing related articles on different blogs. Both of these articles provide you with the information you need to obtain a loan to purchase US real estate either as a second home (vacation home) or as an investment property.

Financing Options for Canadians Buying US Property: This is available at the Phoenix Real Estate Guy web log.
Buying a second home in the United States as a Canadian: This is a available at Christoph Swcheiger's web log.

Please do not hesitate to contact, Aimee or Shailesh at the Arizona Mortgage Guru Blog for all your mortgage loan needs. Whether purchasing a home, re-financing a home loan or wanting to look at investment properties, Aimee and Shailesh at CTX Mortgage can do it all. You can reach the Phoenix home mortgage lender at (480) 516-1819.

As always, the Arizona Mortgage Guru Blog has relevant, smart and insightful comments, commentary on your home loans. Be sure to visit often

American Real Estate in Foreign Currency - Canadian, Euro and British Pound

Phoenix Home Loan Expert (www.aimeeloans.com) — Mon, 29 Oct 2007 16:26:41 -0500

Anticipating a rate cut, the dollar lost ground to the Euro today - reaching it's lowest point ever. The US dollar also continues to lose ground to the Canadian dollar - reaching a low it hasn't seen since 1974.

It may not seem good news to many, but for those in the export business, this is very good news. And Real Estate is an American product which can be "exported". Canadians and Europeans have shown that they love to buy a little piece of the Untied Stated. And today, American real estate is much cheaper when you look at it from their eyes.

Below, I have graphed what the value of a $250,000 American home would cost in different currencies. This is from the beginning of 2007 until last week.

American Real Estate for Canadians:

American Real Estate for Europeans:

American Real Estate for Brtish Folks:

Financing for second homes or investment properties for foreign nationals is available. The Arizona Mortgage Guru has details. While the article talks about Canadians, it applies to Euopeans as well.

Carnival of Real Estate 65th Edition - Hosted by the Arizona Mortgage Guru

Phoenix Home Loan Expert (www.aimeeloans.com) — Mon, 29 Oct 2007 13:31:27 -0500

For those not familiar with the Carnival of Real Estate - the basic idea is for one blogger to evaluate blog posts and then present the top entries for that week. It is a weekly "competition" of sorts and offers a great venue for learning about other bloggers and imitating their success. At the basic level, CoRE is a great way for the host to learn about new bloggers and a wide range of topics. For the writer, it offers exposure to a a whole new audience and if you are selected that week, the link love can be priceless! A win win for all parties.

I would encourage any serious blogger to participate in the CoRE on a regular basis and also to host one. Visit the Carnival of Real Estate website for details.

I hosted the CoRE this week at my Arizona Mortgage Guru blog. Here is an excerpt:

The Carnival of Real Estate rolled into town again in Phoenix. From Super Bowls, BCS Championships and numerous other sporting championships, our area is very familiar with hosting big time events. Heck we’ve even already hosted multiple carnivals! Now how many cities can say that?

This time the carnival arrived in a most interesting holiday - Halloween. While the theme is not entirely Halloween related, I did include a “scary” category to my selections. There were exactly thirty entries and the quality of posts were very good. I have selected my top three picks and then provided honorable mentions by category.

Visit the blog for the complete list of this weeks winners!

FHA Loan Program Overview for Phoenix, Arizona Borrowers

Phoenix Home Loan Expert (www.aimeeloans.com) — Thu, 25 Oct 2007 18:05:52 -0500

With the subprime mortgage market pretty much gone, first time home buyers or borrowers with challenging credit may think their options are limited. This is not true. In fact the Federal Housing Administration (FHA) loan is a great program for first time homebuyers, borrowers with low credit scores, and those needing down payment assistance.

So, how do you know if the FHA program is right for you? Well, the FHA loan looks at four elements of the borrower. I call it the four corners of a mortgage.

Credit - This is the first corner. FHA is not a credit score driven system. In fact it's better to have no credit than to have very bad credit. As long as you have decent credit then you can be considered for a FHA mortgage.

Employment/Income- This is a very important corner. FHA looks at bot the length and stability of employment. It is importnat ot be able to establish at least two years of consistent income. FHA can even help self-employed individuals.

Assets - It is always a good idea to demonstrate that you have two months of mortgage payments saved up. However, you do not need down payment money, as FHA allows down payment assistance from non-profit organizations.

Property - One distinguishing feature is that FHA allows for manufactured homes. The main requirement is that the home needs to have a stem wall. Only FHA qualified appraisers can be used to perform the appraisal as the appraisal needs to meet certain FHA requirements. Otherwise all other property types are acceptable to FHA.

As I said the FHA program looks at the overall picture. So, do not think you do not qualify based on just one factor. Call an experienced mortgage professional in in your area and they should be able to guide you.

Remember, not all lenders are FHA approved. If you feel you qualify for a FHA loan but the loan officer doesn't present that to you as a financing option then make sure you ask why it is not on the table. It would be worth your effort to then contact a FHA approved lender. Additional information on FHA loans can be found on the HUD website.

The Arizona Mortgage Guruis the blog identity of Shailesh Ghimire. He and his wife, Aimee, are home mortgage loan experts in the Phoenix, Arizona area.

Refinance Your Subprime Mortgage Tops AMG Blogs Report (Oct. 16, 07)

Phoenix Home Loan Expert (www.aimeeloans.com) — Tue, 16 Oct 2007 15:32:05 -0500

The mortgage market remains in flux. Refinancing a subprime loan into a regular conventional mortgage is the big topic here in the Phoenix, Arizona market. The Arizona Mortgage Guru addressed this issue with a practical six step guide on how to refinance a subprime mortgage. The refinance post received heavy traffic, so it's on a lot of borrowers minds, however, the Arizona Mortgage Guru also wrote some very relevant posts for borrowers.

Facing Foreclosure? 12 Things You Should Know When You Call Your Lender - The Mortgage Bankers Association has created a foreclosure avoidance center website. Under this page it has published a twelve-step guide on the things you need to know when you call your lender. This should ease your fears a bit. Read full article.
Mortgage Forgiveness Debt Relief Passes US House - I have been following the progress of the Mortgage Forgiveness Debt Relief Act, and I'm happy to tell you that it passed the US House. It is now headed to the Senate. I'm pretty sure it'll pass and I'm sure President Bush is pretty eager to sign this one into law. Read full article.
FHA's Upfront Mortgage Insurance Premium and Monthly MI- FHA under the 203b, 234(c), & 203k programs charges an upfront MIP equal to 1.5% of the loan amount. If you end up selling the home or refinancing the loan within the first 84 months (7 years) you are entitled to a refund of the balance. MIP can be wrapped into your loan, but you have the option to make a cash payment at close as well. Read full article.
Bad Credit Can Cost You Your Next Job and Your Dream Promotion - Not only can bad credit cost you big bucks, it could even cost you that new job you want or the promotion you've been working so hard to get. It's hard to believe, but it's true, more and more employers are pulling credit and screening out job applicants. Read full article.
Refinance Your Subprime Mortgage in Six Easy Steps- I have prepared a checklist of six things you need to do so you can make a smooth transition from an adjustable subprime mortgage to a conventional one. This is not a quick fix, I suggest you allow six months to get all this in order. As I explain you'll see why. Read full article.

Whether purchasing a home, refinancing a home loan or wanting to look at investment properties, Aimee and Shailesh at CTX Mortgage can do it all. You can reach the Phoenix home mortgage lender at (480) 516-1819. As always, the Arizona Mortgage Guru Blog has relevant, smart and insightful comments, commentary on your home loans. Be sure to visit often

Refinance a Subprime Mortgage Loan ARM to a Conventional Fixed Rate Home Loan

Phoenix Home Loan Expert (www.aimeeloans.com) — Mon, 08 Oct 2007 12:12:35 -0500

"I have an adjustable rate subprime mortgage, the interest rate and payment will adjust soon. I need to know the options available so I don't find myself strapped to make my mortgage payment."

Recently I have received quite a few inquiries along the lines described above. I've guided a few borrowers through a subprime to FHA re-finance process. If you find yourself in a similar situation, I want to share with you a checklist of six things you need to do so you do the right mortgage re-finance from an adjustable subprime mortgage to a conventional one. This is not a quick fix but will be very rewarding. I suggest you allow six months to get all this in order. As you review my steps you will see why.

Step 1: Understand Your Current Situation - I suggest you review the details of your current mortgage first. If you are in an adjustable rate mortgage you need to know exactly how much you will owe and when the interest rate will adjust. You also need to know if there is a pre-payment penalty with the loan and when this will expire. I would also suggest calculating the new monthly payment with the adjusted interest rate. To calculate this use the calculator on my website. This will help you know exactly how much time you have.

After you have gahtered all this information you will be in a much better position to make a workable plan.

Step 2: Review Your Credit - Even if you have six months left before your interest rate adjusts you should still check your credit report. The more time you have before the mortgage adjusts the more opportunities you will have to fix any potential credit issues. Remember you are entitled to a free credit report every 12 months, take advantage of it at AnnualCreditReport.Com. If the timing is closer then you may want to contact a mortgage professional and review the credit report with them.

Step 2 (b): Manage Your Credit - Once you have a credit report, the first thing to do is check for any errors in your report. If you find errors then contact the creditor and ask them to fix it, they must respond to your request within 30 days (take good notes). After addressing any errors you need to make sure you review my "Seven Ways to Destroy Your Credit" and do the exact opposite. Believe me when I say improving your credit can end up saving you thousands of dollars.

Step 3: Stabilize Your Income/Employment and Assets - Most lenders like to see stable employment and at least two months of expense reserves in your account. Remember that if you are a 1099 employee you will be treated as self-employed and many programs will require you to furnish tax returns.

For those of you who receive only cash income you need to follow my advice on documenting cash income so lenders can establish your income stream. W2 employees need to make sure they stay that way. Lenders will frown on you if you switch from a W2 to 1099 right before a mortgage application.

Step 4: Check Your Homes Value - This is pretty important these days and can make or break your re-finance transaction. The good ol' days of home appreciation is behind us. Don't rely on rumors or "he said, she said" for this either. Just because a house a few doors down sold for a certain amount doesn't mean your house will get the same value. There is more to an appraisal when it comes to determining price. Be prepared for the unexpected, but also know that there are ways for you to improve the value of your home.

If you are in the Phoenix, Arizona market, call me and I can get you in touch with a certified appraiser. Otherwise, contact a CTX Mortgage loan officer in your market and they can get you in touch with a qualified appraiser in your area.

Step 5: Review all Financing Options - Lower documentation loans especially when it comes to higher loan to value is difficult to obtain these days. What I mean is tha tif you need more than 90% of the home value to re-finance your loan then things will be tough. So, the best option for you will be to go with full documentation verification.

The three best options in todays market is the FHA loan, MyCommunity loan and a Fannie/Freddie fixed mortgages. If you think you qualify for the FHA Secure initiative, then go through the five step checklist.

Ask the mortgage person you end up working with lots of questions and don't fall for any gimmicks (like no closing costs, no credit check etc.) There is no such thing as a free lunch and you don't to pay for something you don't need. Depending on your time frame don't get rushed into something you do not understand. My advice is that if you don't understand it then ask until you do or walk away from it if the person can't explain it to your satisfaction.

As you can see these six steps can help you re-finance a subprime mortgage into a fixed conventional mortgage. I hope you now see what you need to allow yourself six months to complete these six steps. If you follow my six steps you'll be in the drivers seat and much better off on your next mortgage transaction.

H/T: Blown Mortgage for inspiring me to finally put this article together.

Visit the Arizona Mortgage Guru blog for all your home financing options.

Mortgage Forgivess Tax Removed and MI Tax Deduction Extended to 2014

Phoenix Home Loan Expert (www.aimeeloans.com) — Fri, 05 Oct 2007 11:00:25 -0500

The House Ways and Means Committee has passed the Mortgage Forgiveness Debt Relief Act of 2007 (H.R.‚3648) from the Daily Herald:

the House Ways and Means Committee voted to permanently remove the so-called “phantom income” tax penalty that haunts financially distressed homeowners whose debt is partially forgiven by a lender after a foreclosure or a “short sale” to avoid foreclosure.

Also, committee also passed a provision to extend the deductibility of mortgage insurance premiums through 2014. This is also very important and will affect homeowners mortgage choice for a long time. Currently the deduction applies only to loans originated in 2007. So, once this new provision becomes law we can pretty much kiss the need for a second mortgage good bye.

We can go back to doing one loan (much simpler). Both of these provisions still need to make it through the full House and Senate. However, I would think it will pass and become law before the end of the year.

Visit the Arizona Mortgage Guru for all your home financing needs.

Home Mortgage Lender in Phoenix Arizona, Blog Report: Sept. 28th, 2007

Phoenix Home Loan Expert (www.aimeeloans.com) — Fri, 28 Sep 2007 12:05:22 -0500

The mortgage market in Phoenix, Arizona changes all the time. If you are researching for a home mortgage lender in the area then you need to look at the Arizona Mortgage Guru Blog. This blog has great articles on how to manage your credit, tips for obtaining a mortgage and a whole range of other articles.

As a snap shot here are some of the recent articles which may interest you:

How to Protect Your Credit Score When Your Loan is Sold: Since your mortgage loan will be sold at some point to a different servicer, you need to be aware of your rights and how you can protect your credit score during the transfer process. Read the full article.
Mortgage Forgiveness Debt Relief Act of 2007: It may surprise you but if a mortgage lender forgives a portion of your home loan then you need to pay taxes on this portion. However, Congress is in the process of changing that. Read the full article.
Suze Orman's Credit Advice Falls Flat: Popular writer and speaker Suze Orman is right on many issues, but on this particular article her advice falls flat. Read why you need to make sure you are not scared off by what she says. Read the full article.
Mortgage Rates Not Related to the Federal Funds Rate: Many people are under the impression that when the Fed changes rates their housing payment changes. This is not true. Read the full article.

No More Taxes on Forgiven Debt: Mortgage Forgiveness Debt Relief Act of 2007

Phoenix Home Loan Expert (www.aimeeloans.com) — Thu, 27 Sep 2007 12:17:16 -0500

It may come as a surprise to some but if a mortgage lender forgives debt they send the IRS a 1099 with the amount forgiven. The forgiveness could be a part of a short sale or foreclosure or what have you. So, when tax time rolls around you are obligated to report this forgiven mortgage debt as 1099 income and pay tax. Basically, not only are you having a hard time with losing your home, Uncle Sam wants to pile on a bit.

Well no longer. Uncle Sam is changing the rules.

The US House moved closer towards eliminating this tax on forgiven debt. Here is an excerpt from Square Feet Blog:

The House Ways and Means Committee - where federal tax legislation typically starts - unanimously approved the Mortgage Forgiveness Debt Relief Act of 2007 (H.R.‚3648). As the title implies, the primary goal of the proposed legislation is to buffer homeowners who currently face an unwelcome tax bill when lenders forgive some of their loans.

The push for such relief has two important backers: President Bush, who called on Congress to provide help last month, and Ways and Means Committee Chairman Charles B. Rangel, who calls the tax hit a "double whammy" for people who already are losing their homes.

This tax forgiveness is allowed only on primary residences and can not be used for second homes or investment properties.

Arizona Mortgage Guru

Top Five Credit Score Misconceptions - Learn the Truth

Phoenix Home Loan Expert (www.aimeeloans.com) — Mon, 24 Sep 2007 16:46:46 -0500

Our local paper in Gilbert, Arizona carried a very informative article yesterday regarding your credit score. It listed the top five credit (and debt) misconceptions. The East Valley Tribune (citing Transunion) listed the top five credit misconceptions as the following:

Co-signing a loan doesn't make you responsible for the account.
Paying off a negative record will get it removed from your credit report.
Paying off a debt will make your credit score jump 50 points right away.
Checking your credit reports will lower your credit score.
Closing old accounts will improve your credit score.

The first one is really the one that caught my attention. Remember this is a misconception we are talking about. This means people are under the assumption that doing things on this list will actually help their credit, when in fact these are some of the worst things you could do to your credit. So, to be clear on this if you co-sign for a loan you are responsible. In fact, whatever happens on that account affects your crdedit score. If that co-signer misses a payment, your score will be hit exactly as theirs.

Co-signing is probably the most controversial of the five misconcpetions because it oftentimes involves people you know and love. This can be an emotional issue, especially if you're a parent with young adult kids or a sibling with a struggling brother. I know a level of compassion determines who you will co-sign for, but at the end of the day you need to be prudent.

If you are faced with a co-signing situation, I recommend you do a type of credit check on your own. You could take a very common sense approach. For example, if the relative asking you to co-sign has had some serious money management problems in the past then you may want to stay away. However, if this is a one time situation where the person is in a jam, then you can consider doing something. This doesn't mean there aren't other ways of helping them besides co-signing. I suggest looking into other avenues. It's good to help, but you must be prudent.

My simple advice is to never co-sign. If the bank won't give them money neither should you.

Arizona Mortgage Guru

Phoenix Arizona Mortgage Blog Report: Sept. 14th, 2007

Phoenix Home Loan Expert (www.aimeeloans.com) — Fri, 14 Sep 2007 15:33:58 -0500

Below are some relevant mortgage articles for potential home owners and those seeking home loans in the Phoenix, Arizona market. These articles are not location specific and also apply to Gilbert, Scottsdale, Tempe, Chandler and surrounding areas in the Phoenix Valley.

Monthly Mortgage Payment as Percentage of Income - So how much should your mortgage payment be in relation to your income? We lenders call this the front ratio. Its a type of debt to income ratio. Traditionally 30% has been the acceptable number. Read full article (with pie chart) here.
The Feds Finally Turn on the Radio - Yesterday the FTC issued a warning to lenders claiming those ridiculously low interest rate programs. You know the one where the guy says stuff like: “Rates just fell to 1.25%, you could save thousands” and the like. Read more here.
Forget Your House, How Much is Your Credit Score Worth? - What is a credit score worth to you? What does it matter whether you have a 720 score or a 695? It’s only 25 points? Well according to MyFICO, a division of Fair Issac, this 25 point difference could cost you almost $31,000 in extra interest payments over the life of the loan. So, in other words, in this situation each point is worth $1,200.Read more here.

As always, the Arizona Mortgage Guru blog has relevant, smart and insightful comments, commentary on your home loans. Be sure to visit often

Phoenix Home Loan Rates Update

Phoenix Home Loan Expert (www.aimeeloans.com) — Fri, 14 Sep 2007 13:02:39 -0500

Are you curious about what home mortgage rates are doing these days? Well, they are on the down trend for the most part. This is in comparison to the summer highs (as you see below). Don't hold your breath though. I don't think home mortgage rates will continue to fall forever. My prediction is that rates will stabilize around the 6.125% to 6.375% for the remainder of the year.

The chart below shows the 30 year fixed mortgage rate as well as the average points paid to obtain a home mortgage. It is a national average.

Craigslist: The Swamp of the Internet. Why Would You EVER Advertise There?

Phoenix Home Loan Expert (www.aimeeloans.com) — Mon, 10 Sep 2007 17:00:28 -0500

Many have posted on Active Rain about the virtues of advertising on Craigslist. In my last count there were over one hundred posts on this topic and the vast majority talk about its advantages. I'm here to say you need to be careful when you advertise your listing on Craigslist. Why? Because, Craigslist is fast turning into the red light district of the Internet. As the New York Times reported last week:

"Craigslist has become the high-tech 42nd Street, where much of the solicitation takes place now," said Richard McGuire, Nassau's assistant chief of detectives. "Technology has worked its way into every profession, including the oldest."
In July raids, the sheriff of Cook County, Ill., rounded up 43 women working on the streets - and 60 who advertised on Craigslist. In Seattle, a covert police ad on Craigslist in November resulted in the arrests of 71 men, including a bank officer, a construction worker and a surgeon.
And while prostitutes also advertise on other sites, the police here and across the country say Craigslist is by far the favorite. On one recent day, for example, some 9,000 listings were added to the site's "Erotic Services" category in the New York region alone: Most offered massage and escorts, often hinting at more.

Why do agents need to keep this in mind? Well, because you don't want to be advertising in a swamp if you're not looking for flies. Craigslist might give you great exposure and help you prove to your clients that you're doing some on-line marketing, but in the long run you've got to ask yourself where you want to be found.

You don't need a degree to know that in marketing perception is reality. In most cases the medium used to convey the message defines the messenger. In Real Estate the product is the agent. The house is a by-product. An agent attracts the type of buyer he or she seeks. So, this begs the question: What kind of product are you? Do you want to work with Shrek or Lord Farquaad?

Lani, over at RE Revealed raises the exact same issueon her blog, and I agree with her:

The only problem is that most of us don't venture past the "housing" section of Craigslist to know that one of the most popular draws of Craigslist is the "personals" section. It is common knowledge that Craigslist's success began with the "personals" and "for sale" sections. Some of the personals range from questionable to pornographic. Looking to buy a ball-gag wearing bedroom slave? Look no further than the famed Craigslist.
That's great for those in the market for a slave, but did you even know that the same venue you post clients' homes on is used for this purpose?

Let's review this again, in case you skimmed over the beginning of this post, again from the New York Times:

Law enforcement officials ask why Craigslist even includes Erotic Services among its 191 categories. Mr. Buckmaster, the company president, said the site created that category "at the request of our users" for legitimate massage, escorts and exotic dancers.

The bottom line is you use Craigslist at your own risk and as far as listing Real Estate, it's a business decision. More specifically it's a market positioning decision.Whether you want your face on a sale sign next to the local De Ja Vu Club or not is up to you and maybe based on the house you have to sell. This may get you some additional traffic, but when was the last time traffic paid the bills? This is something many agents really understand and a few posts have pointed out.

Read my take on Cragslist and MySpace here, at the Arizona Mortgage Gurublog.

"Closing Escrow" A Comedy About Real Estate

Phoenix Home Loan Expert (www.aimeeloans.com) — Mon, 03 Sep 2007 14:16:17 -0500

I've only seen the trailer of the movie "Closing Escrow" and not the whole movie, so I can't say what the movie is like - if you have seen in please provide a thumbs up or down. Here are some some funny lines I caught: "I like to take a submissive posture with my clients." "I am aware that I am your slave, I work for you." "I guess selling a house was a lot more complicated than I thought it would be." Here is the trailer from YouTube: A better version is available on Apple Movie Trailers here: http://www.apple.com/trailers/magnolia/closingescrow/trailer/

Mortgage Blog Report Aug 25th: Arizona Mortgage Guru

Phoenix Home Loan Expert (www.aimeeloans.com) — Sat, 25 Aug 2007 12:52:53 -0500

Here is a round up of some posts from the past week on the Arizona Mortgage Guru blog:

Gilbert Housing Report: Stay Put, Be Happy: In this post AMG highlights an article from the Arizona Republic which talked about the Gilbert housing market. This article did touch on a little bit of tax trivia regarding forgiven debt. In case you're curious, the IRS taxes forgiven debt as ordinary income. Read the full post for details.
Phoenix Area Borrowers Need Not Worry: There is so much talk of doom and gloom in the mortgage industry right now and people are fearful. However, the average person need not worry. There are plenty of mortgages out there which caters to their needs, even 100% ones. Read the full post for details.
Nobody Read the Truth-in-Lending Disclosure: AMG highlights a recent post at The Big Picture. The premise of the post is that many of the Truth in Lending Disclosure for 2/28 ARM Loans (sub-prime) did not adequately document the actual interest rate, payment and cost of the mortgage over the loan term. Read the full post for details.
1099 Income Makes You Self-Employed: Regardless of your ownership stake in the business, for mortgage qualifying purposes, if you receive 1099 income you are considered self-employed. This has some pretty sever repercussions in this changed climate. Read the full post for details.
What it Was Like Twenty Years Ago: Reacting to a recent comment by a veteran in the mortgage industry, AMG posts the major events of 1987. It's quite revealing how much time has gone by and considering where we are right now, it's almost nostalgic. Read the full post for details.

Remember to visit the Arizona Mortgage Guru for the most comprehensive mortgage information and commentary.

Mortgage Blog Report: Arizona Mortgage Guru

Phoenix Home Loan Expert (www.aimeeloans.com) — Fri, 17 Aug 2007 16:09:46 -0500

Here is a round up of some recent posts on the Arizona Mortgage Guru blog:

Mortgage Market Update: Liquidity Crisis Persists: This is a summary of the recent turmoil afflicting the mortgage industry. This article has some tips for consumers and mortgage brokers on how to best navigate the suddenly unpredictable terrain.
Real Estate Blogging Seminar Re-cap: On Thursday August 16h I conducted a real estate blogging seminar for newbies. This post contains the powerpoint presentation used in this seminar. It's freely available for anyone to use.
Doing business while driving? Here's a tool you MUST know about!: Jennifer Furrier is a guest blogger on Arizona Mortgage Guru and here she shares some tips on how you can drive and do business at the same time. Of course you need to be safe but how can you take notes when you've got both hands on your steering wheel.
You Need a Job To Get a Mortgage: In a recent customer interaction it was revealing how some borrowers may think that they do not need a job to obtain a mortgage. This post is all about how a lending decision is made.

As always visit Arizona Mortgage Guru for the most informed, thorough and revealing insights into the mortgage industry.

Phoenix Area Agents: Learn the Fundamentals of Blogging

Phoenix Home Loan Expert (www.aimeeloans.com) — Mon, 13 Aug 2007 12:22:46 -0500

Real Estate Blogging Seminar
A "How To" Blog Guide for Agents
Thursday August 16th, 3-5pm at SEVRAR

Topics Covered:

- How to set up a blog
- Intro to the blogging environment
- Blog topic ideas
- How to market your blog
- Intro to social networking in RE
- Achieving high search engine rankings
- Blogging success stories

Five Reasons to Attend:

1. 70% of all buyers start their home searches online.

2. Many agents run entire business from blogs

3. Websites are soooooo 20th century - and believe me you don' want to fit into a cookie cutter

4. Never argue with success (real stories of real agents closing real deals)

5. Google "Phoenix Real Estate" and I'm confident you'll hit a blog in the first 10 results

Door Prize:

Two weeks of free Blogging support from Shailesh Ghimire (www.azmortgageguru.com)

Conducted by Shailesh Ghimire
Thursday August 16th at 3-5pm at SEVRAR

This event is sponsored by Grand Canyon Title Company
Contact Adam Saunders for additional details
asaunders@gcta.com, (480) 507-3850

Contributions For Karen George: Response To What You Can Do To Help

Phoenix Home Loan Expert (www.aimeeloans.com) — Wed, 08 Aug 2007 18:56:08 -0500

During the next few months, our Karen needs to be focusing all of her attention and energies towards healing. She has been fighting this battle for a while and needs to know that we all stand behind her; We are here to pray with her, cry with her and most importantly help her through.

Sarah Eubanks came up with this wonderfully giving idea to help our Karen. In response to the overwhelming requests to help and with Karen's permission, we are asking the A/R community to help ease the burden of the every-day responsibilities.

Since we are spread all over, instead of sending dinner via Fed Ex, we would like to ask you to send a gift card.

Some ideas include:

Merry Maids
Restaurants
Local Stores (Target, Fry's)

Please send them to:

Karen George

C/O Calie Waterhouse

1900 W. Chandler Blvd. #15-282

Chandler, AZ 85224

So, today while you're eating lunch or at Starbucks for an afternoon break, I want you to think about this:

"Every 2 minutes, there is a new breast cancer diagnosis. Every 14 minutes, a life is lost to the disease. Over 40,000 people will die this year; about 400 of them will be men." (www.breastcancerawareness.com)

Photo/Banner Copyright http://www.the3day.org/

Attn Group Moderators: Please, please feature this blog so we can make a difference in Karen's life.

Attn A/R Bloggers: If you would like to copy this blog or write your own so it can be in 5 more A/R groups, please do so. Please leave the link in the comments of this blog, so we can all be linked together. The more attention that we can raise, the better. Email me if you have any questions.

Thank you.

Phoenix Event: Real Estate Blogging Seminar

Phoenix Home Loan Expert (www.aimeeloans.com) — Tue, 07 Aug 2007 11:11:14 -0500

Blogging is really becoming more and more a part of my work. I have been asked to speak at the Real Estate Blogging Seminar sponsored by Grand Canyon Title Company. The event will be held at SEVRAR on August 16th at 3PM. This event is geared towards agents seeking to learn the fundamentals of blogging. In the first hour I’ll cover the very basics such as how to blog, when to blog and such. The second hour will be devoted to promoting your blog and building professional online networks.

Please contact Adam Saunders via asaunders(at)gcta.com to R.S.V.P. I look forward to seeing you there.