home: Where's the Benefit?
- 02/13/07 03:10 AM
On December 15th of 2006, Bryant Tutus, wrote a blog on the Real Estate Network "Active Rain" labeled, "Your home is your castle, not an ATM machine!" Broker Bryant brings up many good points within the article, explaining the cycle that many homeowners get caught up into when refinancing their homes. Many ads will make it look so easy to get that cash that's sitting in the equity of your home for any given reason! I'm here to tell you that there are pitfalls to this train of thought and you should really THINK about your decisions and work with a mortgage professional … (8 comments)
home: But They've Been Scrubbed!
- 01/24/07 03:41 AM
I was wondering what my topic of the day would be for a blog, then I got a call and the perfect topic came up. A lead generation source called me up just a few minutes ago and was offering, yet again....to buy mortgage leads from "reputable sources." This telemarketer had a slightly better pitch than the rest of them though. Within 15 seconds of such phone calls, I quickly respond with, "Sorry, I don't buy leads!" Many simply say, "OK!" But this telemarketer didn't give up so quickly and stated.... BUT THEYRE SCRUBBED! Ok, I've heard the term before. It gets thrown around loosly. … (6 comments)
home: The Power of "Truth" and Seeking to Understand Your Clients!
- 01/22/07 12:51 PM
I don't understand why many in my industry can't grab onto the "Power of Truth" and the need to understand a clients' needs! I have received several new calls this week from new and potential clients that are looking to refinance their homes from their once "all time low" payment to an increasing shocker. The trend is happening across the country. But, before I decide that it is the proper time to refinance, there are a few things to take into consideration. 1.) Is there a prepayment penalty on the home? I brought this to a potential clients' attention and he said … (1 comments)
home: Demanding a Rate Over the Phone!
- 01/18/07 03:25 AM
I received an interesting call yesterday, so I figured that I would share it for the world to see my response...Or atleast possible California clients and Associates :) The potential client called me and started rambling about random things, I tried to keep some flow to the conversation. In the end, I question if I ended up on some Los Angeles radio station, where I was broadcasted across the state for everyone's humor, including my wife's. With that said, here goes: Caller: What are your rates? Me: Sir, I need to get some information from you before we go through rates. Caller: I'm looking for … (24 comments)
home: Now I need flood insurance!?
- 01/16/07 05:09 AM
I had a client call me this weekend that just received some alarming news. Their mortgage recently got sold to a different lender. She had two different issues: 1.) Their mortgage had sold to another lender and now the new lender was requiring flood insurance on the home, which WAS NOT REQUIRED BEFORE! She was startled, as the new insurance premium was said to be hundreds of dollars a month! So naturally, the homeowner didn't want flood insurance and wanted to find a lender that would refinance the home without needing it. So, here is my response.... When you purchase a home, and it is financed, the … (4 comments)
Are you wondering what types of documentation loans are available? Banks and investors have come up with a variety of loan types to help borrowers qualify easier into home loan and refinance products. While some may be worried about being able to qualify for a home, you'll be amazed at the products available in the marketplace that you can take advantage of to purchase or refinance a home. Feel free to contact me with your California Home Loan needs. I will go through all of your information with you and I'll be sure to match your particular scenario up with the products … (6 comments)
I had a great sit-down today with a new client. She is a First Time Home Buyer that wanted to meet face to face with me...I love it! Back in the old days, transactions were only done in such ways. You could look a person in the eye, listen to their tone of speech and understand where they are coming from before you decide to do a transaction with them. With that being said, trusting a lender is everything in a Real Estate transaction! You open yourself up across all aspects of your life. For example: Have you filed for bankruptcy? Have you … (2 comments)
home: Lowballing agent commissions and higballing asking prices!
- 01/08/07 08:56 AM
Many asked me this year if there is a way to lowball a real estate agents' commission. My answer is very simple, "You get what you pay for!" If you were in need of a doctor and you were about to go into surgery, would you lowball the doctor? If you were about to go on trial and your liberty was at stake, would you lowball a lawyer? The same holds true for the services you receive in your homebuying and/or selling experience! In my opinion...If an agent is quickly willing to drop their commission without hesitation, it tells me this: 1.) The agent is … (3 comments)
home: Chico,California Housing Market Report For January 2007
- 01/02/07 10:13 AM
Hey Everyone, Virgil Cole is an awesome Real Estate Agent at Prudential Real Estate in Chico, California and he puts together a comprehensive market report of what has been taking place in the local Chico market over the past few months. He spends alot of time putting together the data and I'm sure that many homeowners and investors in our market will be interested in seeing the results. Feel free to contact either of us if you are looking to purchase or refinance your home. We're here to help you!
Virgil Cole Scott Gormley
Have a great day! Scott GormleyBroker/OwnerOak Valley Mortgage2006 Chico Assoc. of Realtors … (4 comments)
home: Are You Feeling Lost With Your Current California Home Loan?
- 12/26/06 03:56 AM
Are you feeling lost with your current California Home Loan? You don't know when your home loan is about to adjust...But, you know it's soon! You don't know when it is going to "flip to an adjustable rate." You don't know when the prepayment penalty is over from your previous refinance. Don't feel alone! There are thousands of California home owners that are going to refinance their homes in 2008, getting out of their adjustable rate mortgages and back into a "fixed loan." Why? They are recognizing an increase in their monthly payments and it is putting pressure on their monthly budgets. … (0 comments)
Last night, I got into a good discussion with some family and friends about how things have changed in Real Estate...Specifically...For Young Couples! Over the past few years, there have been some MAJOR changes in the Real Estate Market! Homes across the United States have doubled, tripled and even increased in some parts by 5-600%! I know condos in Southern California that were selling for $150,000 that are now appraising and on the market in the mid $500,00's! A half a million dollars for a 1000sq foot condo! And, the association dues are a couple hundred dollars a month as well! Ouch! The … (23 comments)
home: Helping Your Clients Relocate to California!
- 12/20/06 05:25 AM
This blog is to everyone in the Active Rain community and professionals in states outside of California! If you have clients that are looking to relocate to California from your state and you don't have a resource for them...I would appreciate the opportunity to be it! I own Beach Town Mortgage in Southern California and Oak Valley Mortgage in Northern California. Through Active Rain and several other networks and events, I have an extensive network of people in California that can help your clients make a hassle-free and smooth transition from their old home to their new home. Feel free to give me … (4 comments)
home: Going to bat for clients!
- 12/15/06 09:19 AM
Each and everytime we get a new client at Oak Valley Mortgage or Beach Town Mortgage, we go to bat for our clients! What does that mean? Here's a list of things that you can expect from us... 1.) We look out for YOUR BEST INTERESTS! I.E. What are your goals? What are you trying to acheive with your Real Estate investing or personal finances? 2.) Setting you up to Win the game. That's right, win the game! It does no good to have random offers thrown at you if you wouldn't qualify for them to begin with! So, we study the pitches thrown in … (2 comments)
home: Going Beyond "The Rate..."
- 12/14/06 03:56 AM
Everything in the mortgage industry is geared towards the rate. What are your rates? Who has the best rates? What are the rates doing? I'm here to tell you that the mortgage industry goes far beyond what the rate is. The rate is just a number! Yes, a number the ultimately determines the amount that a client will pay on his/her mortgage every month...but it still goes deeper than that. For example, "Does the rate really matter if you don't get the loan to begin with?" The mortgage industry is about people. With that, it's about asking questions and understanding the goals, … (21 comments)
The standard rule for estimating monthly property tax and hazard insurance paymentsfor a purchase transaction in the state of California are as follows:Taxes = Purchase price X .0125 / 12Hazard Insurance = Total Loan amount X .0035 / 12.Example 1 - Purchase price = $500,000. Loan amount = $400,000.Taxes = $500,000 X .0125 / 12 = $520.83/moHazard Insurance = $400,000 X .0035 / 12 = $116.67.Another Example (1st and 2nd). Purchase price = $500,000. Loan amounts = $400,0001st and $50,000 2nd.Taxes = $500,000 X .0125 / 12 = $520.83/moHazard Insurance = ($400,000+$50,000) = $450,000 X .0035 / 12 = $131.25/mo I figured this … (2 comments)
home: Equal Opportunity Lender
- 12/01/06 04:30 PM
Understanding the importance of Equal Opportunity Lending is very important to us in the mortgage industry. It's symbol is much more than an image, which simply represents happy thoughts. Rather, it represents the commitment to not discriminate against our clients and/or potential clients based on race,sex,national origin and a multitude of areas for which people are discriminated against on a day to day basis. Giving EVERYONE the opportunity to purchase a home and participate in the American Dream is what is so great about our country! Where families in many other countries would only dream at the thought of being able to … (2 comments)
home: 2007 Conforming Loan Limits-Important Update!
- 11/28/06 02:30 AM
Hello Everyone, I thought that Real Estate Agents,Lenders and consumers would like to know that the OFHEO (Office of Federal Housing Enterprise Oversight) had a News Release on November 28th 2006, which confirmed that the 2007 Conforming Loan Limit for one unit properties would remain at $417,000 for most of the United States. So, what does this mean for homebuyers and homeowners across the United States? Well, the difference between Conforming and Non-Conforming interest rates today is about .375%. On a $417,000 Conforming First Trust Deed Loan, that equates out to a difference of $100/month. $417,000 Conforming Loan Amount at 5.75% on a 30 year fixed = $2433.50 … (3 comments)
home: Protecting Your Clients Private Information!
- 11/27/06 01:58 AM
Working in the lending business, there is a major topic that must be talked about. What is it? Your client's privacy. I had a client say to me the other day, "wow, you know more private information about me than my partner now!" To which I replied, "and you can feel confident that I will protect your personal information to the best of my ability!" In the lending business, we often need to request multiple documents from our borrowers. Documents such as bank and retirement statements and account numbers, social security numbers, 1003 applications with dates of birth, residence address and full … (5 comments)
home: Real Property versus Personal Property~Mobiles and Finance
- 11/25/06 06:32 PM
There have been a few times this year that I've come across issues with agents and clients over the distinction between Real Property and Personal Property when it comes to mobile homes. In the eyes of many, mobile homes are just that...homes! But, there is a clear distinction between a mobile home that is eligible for Real Estate Financing, ie: a home loan, and one that isn't...What is it? Whether the dwelling is PERMANENTLY FIXATED TO A FOUNDATION!
If a bank is going to lend money on a mobile home, the mobile home MUST BE fixated to a foundation, period! Why? It's simple, … (15 comments)
home: Giving Clients a Shot of Reality!
- 11/13/06 04:22 AM
From time to time, I feel like I need to give clients a "shot of reality!" Why? All consumers are out there listening to crazy, unrealistic offers in the media about home loan programs that few often qualify for....and the ones that do, often don't want the product to begin with! Ofcourse, everyone wants the best terms and deal possible on purchasing a home, you would be crazy not to! But, when all consumers feel that they are on a level playing field...It's time for the shot! Otherwise, they become delarious. Like they have the West Nile Virus. Demanding this and demanding that....In … (8 comments)
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