travis-approves

Taylor Bean= in some serious T-R-O-U-B-L-E

Travis Newton-Owner/Sr Mortgage Banker (Today's Mortgage Group) — Tue, 04 Aug 2009 15:56:32 -0500

TBW has been a major pain in the sides of many (and I mean MANY) Loan officers and Realtors in the last 8 months. TBW has had funding issues, underwriting issues and much more.....but they now face a near shut down at the hands of FHA and GNMA. TBW was the 3rd largest FHA Lender YTD.

Check with your Loan officer and make sure you don't have any files with them, if so you may want to look at moving them, and fast!

Thanks for reading

Travis

Please read the article below from James R Hagerty and Lingling Wei from the Wall Street Journal

By JAMES R. HAGERTY and LINGLING WEI

The Federal Housing Administration Tuesday suspended Taylor, Bean & Whitaker Mortgage Corp. from making loans insured by the federal agency, knocking out one of the biggest FHA lenders at least temporarily.

The FHA said the Ocala, Fla.-based lender failed to submit a required annual financial report and to disclose to the FHA "certain irregular transactions that raised concerns of fraud." Taylor Bean has 30 days to appeal the suspension.

Taylor Bean was the 12th largest U.S. mortgage lender in the first six months of this year, according to Inside Mortgage Finance, a trade publication. Among originators of FHA loans, Taylor Bean was the third largest in May, with a market share of 4%, according to the publication. Only Bank of America Corp. and Wells Fargo & Co. were larger.

Taylor Bean's woes are a major blow for hundreds of brokers and smaller mortgage banks that sell the loans they originate to the privately owned company. Those small mortgage companies will have to scramble to find new partners if they are to remain in the booming FHA lending business.

FHA loans have surged in popularity over the past two years as other sources of mortgage funding have dried up.

Lee B. Farkas, chairman of Taylor Bean, said in response to questions that he was unaware of the FHA action.

Ginnie Mae, a government agency that guarantees payments to holders of securities backed by FHA loans, said Taylor Bean is also barred from issuing securities backed by Ginnie. Ginnie said it will take control of nearly $25 billion of mortgage securities issued by Taylor Bean.

The moves came a day after federal agents raided the Florida offices of Colonial BancGroup Inc. and Taylor Bean. Taylor had been leading a group of investors that proposed to shore up Colonial by taking a stake in the Alabama-based bank but that transaction fell through last week amid heavy losses at Colonial.

Dealing with upset clients

Travis Newton-Owner/Sr Mortgage Banker (Today's Mortgage Group) — Tue, 04 Aug 2009 15:46:25 -0500

Every now and then you may have a client who feels the need to YELL at you! In my years in the Mortgage Business, I've handled this many ways.

This is how my friends at Loantoolbox recommend handling these situations.

Tips for Handling Disgruntled Clients

The only constant in the financial markets is change, a concept that can sometimes scare, confuse, and even anger some of our clients and associates. And, while we may have no control over certain delays and hiccups in our transactions due to these changes, we can control how we react to the frustration of our clients.

The following are three basic steps to consider when dealing with an upset or angry client. Utilize these steps to salvage your relationships.

Step One: Listen, and take careful notes.

Allow your client to vent all of his or her frustrations without interruption. By being the shoulder they can cry on, you have a much better chance of diffusing the situation and preserving the relationship.

Step Two: Take responsibility.

Whether it's your fault or not, take responsibility and apologize for the frustration he or she is experiencing. Don't make excuses! If nothing else, this action takes away any further arguments that they might have had on the subject.

Step Three: Provide solutions.

How are you going to remedy the situation and make things right? Can you make things right? Be prepared to answer these questions and, more importantly, be prepared to provide actual solutions that make sense for everyone.

One of the biggest mistakes professionals make in this situation is attempting to defend or even argue his or her case. Almost always misperceived, this type of communication only makes things worse, creating conflict that puts others on guard or makes them even more upset than they were to begin with.

By utilizing these basic steps, it's possible, in most situations, to avoid a nasty confrontation and achieve a positive outcome for everyone involved.

Here's to Happy Clients!

How to Earn Trust from a Referring Partner

Travis Newton-Owner/Sr Mortgage Banker (Today's Mortgage Group) — Wed, 01 Jul 2009 11:06:56 -0500

1. Act fast! As soon as you get the referral...call the client! How do you know your referral partner didn't send the referral to someone else as well?

2. Let the referral Partner know how much you respect their introduction to the client. make them feel important.

3. Keep them updated! Let your referral partner know what the status is on a regular basis.

4. Thank them! Send them a thank you card immediately after they give you the referral. After the transaction closes...send them a unique gift to thank them again.

DO these small little things...and they will continue to send you referrals!

Have a wonderful July!

Travis Newton

503.931.4490

travis@todaysmortgagegroup.com

Do you have the right Attitude to succeed?

Travis Newton-Owner/Sr Mortgage Banker (Today's Mortgage Group) — Mon, 06 Apr 2009 10:58:35 -0500

In this ever changing market, where you hear the words recession and doom to name a few....I thought you may be interested in this. It's one of my favorite "poems". I read this every morning...it changes the way I look at obstacles..... Hope it changes your outlook as well.

Attitude

"The longer I live, the more I realize the impact of attitude on life. Attitude, to me, is more important than facts. It is more important than the past, than education, than money, than circumstances, than failures, than successes, than what other people think or say or do. It is more important than appearance, giftedness, or skill. It will make or break a company ... a church ... a home....a family....a team. The remarkable thing is we have a choice every day regarding the attitude we will embrace for that day. We cannot change the inevitable. The only thing we can do is play on the one string we have, and that is our attitude ... I am convinced that life is 10% what happens to me, and 90% how I react to it. And so it is with you ... we are in charge of our Attitudes."

-Charles Swindoll

OK! I'll give in!

Travis Newton-Owner/Sr Mortgage Banker (Today's Mortgage Group) — Sun, 29 Mar 2009 00:29:30 -0500

I've received a few email's recently asking to post my weekly rates on here again. It feels like it's been forever since I posted...I checked.....and it has been. I'll start posting those on again every Monday. I apologize for the sabbatical :)

I've made some substantial changesto my business in the last week or so. I am now a Mortgage Banker...I still own Today's Mortgage...we just changed from a broker to a Banker. Becoming a Banker gives my clients and referral partners many more options...not to mention MUCH faster closings. I'll go over all the changes here soon.

Hope all is well!

Thanks for reading.

Travis Newton

Weekly Mortgage Rates-Oregon

Travis Newton-Owner/Sr Mortgage Banker (Today's Mortgage Group) — Mon, 06 Oct 2008 11:48:23 -0500

Weekly Rate Sheet - October 6, 2008

Travis Newton-Owner/Sr. Mortgage Planner

•503.931.4490 travis@todaysmortgagegroup.com

*Conventional Loans Rate APR*
30 Year Fixed		5.625% 5.838%
15 Year Fixed		5.25% 5.509%
40 Year Fixed		6.0% 6.310%
30 Year Interest Only		6.125% 6.512%
5 Year Libor Arm		5.125% 5.381%

*Jumbo Loans Rate APR*
30 Year Fixed		6.75% 6.995%
15 Year Fixed		6.50% 6.688%
5 Year Libor Arm		6.25% 6.392%

Loan amounts over $417,000
*Government Rate APR*
30 Year Fixed		5.5% 5.785%
15 Year Fixed		5.125% 5.397%
FHA Loan limit in Marion & Polk County-$295,000 other counties may be higher
*Rural HUD Loan (no down Payment) Rate APR*
30 Year Fixed (100% financing)		5.625% 5.852%

* NO Mortgage Insurance. Available in Rural area's only. Call for more info.

ML-2025
Equal Housing Lender





This rate sheet is intended for Real Estate Professionals only and should be used to help keep Realtors up to date on Current market conditions. This is not a guarantee of current rates as rates change daily. To opt out, simply reply back to this email.

First Class Service.

Honesty.

Competitive Rates.

Always available...to you and the client.

Fantastic Support Staff.

Please visit me online:

www.travis-approves.com

Plus...many other loan programs available.

Please call or email with any questions or scenarios you may have.

I appreciate your time and look forward to hearing from you soon.

Credit Reports

Travis Newton-Owner/Sr Mortgage Banker (Today's Mortgage Group) — Mon, 08 Sep 2008 10:18:04 -0500

Need to check up on your credit report. The Fact Act will let you do this for Free.

How often can I get a free credit file disclosure?

The FACT Act entitles consumers to get one free statutory credit file disclosure from each of the three national credit reporting companies once per year. Companies are:

TransUnion: 800-916-8800
www.transunion.com

Experian: 888-397-3742
www.experian.com

Equifax: 800-685-1111
www.equifax.com

Travis

Not sure what to keep from your closing?

Travis Newton-Owner/Sr Mortgage Banker (Today's Mortgage Group) — Mon, 08 Sep 2008 10:15:00 -0500

Keep these items:

The Real Estate Settlement Procedures Act (RESPA) statement. This form, sometimes called a HUD 1 statement, itemizes all the costs associated with the closing. You'll need this for income tax purposes and when you sell the home.

The Truth in Lending Statement summarizes the terms of your mortgage loan.

The mortgage and the note (two pieces of paper) spell out the legal terms of your mortgage obligation and the agreed-upon repayment terms.

The deed transfers ownership of the property to you.

Affidavits swearing to various statements by either party. For example, the sellers will often sign an affidavit stating that they have not incurred any liens on the property.

Riders are amendments to the sales contract that affect your rights. For example, if you buy a condominium, you may have a rider outline the condo association's rules and restrictions.

Insurance policies provide a record and proof of your coverage.

Capital Gains

Travis Newton-Owner/Sr Mortgage Banker (Today's Mortgage Group) — Mon, 08 Sep 2008 10:13:50 -0500

When you sell a stock, you owe taxes on your gain-the difference between what you paid for the stock and what you sold it for. The same is true with selling a home (or a second home), but there are some special considerations.

How to Calculate Gain
In real estate, capital gains are based not on what you paid for the home, but on its adjusted cost basis. To calculate this:

Take the purchase price of the home: This is the sale price, not the amount of money you actually contributed at closing.

Add Adjustments:

Cost of the purchase-including transfer fees, attorney fees, inspections, but not points you paid on your mortgage.

Cost of sale-including inspections, attorney's fee, real estate commission, and money you spent to fix up your home just prior to sale.

Cost of improvements-including room additions, deck, etc. Note here that improvements do not include repairing or replacing something already there, such as putting on a new roof or buying a new furnace.

The total of this is the adjusted cost basis of your home.

Subtract this adjusted cost basis from the amount you sell your home for. This is your capital gain.
A Special Real Estate Exemption for Capital Gains

The current federal limit on how much profit you can make on the sale of your principal residence (that you have held for at least 2 years) before you pay capital gains tax is $500,000 for a married couple and $250,000 for a single homeowner. However, if you are moving due to job relocation, a change in health, or some other unforeseen circumstance, you may be eligible for partial exclusion even if you have owned the home for less than 2 years. There are some limits. Consult your tax advisor.

Unforeseen circumstances have been the most confusing section of the rules, though they point out that the IRS is not heartless when it comes to taxes and hard times. What determined unforeseen circumstances seemed to be considered on a case-by-case basis in the past. Now, the IRS has named an unforeseen circumstance as "an event that the taxpayer could not reasonably have anticipated." In addition, the unforeseen circumstance could affect someone in the household other than the taxpayer, such as the taxpayer's spouse or other dependent who lives in the house.

Safe harbors under the unforeseen section include, but are not limited to:

A natural or man-made disaster or act of war or terrorism resulting in a casualty to the residence.

Death.

The cessation of employment as a result of which the individual is eligible for unemployment compensation.

A change in employment or self-employment status that results in the taxpayer's inability to pay housing costs and reasonable basic living expenses for the taxpayer's household.

Divorce or legal separation under a decree of divorce or separate maintenance; and

Multiple births resulting from the same pregnancy.
If you find yourself in an "unforeseen circumstance" situation, then you may be in luck, as it were, for your hardship. It means you may be able to pay less taxes or be exempt from taxes altogether. The tax would be calculated based on how long you had lived in the property, among other criteria. Consult your tax advisor.

Hiring a moving company

Travis Newton-Owner/Sr Mortgage Banker (Today's Mortgage Group) — Mon, 08 Sep 2008 10:11:40 -0500

Step One: Arranging the Interviews

Whether you are moving across town or across the country it is important that you allow plenty of time to go through the process of selecting the moving company that will best suit your needs.

Make your calls to interview movers as soon as you know when the actual move might take place. If it appears that the move will occur during a peak moving period, then it is even more urgent that you begin this process well in advance of your projected move date. Not only will a move during a peak period be more difficult to schedule; it is also apt to cost more due to the demand that the movers face. Peak periods may vary per mover and may be influenced by local economies. In general, peak periods include:

The beginning and the end of each month, since this is when most closings take place
All Holidays, but especially those where school vacations coincide
Summer months, since the majority of families will try to orchestrate a move between the end of one school year and the beginning of the next
Step Two: Conducting the Interviews

Moving companies will agree to visit your home in advance of your move to provide a written estimate of your move. Inquire as to whether the estimate is binding or non-binding, which tells you whether the estimate you are receiving during the visit will still be good in two months when you actually make your move. Also insist that the estimate be written with as much detail as possible so that when you review the estimates, you can assess the points of differentiation.

If you will be moving within a local or regional area, the estimate will probably be based on an hourly rate. The company will project how many men they will need to complete the work and how much time it will take to pack (if you require this service), load, transport the goods, and unload at the final destination. The more moving companies you interview, the more likely you will get an accurate picture of just what your particular move will entail and how much it is likely to cost.

If your move is out of state, the estimates will be based on the distance of your move and the projected weight of your shipment. The mover will need ample time to walk through your home and inspect each room for furniture and loose objects that will be transported. Make sure that all storage areas in the house are visited including the garage, basement, attic, and outbuildings. The mover will need to view everything that will be going to the new location in order to provide you with an accurate estimate.

There are many factors that can influence the price of your move. Your ability to impact the eventual price of the move centers on the services that you will require. Once you have identified the services that you will require, make sure that each estimate addresses each service individually so that you will have a legitimate basis for comparison. Some of these optional services include:

Packing and unpacking: are you willing to do this yourself, or would you prefer to pay professionals to pack some or all of your loose materials?
Boxes: most movers will sell you new boxes, and the prices will vary per company. Ask about used boxes, since some movers will allow you to drive to their site and select previously used boxes that are remain with the company after moves are completed. If you will need a lot of boxes, the use of used boxes will represent significant cost savings.
Special handling: if you have unique pieces (ex. Piano), heavy pieces (ex. woodworking machinery) or very delicate pieces (antiques), you might need a special quote that identifies special handling of the object.
Special Packaging: the movers may recommend that certain pieces be packed in wood crates. Check the cost versus the advantages of this decision.
Insurance: most movers have some level of liability insurance that covers their moves. However, additional insurance is worth investigating since it is not uncommon for objects to be damaged during the move.
Step Three: Making Your Selection

Your decision will be driven by several factors. First, there is the issue of price. You will find that price alone will probably not lead you to making your choice. The weight estimates will probably differ per mover, as will the prices on the individual services that you request.

Second, there is the issue of availability. In some cases, the mover you prefer to work with might not be able to work you into their schedule. If you move during a peak time, you may find yourself coordinating your move to the calendar of the mover, instead of having the mover design his schedule around your move.

Third, there is the issue surrounding reputation and references. The moving business is a service business. Past customers will have opinions about their moving company. Request references beyond the letters of recommendations that you should be offered in the interview. If you want to do a little more research, call the Better Business Bureau or the State Attorney General to see if there are complaints against the company.

Finally, take note of the person who is providing the estimate. These individuals often will act as the key contact for you up to and during the actual move. Are they experienced, confident, good communicators, and seemingly interested in satisfying your needs. In short, are they someone that you feel you can work well with during a stressful time?

Irresistible open house

Travis Newton-Owner/Sr Mortgage Banker (Today's Mortgage Group) — Mon, 08 Sep 2008 10:09:45 -0500

10 Ways to Make Your Home Irresistible at an Open House

Put fresh or silk flowers in principal rooms for a touch of color.

Add a new shower curtain, fresh towels, and new guest soaps to every bath.

Set out potpourri or fresh baked goods for a honey smell.

Set the table with pretty dishes and candles.

Buy a fresh doormat with a clever saying.

Take one or two major pieces of furniture out of every room to create a sense of spaciousness.

Put away kitchen appliances and personal bathroom items to give the illusion of more counter space.

Lay a fire in the fireplace. Or put a basket of flowers there if it's not in use.

Depersonalize the rooms by putting away family photos, mementos, and distinctive artwork.

Turn on the sprinklers for 30 minutes to make the lawn sparkle.

"FAKE PAYCHECK STUBS"?

Travis Newton-Owner/Sr Mortgage Banker (Today's Mortgage Group) — Fri, 05 Sep 2008 16:52:06 -0500

Ok. maybe I'm missing something? It has been a long week for me :) Why is this guy posting on Active Rain...and more importantly, what is the deal with that website. Why in the world would you want to pay $50.00 to get a fake paystub?

If anyone knows anymore about it please let me know.

Hope you all have a great weekend. Keep safe!

Travis Newton

Owner

Today's Mortgage Group

Fantastic Email tool to help you generate new leads.

Travis Newton-Owner/Sr Mortgage Banker (Today's Mortgage Group) — Fri, 05 Sep 2008 11:48:51 -0500

Hello ActiveRain.... you have to check out this new email tool I use. It does a fantastic job displaying my email and contact info. It's also a great price as well. Only took them about 3-4 days to have it up and running. I think it will help portray you as a top professional in your field. They have tons of templates to choose from...so, you'l be sure to find the right one. Oh, you can also make money off this as well! Check it out and let me know what you think.

Just click on the blue link below!!

Thanks for your time.

Trav

P.S. I value and appreciate your referrals. As always, I promise to deliver such outstanding service that your clients and friends will thank you for referring them to me. Give me a call if you know someone who needs a dedicated Mortgage Consultant.

I appreciate your referrals!

Travis Newton

Owner/Sr. Mortgage Planner

503.931.4490 Direct

Get personalized, professional email like this.

Down Payment Assitance Programs

Travis Newton-Owner/Sr Mortgage Banker (Today's Mortgage Group) — Tue, 02 Sep 2008 15:38:15 -0500

Hello everyone.....with the DAP's going away October 1st we all need to work together to find an alternantive.

Obvioulsy the HUD Rural loan is a fantastic program but only works for a small number of borrowers.

I've also looked into the National Homebuyers Fund. Do any of you know more about this program? Let me know your thoughts.

Have a great week!

Travis Newton

Owner/Sr Mortgage Planner

Today's Mortgage Group

503.931.4490

Today's Oregon Rates

Travis Newton-Owner/Sr Mortgage Banker (Today's Mortgage Group) — Tue, 02 Sep 2008 12:19:07 -0500

Weekly Rate Sheet September 2nd) Travis Newton-Owner/Sr. Mortgage Planner 503.931.4490 travis@todaysmortgagegroup.com Conventional Loans Rate APR 30 Year Fixed 6.125% 6.311% 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 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 6.00% 6.222% 15 Year Fixed 5.675% 5.827% FHA Loan limit in Marion & Polk County-$295,000 other counties may be higher Rural HUD Loan (no down Payment) Rate APR 30 Year Fixed (100% financing) 6.125% 6.391% * NO Mortgage Insurance. Available in Rural area’s only. Call for more info. ML-2025 This rate sheet is intended for Real Estate Professionals only and should be used to help keep Realtors up to date on Current market conditions. This is not a guarantee of current rates as rates change daily. First Class Service. Honesty. Competitive Rates. Always available…to you and the client. Fantastic Support Staff. Please visit me online: www.travis-approves.com Plus…many other loan programs available. Please call or email with any questions or scenarios you may have. I appreciate your time and look forward to hearing from you soon.

Why use a Realtor? Here's why!

Travis Newton-Owner/Sr Mortgage Banker (Today's Mortgage Group) — Tue, 26 Aug 2008 22:46:50 -0500

‘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 better served when a real estate professional is engaged to assist in the sale or purchase of a property. In today's market there are dozens of reasons why a Realtor can give you an edge, beginning with the information and experience necessary to arrive at an appropriate asking price, to the knowledge of state laws and regulations for which both parties to the contract will be held liable.

Given that you as a home seller or buyer have agreed to use a professional to assist you in the transaction, what can you expect in the way of services? How do real estate agents earn their commission? A listing agent engaged to help you sell your home works with you in a number of capacities, including determining your asking price. It is the listing agent who researches the sale prices of similar homes in your area to show you what you might reasonably expect to garner from the sale of your property. The listing agent also will assist you in making your home presentable for sale, offering suggestions about how to best show the property and what, if any, improvements ought to be made before putting the property on the market. The listing agent will inform the seller about laws and regulations such as fair housing requirements, septic regulations and lead paint laws. Any forms or disclosure documents required by law can be obtained through the listing agent. The listing agent will provide you with a yard sign, and advertising - at no extra cost to you.

It is the behind-the-scenes work of your listing agent, however, that may matter most in procuring a buyer for your property. The listing agent most likely will conduct an open house viewing of your home, not only for the public, but for other real estate agents who may know about a potential buyer for your home. Listing agents keep abreast of what other properties in your community are for sale, and how that might affect activity at your home, or the price of your home.

Your listing agent is your advocate during sale negotiations, presenting offers to you and counseling you about the qualifications of potential buyers. The listing agent works hard to bring only qualified buyers into your home, enhancing your ability to sell the property in the most time efficient manner possible. It's also the listing agent who will assist in coordinating deadlines and closing dates, making sure all documents are signed, sealed and delivered on time.

Let the Professional do their job, it'll make your life much more enjoyable.

7 tips two watch for with a purchase contract

Travis Newton-Owner/Sr Mortgage Banker (Today's Mortgage Group) — Tue, 26 Aug 2008 22:43:37 -0500

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 cost and whether you're willing to do the work or would rather lower the price by that amount.

6. Contingencies. See what other factors the buyer wants met before the contract is final-inspections, selling a home, obtaining a mortgage, review of the contract by an attorney. Set time limits on contingencies so that they won't drag on and keep your sale from becoming final.

7. The contract expiration date. See how long you have to make a decision on the offer.

Current Oregon Rate Sheets

Travis Newton-Owner/Sr Mortgage Banker (Today's Mortgage Group) — Tue, 26 Aug 2008 22:13:54 -0500

Weekly Rate Sheet (August 25th)

Travis Newton-Owner/Sr. Mortgage Planner
503.931.4490 travis@todaysmortgagegroup.com

Conventional Loans                                                         Rate       APR
30 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       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                                                                     6.125%    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. Call for more info.

ML-2025

~Equal Housing Lender~

This rate sheet is intended for Real Estate Professionals only and should be used to help keep Realtors up to date on
Current market conditions. This is not a guarantee of current rates as rates change daily.

More Mortgage Help

Travis Newton-Owner/Sr Mortgage Banker (Today's Mortgage Group) — Tue, 26 Aug 2008 20:17:18 -0500

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 rec'd ___________ Closing scheduled for ____________ Notified borrowers? Y/N Post close letter sent __________ Referral Thank You letter sent _______ Referral gift sent ___________ One month letter prepared _________ Title Company ________________ Phone____________ Address ______________________ Fax______________ Appraiser _________________ Phone______________ Appraisal Type_____________ Fax_____________ Referred by_____________________________________ Address________________________________________ Homeowners Insurance thru_______________________ Phone __________________ Fax____________________ Listing Agent ___________________________________ Phone ________________ Fax _____________________ Buyer's Agent___________________________________ Phone ________________ Fax _____________________ Notes:________________________ _____________________________ _____________________________ _____________________________ _____________________________ _____________________________ _____________________________ _____________________________ _____________________________ _____________________________ _____________________________ _____________________________ Conversations:______________________________ __________________________________________ __________________________________________ __________________________________________ __________________________________________ __________________________________________ __________________________________________ __________________________________________ __________________________________________ __________________________________________ __________________________________________ __________________________________________

Mortgage peeps

Travis Newton-Owner/Sr Mortgage Banker (Today's Mortgage Group) — Tue, 26 Aug 2008 20:14:50 -0500

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. Sec.?

Home Value:          L.C. (      )   MTG. (      ) Status
Home Type (Single Family, Condo, etc): _________________________________________
Annual Taxes:          Annual Hazard Insurance: _______________
Mortgage Balance:   Rate:       Other:
Current debts:          Credit Problems:

Purpose:           Amount Requested:
Goals:              Programs Discussed:
              Rates Quoted:

Notes:

FHA VA info

Travis Newton-Owner/Sr Mortgage Banker (Today's Mortgage Group) — Tue, 26 Aug 2008 20:04:34 -0500

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 to borrow money in order to purchase a home. They are also used for first time buyers who are looking into purchasing a home or one who wants to refinance their existing mortgage. FHAs began as a government loan, but have moved into private mortgage insurance companies in order to help one with loans for their home. FHA is used to help individuals and families mortgage a home which they would not be able to afford otherwise.

There are several different types of FHA loans. The first is the insured FHA loan. This type insures mortgages to those interested in purchasing or refinancing a home. They are mostly focused on low and moderate income families. Their main intent is to lower costs of mortgage loans. Minimum requirements for this type of loan include manufactured homes, single family and multi-family properties and health related facilities. Limited costs and low down payments are some of the advantages of this FHA loan. Another type of loan is the adjustable rate FHA. This allows interest rates to increase or decrease over a given amount of time. When the interest on mortgage rates increases, this type of loan will allow mortgage financing to be more affordable. This rate is adjusted annually, and will increase and decrease over the period of the loan.

Another type of FHA loan is for those with rising incomes. This allows any one who is buying a home to start at a low mortgage rate. Over time, the mortgage payments will become larger in accordance with the income. This loan is especially useful for families who are just starting out or for first time buyers. Another loan that is similar to this is the FHA Mortgage with increased payments. This also allows families with limited income to buy a home with a low mortgage rate. When their income increases, they will be able to put more into the mortgage, which will then pay off the mortgage sooner than the required term.

One of the FHA loans available is for Energy Efficient Mortgages. This type of loan will allow the one requiring the loan to save money on utility bills by adding energy efficient features to a new or existing home. By giving homeowners a loan to do this, they are cutting the cost of the loan as well as helping to achieve national energy-efficiency goals. The cost that will be cut is determined by a home energy rating system or energy consultant.

If you are one that is not buying a home, there are also FHA loans available for condominiums. This loan offers insurance for those who own a condominium unit. If they make this their primary residence, than they can get a loan for the upkeep of the other condominiums. However, the condominiums can't be converted from old apartment buildings and is required to have at least four units in the area.

VA loans, also known as Veteran Assistance loans, are another type of loan that can assist in buying a home. These types of loans are available to veterans, active service members, reservists and members of the Public Health Service. In the past few years, more than $63 billion has been spent on helping veterans to buy homes. The guaranteed amount that can be given to a person that has served is known as an entitlement. These types of loans usually do not require a down payment and are available from most lenders. They also do not require private mortgage insurance. They will also usually have the lowest monthly payment because it doesn't have Monthly Mortgage Insurance. Almost any type of home can be purchased. There are also parts of the loan that can be used for refinancing. VA loans also include a funding fee, which is usually about two percent of the loan which will be paid at the closing of the loan.

If you are in need of refinancing or purchasing a home and need more options for a loan for your mortgage, these two types of loans can help you to pay your mortgage and live comfortably.

Mortgage Brokers please read

Travis Newton-Owner/Sr Mortgage Banker (Today's Mortgage Group) — Tue, 26 Aug 2008 19:52:48 -0500

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

What to know about Closing costs and fees

Travis Newton-Owner/Sr Mortgage Banker (Today's Mortgage Group) — Tue, 26 Aug 2008 19:38:49 -0500

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 an average of $3,000 to $4,000, depending on the types of inspections, insurance and documentation that needs to be prepared and finished before you can own your own home.

The first fee which will be a part of closing costs is the appraisal. This will give you an estimate of how much your home is worth at the time of closing. It includes giving you information and documentation on what will be the highest and best use for your property. These usually cost an estimated $200-$450, depending on the area in which you live and the value of real estate at that time. A second type of fee is the commitment fee. These fees are charged by investors or lenders have committed to your loan. A third documentation fee is the application fee. This is taken at the time of closing if your loan closes.

Another type of fee to keep in mind with the closing costs is attorney fees. Attorneys are used for the loan closing of the mortgage and usually review all of the documentation available for the closing costs. Another cost will be for a broker. This will be for the administrative, processing and transaction fees that take place between the broker and mortgagee. If document preparation is performed by a third party, other than the broker, there will be another charge for this. This may include documentation such as deed of trust, warranty deed, housing authority addendum, release of trust and power of attorney. It may also include other closing loan contracts or documentation such as processing costs. There is also a closing fee which is charged. If the closing fee is closed by a third person, such as a real estate person, there may be a customary cost.

Other costs will come from inspection of the home and insurance. The most common type of insurance that you will need is home owners insurance. This type of insurance is required to get at least one year in advance to protect the assets in your home as well as your home. Title insurance is also required to buy once your home is off of the mortgage. This will insure a lender of any liens on the property. Loans will not be closed until inspections are made and this type of inspection and insurance is resolved. Another possible type of insurance is those used for a flood plan. If you are living in a flood zone, you must pay for flood insurance at the time of the loan closing. There is also a possibility of getting a flood certification. This will allow you to continue have flood zone status during and after the mortgage. It will be paid at the time of closing. Another type of insurance is hazard insurance premium which will be added in closing costs. There are also inspection fees at the time of closing. This includes a home inspection service fee, which usually is around $300. Pest inspection may also be a separate fee which is included in the closing costs. A third type of inspection that may be included is a well and septic fee, if this is part of your home.

Don't buy more house than you need

Travis Newton-Owner/Sr Mortgage Banker (Today's Mortgage Group) — Tue, 26 Aug 2008 19:37:13 -0500

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, but isn't it better to know the subject before getting into it?

Being in this market will tell you that there's one rule that dominates in the home mortgage industry: 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. Ask your mortgage lender a few key questions given here that will help you decide the kind of loan that suits you. You can also get information from web sites, newspapers, mortgage books and consumer seminars.

How soon can I expect my mortgage loan application to take?

A loan application for a home mortgage takes about 35-60 days to come through. Of course, there have been times when they've taken just 30 days too! But really the time taken depends on how soon the lender can get the property appraised, a credit report and employment details and bank accounts verified.

Which documents will I have to furnish?

A certificate proving your income and assets will be necessary to get a home mortgage loan. However, lenders ask for different documents, so it depends on whom you meet.

What would qualify me for a home mortgage loan?

Your lender will look at your credit history, income, employment status, assets and debts before granting you a home mortgage loan. If you're a first time home buyer, you stand a better chance of being granted a loan.

How much would I have to pay as a minimum down payment?

First, finalize the down payment amount on your home mortgage loan. Based on this your lender can offer you a range of interest rates, loan terms and perhaps even refuse to consider private mortgage insurance. While some loans demand a 20 percent down payment; others are lower than that.

How much mortgage interest would I have to pay annually?

To compare well against different lenders' rates on your home mortgage loan, ask them for their annual percentage rate or APR of the mortgage interest.

How much would I have to pay by way of origination fees on the loan?

Origination fees are usually paid as prepaid mortgage interest on your entire home mortgage loan. Your lender might ask you to pay this in points at closing time just so that you get a lower interest rate on your home mortgage loan.

Can the interest rate also be locked in?

The interest rate of your home mortgage loan is variable, so it would be wiser for you to lock in the rates for a specified time period rather than have a floating rate till closing. Ask your lender for any fee for locking in a rate and if you could lock in points.

What is meant by the "good faith estimate" of closing costs?

Mortgages, including home mortgage loans, are accompanied by a whole litany of fees. So, ask your lender to show you the whole list of estimated closing costs before you actually apply for the loan. And bear in mind that certain fees must be paid upfront, for instance the credit report, property appraisal and loan application fee.

Will I also be asked to pay a prepayment penalty on the loan?

This is a matter for mortgage home loan shoppers to consider. You would need to know the duration of the penalty period and how the fee will be calculated. While some penalties stand at one percent of the loan amount, others aren't that simply calculated.

A few reasons to use a Mortgage Broker

Travis Newton-Owner/Sr Mortgage Banker (Today's Mortgage Group) — Sun, 24 Aug 2008 14:29:26 -0500

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 brokers is that mortgage brokers are not employees of a particular lending company; they are independent or freelance agents. Mortgage brokers can work with just a few or even hundreds of lending companies whereas a bank loan officer is an employee of one particular bank. Though a bank officer may be able to offer a few different types of mortgages, they all originate from just one place whereas a mortgage broker works with tens or even hundreds of companies to get you a good interest rate and terms for your mortgage. It is a mortgage broker's job to bring together borrowers and lenders - for a fee, of course. A mortgage broker is essentially a go-between. They do not lend you the money; they find the people who will lend you money for your new home.

Mortgage brokers do a lot more of the research for you. They evaluate you as a homebuyer, and taking into account your credit standing, they decide which lender will best suit your needs. A mortgage broker submits the loan application on your behalf and works with you until it goes through. You can do this research yourself if you have time, but a mortgage broker has a working relationship already established with many of these lending companies and that may result in a better deal for you. Mortgage brokers secure loads through many types of investors including investment banks, savings and loans and even private sources.

Most of the mortgages you may have seen on the Internet are put there by mortgage brokers. Many in-person or online mortgage brokers have connections to lenders in all different parts of the country, which is something that has its own pros and cons. You may end up getting a better rate, but an out of Area Company may not have the necessary knowledge of property in your area or specific property features and classifications. In the longer run, this probably won't be an issue; there just might be a slight delay in processing your application until all terms and questions about the property are answered.

If you're having trouble securing a loan from a bank, a mortgage broker may be your best bet. Mortgage brokers are often able to find a lender for applications that banks refuse. So there is hope if your local bank has turned you down - you just need to expand your search for a lender to online banks or a mortgage broker.

To prepare for a meeting with a mortgage broker, you should obtain copies of your credit history. Though a mortgage broker is able to do this, it will save time and hassle if you bring these with you to the initial meeting. The mortgage broker will be able to give you a much clearer idea of the type of loan and terms he or she can secure for you if they know what your current credit situation is.