phoenix: Holy RATTLER! - 05/19/11 12:11 PM
Ok I just want to publicly apologize to my new neighbors... I am sorry new neighbors!  AND publicly THANK Steve from Bulls Eye Pest Control... Thank you Steve!
I had to call the Scottsdale Fire Department to my neighborhood TWICE and Steve refused to leave me! 
Let me explain:
I closed on my new house in Troon North at the beginning of May.  In my excitement, I have had every contractor available to me, visiting!  Today, was Steve's day.  Steve is my awesome pest control guy.  He was there because there are spiders getting mail, they are so big.  The way I greeted Steve today,  was by running … (0 comments)

phoenix: Why rent when you could own? - 05/16/11 08:46 AM
This is a great tutorial on the comparison of renting -vs- home ownership!
https://edge.mortgagecoach.com/report/edgereport.html#45102-0-2-42620
I appreciate your feedback!
Having a dream is good, owning one is better!
(0 comments)

phoenix: Yay! Lender LOWERS FHA credit score requirement to 580! - 04/26/11 02:35 AM
I ask you... IF you can get a mortgage with:
1. A 580 credit score
2. Your grandmother can gift you the 3.5% down payment
3. The seller can pay ALL your closing costs
4. (You can have ZERO contribution of your own money)
5. You do not need reserves to qualify.
6. You can get an interest rate below 5%
7. You have more inventory to choose from than eggs at an easter egg hunt.
8. You can have a new mortgage payment less than you are paying in rent.
9. You LOVE your realtor.
10. You LOVE your loan officer.
11. You HATE your roommate.
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phoenix: How does the new Loan Officer Compensation affect YOUR buyer/seller? - 04/20/11 07:22 AM
First, did you know there WAS new loan officer compensation?
There is.  Basically (although unbelievably convulated and confusing) the new legislation says that borrowers have 2 options.  EITHER to pay their loan origination fee OR to accept a higher interest rate and have the lender paid the loan origination fee.  Seems simple, right?Here's where YOU, as their realtor, come in.  Does the loan officer that your buyer is obtaining their loan from, even have TWO options? Many lenders are adopting ONLY the lender compensation and ONLY offering the higher rate option to your client.  IF you buyer is unaware that their are two options … (0 comments)

phoenix: Do you still have your loan officer? - 04/13/11 05:04 AM
According to the Mortgage Bankers Association, the mortgage industry workforce has plummeted by 51% since 2006!   12,000 jobs in the industry have been lost in the first two months of 2011 alone!
Furthermore, I'm shocked to find many realtors are not aware of the Loan Officer Compensation changes, regulated by the Federal Reserve, that went into affect 4/6/11!
Loan officer's are no longer allowed to be compensated by the borrower and the lender in the same transaction. It is one or the other.  The bottom line is that the borrower needs to choose whether they want to pay their loan originator or if … (2 comments)

phoenix: Kids and Money... The 3 C's. - 04/12/11 05:04 AM
Critical. Control. Credit.  Critical is #1. Control is 1.1. Credit is #1.2.  (All close in line is what I am trying to say)  
I have talked to my son about all of these since he was a toddler.  Little did he know when we were talking about how inappropriate it was for him to be throwing a fit while begging for candy at the grocery store, that we were really talking about his credit report.   "You cannot get future great stuff without doing the right thing right now" 
Critically think first, practice some control and know that credit is like breathing.   Re-read that last sentence.  If we all … (2 comments)

phoenix: Kids and Money... It doesn't grow on trees! - 04/11/11 05:34 AM
The money may not grow on trees but it does come from gifts! I encourage my son's family members to gift in the form of CASH.  I know. I know. Most gift givers do not want to give cash but it feeds to the rest of my story.  #1 He loves the cash.  Most family members now give him the gift in the form of individual dollar bills.   Admit it, it just seems  like more.  #2 We practice control.  How much to keep? How much to deposit?  #3 We make another trip in the "dream car" to the bank.  With "whats my … (4 comments)

phoenix: Kids and Money. Goals. Open Account. Compounding Interest! - 04/07/11 06:20 AM
What is more exciting to talk to your kids about than the magic of Compounding Interest? Ok so maybe thats just me!
My son and I started by talking about what he wanted to spend his money on. Initially it was small things he could buy immediately. The more we talked about it, the bigger his "dreams" got. He ultimately decided he wanted to save for his first car. On that note, we drove his "new dream car" to the bank and opened an account. Ask your local bank about accounts specfically designed for kids.
Over ice cream, to celebrate, we … (2 comments)

phoenix: Kids and Money... Start early! - 04/06/11 09:24 AM
My guy is the most amazing 15 year old on the planet and his first word was "mortgage" so to say I know something about kids and money, is an understatement.  I used to teach a Finance class to 8th graders and it was disturbing their view on money, it's source and it's longevity.   So here begins my blog on kids and money!
My first suggestion is an easy one: Start early! As early as your children learn the value of a hot stove they should learn the value of money.   The value of saving it and the value in spending … (2 comments)

phoenix: Last Mortgage Mistake to Avoid: Not reading your loan documents! - 04/05/11 05:26 AM
Ok so some things just should be a given. Read what you sign before you sign it! Mark it down. Add it to your list. It's an always not a sometimes.
I am not making this up: 99% of my mortgage closings are done at the escrow office however I have probably signed oh, say, 100 mortgage transactions in my career. I would say what, I don't know, 100 of them the client said, "Where do I sign?" before even THINKING about reading the document. What? Ok, call me crazy but I read the fine print on my cereal box. Although … (4 comments)

phoenix: Mortgage Mistakes to Avoid: Forgetting to LOCK your rate! - 04/01/11 04:55 AM
Many clients ask, "When should I lock?" I always answer, "IF you are happy with your rate, lock now!" The benefit/risk scale is tipping heavy on the risk side here.  The markets move all day everyday and we cannot control the movement in interest rates.  IF you are a gambler you can float however you need to be prepared for swings in the market.   I watch the market all day so I can see trends that may lead to a change in rates  however I'm Speedy Leslie not Speedy Gonzalez so many times, regardless of how quick I move, I cannot … (0 comments)

phoenix: Mortgage Mistakes to Avoid: Sounds too good to be true? - 03/31/11 05:48 AM
Does the pitch your loan officer made, sound too good to be true? It probably is.  If the payment seems, "let me jump out of my shoes in excitement", low... there's a catch.  If the rate sounds, "let me run and kiss a stranger", low... there's a catch.  Mortgage lending is not rocket science.  Use common sense with this stuff and you can usually sniff out anything that is not on the up and up.  REGARDLESS of what you might hear from the loan officer!  OR you can just call me.  We can discuss the specifics.  I will likely repeat what I have … (4 comments)

phoenix: Mortgage Mistakes to Avoid: Job Hopping! - 03/30/11 07:13 AM
In honor of Easter, I thought I would talk about Job Hopping!
In this economic environment, it is not unusual for borrowers to have changes in employment however the underwriter is looking for consistency.  The underwriter will want to see that your monthly income is consistent and expected to continue into the future.  The underwriter isn't necessarily concerned about job changes in the same line of work, however a big career change can be an issue and could require a minimum of a 2 year history.  
Perhaps, if you are considering a change, you just wait until after your mortgage transaction … (3 comments)

phoenix: Question of the day: How quick can I get pre-approved? - 03/28/11 09:08 AM
First, YAY that you want to buy a house! Second, YAY that you want to buy a house!  I'm stumped as to what most people are waiting for... inventory is great, rates are still great, FHA loan limit in AZ is still $346K and FHA allows for a minimim of 3.5% down payment AND you know a GREAT loan officer! What more could you ask for?
Getting pre-approved is easy.  All you have to do is apply! You can do that online or over the phone.  Once we have your application,  your permission to review your credit report and income/asset documentation, we can … (0 comments)

phoenix: Mortgage Mistakes to Avoid: Simply: Applying. - 03/01/11 03:22 AM
Applying for credit.  Yep. Simply applying for credit during your mortgage transaction is a huge mortgage mistake! When qualifying for your new home purchase, the ONLY applying you want to be doing is for your mortgage.  There are many things with this:
1.  After doing your mortgage research,  determine WHO you want to do your mortgage with THEN have THAT loan officer pull your credit report.  You do not need ALL of the loan officers you speak to, to be inquiring on your credit.  Each inquiry can affect your mortgage credit score.  Since mortgages are so tied to credit score, you risk having your … (5 comments)

phoenix: SUPER COOL! - 02/23/11 03:29 AM
Look what I found! Thanks New York Times!
 
A Rent -vs- Buy CALCULATOR! NICE!
http://www.nytimes.com/interactive/business/buy-rent-calculator.htm
 
Having a dream is good, owning one is betterl
 
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phoenix: Mortgage Mistakes.... "Seasoning" (not salt & pepper) your assets - 02/23/11 02:22 AM
All the money involved in your mortgage transaction needs to be "seasoned".  "Seasoned" simply means it is YOURS and has been yours, and in your account for the last 60 days. 
Many people don't realize that you cannot deposit unaccounted for money into your account for your mortgage closing.  ALL money has to be accounted for and where it came from.  Why?   The lender wants to see this is YOUR money and not borrowed.  Did you borrow the money and will have a repayment obligation that may affect your ability to make your mortgage payment?  Mortgage closing funds cannot be borrowed and … (2 comments)

phoenix: Mortgage Mistakes to Avoid! The inside scoop... PI + + - 02/11/11 04:15 AM
One mistake many house hunters make is not taking into consideration P.I. + +. Huh?
Typically payments are NOT quoted as P.I. they are P.I. + T.I. and THEN +! Huh again?
Let me explain:
P. is the Principal portion of your payment.
I. is the Interest portion of your payment.
That is not all! You have monthly taxes, insurance AND potentially HOA payments too!
T. is the Property Taxes portion of your payment.
I. is the Home Owners Insurance portion of your payment.
another Plus? Yep. Potential Home Owners Association Dues.
When using a mortgage calculator, shameless plug---> http://fcfs.net/loancenter-calculators-default.aspx
the calculator … (0 comments)

phoenix: REVERSE Mortgage, AKA "Fully Lived Mortgage" anyone? - 02/08/11 05:29 AM
The Reverse Mortgage in my book is also called the "Fully Lived Mortgage"...
There is a big stigma around Reverse Mortgages and although I understand why, it all boils down to mis-information.  They really can be a LIFE saver...
It's this simple:1.  62+ years old.
2. Equity in their primary residence OR a free and clear primary residence.
THATS it! Borrower can either forego future mortgage payments (which can take an incredible burden off an older home owner) OR can provide monthly income back to the homeowner (which can take an incredible burden off an older home owner) OR BOTH!
 
The "Fully Lived … (0 comments)

phoenix: NEW! First Time Home Buyer Webinar! - 02/04/11 02:48 AM
First Class Financial Services has started a new WEBINAR series called:
First Time Home Buyer! All that you need to know! 
It is a short 20 minute tutorial that gives your first time home buyer the basics of what is required to qualify for their new home. 
The webinars are done typically every Monday, Wednesday and Friday.  To register, email me at mortgagedr@fcfs.net and I will send you the webinar link!
 Having a dream is good, owning one is better!
 
(0 comments)

 
Leslie Nilsen, First Class Financial (First Class Financial Services NMLS#162476)

Leslie Nilsen

First Class Financial

Phoenix, AZ

More about me…

First Class Financial Services NMLS#162476

Address: 5150 N 16th St. A-126, Phoenix, AZ, 85016

Office: (602) 294-9288

Fax: (602) 294-9830

Insight, tips, direction, updates and information on Arizona mortgage lending.


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