camano island: USDA is adding Monthly MI - 09/01/11 09:48 AM
In a surprising announcement, the USDA Guaranteed Rural Development Home Loan Program announced starting October 1st, 2011, they will begin collecting (charging) monthly mortgage insurance of .3%, but their up front mortgage insurance will be reduced from 3.5% to 2%.
If you are unfamiliar with the no down payment 100% financing USDA Guaranteed home Loan, please give me a call. 
Why is the USDA now charging monthly mortgage insurance? Due to some upcoming nationwide changes to make mortgage lenders more accountable to the loans they approve, USDA implemented this in order to prevent the American tax payer from subsidizing the … (4 comments)

camano island: The Key to Creating Intimacy; Use a Concierge Form - 12/07/10 06:51 AM
Superstar REALTOR Terry Moerler has clients fill out a concierge form at home, prior to meeting with them. This helps her better understand those prospects and target their hot buttons. It affords her an opportunity to probe their minds, know their likes and dislikes, and then meet their needs with efficiency.The more you know about your clients' needs, the better you can adapt your presentation to exceed their expectations. But you must implement a system for gathering this information up front. After the initial information is obtained, you and your team members must collaborate in an effort to collect additional facts. … (0 comments)

camano island: Make Your Next Open House a Winner - 12/03/10 03:49 AM
Many Real Estate professionals feel that open houses are too time-consuming. Frankly, they are time-consuming. But I can provide assistance as a mortgage professional on hand to field many questions for you regarding financing options.Even in a booming market, homes don't sell themselves. I would like to be an ally for you and assist you at your open house events by providing answers to questions about financing on location. I am prepared to help you roll out the red carpet for your upcoming open houses with the following info-marketing materials:
Pre-qualification on the spot Sample financing options for the property Current … (1 comments)

camano island: Stop Paying your Landlords Mortgage!!! - 11/22/10 03:59 AM
It's staggering when you think about the cost of living, especially if you're a renter and not a home owner. If you are currently paying $1,000 a month for rented housing, then over the next three years, your property management company will effectively have reaped $36,000 of your hard earned cash! You're paying their mortgage when you could be building equity in your own property.What if I don't have the money to buy a home right now?There are many loan programs available that offer low and no down payment options. Some programs permit gift money as a down payment, and often … (2 comments)

camano island: Be the Gate Keeper...take control of the lead - 11/19/10 04:25 AM
The Law of The Gate Keeper states: The business professional that refers out the most business will create the most reciprocal referral relationships in return. Translation: The business professional who controls the lead WINS!Regardless of your vocation, there will always be other business professionals that you should seek to align yourself with because they represent a potential increase in business for you through referrals. The easiest way for you to develop relationships with the people you want to work with is to start off the relationship by referring new business to them. This is The Gate Keeper concept in its truest … (0 comments)

camano island: What is your Mothers Maiden Name? - 11/16/10 04:41 AM
Passwords are crucial to accessing your personal accounts and information. The problem is we all have so many accounts that we worry more about remembering our passwords than we do about making sure that they actually protect our data from hackers. Because of this, we end up using passwords like our mother's maiden name or child's first name. But even if you add a few numbers to the end, those types of passwords are easy to break. And that means your data isn't safe.The following tips can help you avoid the most common password pitfalls and even implement a few new … (1 comments)

camano island: Get to the IRS on Time: Even If You Can't Pay - 11/15/10 05:19 AM
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camano island: Five Tax Breaks Every Homeowner Should Know - 11/08/10 04:40 AM
Five Tax Breaks Every Homeowner Should Know  
Benjamin Franklin once said, "In this world nothing can be said to be certain, except death and taxes." More than 200 years later, this certainly holds true. And while being a homeowner won't add years to your life, the modern tax code has a number of benefits certain to make your tax bill lower. The following are a few ways your CPA or Tax Preparer can help you save: Take an interest in your mortgage interest - Statistics show that only about half of homeowners claim this valuable deduction. Make sure you're one … (0 comments)

camano island: 9 Rules to follow when applying for a home loan - 11/05/10 09:58 AM
Lenders get very cautious when your life circumstances change during the period between applying for a mortgage and closing on it.  Here are some rules that you should follow during those critical weeks:
Rule 1:  Do not change employers, become self-employed or quit your job
Rule 2:  Do not take on a long-term debt such as buying a car, boat RV or furniture
Rule 3:  Do not overly use your credit cards or let your accounts fall behind
Rule4:  Do not spend any of your cash reserves (you will need enough set aside to cover closing costs)
Rule 5:  Do not … (0 comments)

camano island: Tick Tock Tick Tock, It's time for a home loan checkup - 11/01/10 05:14 AM
They say that home is where the heart is. Yet do you know that a mortgage is the heart of every good financial plan? Making sure you've got the right one can save you a ton of money, along with creating wealth and financial health for your family. And with home loan rates near historic lows, now is the perfect time for a home loan check up.
When it comes to determining if your mortgage is still the right one for you, some important factors to consider include the type of loan (or loans) you currently have, your current loan balance, … (0 comments)

camano island: USDA 100% Financing!! - 10/28/10 06:54 AM
 
USDA HOME LOAN GUIDELINES
Sometimes good credit and a steady income arenot enough to qualify for a home loan at a commerciallending institution such as a  mortgage company.More rural families and individuals may be eligibleto become homeowners with the help of aUSDA guaranteed home loan. When the federalgovernment agrees to guarantee a loan, lendinginstitutions can help buyers while incurring lessrisk. Through USDA's Guaranteed Rural HousingLoan Program, low- and moderate-income peoplecan qualify for mortgages even without a down payment.Guaranteed Rural Housing LoansTo be eligible, applicants must:Have an adequate and dependable income;Be a U.S. Citizen, qualified alien, or be legallyadmitted to the … (0 comments)

camano island: USDA Loans For 1st time homebuyers - 10/25/10 07:13 AM
USDA Loans are great for the first time home buyer!  Zero down, good quality home and no out of pocket closing costs.  When applying for a USDA Loan, rent VS owning here are a few things that should be talked about. 
Renting you have to do 1st last and deposit, (if you have a pet, add that deposit on the total as well).
This is a TRUE ZERO DOWN PROGRAM.  It is cheaper than renting.
A USDA loan in 100% financing and the closing costs can be rolled in. There are income limits and the property must be outside the city limits.  I … (2 comments)

camano island: Everything that Americans Once Knew About Home Mortgages — But Should Ask - 10/20/10 05:50 AM
Americans are discovering the concept of foreclosure and the loss of a home in a very real and disturbing way.  Despite the rhetoric from Washington and sensationalist media, the process of resolving defaulted mortgages is moving ahead, one reason why the U.S. will not be Japan.  But we have all forgotten the experiences of the 1930s when it comes to home foreclosure.
We seem to be moving from voluntary foreclosure moratoria put in place by banks for public relations purposes in 2010 to unilateral state law foreclosure moratoria like those put in place during the 1930s in 2011.  States such as … (0 comments)

camano island: Understanding the Credit Crunch in Lending - 10/18/10 07:30 AM
The media has coined the phrase "Credit Crunch".  Most people that I talk to have no idea what this is or what it means.  All they see is on every news station that more lenders are going bankrupt or cutting programs.  What I will attempt to do here is explain what happened and how it affected our markets.  But first I need to take it back a few years and explain a bit about the system.
We will start about 3 years ago.  Appreciation of homes in the nation was growing rapidly.  I will use some very conservative figures and say … (0 comments)

camano island: 10 Things We Over Pay For - 10/08/10 05:38 AM
Does the avalanche of news about layoffs, business losses and a declining stock market have you looking for ways to cut your spending so you can beef up your savings? We're here to help, with suggestions for less-expensive alternatives to ten everyday purchases (for more ideas, go to www.BillShrink.com, which tracks cell-phone plans and credit cards).
Afternoon snacks. Do you munch protein bars as a healthier alternative to a chocolate pick-me-up? You could easily be paying more than $2 per bar and consuming just as much sugar as you would with your favorite candy bar. Stock up on fruit for a … (0 comments)

camano island: Renters Have Much to Gain by Pursuing Home Ownership - 10/07/10 06:00 AM
Buying a home vs. renting is a big decision that takes careful consideration, as most mortgage consultants will agree. But the rewards of home ownership are great. For many years, purchasing real estate has been considered an extremely profitable investment. It is an achievement that offers a sense of pride, financial stability and potential tax advantages.
 Yes, there are certain responsibilities associated with owning a home. Landlords will often argue the benefits of renting, and for obvious reason. If you are renting, you're helping them make their mortgage payment.
 The numbers are staggering if you look at it this way. If … (2 comments)

camano island: Are you CRUSHING it? Are you bringing in deals daily? - 10/06/10 06:03 AM
If you are, what are you doing? What are the easy to forget things that must be done in a busy market like this?If you are NOT, what could you be doing today to make this a PHENOMENAL month:1. Call 10 past clients daily2. Call 10 current or prospective referral partners3. Send 10 hand written thank you cards4. Ask for referrals with each contactI have had the fortune of speaking with many of the industry leaders and there is a common theme that I've been able to discern.I can and should only focus on the things I can control daily which … (4 comments)

camano island: FHA changing its mortgage insurance fee structure - 10/05/10 06:29 AM
FHA has announced that beginning with case number (application) assignments on or after Oct. 4. FHA monthly mortgage insurance premiums will rise to .90 basis points.
This change also includes a decrease in the upfront financed mortgage insurance premium to 100 basis points down from 2.25 basis points currently in place. If you are going to use the FHA to purchase or refinance a home you wanted to get your application in before Oct. 4 and have your case number pulled at that time.
How much more this will cost the borrower is described in the following scenario. With a base … (2 comments)

camano island: But what would another round of Quantitative Easing mean to Bonds and home loan rates? - 10/04/10 06:17 AM
Let's break it down into four important aspects: (1) When would it happen? (2) How much money would it involve? (3) Why is this being contemplated? (4) And what does it mean to home loan rates?
First, as stated above, whether QE2 happens will be dependent upon the upcoming data releases. Many experts agree that if the Fed does make a move, it will most likely happen at the next Fed meeting, which is scheduled for November 3rd.
Second, the question of "how much" is still up in the air. As stated above, New York Fed President William Dudley gave an … (0 comments)

camano island: Managing Your Schedule Just Got Easier - 10/01/10 06:00 AM
Google is constantly coming up with innovative ways to provide us with quick and easy access to the information we need. In addition to hosting the biggest search engine in the world, GoogleTM also offers a great desktop search bar, a mapping program with detailed driving directions, and even a photo management system. Now Google has turned its sights on keeping our days organized with Google Calendar.As with most of Google's applications, Google Calendar costs nothing and signing up is as easy as logging on to www.GoogleTM.com/calendar and creating a free account. It will take you all of two minutes to accomplish this. … (2 comments)