In order to help us all see the world through the eyes of other people, I would like to begin a new thread consisting of famous quotes from various individuals throughout history who have influenced generations, inspired leaders, and pushed the envelop of theoretical thinking.
Each quote should be posted one at a time and include the name of the man or woman documented as having said it. Additionally, each quote should be one that has personal meaning to the poster and/or is intelligent, imaginative, or controversial.
Of course, dates such as births and deaths are optional, but do give the reader a better sense of timeline when the quote was made, which can ultimately shed light on the subject due to changing world events.
This is simply an attempt to open our minds to other people's ways of thinking and to see the world without personal prejudices and from different point of views.
Enjoy!
I'll start..
"Natural ability without education has more often attained to glory and virtue than education without natural ability."
-Marcus Tullius Cicero Roman statesman, lawyer, scholar, and writer. 106-43 BC
Looking for a plus-size mortgage? Whether you're buying a home or refinancing, if you need to borrow more than the conforming loan limit*, a jumbo or blended jumbo mortgage may be your best option. Jumbo mortgage programs can give you the extra borrowing power you need, but the costs and guidelines may differ from those that apply to standard mortgage loans.
Because of their size, jumbo mortgages are "non-conforming" loans. This means that they do not conform to the standard underwriting guidelines set by Fannie Mae and Freddie Mac, and therefore cannot be handled in the secondary market by these two industry giants.
Do jumbo mortgages cost more?
Jumbo mortgages usually carry a higher interest rate than conforming loans. Because of the larger loan amount, and because the loan can't be guaranteed by Fannie Mae or Freddie Mac, the lender absorbs a greater degree of risk. Also contributing to the lender's risk is the fact that homes secured by jumbo mortgages may be more difficult to sell than less-expensive homes.
Is there an alternative?
If the higher interest costs make jumbo mortgages unappealing, but you still need to borrow more than the conforming loan limit, you do have another option. One relatively common variation of the jumbo loan is known as a "blended jumbo" mortgage. This financing method allows you to take out a fixed-rate mortgage up to the conforming loan limit*, along with an adjustable-rate second mortgage to cover the difference. The resulting "blended" payment is often lower than what would be required for a jumbo mortgage of the same total amount.
While the lowest possible dollar amount of a jumbo loan is uniform among lenders, the highest possible amount is not as distinct. Different lenders are willing to absorb different levels of risk, and establish their own "ceiling" for jumbo mortgages. In addition to differentiating between conventional and jumbo loans, many lenders have a separate category for "super-jumbo" loans. Where the line is drawn between jumbo and super-jumbo, and how the costs and loan requirements differ, also depends upon the lender. Before you apply, ask what category your desired loan amount fits into.
Jumbo mortgages are among the wide variety of products offered by Wells Fargo Home Mortgage. For more information on jumbo mortgages, or for answers to any of your home financing questions, contact me today.
Make Life Better with a Loan that Makes Sense
Renovation financing gives you:
More money to work with. The amount you can borrow is based on the expected increased value of your home, after improvements are made.
Less Strain on Your Budget. You can pay for your renovation gradually and affordably, over the loan term of your mortgage.
Less to Pay at Tax Time. Unlike other credit options, the interest you pay on funds used for a renovation is tax deductible.
Less Hassle. You'll have one loan to apply for, one set of fees, one closing to attend, and one monthly payment to make.
Is Renovation Financing for You?
It is, if you have any plans for minor or major renovations to your home in the next six to 24 months. If you're buying a house today and considering some home improvements next year, you may find it's cheaper and easier to have the renovations done now with your financing for the purchase and the renovation all handled in one transaction.
All Kinds of Needs Covered
You can finance any kind of improvement or repair to eligible properties. Moreover, I can customize a mortgage to your individual needs, drawing from one of the mortgage industry's broadest selections of products. In addition to all the conventional options, I provide special programs that overcome obstacles such as credit issues, hard-to-document income, or lack of savings.
One of our most popular products is the Purchase & RenovateSM Program, which provides a single loan to cover both the purchase price of a less-than-perfect property and the costs of renovating it. The loan amount is based on the estimated value of your property after your planned improvements are made.
Its other advantages include:
More money. The loan finances both the purchase and the renovation
Faster Completion. Renovation work can begin immediately after closing
Low Monthly Payments. Improvement costs are spread out over the term of your loan
Simplicity. One application, one closing, one monthly payment.
Our Refinance & RenovateSM Program provides similar advantages to homeowners looking to make improvements to their current home. Again, the amount you can borrow is based on the increased value of your home after improvements are made.
Give me a call today, and I'll get started on helping you find the right renovation financing solution for you.
For aspiring home owners who find their goal stubbornly elusive, newly enacted legislation providing a tax credit of as much as $7,500 for first-time home buyers might just be the opportunity of a lifetime.
But like so many of the good things in life, time is of the essence for buyers who want to take advantage of this outstanding opportunity. Only homes purchased on or after April 9, 2008 and before July 1, 2009 are eligible. Use the links below to learn more about the tax credit.
First-Time Home Buyer Tax Credit at a Glance
The tax credit is available for first-time home buyers only.
The maximum credit amount is $7,500.
The credit is available for homes purchased on or after April 9, 2008 and before July 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
More than 1,800 people showed up to help ABC's "Extreme Makeover" team demolish a family's decrepit home and replace it with a sparkling, four-bedroom mini-mansion in 2005.Three years later, the reality TV show's most ambitious project at the time has become the latest victim of the foreclosure crisis.
After the Harper family used the two-story home as collateral for a $450,000 loan, it's set to go to auction on the steps of the Clayton County Courthouse Aug. 5. The couple did not return phone calls Monday, but told WSB-TV they received the loan for a construction business that failed.
The house was built in January 2005, after Atlanta-based Beazer Homes USA and ABC's "Extreme Makeover" demolished their old home and its faulty septic system. Within six days, construction crews and hoards of volunteers had completed work on the largest home that the television program had yet built.
The finished product was a four-bedroom house with decorative rock walls and a three-car garage that towered over ranch and split-level homes in their Clayton County neighborhood. The home's door opened into a lobby that featured four fireplaces, a solarium, a music room and a plush new office.
Materials and labor were donated for the home, which would have cost about $450,000 to build. Beazer Homes' employees and company partners also raised $250,000 in contributions for the family, including scholarships for the couple's three children and a home maintenance fund.
ABC said in a statement that it advises each family to consult a financial planner after they get their new home. "Ultimately, financial matters are personal, and we work to respect the privacy of the families," the network said.
Some of the volunteers who helped build the home were less than thrilled about the family's financial decisions.
This is something that I am sure upsets a lot of you to read. It seems some people just never have enough.
Considering a home improvement loan? Here are the general steps for our renovation loans, which will improve your home and your financial outlook.
Let's Talk The first step is to talk with me. As a renovation specialist, I can tell you everything you need to do and what documentation you'll need to have to get a quick loan approval.
Feasibility At this time, I'll also help you determine if you should enlist the services of a HUD-approved consultant, home inspector or another third-party vendor for help in assessing renovation needs, getting a rough estimate of the costs and estimating the value of the property after the improvements. This will help give me a good idea of how much the renovation will cost, and how much you may need to borrow.
Selecting a Contractor One of the most important steps in the renovation process is your selection of a contractor. It is advisable to get recommendations and price quotes from several reputable contractors. In most states, your contractor must be licensed and insured.
Your contractor will probably have questions about your financing and the loan guidelines. I'll help explain the process and provide the required documents that you and the contractor will need to complete throughout the project.
Hiring a Consultant I'll also inform you of any inspections that are necessary, as well as how to order them, and provide you with the names of renovation specialists to serve as your renovation consultant. The consultant will inspect the property, assist and advise you on the needed improvements and the cost estimates for those repairs/improvements. The consultant will ensure that you're making all the necessary renovations and the desired improvements and will then itemize them in a document called a work write-up.
The Work Write-Up The work write-up is a detailed scope of work that includes the necessary materials and a cost breakdown. It defines what is required to renovate the property to meet the customer's needs and program guidelines.
This document also ensures that all health and safety issues have been addressed and, most importantly, that the allocated funds for the project are sufficient to cover the required work for project completion. The consultant will also factor in a contingency reserve to be used in case of unforeseen deficiencies that may appear as work is being performed.
Most importantly, it provides an opportunity for all of the parties involved to understand and agree on the scope of work.
After the work write-up has been completed, I'll send it to an appraiser, who will use it to determine the after-improvement value of the property.
Congratulations on your decision to buy a new home! There are many important things to consider throughout the process, especially if you're a first-time homebuyer. Here's some information that will keep you on track.
In General ... A home purchase may be the largest financial transaction in your lifetime, so it's important to make the right decisions and to keep an eye on the details. With the assistance of your real estate agent and Loan Officer, it should be an efficient, pleasant, and ultimately rewarding experience.
Count on Your Real Estate Agent to:
Preview available homes that suit your needs as you've defined them.
Negotiate the best deal for you. Ask your loan officer for a pre-approval letter before submitting your offer. With a pre-approval letter from us in hand, your real estate agent will be able to demonstrate that you are a qualified and capable borrower. This may influence the seller, and may make the difference between the seller accepting your offer or someone else's.
Count on me to:
Help you understand the loan process and all of your loan options.
Assist you in selecting a loan to meet your personal situation and goals.
Provide you with a pre-approval letter.
Keep you informed of your loan status throughout the entire process.
Make Sure You:
Keep your real estate agent informed of any questions or concerns as they develop.
Keep the process moving by providing documentation and decisions as soon as reasonably possible. By doing so, many of the details are taken care of early in the process so you can comfortably concentrate on any last-minute details or events that require your attention.
Remain objective throughout the proces to ensure you making the business decisions related to your real estate transaction.
Make sure you are pre-approved as early as possible. This will put the power of financing behind you so you can concentrate on selecting your home.
FHASecure is an initiative that enables homeowners to refinance various types of adjustable rate mortgages (ARMs) that have recently "reset." It is a temporary program designed to provide refinancing opportunities to homeowners and to increase liquidity in the mortgage market.
The program allows homeowners to refinance even though they have become delinquent due to the increased mortgage payment following the reset. For homeowners who have demonstrated their ability to meet their mortgage obligations, this program permits them to refinance into a prime-rate, FHA- insured mortgage. In many cases, homeowners may be permitted to include mortgage payment arrearages into the new loan amount, subject to existing geographical statutory mortgage limits and FHA loan-to-value limits.
The FHASecure initiative, requires that the loan application be signed no later than December 31, 2008
Homeowners eligible for refinance under FHASecure
The mortgage being refinanced must be a non-FHA ARM with or without an interest-only feature. Homeowners current mortgage must be serviced by Wells Fargo in order for me to assist them. If the homeowners current mortgage is with another lender they can contact their lender to find out if they qualify for the FHAsecure.
If the existing mortgage is one of the following, it is not eligible for FHASecure:
• The mortgage being refinanced must be a non-FHA ARM that has reset.
•The mortgagor's payment history on the non-FHA ARM must show that, prior to the reset of the mortgage, the mortgagor was current in making the monthly mortgage payments. The homeowner's mortgage payment history during the six months prior to the reset showed no instances of making mortgage payments outside the month due.
• If there is sufficient equity in the home, under additional eligibility instructions provided below, FHA will insure mortgages that include missed mortgage payments. See Maximum Loan Calculation later in this section.
• Under certain conditions explained below, FHA will insure first mortgages where the: o existing note holder writes off the amount of indebtedness that cannot be refinanced into the FHA insured mortgage; or o borrower obtains a second lien that includes closing costs, arrearages or previous secondary financing if the indebtedness exceeds FHA prescribed LTV and maximum mortgage amount limits.
I can provide assistance in all 50 states. If you are a homeowner or know of a homeowner that would need my assistance please give me call or shot me an email.
More than 25.5 million veterans and service personnel are eligible for VA financing. Even though many veterans have already used their loan benefits, it may be possible for them to buy homes again with VA financing using remaining or restored loan entitlement.
Before arranging for a new mortgage to finance a home purchase, veterans should consider some of the advantages of VA home loans:
Most important consideration, no downpayment is required in most cases.
Loan maximum may be up to 100 percent of the VA-established reasonable value of the property. Due to secondary market requirements, however, loans generally may not exceed $417,000.
Flexibility of negotiating interest rates with the lender.
No monthly mortgage insurance premium to pay.
Limitation on buyer's closing costs.
An appraisal which informs the buyer of property value.
Thirty year loans with a choice of repayment plans:
Traditional fixed payment (constant principal and interest; increases or decreases may be expected in property taxes and homeowner's insurance coverage);
Graduated Payment Mortgage--GPM (low initial payments which gradually rise to a level payment starting in the sixth year); and
In some areas, Growing Equity Mortgages-GEMs (gradually increasing payments with all of the increase applied to principal, resulting in an early payoff of the loan)
For most loans for new houses, construction is inspected at appropriate stages to ensure compliance with the approved plans, and a 1-year warranty is required from the builder that the house is built in conformity with the approved plans and specifications. In those cases where the builder provides an acceptable 10-year warranty plan, only a final inspection may be required.
An assumable mortgage, subject to VA approval of the assumer's credit.
Right to prepay loan without penalty.
VA performs personal loan servicing and offers financial counseling to help veterans avoid losing their homes during temporary financial difficulties.
The more you know about our home loan program, the more you will realize how little "red tape" there really is in getting a VA loan. These loans are often made without any downpayment at all, and frequently offer lower interest rates than ordinarily available with other kinds of loans. Aside from the veteran's certificate of eligibility and the VA-assigned appraisal, the application process is not much different than any other type of mortgage loan. And if the lender is approved for automatic processing, as more and more lenders are now, a buyer's loan can be processed and closed by the lender without waiting for VA's approval of the credit application.
Additionally, if the lender is approved under VA's Lender Appraisal Processing Program (LAPP), the lender may review the appraisal completed by a VA-assigned appraiser and close the loan on the basis of that review. The LAPP process can further speed the time to loan closing.
FIVE EASY STEPS TO A VA LOAN
Apply for a Certificate of Eligibility. A veteran who doesn't have a certificate can obtain one easily by completing VA Form 26-1880, Request for a Certificate of Eligibility for VA Home Loan Benefits and submitting it to one of the VA Eligibility Centers with copies of your most recent discharge or separation papers covering active military duty since September 16, 1940, which show active duty dates and type of discharge.
Decide on a home the buyer wants to buy and sign a purchase agreement
Order an appraisal from VA. (Usually this is done by the lender.) Most VA regional offices offer a "speed-up" telephone appraisal system. Call the local VA office for details.
Apply to a mortgage lender for the loan. While the appraisal is being done, the lender (mortgage company, savings and loan, bank, etc.) can be gathering credit and income information. If the lender is authorized by VA to do automatic processing, upon receipt of the VA or LAPP appraised value determination, the loan can be approved and closed without waiting for VA's review of the credit application. For loans that must first be approved by VA, the lender will send the application to the local VA office, which will notify the lender of its decision.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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