rickcostamortgage: Why Don't They Buy?Maybe Mortgage Coach Can Help? - 08/26/16 09:41 AM
Got buyers who are reluctant to actually pull the trigger and buy a house? Is your lender providing solutions using a mortgage presentation program? If they are not, then perhaps another lender should be consulted? 
Some buyers needs to be shown that with every mortgage payment they make, they are actually paying down the principal of the mortgage loan which is like putting money away each month in a saving account. When you also show them how much of their monthly payment is a tax deduction based on whatever tax bracket they are in and then you show them that based on a … (0 comments)

rickcostamortgage: The Time Is Now! - 08/18/16 02:00 AM


rickcostamortgage: Assets, a major component of a mortgage loan! - 07/14/16 01:56 AM


rickcostamortgage: Don't Max Out Your Credit Cards - 07/07/16 01:08 AM
Credit scores are a major component in getting approved for a mortgage loan.  Maxing out your credit cards can have a major impace on your credit scores. 

Yesterday I met with a client who had a $300 limit on a credit card, but had  a balance of $275. Becuase of this, the credit scores were 30-50 points less than they could have been if that balance was -0-!
If you, or you have clients that are comptemplating getting approved for a mortgage loan, reveiw your revolving debt and take a look at your limits and balances and see what you can do to get … (1 comments)

rickcostamortgage: No Money Down or Low Down Loans Do Exist - 06/02/16 02:03 AM
I see many a borrower who thinks that they need to come up with a large down payment in order to become a homeowner. In some cases, that could be a requirment. But, for the average home buyer looking to purchase a single family home in which to live in with thier family, that is not the case!
#USDA Rural Development offers a program that will finance 100% of the home price. There are many requirements in which you must qualify for to get the loan, but if you live in an area of less than 15,000 people, have a decent job, … (0 comments)

rickcostamortgage: Interest Rates Are Not The Same For Everyone - 04/28/16 03:05 AM
Like every other mortgage lender, i get this typical phone call: "what is your interest rate?" What consumers do not understand, is that Interest Rates Are Not The Same For Everyone!
There are like 30 data points that go into quoting an interest rate. In order for me to be able to configure a monthly payment, which is really what the consumer cares about, i must take a complete loan application and run a credit report and do an interview of the consumer. 
What they also don't understand is that "The lowest rate, isn't necessarily the best loan program for the consumer" That ought to get a … (2 comments)

rickcostamortgage: VA Loan Benefit: A gift that keeps giving! - 04/07/16 12:18 AM
Honorably discharged veterans are able to purchase a home using their VA benefit with -0- down payment up to $417,000. But did you know that a veteran can use this benefit over and over and over again?
As long as the loans are paid in full at the time the veteran sells the home,  the veteran can use the VA benefit to purchase real estate continuously over their life time. 
The difference is that on the first time use of this benefit, the VA funding fee (cost to use the program) is 2.15% of the loan amount. On future loans, the VA funding fee is increased … (1 comments)

rickcostamortgage: Are You Pre-Qualified? - 03/14/16 01:50 AM
Spring is almost here and it is one of the busiest times of the year in the real estate markets. As a potential home buyer, one of the first questions a good real estate agent will ask you is:
"have you met with a lender? AND, what have you been pre-qualfied to purchase?"
Showing property you cannot afford to purchase isnt going to be helpful in your agent helping you achieve your dream. It is easy to know what you can afford. There are many good lenders who can, in a matter of 20 minutes, review your credit and income and tell you … (0 comments)

rickcostamortgage: Rents Continue To Rise - 02/28/16 11:59 PM
If you look at the chart below, you will notice that rents continue to rise and isnt any reason this will stop!
What can you do to lock in  your housing cost? Become a home owner !
In many markets it has been cheaper to actually purchase a home than to rent a home. With home values continuing to rise, this is becoming less the norm, but still you can purchase, with your monthly payment not being much more than what you have been paying your landlord.
When you factor in that mortgage interest and property taxes are a tax deduction, it may … (0 comments)

rickcostamortgage: GSFA Grant Program for California - 02/16/16 05:29 AM
Looking for a down payment assistance program that gives free money? The Golden State Finance Agency offers grants (it does not have to be paid back) for use for down payment. Grant amounts can range from 3%-5% of the sales price of the loan and interest rate will depend on the grant amount plus credit score. 
Today, February 16th, 2016, rates for a 4% grant with a 660+ credit score is 4.125% on an FHA loan. Assuming that FHA requires a 3.5% down payment, one could have their entire down payment requirement handled with the GSFA grant. 
In #Ukiah, California, it is very … (0 comments)

rickcostamortgage: Taking Care of Ourselves - 02/01/16 01:43 AM
It's hard to be a rock star real estate agent or mortgage originator, if one is not taking care of themselves. This means, at least to me, physically, mentally, emotionally and spiritually. If any of these are out of balance, then i find it very hard to focus 100% on the business in front of me.
As hard as I work on marketing, sales, relationsip building, etc., i also work on taking care of body and my soul!
When i go to the gym, or a bike ride or a hike, when i help someone else out, when i deal with the issues … (3 comments)

rickcostamortgage: Existing Home Sales Report..What if We Had Inventory? - 01/25/16 12:44 AM
The Existing Home Sales report that came out last Friday, showed an increase over the previous month. Some think this is becuase of TRID delay in the closing of transactions. I wonder that that report would be if every buyer i have in my database could actually find a home and buy it? 
Becauase of the lack of inventory and the price appreciaion, i have propsect that will never convert to a homebuyer! Prices are now getting out of the range of many home buyers who have been actively seeking to find something for months. What is the solution? More new housing … (0 comments)

rickcostamortgage: Are the markets in a bubble? - 01/14/16 12:43 AM
I was listening this morning to one of the financial channels on TV and some real estate guru was talking about markets that have been appreciating to such a degree that they may be reaching a "bubble"! 
This got me to thinking about #Ukiah, California, and the surounding areas of #Willits, California and #Lake County, California. These are the areas that i work in. I have seen values in these areas climb 50-60% since the bottom of the market in 2011. The cost of housing in these areas are now pricing many borrowers out of the market. 
However, there is still not enough inventory to satisfy … (2 comments)

rickcostamortgage: December a busy month for sales? - 12/21/15 12:32 AM
This month of December has been an active month and many buyers are not slowing down their hunt for a new home even though its the holiday season! 
Great news for all of us in the real estate and mortgage lending industry. Though 2015 was an adequate year, i think 2016 could be a "block buster" year!
As the markets continue to get healthy and we start to see an inventory build, perhaps we will begin to see more listings and a market that doesnt favor buyers or sellers but a neutral/normal market!
Now is not the time to slow down your prospecting, but … (2 comments)

rickcostamortgage: Dont Quit in December - 11/30/15 12:32 AM
This time of the year with the holidays, parties, families, shopping, etc. it is really easy to start to coast into 2016. The problem with this is that January and February end up being a slow income month and can destroy your income goals for the entire year. There are many buyers and sellers out there who are still looking at what their options are and who are able to enjoy the holiday season while at the same time ponder their real estate goals! 
I like to take this time of the year to reflect on what I am doing right, and … (1 comments)

rickcostamortgage: 2016 A Banner Year? - 11/19/15 12:18 AM
Thanksgiving 2015 is approaching,  and i am noticing that there is steady buyer activity.  I find this interesting since we are approaching the holiday time of the year where things are busy but most of that busyness is getting existing contracts closed!
What I am seeing is plenty of buyers willing to look for a home and write contracts. I am finding myself doing pre-approvals, writing pre-approval letters for new contracts and seeing new deals go into escrow. Could this mean that 2016 is finally going to be that "banner year" for our industry? Things have been just fine, but in my area, Ukiah, California, in … (0 comments)

rickcostamortgage: My Database and My Relationship To It - 11/16/15 12:57 AM
Thanks Tom Ferry for reminding me, again, what I already know I am not doing. Working my past clients in a way that creates a relationship for life! I also like what Todd Duncan has to say about this
"Want a client for life? You have to talk to them during their lifetime"! 
So why dont i? Nothing to say? Embarrased its been years? Yes, thats all true! However, these clients are all people I have done business with in the past and they will eventually have another need for a mortgage loan. If not me, it will be somebody else. 
I am "chunking … (0 comments)

rickcostamortgage: 2016 Just Around The Corner - 11/03/15 12:13 AM
Now that it's November, i start thinking about the past year. Did I hit my goals? What worked and what did not work? What will i do differently in 2016? 
I am starting to work on my business plan and what I am discovering that in order for me to hit  my goal for 2016, i will need to put together a team. There is just no way I can do everything myself. I must be able to do what I am good at, or enjoy, and that is talking to people and working on deepening relationships. Spending time updating documentation is … (0 comments)

rickcostamortgage: Is Saving $17 Per Month Worth Taking A Risk? - 10/12/15 02:31 AM
Is Saving $17 Per Month Worth Taking A Risk? That's the title to this blog and refers to borrowers who disregard a realtors referred lender of choice, all in saving 1/8 to the rate. Yep, on a $250,000 loan amount (the average loan size for Ukiah, CA. in Mendocino County, CA.)  the difference between 3.875% and 4% is $17 per month. I spend more on coffee at my favorite coffee place on a weekly basis, but yet many a home buyer will risk their home buying process to somebody they meet online, and never will meet in person and most likely … (0 comments)

rickcostamortgage: Consumer Direct Leads vs.The Telephone - 10/10/14 12:36 AM
Are you one of those who rely heavily on consumer direct leads? I label those as anything NOT coming from a referral source of business. These  includes  Zillow, Trulia and  Facebook leads. I also label these as "cold leads", with a success rate that isn't very high. We all market ourselves via social media, web pages, and other internet lead generation sites, but what happened to picking up the telephone and making a sales call and creating a referral relationship? 
Our business is one of creating relationships with people. People want to do business with people they like and trust. Creating referral relationships means that any … (0 comments)

Rick Costa, FHA/VA/USDA expert (Primary Residential Mortgage Inc. NMLS 3094)

Rick Costa

FHA/VA/USDA expert

Ukiah, CA

More about me…

Primary Residential Mortgage Inc. NMLS 3094

Address: 704 East Perkins Street STE E, Ukiah, CA, 95482

Mobile: (707) 529-3374



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