Why use a Realtor? Here's why! - 08/26/08 10:46 PM
‘For Sale by Owner' may be the four most tempting words in the world to a homeowner who feels the need to earn every penny from the sale of his or her property. A ‘For Sale' sign, a classified advertisement, and a telephone seem to be the only tools necessary for you to get underway. Likewise, buyers may be tempted to think they can find the home of their dreams armed with a recent homes-for-sale magazine and a road map. But rarely do these solo ventures yield the sweet success envisioned by the thrifty consumer.
Buyers and sellers are clearly … (10 comments)
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7 tips two watch for with a purchase contract - 08/26/08 10:43 PM
1. The closing date. See if the date the buyer wants to take title is reasonable for you.
2. Date of possession. See if the date the buyer wants to move in is reasonable for you.
3. The earnest money. Look for the largest earnest-money deposit possible; since it is forfeited if the buyer backs out, a large deposit is usually a good indication of a sincere buyer.
4. Fixtures and personal property. Check the list of items that the buyer expects to remain with the property and be sure it's acceptable.
5. Repairs. Determine what the requested repairs will … (1 comments)
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Current Oregon Rate Sheets - 08/26/08 10:13 PM
Weekly Rate Sheet (August 25th)
Travis Newton-Owner/Sr. Mortgage Planner503.931.4490 travis@todaysmortgagegroup.com
Conventional Loans Rate APR30 Year Fixed 6.25% 6.320%15 Year Fixed 5.625% 5.889%40 Year Fixed 6.625% 6.820%30 Year Interest Only 6.625% 6.902%5 Year Libor Arm 5.50% 5.811%
Jumbo Loans Rate APR30 Year Fixed 6. 875% 7.022%15 Year Fixed 6.50% 6.688%5 Year Libor Arm 6.50% 6.692% Loan amounts over $417,000
Government Rate APR30 Year Fixed 6.125% 6.302%15 Year Fixed 5.675% 5.827%FHA Loan limit in Marion & Polk County-$295,000
Rural HUD Loan (no down Payment) Rate APR 30 Year Fixed (100% financing) 6.25% 6.391% * NO Mortgage Insurance. Available in Rural area's only. … (0 comments)
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More Mortgage Help - 08/26/08 08:17 PM
Here's another one I use to help keep me organized Loan Type ______________ Loan Amount___________ Rate_______ Expires________ Escrows Y/N Borrower Name ____________________ SSN ____________________ Home # ____________________ Co-Borr. Name ____________________ SSN ____________________ Work# _____________________ Home Address___________________________________ When do they want to close? ____________ City, State, Zip__________________________________ Credit Scores _______________ HELOC Y/N Subject Property Address ________________________________________________________________ Loan Number ___________________________ Refinance Application sent _______________ Application returned___________ Loan locked __________________ Pre-Approval sent ____________ Titlework ordered _____________ Titlework rec'd________________ Appraisal ordered ____________ Appraisal rec'd_______________ Appraised Value __________________ Purchase agreement rec'd ___________ Purchase price ____________________ Seller Concession? Y/N Amount ______ Mortgagee clause updated ___________ Declaration page … (6 comments)
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Mortgage peeps - 08/26/08 08:14 PM
Here is a form I use with my clients...
Hope it help any of you who may need it
Travis
CUSTOMER PROFILE
Referral Source (How did you hear about us?): _____________________________________
Date: Appt. Date: Appt. Time:
Borrower Name: Borrower Name: Social Security No.: Social Security No.: Address: Home Phone: ( ) Work Phone: ( ) Email: ______________________________
Employed at: ________________________ Employed at:_________________________Where: Where: How Long: How Long: Income: Income: (40 Hrs?) Hourly, Salary, Commission? (40 Hrs?) Hourly, Salary, Commission?Addl. Income: Addl. Income: Alimony, Child Support, Soc. Sec.? Alimony, Child Support, Soc. … (0 comments)
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FHA VA info - 08/26/08 08:04 PM
If you are looking into purchasing a new home or refinancing a home, there are loans that you can qualify for no matter what the circumstances. Two of these types of loans in which one can qualify for include FHA and VA loans. FHA loans are used for lower income families as well as those that are purchasing their first home. VA loans are for those who have served in the army, reserves, etc. Both of these types of loans for homes have foundations in governmental funding. FHA stands for the Federal Housing Administration. They allow lower income U.S. citizens … (1 comments)
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Mortgage Brokers please read - 08/26/08 07:52 PM
What type of marketing software are you using? Is it working? I've been a member of "by Referral Only" for a couple years. It's been a fantastic program to keep me motivated. I also just joined the Mortgage Coach. I've been very happy with that program as well. They are both well worth the cost!
Please let me know what you're using to stay successful in the market. I apprecaiate any respoces I get.
Have a wonderful week.
Travis Newton
Owner/Sr. Mortgage Planner
Today's Mortgage Group
… (10 comments)
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What to know about Closing costs and fees - 08/26/08 07:38 PM
Closing costs can often add up when you have taken out a mortgage. By knowing what closing costs and fees will apply, you will be prepared for closing and owning your home. Closing costs include things such as real estate transactions, attorney fees, appraisals, credit reports, prepaid interest, homeowner's insurance, title insurance and reserves that the lender collects for future taxes and insurance. Each of these different aspects of closing costs can add up when you have made all of the payments towards your home or loan that you think is necessary. It is estimated that closing costs will be … (1 comments)
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Don't buy more house than you need - 08/26/08 07:37 PM
There was a time when all mortgages meant comparing the fixed interest rate mortgages of a handful of lenders. Today, however, the search for mortgages is more detailed and perhaps just a little too complicated to maneuver easily. Adding to the confusion are the many, many types of loans, loan programs of mortgage brokers, lenders, bankers, credit unions, finance companies, among others. Considering there's just so much to learn, finding the perfect mortgage that fits your needs is difficult: no, it doesn't start with an application, but with a thorough knowledge of the system. True, it takes time to understand, … (1 comments)
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A few reasons to use a Mortgage Broker - 08/24/08 02:29 PM
Maybe you're buying your first home or maybe you're just considering upgrade residences. Either way, you're going to need a mortgage to pay for your new home. Should you apply at the bank for a loan or should you take advantage of a mortgage broker's services? The decision really depends on a variety of factors, but most important is your personal preference and needs.How do mortgage brokers differ from loan officers? As an employee of a bank or lending company, a bank loan officer processes loans and mortgages for his or her employer. The main difference between loan officers and mortgage … (1 comments)
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Saving for College - 08/23/08 10:58 PM
One way to help with finances for sending your child to college is through a savings that you start early on. This can have many benefits to it later on. One of these is the Education IRA or the Coverdell Education Savings Accounts. By saving in this account, you will be able to have tax free costs, as long as the money is used for your child's education. There is a limit to putting $2,000 in this account per year. Not only will this count towards your taxes, but it will also help with credit and investment reports if needed. Another … (0 comments)
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Borrowing money - 08/23/08 10:56 PM
Where most families go wrong with lending to one another is a failure to establish firm guidelines and rules. You need to be very clear from the start whether this is a gift or a loan. If you give money without specifying which it is (a gift or a loan), then the other person may just assume it is a gift. If you need the money back down the road, he or she may not have the means to repay it, because there was no understanding at the start that the money would have to be repaid at some point. Even … (0 comments)
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loans for RVs and other recreational vehicles - 08/23/08 09:03 PM
Have you decided to hit the road in your own recreational vehicle (otherwise known as a RV)? The RV lifestyle is one that appeals to many whether just for a yearly vacation or to live in full time. What about the costs of RVing? With the high price of gas, the investment in a new recreational vehicle may seem daunting for some. In the long run, securing a loan for a new RV will be well worth the trouble.Your first step will be deciding which kind of RV suits your needs. There are many different kinds of RVs, including motor … (0 comments)
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Pre Pay the Mortgage? - 08/23/08 09:00 PM
One little question that perhaps gnaws at everyone's peace of mind at some point of time or other is: Should you pay off your home loan or invest the money? You'll be amazed by the variety of answers this question can elicit, and from this alone you can realize that there's no one answer for everyone. Though theoretically, the concept is simple: If you think of extra mortgage payments as an investment and your return as the interest on the loan, you need to now consider if you can get higher returns elsewhere? "Yes?" Then, keep the mortgage and invest the money … (0 comments)
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The negatives of consolidating - 08/22/08 10:43 PM
1) Your debt - all of it - still exists. Some people get the idea that debt is somehow lessened simply by the act of consolidating it. This is simply not true. By consolidating your debt, you are merely adding it all together and condensing it into one large loan. 2) You will probably take longer to pay off debts. Because debt consolidation usually minimizes your required monthly payment, you can expect it will take longer to pay off your debts entirely. 3) You will probably pay more in the long run. Again, those comfortable monthly payments mean that your debt … (2 comments)
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The Positives of Debt consolidation - 08/22/08 10:42 PM
Debt consolidation is one of the most important financial decisions some people will face in their lives. When debt begins to overwhelm your life, bills seemingly coming at you from all angles, the idea of simplifying your debt into one manageable bundle seems enticing. The most common form of debt consolidation involves applying for a debt consolidation loan. A debt consolidation loan condenses all of your monthly payments into one bill. Debt consolidation should not be confused with bankruptcy, in which all debts are cancelled and your credit rating plummets. Debt consolidation is more akin to refinancing, in which old loans … (1 comments)
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Oregon-Down Payment Assitance - 08/21/08 04:50 PM
Oregon-Down Payment Assitance
This is just a reminder to anyone who plans on using the Down Payment Assitance Program anytime soon.
As many of you may have heard this program will be going away (for good? not really sure) on October 1st 2008. Most lenders are wanting the file to be APPROVED and LOCKED in their system by September 1st 2008. If you have a buyer on the fence who needs the DPA....this should give them a little push.
After October 1st, buyers will have to come in with 3.5% (not the 3% we're used to seeing)
Have … (1 comments)
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Natural Disasters - 08/20/08 08:34 PM
Disasters or natural calamities are both unforeseen and unpredictable. If you live in Illinois, you're most likely to be affected by tornados, floods and earthquakes. And if this means your property is damaged or destroyed, you will have many concerns: concerns about where to stay temporarily, emergency repairs and how much it will cost you to rebuild your house. Before calamity is king: Your protection against a disaster is, as you know, homeowners or renter's insurance. Whether you own property or rent it, you must have appropriate insurance coverage for yourself, your property and your personal belongings. Check to see … (1 comments)
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Own or Rent? - 08/20/08 08:32 PM
There comes a time in everyone's life where they have to make the ultimate decision and decide whether to buy and own their own home or continue to rent. It's a huge decision as both have notable benefits and disadvantages and it is not one to be taken lightly. So lets have a look at these advantages and disadvantages to see which option is really the best option for you. Owning your own home is the traditional dream that practically everyone has, especially when it comes to starting a family. It gives you a feeling that you have accomplished one … (0 comments)
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FHA VA info - 08/13/08 08:09 PM
Government Grown Loans - The Lowdown on FHA and VA Loans If you are looking into purchasing a new home or refinancing a home, there are loans that you can qualify for no matter what the circumstances. Two of these types of loans in which one can qualify for include FHA and VA loans. FHA loans are used for lower income families as well as those that are purchasing their first home. VA loans are for those who have served in the army, reserves, etc. Both of these types of loans for homes have foundations in governmental funding. FHA stands for … (0 comments)
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Are you thinking of Co-signing? Be careful! - 08/13/08 08:07 PM
Someone you know - a friend, perhaps - desperately needs to buy a new car. She asks you to co-sign a loan for her, pledging wholeheartedly to pay it off herself. What do you do? Before you decide to sign on the dotted line, make sure you're aware of the possible consequences of co-signing a loan.Why do some people need a co-signer in the first place? In most cases, the lending institution has determined that your friend is not eligible to receive the loan. This could be due to several reasons. Maybe your friend has not established enough credit history to … (1 comments)
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Today's Salem Oregon Rates - 08/13/08 12:45 PM
Weekly Rate Sheet (August 13th) Salem/Keizer Travis Newton-Owner/Sr. Mortgage Planner 503.931.4490 travis@todaysmortgagegroup.com Conventional Loans Rate APR 30 Year Fixed 6.375% 6.520% 15 Year Fixed 5.75% 5.989% 40 Year Fixed 6.625% 6.820% 30 Year Interest Only 6.625% 6.902% 5 Year Libor Arm 5. 75% 6.011% Jumbo Loans Rate APR 30 Year Fixed 6. 875% 7.022% 15 Year Fixed 6.50% 6.688% 5 Year Libor Arm 6.50% 6.692% Loan amounts over $417,000 Government Rate APR 30 Year Fixed 6.25% 6.392% 15 Year Fixed 5.75% 5.977% FHA Loan limit in Marion & Polk County-$295,000 Rural HUD Loan (no down Payment) Rate APR 30 Year Fixed … (0 comments)
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Oregon Loan Officers Dropping like Flies! - 08/13/08 11:33 AM
I'm sure this is the case all over the country (maybe even more in Florida and California)
As you know our industry has changed a great deal in the last year. Loan officers are getting out of the business at record pace.
For Example:
July 2007 - there were over 15,000 Loan officers in Oregon
May 2008 - this number dropped to 7,000
August 2008- just 3 months later this number is now at 4300
Of that 4300 40% do not live in Oregon, but try to solicit loans from Oregonians.(internet lenders)
That leaves 2500 loan officers (down 600% … (6 comments)
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More about Credit - 08/12/08 10:04 PM
Those looking to secure a loan learn very early how important a credit score really is. It can determine whether or not a lending institution approves your loan application, and your credit score also influences the interest rate offered to you by a bank or other lending company.A credit score is a number assigned to you based on an analysis of your credit history. All of your credit history information is entered into a computer. The computer analyzes that information and then assigns a number. The major credit ranking agencies do not use the same software so you might be assigned … (2 comments)
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Crooked Loan Officers...things to watch for - 08/12/08 09:42 PM
Everyone wants to buy their own home and the most convenient way to do this in a "rush, rush world" like today, is by applying for a mortgage loan. The mortgage loan business is a big one. There are hundreds if not thousands of them trying to lure you in, but you have to beware and watch out for crooked mortgage companies. These crooked companies are out there and won't care if your loose your home, your savings or even if you go bankrupt. They especially like to prey on the first time home buyer. These companies are looking out for … (0 comments)
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Things to tell your Mortgage Planner - 08/12/08 09:39 PM
8 Things the Mortgage Lender will want to knowPaperwork can be trying at even the best of times. It can take tons of time to fill out loan applications and you might ask yourself why they need such detailed information? But you need to remember that this is one of the biggest purchases you will ever make it your life, and you should take the time to ensure that your application is complete and accurate. Mistakes on your mortgage application or agreement could be costly.When applying for a loan, most lending institutions and agencies have a standard or uniform residential loan … (0 comments)
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Are you asking the right questions before siging those loan papers? - 08/12/08 09:37 PM
If there's one rule that dominates in the home mortgage industry it is this: That you never go solely according to the mortgage interest rate. Instead, it makes good sense to take a close look at the jargon surrounding a mortgage program. You could even check back with lenders or a mortgage broker or shop on the Web for comparative rates. While you shop around, be armed to ask your mortgage lender a few key questions given here. The answers that you get will help you decide which loan is best for you. How soon can I expect my mortgage … (0 comments)
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3-4 & 5 letter words - 08/12/08 09:35 PM
APR, FICO, HELOC
APR, FICO and HELOC are terms that are used for interest and loans within different areas of living. While each has certain rules and regulations, they all are important ideals to pay attention to with credit, loans or interest.APR stands for the Annual Percentage Rate. It includes the yearly cost of a loan calculated in a fee as a percentage. It will include interest and insurance in the calculation of costs. The APR is most likely to be included in mortgages, credit cards and car financing. By knowing what the APR is of a certain loan or … (0 comments)
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Credit scoring facts - 08/12/08 09:32 PM
Are you thinking of buying a house or a new car? If you're like most people, you'll probably have to secure a bank loan. When it comes to money lending, many financial institutions strive to live by maxim of `only good credit need apply.' Yes, there are lending institutions that will lend to individuals or businesses with very low credit scores (known as `bad credit loans'). These types of loans frequently come with higher interest rates that can end up costing consumers more than someone with 'good' credit. Even if your credit score is not necessarily bad, but just `so-so', chances … (0 comments)
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Current Rates for Salem Oregon Area - 08/04/08 11:34 AM
Weekly Rate Sheet (August 4th)
Travis Newton-Owner/Sr. Mortgage Planner
•503.931.4490 travis@todaysmortgagegroup.com
… (3 comments)
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Silverton Oregon - 08/02/08 02:42 PM
Homer Davenport Days
If you live in or around Silverton Oregon, then you know how much fun this weekend is. If you have time please try to make it out for the Parade and the fun down at the park. Don't forget to check out the couch races! Check out the link below for all the info you'll need.
http://www.davenportdays.com/index.htm
l
Hope to see you there...
Have a fantastic weekend'
Thanks
Travis
… (3 comments)
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Craigslist - 08/01/08 02:58 PM
Are any of you using Craigslist to find buyers and sellers? If so...is it working for you?
I've been using the "NO Money Down" posting and "Free recorded message" with mixed results.
What tactics are you all using.
Craigslist is a great tool if we can all use it correctly. I know it works pretty wel on the realestate side, but how have you Mortgage Brokers done with it?
Thanks for your help.
enjoy your weekend.
Travis
… (6 comments)
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Closing costs - 08/01/08 12:31 PM
Need to know what to expect for closing costs? This may help.
Closing on a property is a very challenging time for a would-be homeowner. Being informed, either through your mortgage broker, your real estate agent, or through self knowledge is the best thing you can be when going through this procedure.
A good real estate agent can help you tremendously. They should know the local market well enough to help you save money in whatever way they can. Since closing costs are handled differently in different areas, having a professional with experience in that area is your best bet. … (1 comments)
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