home loans: Be Wary Of Opinions That Masquerade As News - 06/21/07 03:14 AM

Is "news" always news, or is it masked opinion? 
When doing research on mortgages, it's important to pay attention to the objectivity of your research source. 
Often, a writer will deploy key adjectives, phrases, and/or images that distort an otherwise factual story.
The above cartoon from clangnuts.com is a terrific example. 
It implies that interest only home loans are for people that can't otherwise afford homeownership.
The truth is that interest only loans are used by all economic classes of homeowners -- not just those that need payment relief. 
Many people choose interest only home loans for their flexibility, or as a financial planning … (1 comments)

home loans: One Method To Reduce The Amount Of Sub-Prime ARM Foreclosures - 06/02/07 06:59 AM
 
The above graph comes from The Wall Street Journal and it illustrates something that we all intrinsically know: Sub-Prime ARMs foreclose at a faster pace than all other home loan types.
When adjustable rate mortgages reach the end of their "fixed rate" period, some homeowners are unprepared for the upward-adjusting mortgage payments and that can lead to payment shock. 
It doesn't mean that sub-prime mortgages are bad for all homeowners, however.
A little known fact: Nearly all sub-prime ARMs carry an initial fixed period of 24 months or more.  This means that the sub-prime borrower has at least two years to make financial adjustments … (3 comments)

home loans: The Race for Equity - 05/23/07 10:22 PM
Those who take property ownership seriously often look for options to build equity at a faster pace. An aggressive approach is to select a 15-Year loan program over a 30-Year mortgage.
A 15-Year loan works well for homebuyers budgeting time and money, those who are possibly looking forward to a debt-free retirement, or those who plan to upgrade to a larger home within 15 years. But this requires a sincere commitment to making substantially larger monthly payments.
Provided the homeowner can afford the financial commitment of a 15-Year loan, they will pay significantly less money in interest simply because the life of the … (0 comments)

home loans: Congress Makes PMI Tax Deductible: Millions of Borrowers Will Benefit - 05/13/07 02:57 AM
The federal government's Private Mortgage Insurance legislation is great news for the Real Estate Industry! Enacted on January 1st, 2007, the bill makes Private Mortgage Insurance tax deductible for potential borrowers whose personal adjusted gross income is less than $100,000. For millions of home buyers, the bill creates an amazing opportunity to finance a more expensive home or potentially obtain a lower payment for the same-priced home, while reducing annual income taxes by hundreds of dollars.
What is PMI?
Designed to protect lenders from defaults and foreclosures, Private Mortgage Insurance is required for loans exceeding 80% of the property's value or sales price. … (0 comments)

home loans: THE HITS JUST KEEP ON COMIN’! - 05/12/07 02:33 AM
But we're not talking about the latest top 40 hit by Mariah Carey!!
It's the FED.  The Federal Reserve Board has hiked rates seventeen consecutive times over the past two plus years...and while they've paused in their hiking cycle for the time being, the hits they've given to rates have added up fast.  
While an ARM (Adjustable Rate Mortgage) or Home Equity Line of Credit may have saved you a bundle over the past several years of low interest rates - times have changed, and it's likely time to give your whole financial picture a once over and see if any adjustments … (0 comments)

home loans: Lead Follow−Up Campaigns- Never Give Up On a Lead! - 05/09/07 12:57 AM
You might wonder, "When is a lead no longer a lead?" A lead is always a lead until the person tells you to stop calling. The key to success in sales is professional persistence. Take time to earn the loyalty of prospects by showing them that you add more value to the equation than anybody else in your field. One critical element to remember about a successful lead follow-up campaign is that it should be easy to implement.
Build a series of letters (i.e., templates) and load them into your database management system. Whether you use Top Producer®, Microsoft® Outlook® or ACT!®* … (3 comments)

home loans: The Mortgage Planning Process - 05/06/07 11:55 PM
The mortgage planning process is different than the typical "shopping for a mortgage" experience. The mortgage planning relationship is not about you:
Wasting your valuable time trying to save $25/month by comparing rates, fees and closing costs among different lenders. Wasting your valuable time trying to baby-sit the mortgage company you've reluctantly chosen to work with. Being promised one thing and then getting something different at closing. Being "sold" on one mortgage product over another. The mortgage planning relationship is about you:
Receiving valuable financial advice and guidance that can literally save you hundreds of thousands of dollars. Trusting a professional … (0 comments)

home loans: Are You Using Your Voicemail Effectively? - 05/06/07 11:42 PM
Have you ever stopped to consider how many times a new prospect gets your voicemail before they have a chance to speak directly with you? Your voicemail greeting provides an excellent opportunity to create a first impression that can have an enormous impact on whether people decide to use your services. It can also be used as a dynamic marketing tool.
If the first time you called a CPA, Financial Planner, or Real Estate Agent, you heard a voicemail greeting that was energetic, educational and professional, wouldn't that set the proper tone for the rest of the relationship? Very few people take … (10 comments)

home loans: Protect Your Personal Information - 05/03/07 11:54 PM
Did you know that the major credit bureaus sell your personal information? It's true! Known as "trigger leads", the files of borrowers applying for a home loan are immediately flagged, packaged, and sold by the credit bureaus to the highest bidders.
For about $25 to $100 or more, your name and certain specifics about your credit report, including your address, phone number, mortgage history, and even your FICO score range, are sold to unscrupulous mortgage companies which then blindly solicit your business. This results in numerous unwanted phone calls and junk mail offers which are in no way associated with your … (0 comments)

home loans: Communication: Proactive Methods to Improve Business - 05/03/07 11:34 PM
I once heard the expression, "Communication is the lubrication in your organization." That couldn't be truer, especially in the world of business. You simply can't over-communicate when dealing with clients. I find that the best way to eliminate the constant state of reactivity in which most of us work is to employ proactive communication strategies, such as the following:
Make a list of the people with whom you correspond regularly.
Take note of all the recurring questions that you have to answer time and time again. Then ask yourself how you can provide the information to these individuals in advance. For example, let's … (1 comments)

home loans: What Are Points and When Should You Pay Them? - 05/03/07 12:26 PM
Points are up-front fees paid by the borrower to obtain a better interest rate on a loan. One point equals one percent of the loan amount. And while a lower interest rate may result in a lower monthly payment, it is important to consider how long you intend to be in the loan and to compare current interest rates to historical market trends. This will help you to determine whether paying points is a worthwhile investment.
Let's look at a sample scenario. If you take out a $300,000 mortgage and decide to pay one point in order to lower your interest … (1 comments)

home loans: Buy Household Products Online: The Savings will Surprise You! - 05/03/07 01:03 AM
Since its inception, the Internet has caused a fair share of controversy. Some people see it as a valuable tool while others consider it the devil's playground. Wherever you stand, one thing is certain - it has changed our idea of commerce forever.
eBay® is a perfect example. On this website, the economic theory of supply and demand is played out on a daily basis as consumers bid against each other to purchase an array of products. In many cases, items once thought to be rare collectibles are now readily available from a variety of sellers. This is good news for buyers, … (0 comments)

home loans: Sell Yourself to Prospects: Be a Great Listener - 05/03/07 12:55 AM
No matter what type of business you are in, your prospect has the option to select from a variety of competitors within the same marketplace. You must set yourself apart from your rivals, and it all starts by having the ability to listen attentively to each and every new prospect. You must hone in on what their needs are and what their idea of great customer service is.
Have you ever been interested in a product that seemed superior in every aspect, but you just didn't like the pushy salesperson? Learn from their bad example! Let your prospects do the talking, and … (0 comments)

home loans: Countering Objections: Know Why People Say No - 05/01/07 10:29 PM
Not every objection can be overcome, but they can all be countered, so you should always have a rebuttal in store. If you don't have years of experience, or a trainer to guide you, you can find yourself blindsided by the most obvious objections and hesitations.
There are three basic reasons for most objections:
Lack of trust or rapport.
Have you ever decided against a sale because you didn't like the person selling to you? Most people have experienced this at least once. Those of us in sales need to know how to avoid this issue altogether:
 
Don't try too hard. You're not a comedian. … (3 comments)

home loans: Considering a Home Equity Line of Credit? - 05/01/07 02:32 PM
When a bank, mortgage company or credit union approves your home equity line of credit (HELOC), it doesn't give you a check. Instead, you get a checkbook; sometimes you receive a debit card too. You can write checks as you normally would (or use the card), except that each use is really a loan against your HELOC's credit limit.
You can use the HELOC to pay for any expense or purchase, and the bank will start to charge you interest as soon as the card is used or the check is cashed. Although the bank will insist on a minimum monthly payment, … (0 comments)

home loans: Tap Into Google Local: Your Personal Chamber Of Commerce - 04/30/07 11:02 PM
The Internet has revolutionized the way we live in countless ways. We are able to access news as it's happening, email friends and relatives all over the world, and purchase anything from cars to vacation packages with a few clicks of the mouse.
What's ironic is that we frequently neglect to use this amazing resource when it comes to finding things in our local area. That's where GoogleTM, the world's leading search engine, comes in. Google has produced a search tool, called Google Local, which you can use to locate anything from an Italian restaurant or golf course to a dentist or … (0 comments)

home loans: Learn from Your Success: Focus On Strengths Rather Than Weaknesses - 04/30/07 10:55 PM
Our culture teaches us to focus on our weaknesses and then improve upon them. While practice is critical to improvement in some areas, author Benson Smith of the Gallup Organization believes it is more important to focus on your strengths. By turning your strengths into super-strengths, your valuable time can be spent in areas where you feel more comfortable.
Over the course of 40 years, the Gallup Organization studied 250,000 sales representatives and 25,000 managers. The results were published in the best-selling book, Discover Your Sales Strengths: How the World's Greatest Sales People Develop Winning Careers.*
According to Smith, "You do learn from … (8 comments)

home loans: Increasing Your Hourly Rate of Pay - 04/30/07 12:52 AM
Each and every one of us works on an hourly rate of pay. What we get paid by the hour has a direct correlation with what we choose to do with our time, and how we make use of the employees and systems we surround ourselves with in our daily work activities.
Here is a great exercise that will put into perspective how you use and manage your time, and henceforth drive your hourly rate of pay. Take out a yellow legal pad and place it on your desk. Every day for the next 3 days, in 15 minute increments, write down … (1 comments)

home loans: How Purchase Loans Are Made: A Step−By−Step Walkthrough - 04/29/07 10:50 AM
1. Pre-qualification - Lenders are encouraging buyers to get pre-qualified for a mortgage so they'll know in advance how much house they can afford.
2. Loan Search - Although buyers often use a lender recommended by their Real Estate agent, some prefer to do their own comparisons.
3. The Hunt - The buyer begins shopping for a house. When the right one is found, the terms of the sale are negotiated, including the sale price and often the type and conditions of the loan being sought.
4. Loan Application - It's crucial to supply the lender with as much information as possible, as accurately … (0 comments)

home loans: ON−Time: Take Time Out for Planning - 04/29/07 01:20 AM
Have you ever had days, weeks, or even months go by when you were frustrated in your work activities because you failed to implement the things that you know you need to do in order to be more successful? Perhaps you've taken pages and pages of great notes at seminars on the subject of how to improve your business, only to return to the office the next day and implement none of it. The reason this happens to people is because they lack a plan. More importantly, it happens because they are not practicing ON-Time.
ON-Time is a time you set aside … (1 comments)

 

John Caylor

Post Falls, ID Mortgages

Post Falls, ID

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Infinity Financial Group

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