mortgage: Lancaster PA real estate outlook for subprime mortgage fallout - 04/23/07 04:43 PM
Everyone's been following the latest meltdown in the mortgage subprime world. I was quoted in a front-page article in Lancaster's Sunday News on the subject. Generally, practitioners in the area agree that the effect on the price of homes will be slight, and then only in a price range condusive to … (0 comments)
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mortgage: If I could get a real estate agent on my jury, - 04/23/07 03:37 PM
If I could get a real estate agent on my jury, I believe I could clean out some of the worst of the mortgage brokers.
I represent more sellers than buyers. Over 50% of the closings are late. The mortgage broker says everything is fine 2 weeks ahead of time. Same thing … (0 comments)
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mortgage: The New American Dream - 04/23/07 01:59 PM
I was having a very good conversation with my brother last night about a strategy that I sometimes recommend to people looking for new and unique ways to invest. I only bring this up, because my brother and I have different views in how people should and shouldn't use their home … (11 comments)
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mortgage: Shared equity mortgage to the rescue. - 04/23/07 01:23 PM
Despite the recent softness in the real estate market, buying a home can be a stretch for many first-time buyers and young move-uppers. Prices are relatively high in most areas and lenders are getting fussy. Shared equity mortgage could be worth a look. Let's go over some of the basics.
Normally … (7 comments)
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mortgage: How You Can Help Oppressed Children Through Your Real Estate Business - 04/23/07 12:45 PM
Child Slavery
Each year, worldwide, an estimated 1.2 million children are bought and sold in the flourishing sex trafficking industry. This “industry” generates billions of dollars annually, second only to illegal drug sales.
Most of these children are either sold into slavery by their families, or are abducted from poor villages.
… (0 comments)
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mortgage: Tax Money to Prevent SubPrime Foreclosures? - 04/23/07 12:20 PM
A couple of weeks ago I wrote a blog entry called I Saw It but I Don't Believe It! about a coalition calling for a moratorium on mortgage foreclosures. The comments were an interesting blend. But, now Senator Charles Schumer has come up with an interesting twist on the idea. Citing … (2 comments)
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mortgage: Downpayments Shrivel as 100% Financing Becomes The New Norm - 04/23/07 12:01 PM
Leverage is a key concept in real estate - buying a lot with a little, but among recent home buyers it has reached extraordinary levels. New survey research using a representative sample of purchasers found that at least among first-time buyers, downpayments have withered to the point of virtually disappearing. … (0 comments)
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mortgage: If Your Loan Officer is Vague, Walk Out the Door - 04/23/07 11:57 AM
Question: I am almost at the point of making an offer on a home with a ten percent down payment. My offering price will be $360,000 and I want an 80-10-10 mortgage program to avoid private mortgage insurance. When I spoke with the loan officer, he was vague in giving me … (1 comments)
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mortgage: The # 1 Thing You Must Absolutely Do Before You Apply For YOUR Mortgage? - 04/23/07 11:55 AM
What Is The # 1 Thing You Must Absolutely Do Before You Apply For YOUR Mortgage?
So you want to refinance your existing mortgages, replace them with one mortgage at a lower interest rate, get one payment and reduce your cash outlay by $500, $800 or $1,000 dollars each month? … (1 comments)
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mortgage: Get 1/4 Of One Percent Better Every Day - 04/23/07 11:51 AM
Make 2007 Your Best Year Ever!
Being almost 1/3 through the year, I would like to share six ideas with you about how you can make this your best year ever.
1. Get 1/4 Of One Percent Better Every Day Try to do everything you do just a little bit … (0 comments)
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mortgage: Mortgage Market Update - For The Week of April, 23 2007 - 04/23/07 11:22 AM
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mortgage: Mortgage Market Guide - 04/23/07 10:01 AM
For the week of Apr 23, 2007
… (0 comments)
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mortgage: Get The Money Your Business Needs Without The Wait And Hassle You Don't Need! - 04/23/07 09:58 AM
Get The Money Your Business Needs Without The Wait And Hassle You Don't Need!
You may already know the difficulties of doing business with a bank. Let's face it, between all the red tape involved and the impersonal service, you are more likely to be turned down than approved for a … (0 comments)
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mortgage: One-of-a-Kind Gifts - 04/23/07 07:45 AM
Purchasing a gift can be a stressful experience. Whether you're buying for a close friend or a mere acquaintance, the same questions arise. Will they like it? If the answer is yes, then it could be that they already own it! If you choose to go the safe route and buy … (1 comments)
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mortgage: College Savings Plans - 04/23/07 07:21 AM
Saving for your child's education just became a bit more complex as a result of the new tax bill passed last May. The Uniform Gifts to Minors Act (UGMA) is a popular program which allows minors to own stock in their name and, if they fall between the ages of 14-17, to … (0 comments)
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mortgage: STUBBORN/CRAZY BORROWERS PART #2 - 04/22/07 11:59 PM
When I was in residential mortgage as an originator I always make it a point to explain to the borrowers "what to do" and "not to do" when getting a mortgage. I even have a "Do's and Don'ts list" included with my disclosures. But sometimes no mater how hard you try … (6 comments)
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mortgage: Overwhelming Debt Got You Stressed? - 04/22/07 11:16 PM
If you are in over your head in credit card debt, you are not alone. Many Americans find themselves in this position everyday. In order to avoid financial disaster you need to act fast. There are plenty of options to reduce your debt load and get your financial future back on … (0 comments)
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mortgage: Mortgages Explained - 04/22/07 10:57 PM
There are 4 main mortgage programs available on the market today, fixed rate, adjustable rate, interest only, and option arms. In order to understand how these mortgages can affect you lets take a look at how they work.
Lets start with a fixed rate mortgage. This mortgage is by far the safest … (0 comments)
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mortgage: 29 ways to sell more of your own listings! - 04/22/07 10:27 PM
29 ways to sell more of your own listings!
This month is going to be another long one...but I've got a lot to share with you.
We're going to talk about:
29 ways to sell more of your own listings, for more money, in less time...in any market.
The first … (18 comments)
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mortgage: Ah! Yes! The Out of Town Lender Who Is A Friend! - 04/22/07 10:17 PM
All I wanted when I got up on Friday was to do a couple showings, return some calls and e-mails, enter a new listing, go to a closing at 2:00 in my office and go home! We were going out of town and leaving at 5:00. Everything went as scheduled until … (3 comments)
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mortgage: Your Credit - 04/22/07 10:10 PM
Managing Your FICO Scores Credit is one of the most critical components in our life, yet the least regulated, and even less understood. More and more, less understood because how you manage your debt affects your credit. Today, credit is measured by a FICO score. It is a snapshot of an … (2 comments)
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mortgage: MIRAMAR FLORIDA HOMES FOR SALE - SILVER FALLS REAL ESTATE - REALTOR - HERE TO SERVE YOU! - 04/22/07 09:47 PM
For information about market conditions, recent sales, and a history of Silver Falls, contact Michelle Burgos, GRI the Miramar Neighborhood Expert! Visit: www.ILoveMiramar.com and/or www.RealEstateWish.com for all of your real estate needs. You may also obtain city news, events, local ads, restaurant guides and so much more. We are here to provide … (0 comments)
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mortgage: Discover what has the biggest impact on your credit score - 04/22/07 06:41 PM
… (0 comments)
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mortgage: Don’t Pay Another Cent in Rent To Your Landlord . . . - 04/22/07 02:31 PM
Don’t Pay Another Cent in Rent To Your Landlord . . .
"If you’re like most renters, you feel trapped within the walls of a house or apartment that doesn’t feel like yours."
It’s a dream we all have - to own our own home and stop paying rent. … (2 comments)
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mortgage: Out of the Box Loans Programs (LENDER) - 04/22/07 12:45 PM
Jumbo Alt "A" Specialist:100% Stated, No Ratio & NIVA to $1,400,000 w/680, owner-occupied, 1-2 Units, Purchase & Cash-Out100% Full Doc to $1,800,000 w/ 620 Purchase & Cash-Out, 1-2 Units, owner-occupied, (3-4 Units, Fico at 680)95% to $1,900,000, Stated, No Ratio & NIVA Purchase & Cash-Out, 1-4 Units, owner-occupied, w/680(Full Doc, owner-occupied … (0 comments)
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mortgage: Where Your Tax Dollars Go - 04/22/07 08:27 AM
The US government expects to collect some $2.6 trillion in tax revenue this year! That's a 6% increase over last year, and a 13% jump since 2005. With the tax season behind us, did you ever wonder how your tax contributions are spent? Well, according to the government's 2008 budget, nearly … (2 comments)
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mortgage: The Pitfalls of Plastic - 04/22/07 08:19 AM
Credit cards are a great tool when it comes to building up a good credit history. However, according to a recent report, credit card debt in America reached nearly $800 billion in 2005. How can you obtain the benefits while avoiding the pitfalls? Here are some dos and don'ts:
Monitor your … (0 comments)
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mortgage: Another Seattle Area Lender Shuts Down - 300 People Now Unemployed??? - 04/21/07 01:09 PM
According to an article in the Puget Sound Business Journal, Mortgage Investment Lending Associates of Mountlake Terrace ceased operations as of 4/20/07 and all 300 of their employees are out of work.
I keep hearing and reading how our area is immune to negative changes in the real estate market, but keep … (1 comments)
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mortgage: Mortgage Crisis? - 04/21/07 12:48 PM
I would love to hear from lenders in the network who are willing to talk about the current mortgage crisis. I know when the market was HOT, subprime lenders were fat and happy handing out loans to barely qualified, and sometimes unqualified clients. Real estate agents participated in this as well, … (6 comments)
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mortgage: The Dark Cloud Over Sacramento Real Estate Has a Silver Lining - 04/21/07 10:56 AM
For those who missed it, the Sacramento Bee posted this article Tuesday. The 80 or so comments that follow the article make for a lively and sometimes ugly discussion. Not particularly cheery, but there is a silver lining.
Foreclosures in full boom In ominous sign of more to come, … (0 comments)
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mortgage: Top 10 Red Flag List for Mortgage Brokers - 04/21/07 09:35 AM
Top 10 Red Flag List for Mortgage Brokers
Shifting the closing date. The borrower's mortgage closing date can shift if the borrower does not have a written commitment from the lender. Homebuyers can find themselves in a default situation if they quit paying their existing mortgage based on an oral promise that … (0 comments)
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mortgage: Subprime Changes the Lending Landscape - 04/21/07 08:44 AM
The effects of the subprime crisis are becoming clearer with each passing day. According to the Wall Street Journal, tightening guidelines and fewer available products are creating challenges for borrowers with credit issues. If you're thinking about taking on or refinancing a mortgage, your credit score will be crucial when it … (0 comments)
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mortgage: First-Class Mail is Forever Altered - 04/21/07 08:09 AM
The US Postal Service has introduced the "forever" stamp. This special stamp, good for any first-class letter weighing up to one ounce, is valid forever, no matter how much postal rates increase. That means consumers can purchase these special stamps at today's rate and use them for years to come, even … (5 comments)
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mortgage: UNDERSTANDING YOUR LEGAL RIGHTS - 04/20/07 10:28 PM
Know you legal rights when it comes to dealing with debt collectors, and the credit reporting agencies. You have the right to sue...
The Federal Fair Credit Reporting Act (FCRA) is designed to promote accuracy, fairness, and privacy of information in the files of every one of the three major credit reporting … (0 comments)
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mortgage: Uncontrollable Debt Leads to Poor Health - 04/20/07 10:21 PM
Various studies show that people who have higher debt have a higher level of stress. In other words, our level of stress can be traced right back to the level of debt one has. Marriage and relationships are also impacted due to financial matters. Couples argue more about money than any … (3 comments)
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mortgage: What is a Reverse Mortgage? - 04/20/07 08:21 PM
Answer: A reverse mortgage is a loan where the lender pays you instead of you paying the lender. Home equity is tapped to make these payments, which can be lump sum or monthly. Generally, reverse mortgages do not need to be repaid until you sell your home. Reverse mortgages are often … (0 comments)
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mortgage: Multiple Properties and how to manage your debt. - 04/20/07 08:05 PM
et's face it, credit is extremely important in Real Estate finance, and one of the most important, if not the most important factors, is paying everything on time. I am going to give a few tips on how to make managing the payments and keeping that FICO score in 700's to … (0 comments)
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mortgage: HUD Increases FHA Home Loan Limits In Some Utah Markets - 04/20/07 07:58 PM
The Department of Housing and Urban Development (HUD) made a huge increase in the maximum loan amount in some Utah markets.
Checkout the new FHA Home Mortgage limits for any county or MSA in the country at this site.
Salt Lake County, Summit County and Tooele Counties all received the same increase. The … (2 comments)
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mortgage: Pay Off All Your Debt – Financial Freedom International, Inc. - 04/20/07 07:14 PM
Tim J.Thrift, Independent Representative and Certified Credit Consultant with United Credit Education Services have joined forces with Financial Freedom International, Inc. as a Consultant (consultant #187673).Financial Freedom International, Inc offers clients solution to pay off all there debts including credit cards, student loans, car loans personal loans and business loans in most cases … (2 comments)
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mortgage: Mortgage basics - 04/20/07 06:48 PM
There are many stresses associated with home buying – both financial and emotional. And frankly speaking, it doesn’t help that the process comes with its very own foreign language. While your mortgage broker can help de-mystify these terms, it helps to have a bit of a primer on what some of … (3 comments)
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mortgage: Canadians making bad mortgage choices? - 04/20/07 06:40 PM
RBC (Royal Bank) released it annual homebuyers survey few days ago. According to the survey many Canadians seem confused about the mortgage choices available to them, especially when they have to choose between a fixed rate mortgage and a variable rate mortgage. RBC's survey shows that most people will stick to … (0 comments)
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mortgage: FHA Home Loan Limits Skyrocket in Salt Lake City - 04/20/07 01:51 PM
Wow have you seen the new FHA Home Mortgage Limits for Salt Lake County? Did I say WOW? Let me say it again...WOW!
Checkout the new FHA Home Mortgage limits for any county or MSA in the country at this site.
Salt Lake County, Summit County and Tooele Counties all increased from $232,750 … (2 comments)
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mortgage: Vegas housing stats mixed. - 04/20/07 12:11 PM
Let's start with the good news. The numbers are in for March and what we see is that the prices in Southern Nevada are holding up rather well. The median new home price is down 3.5% from March of last year, but for the first quarter it's up 4%, to $324,035. That's … (0 comments)
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mortgage: Stop Foreclosure! We Buy Houses Cash! Close in 7 Days! - 04/20/07 09:08 AM
You've seen those signs, I know you have. And if you are one of the millions of people across the country having trouble making the payments on your home or are already facing foreclosure, these signs can seem like the answer to all of your prayers.
But people in this situation … (17 comments)
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mortgage: The Five Factors of Credit Scoring - 04/20/07 06:39 AM
There are five factors that comprise the credit score. They are listed below in order of importance, just as an underwriter would look at the score:
Payment History: 35% impact. Paying debt on time and in full has a positive impact. Late payments, judgments and charge-offs have a negative impact. Missing a … (0 comments)
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mortgage: Personal Note Cards- Powerful Marketing Tool - 04/20/07 06:25 AM
The business professional with the most friends WINS! Period. The formula for success is that simple.
The power to attract people is what gauges success. The more people consider you a friend and a business professional, the greater your potential for success. Your existing client base, if managed properly, can become your … (6 comments)
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mortgage: 808 Home Mortgage monthly newsletter - 04/20/07 02:12 AM
Your Home: 5 tips if you're in too deepIf you're among the many homeowners now straining under the weight of a too-big housing payment, you're not doing yourself any favors by ignoring the problem. If you are shortchanging other goals, such as saving for retirement, that's a sign it might be … (0 comments)
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mortgage: The Lending Game - 04/19/07 10:52 PM
Hey All,
This is my first blog, so I'm not sure if I'm doing it right or not. I want to say that I've been in the business for 13 years. Yes...I want to make money...lots of it, but I know that it comes from serving others. You, as the consumer, … (5 comments)
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mortgage: Do you get referrals at closing? We do. - 04/19/07 08:09 PM
Everyone knows that referrals are the lifeblood of any successful business in the real estate industry.
Whether your a real estate agent, or a mortgage broker/loan officer, referrals are the best way to grow and sustain your business.
It's no different for us mobile notaries. We thrive on referrals as well.
But...we also collect … (2 comments)
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mortgage: A unique way to differentiate your business - 04/19/07 07:49 PM
In a declining refi and home buying market (even though we are still OK here in Seattle), you should always be on the lookout for new ways to differentiate yourself, and your business, right?
Well, I've got one for you.
It's easy. It's simple. And your clients will love that you offered it … (2 comments)
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mortgage: Is California Saturated With Real Estate Agents? - 04/19/07 07:44 PM
One of my agents emailed this to me today. It’s part of a newsletter from National Realty News….
An Open Apology From The Publisher of The National Realty News
Wednesday, March 14, 2007
Last November several of our staff attended the National Association of Realtors annual convention in … (5 comments)
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mortgage: Everett Mutual Mortgage - Local Lynnwood business - 04/19/07 05:55 PM
Hi guys I have another local business that I would like to share with you. Mary Anderson is the Broker and owner for Everett Mutual Mortgage. Here is some information about Mary if you are looking for a good Mortgage broker for your next house purchase or need to refinance.
http://www.everettmutualmortgage.com/
MARY … (0 comments)
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mortgage: Have You Had Your Credit Check-Up Lately? - 04/19/07 05:31 PM
Checking your credit might be a little like the annual over 40 physical for men, the annual OB appointment for women, or the dreaded dental appointment for all of us. However, it's one of those necessary evils we should all plan to do once a year. Keeping your credit in good … (6 comments)
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mortgage: Down Payment Assistance Programs - 04/19/07 04:58 PM
Over the past couple years, homebuyers have been able to take advantage of Down Payment Assistance Programs, such as AmeriDream, Neighborhood Gold and many others.
How do they work? For example: a homebuyer is purchasing a home in Tampa for $200,000. As a first time buyer, they didn't already have established credit scores, … (21 comments)
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mortgage: No Kitchen Sink? No Mortgage for you! - 04/19/07 02:38 PM
On my "Real" blog, I'm switching formats and going to a WordPress platform and getting away from my more website-like blog. It's a slow process but while I'm switching I thought I'd post some of my archived postings from months and years past that may be helpful or at least information. This … (4 comments)
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mortgage: Mortgage Lender: Broker or Banker? - 04/19/07 02:15 PM
"I am looking for a mortgage lender in Phoenix" said the prospect over the phone. He was referred by a friend and I had been expecting his call all week. He said they were moving to the Phoenix area from the Midwest. We started talking about the type of loan he … (2 comments)
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mortgage: Help Me Understand??? - 04/19/07 12:03 PM
Communication, Communication, Communication.. (or the lack thereof)
This is perhaps one of the biggest problem areas identified by clients, employees and managers in virtually any business. It doesn't matter what industry you're in, effective communication can make you or break you. Good managers recognize the importance of this and they are always striving … (10 comments)
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mortgage: Why would anyone risk messing with the law? - 04/19/07 10:14 AM
I just don't get it. Everyday somebody gets busted to something stupid. At least that is what it seems like.
OKLAHOMA - Charles Caldwell, Jr., a mortgage broker at United Lending, Brandon L Baum, a licensed real estate agent, and four others were convicted last week by a federal jury of all charges for employing an illegal … (2 comments)
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mortgage: When the Mortgage Company Drops the Ball - 04/19/07 08:30 AM
I'm supposed to have a closing this Friday...HOPEFULLY.
The problem? My client went with a mortgage broker company - someone with whom I am not familiar. Now I'm not saying clients can't choose who to do business with and I'm not saying mortgage brokers are bad or that clients always have to go with … (9 comments)
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mortgage: Write−offs to Remember: Deductions in the Loan Process - 04/19/07 07:18 AM
Write-offs are the government's way of rewarding taxpayers when they've done something the government likes. And to judge by the write-offs, the government likes it when people borrow money to buy a house. There are write-offs aplenty, many of which people often forget. Make sure you take advantage of every break … (0 comments)
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mortgage: Common Mistakes Can Lower Your Credit Score - 04/18/07 09:42 PM
Your credit score tells creditors an instant snapshot of your credit worthiness. Think of your credit score as a picture of your credit risk. Not everyone agrees to the fact that we are approved or denied credit based on a "number," but thanks to Fair Isaac & Co, who came up … (1 comments)
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mortgage: Hawaii Mortgage Rates - 04/18/07 09:32 PM
Aloha Everyone,
According to bankrate.com's national survey of large banks, today's average Mortgage Interest Rate is:
6.29% with .27 points for a 30 yr fixed loan.
(I wanted to send you the whole article, but not sure if it violates any copyright rules! I'm new to Active Rain)
Of course, the client has the … (0 comments)
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mortgage: BANK FEES & HIGH INTEREST RATES - 04/18/07 09:11 PM
Getting The Credit You Deserve
By Gabriel B. Avalos
Banks are great at charging high fees, but give us little in return for the money we keep in their checking or savings accounts. This article will give you proven techniques that can potentially save you a ton of money over time, by eliminating … (0 comments)
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mortgage: Getting The Credit You Deserve - 04/18/07 09:03 PM
Getting The Credit You Deserve
By Gabriel B. Avalos, Trusted Advisor
Tip #1: Know your score
People like you and me applying for a mortgage or a car loan are nothing but a "number." A credit score in other words. And even though you may be a fine citizen and pay just about every … (2 comments)
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mortgage: What is the right mortgage for me? - 04/18/07 04:36 PM
If you are thinking about refinancing your home or purchasing a new home, you may be overwhelmed by how many choices there are when it comes to the financing. Interest rates can range anywhere from 1% to 15% depending on the type of loan you choose, your credit and the amount … (0 comments)
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mortgage: 4/18/2007--Daily Mortgage Market Updates - 04/18/07 04:03 PM
4/18/2007
Rates did improve a little today and mortgage bonds are closing out today on a positive note. So we are enjoying this positive trend.
Mortgage Bond prices have made a clean break away from the powerful Down Escalator they have been riding for the past month - and are being helped this morning … (0 comments)
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mortgage: Six Tips for Moving Singles from Renters to Home Buyers - 04/18/07 02:48 PM
Six Tips for Moving Singles from Renters to Home BuyersBy Frank Schiefelbein
One of the many hats you wear as a real estate professional is that of an educator and a valuable source of information. People often fear what they don't understand, especially the seemingly complicated process that parallels a home purchase. … (4 comments)
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mortgage: Thank You ActiveRain....... - 04/18/07 02:36 PM
In the past week or so, I have gotten 3 loan applications as a direct result of my Blog here on AR.
I am amazed every time someone calls me and says they found me on the Internet(people used to not be able to find me on the Internet). Now they tell … (2 comments)
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mortgage: National homebuilder under scrutiny. - 04/18/07 01:39 PM
This appears to be part of the subprime turmoil. Federal investigators have recently launched a criminal probe into the mortgage lending methods and other financial transactions of Beazer Homes. Several agencies are involved, among them HUD and IRS. They are emphasizing, though, that an investigation alone doesn't necessarily mean there has … (0 comments)
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mortgage: How Subprime Lender Failures Could Impact You - 04/18/07 11:04 AM
Subprime loans are high-interest rate loans that are offered to people who do not qualify for market rate mortgages. Often, traditional lenders have turned these borrowers away because of low credit ratings or other factors that suggest to traditional lenders that borrowers could default on their loans. Since the start of … (3 comments)
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mortgage: The Sub Prime Market Toll on Lenders.... - 04/18/07 10:27 AM
To see a list of the mortgage companies who have gone under because of the Sub Prime turmoil, go to www.mortgageimplode.com. You will see a lot of companies you never heard of but there are also some big hitters that have gone under.
We'll see what happens in the near future!
… (3 comments)
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mortgage: Finding Our Niche- What it Takes to Get Ahead of the Competition - 04/18/07 06:35 AM
Very few of us have the luxury of being the only professional in our marketplace offering our particular service. Competition is constantly at our heels, hoping to catapult one step ahead of us. For this reason, we must continually strive to differentiate ourselves from any competition we may have.
Dan Sullivan, President … (3 comments)
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mortgage: Annual Percentage Rate- What is the Real Cost of Financing? - 04/18/07 06:05 AM
Annual Percentage Rate (APR) is a tool that consumers can use as a starting point to compare loan programs. However, it's important to keep in mind that APR is not a perfect system, and not all lenders calculate APR in the same way. While the Federal Truth-in-Lending Act does require any … (0 comments)
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mortgage: What 2 Do If Your Lender Goes Out of Business? - 04/17/07 11:57 PM
Okay, so your loan was tied with one of the MANY subprime lenders that went out of business with New Century. What do you do now? What are your options? Who gets your money? Where do you send it?
A number of subprime mortgage lending companies are taking a hit to … (0 comments)
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mortgage: Building A Referral Network- How to Reach Out to Those Around You - 04/17/07 11:09 PM
Everyone has heard the expression, "It's not what you know but who you know." Of course this isn't entirely true, but having a successful referral network can lead to a significant increase in satisfied clients with minimal effort on your part.
Have you ever gone into a large home improvement store, … (3 comments)
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mortgage: Fannie Mae's "Homestay" to the rescue? - 04/17/07 07:21 PM
A recent article entitled Mortgage giants may help borrowers by AP Business Writer Marcy Gordon describes new programs being developed by Fannie Mae and Freddie Mac to help borrowers keep their homes in the light of rising foreclosure rates. Fannie Mae is calling their new program "Homestay" and is designed … (6 comments)
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mortgage: Subprime help on the way? - 04/17/07 05:26 PM
Looks like it. That's what Fannie Mae and Freddie Mac say they'll do. Help. These two large government-sponsored buyers of mortgage loans in the secondary market made that promise today in Congress. They are the ones that can be charmed a little easier than private financial institutions to make a difference. So, to start … (4 comments)
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mortgage: How to Sidestep Surprise Mortgage Costs - 04/17/07 05:22 PM
How to Sidestep Surprise Mortgage CostsBy Frank SchiefelbeinWe're all bombarded by countless offers for the best deal when it comes to obtaining a home loan. This one promises the lowest rate. That one touts the lowest fees. Another boasts price guarantees. Unfortunately, claims that seem too good to be true may … (0 comments)
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mortgage: Mortgage Giants To Rescue Distressed Borrowers - 04/17/07 05:15 PM
In the scramble to address the difficulties of home owners trapped in bad loans, help may be on the way.
From the Associated Press today:
MORTGAGE GIANTS MAY HELP BORROWERS WASHINGTON (AP) - The heads of Fannie Mae and Freddie Mac said Tuesday the mortgage finance giants are developing new … (1 comments)
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mortgage: Six Degrees Of Refinancing - 04/17/07 05:08 PM
Not always dependant upon lower interest rates, refinancing is a good idea under a variety of conditions. If you need to lower your monthly expenses, find some extra cash, or reduce your risk level, it's not a bad time to consider reconfiguring your mortgage.
On March 19, Freddie Mac's weekly mortgage … (1 comments)
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mortgage: Home Buying 101: Six Starter Steps to Smooth the Path to Homeownership - 04/17/07 05:04 PM
Home Buying 101: Six Starter Steps to Smooth the Path to Homeownership By Frank SchiefelbeinTurning the American dream into reality hinges on a solid strategy and a proactive approach. By taking a few simple steps up front, you can help boost your buying power and ensure that your experience is positive … (1 comments)
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mortgage: Jumbo Loans Jump Up Buying Power - 04/17/07 05:02 PM
Jumbo Loans Jump Up Buying Power By Frank SchiefelbeinRising property values coupled with low interest rates have brought on a supersized demand for jumbo loans in recent years. As many major markets across the U.S. have a dwindling inventory of homes at or under Fannie Mae/Freddie Mac conforming loan limits (currently … (0 comments)
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mortgage: The Countless Upsides of Zero Down; 100% Financing Offers No Downpayment, No MI, No Jumbo Pricing and More - 04/17/07 04:52 PM
The Countless Upsides of Zero Down; 100% Financing Offers No Downpayment, No MI, No Jumbo Pricing and More
By Frank SchiefelbeinMaybe you don't have the cash for a downpayment. Maybe you do, but would rather use the funds elsewhere. Either way, 100% financing could be the optimal solution for you to get … (1 comments)
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mortgage: Everybody Wins With Loan Preapprovals - 04/17/07 04:45 PM
Everybody Wins With Loan Preapprovalsby Frank SchiefelbeinIt's a real estate professional's nightmare. You finally find the perfect buyer for that listing you've been trying to sell for months. The seller accepts the offer and you begin looking forward to your commission -- only to find out that the buyer can't qualify … (0 comments)
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mortgage: Attractive, Flexible Financing Options for Non-traditional Buyers - 04/17/07 04:43 PM
Attractive, Flexible Financing Options for Non-traditional Buyers by Frank Schiefelbein
If your clients are self-employed entrepreneurs, investment property buyers or in the market for a second home, choice in lenders has historically been limited. Now, thanks to an innovative program, Countrywide Home Loans offers you and these non-traditional home buyers competitive financing … (0 comments)
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mortgage: Changes in VA Loans Simplify Process for Your Clients - 04/17/07 04:41 PM
Changes in VA Loans Simplify Process for Your Clients by Frank SchiefelbeinMore veterans are applying for VA loans than ever before, which is why it is increasingly important to understand the guidelines for these loans, particularly when it comes to underwriting standards. During 1997 and 1998, the Department of Veterans Affairs … (0 comments)
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mortgage: A Smart Approach to Selling Those ‘Fixer-Uppers' - 04/17/07 04:38 PM
A Smart Approach to Selling Those ‘Fixer-Uppers'By Frank SchiefelbeinAs many home shoppers learn during showings, the best buy in town is often the "fixer-upper" -- an unattended house on an otherwise nice street, or an older home with lots of charm but an impossibly ancient kitchen. When cash is tight, clients … (1 comments)
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mortgage: Good Credit Habits Mean More to Lenders - 04/17/07 04:33 PM
Good Credit Habits Mean More to LendersBy Frank SchiefelbeinInterest rates are reasonable these days, and homeownership has become more affordable thanks to a strong economy. Whether your clients are homeowners moving up into larger residences, or first-time home buyers, their credit history is a key component in the success of their … (0 comments)
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mortgage: 10 Spring Cleaning Tips for Mortgage Professionals - 04/17/07 03:25 PM
10 Spring Cleaning Tips for Mortgage Professionals
Spring cleaning gives us that wonderful feeling of freshness, and renewed energy. It means a new start and for many...a new life. After hibernating for the winter, you may find that you are surrounded by lots of clutter! Even those of us in sunny Florida … (2 comments)
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mortgage: Mortgage Market Update - For the Week of April 16th, 2007 - 04/17/07 02:09 PM
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mortgage: Silent second mortgage woes. - 04/17/07 01:47 PM
Here's another intriguing twist to the subprime saga. They just keep on coming, don't they. A silent second can be executed several different ways, but it always means that the first note holder is kept in the dark about it. That's why the term silent second.
The latest trend is that soon after a borrower … (2 comments)
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mortgage: Should We Bail? (continued) - 04/17/07 01:30 PM
Here is a follow up to my post yesterday titled Should We Bail?
I was reading that Fannie Mae and Freddie Mac are both working on programs designed to keep people from going into foreclosure. At this point, no specific details are available. Most of the loan amounts in my area, Walnut … (2 comments)
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mortgage: When Is MI Better Than a 2nd? - 04/17/07 11:37 AM
I have seen many posts talking about MI being tax deductable this year, and just as many say that a 2nd mortgage is still the way to go. But, I have not seen too many that say MI is better than a 2nd mortgage.
So, when is MI better than a 2nd … (1 comments)
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mortgage: I am searching for TWO Motivated Loan Officers - 04/17/07 11:15 AM
If you are a loan officer or an agent who knows a great loan officer, please let me know. I am searching for two loan officers who are motivated and are self starters. Great benefits and exceptional work environment. These positions are available immediatly and I would love to talk, no … (0 comments)
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mortgage: The Art of Database Management: Working Smarter - 04/17/07 11:12 AM
The relationship you develop with your customers, combined with the personal information you are constantly collecting, can be a goldmine for future business. The fact is most business professionals spend a significant amount of money marketing to people they don't know in an effort to procure new business. Wouldn't it make … (2 comments)
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mortgage: Tradelines and reserves are the key! - 04/17/07 09:22 AM
Just a little insight for the real estate people here...please inform you customers that reserves and tradelines are really becoming a big key into getting a mortgage these days...they are very important so inform you customers before you have them call me!!! If they don't have them, I got some ideas … (0 comments)
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mortgage: A Lesson From A Gazelle and Lion - 04/17/07 08:42 AM
Every day in Africa a gazelle wakes up. It knows that it must run faster than the fastest lion, or it will be killed.
Every morning a lion wakes up. It knows that it must outrun the slowest gazelle, or it will starve to death.
It doesn't matter whether you are a lion … (3 comments)
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mortgage: Easy Mortgages...Lowest Rates...Light Paperwork....FAST!!! - 04/16/07 11:28 PM
How many of us have seen these commercials care of Ditech, Greenlight, and Quicken?
More and more people are being seduced by these commercials. Just this week I had two clients relay to me horror stories of dealing with these type of companies. So, I went out to look and see what … (10 comments)
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mortgage: Tighter Lending Standards good for Housing - 04/16/07 07:44 PM
Tighter lending criteria and fallout from the subprime loan breakdown will lead to a healthier housing market. The new loan standards will assure that the homeowners can handle mortgage adjustments, but will also slow the housing recovery, according to the latest forecast by the National Association of Realtors.
These new loan standards will help … (0 comments)
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mortgage: Weak Employment Driving Foreclosure Rates - 04/16/07 06:07 PM
Originally Posted on HomeFinancingNews.com According to Investor’s Business Daily, employment rates play a much bigger role on foreclosures than the nature of the mortgages themselves.
They point out that while subprime mortgages accounted for an uncomfortably high 22% of the California’s total market share in February, the Golden State’s subprime foreclosure … (3 comments)
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