HOME MORTGAGE RATES ARE AT ALL TIME LOW!!! NOW IS THE TIME TO REFINANCE!

I'm republishing a portion of a previous post primarily because it still applies but also to let you know the urgency to refinance or purchase if you re considering that??

I also wanted to let you know of an upcoming event being hosted by BFI - Business Fellowship International. You’re invited! Don’t miss Wednesday, July 21(11:30-1:00 pm) at Deer Creek Golf Club. The featured speaker will be economist Bill Helming, author of What Goes Up Eventually Comes Down. Bill is widely acknowledged as an expert economist whose economic forecasts have been uncannily accurate and on-target. Hear first hand what Bill has very good reason to believe we will all be facing economically between now and 2014 – and how to plan accordingly. Proverbs 22:3 states, “A prudent man foresees the difficulty ahead and prepares for them; the simpleton goes blindly on and suffers the consequences.” TO REGISTER GO TO: http://www.acanetwork.org/clubportal/EventDetailPublic2.cfm?clubID-1259&EventID=12415> ADVANCED REGISTRATION IS REQUIRED!

If you have been considering buying a home or even refinancing, you've probably been asking one of these questions? Should I refinance now? Should I buy now? What if rates go down again? With the economy this way, surely rates will have to drop again? I heard the Feds are going to lower rates again to stimulate the economy, should I wait to lock in an interest rate then?

These are all great questions and very valid. In the past, before all the housing bubble began, the answer to these questions might of been to wait. Times have changed! It's a whole new game in the mortgage world. If you are considering waiting to buy or refinance, below is a few reasons not to:

1. Mortgage Lenders are tightening guidelines to protect against future losses. Mortgage lenders are reducing loan to value limitations. They may require you to have 20% equity or more? If you are an investor or a jumbo borrower, those equity requirements are even higher. Someone who could qualify today, may not be able to qualify tomorrow.

2. The value of your home could decline, maybe it already has and could again? Foreclosures and short sales lower the market value of every home in your neighborhood and surrounding areas. A home that is comparable to yours that ends up selling for less than yours is going to lower your home's value. Lower appraisals lead to higher loan to values and, often, higher mortgage rates.

3. Have you or someone you know lost their job in the last two years? Job losses are happening at a very rapid rate. Many are being laid off as employers fear for the future stability of the company. Many are downsizing to offset lower prof ts (or no profits at all). Without a job and a steady paycheck, lenders won't give you a mortgage loan. I work with Business Fellowship International, a ministry that helps folks get connected and possibly into a new job. If this is you, please email me and I will help you in any way I can.

4. Another rise in cost is mortgage insurance or PMI. This is required if you have less than 20% equity or down payment in your home. PMI is an insurance that protects the lenders in the event of default. Remember hurricane Andrew and the impact it made on the insurance carriers? What's going on in the housing market right now, is comparable to that. Mortgage insurance carriers are raising rates and tightening guidelines as well, making it very hard to qualify or not allowing your payment to drop with the interest rate reductions.

5. What is your credit score? Most people assume their credit is good. But what is good anymore? To get the "preferred" or "going" interest rate, you have to have excellent credit scores, that means over 700 and sometimes over 720/740. Now don't get me wrong, we are still able to do loans under 700, but we would need to review your situation to see if it makes sense for you.

If you are thinking about buying or refinancing, now's the time to do it. The pendulum for mortgage loans has swung from one extreme to the other and it may be a long long while before lenders will consider loosening guidelines again. Financial crisis has it America.

Jewel and I, the InSight Team, are here to help you make sound choices with your mortgage. We have many valuable resources and offer a variety of mortgage products. Please give us a call or email us or visit us on the web at www.wantinsight.com.

Most Cordially

Michele "MAC" A. Cole
Business Development
michele@wantinsight.com

Jewel Callahan
Mortgage Consultant
816-510-1399

Economic Crisis? Can this be turned around?

Last Thursday was the National Day of Prayer. IAll over the country, in businesses, churches, homes, etc people were praying for our nation, the United States of America.

As I was praying and joining in with the others around the country, I felt the Lord speak to me about paying off the national debt. What I mean is, I sensed God would like us to join in unity and do our part, make an effort to pay off the national debt. Is it even possible? I don't know but with God all things are possible. I do not know the first thing to do or how to even begin to organize this. What I do know is that America was built on biblical principles. Our founding forefathers would probably roll over in their graves if they knew the debt America and it's people are in. So many of us have a consumerism mentality - some because that's just how we were raised. I'm not condemning anyone because I play a role in that too. Over the last 8 years, the Lord has shown me how important it is to learn how to live within your means, meaning don't buy something unless you have the cash to do so. Debt isn't a sin, but it can lead you into bondage. A favorite Scripture of mine is found in Proverbs 22:7, Just as the rich rule the poor, so is the borrower servant to the lender. I don't know about you, but when i have credit card debt that I cannot pay off when the bill comes, it puts me into a sense of "bondage". Maybe you're not feeling the squeeze others are? If not, that's great!!

With so many folks losing jobs due to downsizing and company closures, we are seeing more and more folks feeling the "heat" or the bondage of the debt load they carry. I recently received this video from an economist I know and it sure is eye-opening but not surprising to me. I wanted to share it with you so you could also do some research and see what you can do personally to get your family into a better place. If Americans would pay their debt off as quickly as they can and invest in American products, we could see a positive change. If we drag our feet and wait too long, we could face the worst of times this country has ever seen. I know that some will remain in denial and say "this won't happen to me"... but time will tell.

http://www.youtube.com/watch?v=m1VbGcaVvFM - Check this out!

Now, on a positive note - there is hope - Jeremiah 29:11 says For I know the plans I have for you, says the Lord. They are plans for good and not for disaster, to give you a future and a hope. If you are a follower of Jesus, this promise is for you. We must turn to God and seek him with all we have and do. He is our strong tower, our place of refuge and His arms are opened wide waiting for you to come to Him. Jesus doesn't shield us from difficult circumstances but He examines (tests) both the righteous and the unrighteous. Use this as an opportunity to grow in a relationship with God. Whenever things go wrong in our lives, we have to believe and trust that God is still for us. We contend for the promises, but we trust Him for any outcome. He knows what's best for us. Read Psalm 3. As we depend on God's mercy, we can be at peace about anything. We can conquer fear by trusting in the Lord.

Jewel and I focus on helping clients make good choices in their home financing decisions. Our choices today affect our tomorrows. We want you to be able to weather the economic storm this country is facing. I pray that you become encouraged and motivated to make changes in your life that will prepare you for what could happen. If we can be of assistance in that, please feel free to call or email. Visit us at www.wantinsight.com.

Blessings Abundant!

Michele Cole
Business Development Rep
Jewel Callahan
Mortgage Consultant
The InSight Team
Mid America Mortgage
www.wantinsight.com

Tax Credit Deadline Approaching - No fooling!

No fooling around, the tax credit for home purchases is approaching fast!!

Home buyers will qualify for the tax credit until April 30, 2010* (as long as they have entered a binding contract), and have an additional 2 months (until June 30, 2010*) to close the transaction. Borrower income limits have been increased to $125,000 for individuals and $225,000 for couples (up from $75,000 and $150,000 respectively under the current program). The legislation includes a tax credit not exceeding $6,500 for move up buyers who have owned their current homes for at least 5 years.

If you are considering a move and buying a new home, NOW is the time to act. Not only for first time buyers but for buyers wanting to downsize, or up size who have owned their homes for 5 years or more, you qualify for some credit as well!

Interest rates have been staying stable and are still at record lows!!! There are still no downpayment loans available thru VA loans. Contact us to see how you may qualify!

You probably know someone who has been hurt greatly by the economic times. The InSight Team's heart is to help point you towards the right product for your home financing. One that even with economic uncertainity, you can have peace.

For an Honest Approach to Home Financing, please give us a call at 816-510-1399 or visit us at www.wantinsight.com

Michele "MAC". A Cole
Business Development
Jewel Callahan
Mortgage Consultant
www.wantinsight.com

So what's your New Year's Resolution?? Interest Rates ticked up a bit... should we lock or not?

I received much positive feedback on this last post, so I thought I'd resend it to you along with a few additional updates.

I pray you and your families had a joyous Christmas!

What's your New Year's Resolution? Eat Right, Exercise More, Get Organized.... or considering buying or refinancing your home?? This blog will hopefully help you make a good choice if it's regarding home financing!

If you have been considering buying a home or even refinancing, you've probably been asking one of these questions? Should I refinance now? Should I buy now? What if rates go down again? With the economy this way, surely rates will have to drop again? I heard the Feds are going to lower rates again to stimulate the economy, should I wait to lock in an interest rate then? Just since Christmas, mortgage rates have tinged up about 3/8 or .375%. Depending on your loan size, that can make a difference on whether it makes sense to refinance or not.
These are all great questions and very valid. In the past, before all the housing bubble began, the answer to these questions might of been to wait. Times have changed! It's a whole new game in the mortgage world. If you are considering waiting to buy or refinance, below is a few reasons not to:

1. Mortgage Lenders are tightening guidelines to protect against future losses. Mortgage lenders are reducing loan to value limitations. They may require you to have 20% equity or more? If you are an investor or a jumbo borrower, those equity requirements are even higher. Someone who could qualify today, may not be able to qualify tomorrow.

2. The value of your home could decline, maybe it already has and could again? Foreclosures and short sales lower the market value of every home in your neighborhood and surrounding areas. A home that is comparable to yours that ends up selling for less than yours is going to lower your home's value. Lower appraisals lead to higher loan to values and, often, higher mortgage rates.

3. Have you or someone you know lost their job in the last two years? Job losses are happening at a very rapid rate. Many are being laid off as employers fear for the future stability of the company. Many are downsizing to offset lower prof ts (or no profits at all). Without a job and a steady paycheck, lenders won't give you a mortgage loan. I work with Business Fellowship International, a ministry that helps folks get connected and possibly into a new job. If this is you, please email me and I will help you in any way I can.

4. Another rise in cost is mortgage insurance or PMI. This is required if you have less than 20% equity or down payment in your home. PMI is an insurance that protects the lenders in the event of default. Remember hurricane Andrew and the impact it made on the insurance carriers? What's going on in the housing market right now, is comparable to that. Mortgage insurance carriers are raising rates and tightening guidelines as well, making it very hard to qualify or not allowing your payment to drop with the interest rate reductions.

5. What is your credit score? Most people assume their credit is good. But what is good anymore? To get the "preferred" or "going" interest rate, you have to have excellent credit scores, that means over 700 and sometimes over 720/740. Now don't get me wrong, we are still able to do loans under 700, but we would need to review your situation to see if it makes sense for you.

If you are thinking about buying or refinancing, now's the time to do it. The pendulum for mortgage loans has swung from one extreme to the other and it may be a long long while before lenders will consider loosening guidelines again. Financial crisis has it America.

But there is hope! Jeremiah 29:11 says, For I know the plans I have for you says the Lord, plans to prosper you, not to harm you, but to give you a future and a hope. 2 Chronicles 7:14 says If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land. If you have a relationship with the Lord, He will see you through! If you don't, consider asking Jesus into your heart, ask Him to forgive you of your sin and to cleanse you and make you new. He loves you so much and wants only good for you!

So, if your New Year's Resolution is to make a move or refinance your existing home, Jewel and I, the InSight Team, are here to help you make sound choices. We have many valuable resources and offer a variety of mortgage products.

For an Honest Approach to your Home Financing Needs, please give us a call or email us or visit us on the web at www.wantinsight.com.

Blessings Abundant!

Michele "MAC" A. Cole
Business Development
michele@wantinsight.com

Jewel Callahan
Mortgage Consultant
816-510-1399

Tax Credit Extended??

The current first time homebuyer tax credit is set to expire on December 1, 2009. However, House Speaker Nancy Pelosi says that the governement may extend it and expand it.

There is consideration that they may increase the tax credit from $8000 to $15,000 and possibly include all purchases or purchases involving new home construction!

This would be a huge benefit to the housing market as well as to the economy as a whole. The National Association of Realtors has asked Congress to extend the credit due the estimated 350,000 buyers who would not of bought homes without the credit. They also indicate that it brough 1.2 million new buyers into the market! Wow!!!!

At least, lawmakers are requesting a 6 month extension on the original first time tax buyer credit. Even if you are not a first time buyer, the tax credit may still benefit you. Please give us a call or email us and we will be happy to answer any further questions you might have!

The InSight Team is here to help you make choices you can live with today....and in the future.

Blessings

Michele "MAC" A. Cole
Business Development Rep
www.wantinsight.com

Tax Credit Deadline Coming Quickly

The First Time Homebuyer Tax Credit deadline is near! If you are out looking for a home and haven't owned a home at all or haven't owned one in the last three years, this tax credit could be advantageous for you. For all the details and how it could benefit you please visit http://www.federalhousingtaxcredit.com/2009/index.html.

The InSight Team will work with you efficiently to help you get your financing in place and your home loan closed prior to the December 1st deadline. Please visit our website at www.wantinsight.com for information on how to contact us. We offer first time buyer financing loans as well as many other options, and have some of the better interest rates available in the area.

Let The InSight Team lend insight into your home financing needs.

Blessings
Michele Cole
www.wantinsight.com
michele@wantinsight.com

IT'S TIME TO GET OFF THE FENCE

Our local Kansas City housing market is beginning to heat up this summer and the national economy is still showing signs of improvement. But, as a first-time buyer are you still on the fence? You could feel the pain if you don’t take action soon!!

Time is running out on the $8,000 federal government’s tax credit. Don’t be deceived by the December 1 end date. Remember, the purchase loan must be closed by December 1 in order to qualify for the tax credit. Having a signed contract or having loan approval isn’t enough for obtaining the credit.

Look at the timeline from the closing date backwards to see why you need to start NOW. The average time, from final signatures on the contract to sitting at the closing table and getting the keys to your new home, is generally 45-60 days. So, to meet the Dec. 1 deadline, you’ll need to have a home under contract by late September or very early October.

Are you thinking that it’s doable in only 2 months? Well, lots can happen during the home search and loan approval process, and two months can fly by fast. And then there are possible issues after the contract is in place which may affect the closing date. Please contact us, InSight Mortgage Group, to start your preapproval process now.

For first-time buyers the purchase process can take a bit longer than for experienced purchasers. Home buying is a complicated process, and you’ll need the guidance of a good realtor and lender.

CONSIDER:

Competition: Some neighborhoods with homes for sale (inventory) are selling fast in the greater Kansas City metro area. Certain areas are especially appealing for first-time buyers, and with the tax credit available only to first-time buyers, these areas are seeing a competitive market. Mix into that foreclosures with really low asking prices. Investors are very active in scooping up these low priced homes.

Contingencies & Disclosures: The seller must disclose any material facts about the property, including lawsuits or claims of ownership on the property, and any known property defects. If questions arise during the buyers review of the disclosure, final signatures on the contract can be delayed. Contingencies can also impact the negotiating process, causing additional delays.

Loan Approval: Right now, interest rates are at all time lows for credit-worthy buyers. But, new laws are impacting the approval process and lenders are requiring more and more detailed paperwork from buyers. Obtaining a preapproval prior to making an offer is a high priority in the purchase process.
Appraisal: The lender orders an appraisal on the property, which determines the value of the property being purchased. An appraiser looks at the interior and exterior condition of the property, and compares it to very recent sales of similar properties close by. Most appraisals are now ordered through a third party appraisal management company, adding another layer of time to the process. And, laws implemented recently also added more paperwork to the appraisal process, which impacts turnaround time for completion.

Inspections: It is generally recommended that buyers hire a professional company to conduct an inspection of the property. Depending upon the findings, if repairs are needed, negotiations are reopened and more time is required to come to some sort of resolution.

Holidays: When looking at a closing date it important to remember the upcoming holiday season. Many people are involved in the closing process for a real estate contract: the buyers and sellers real estate agents, lenders, attorneys, inspection companies, appraisers, appraisal management companies, and escrow/title company offices. A lot of people wait to the end of the year to take their vacation time, and especially near the Thanksgiving weekend. It’s not unheard of, unfortunately, to have crucial paperwork sitting in a pile on the desk of a vacationing worker.

Short Sales & Foreclosures : Offers on these properties almost always take much longer for an answer than traditional MLS marketed homes. Some agents have reported that the companies handling these homes are overwhelmed with paperwork, are understaffed, and that it can take up to 3 months before an answer to an offer is received!

With the encouraging signs in the housing market being reported recently i.e:
* Nationally there’s a 6 month supply of homes priced under $250k (CNBC)
* Existing home sales in June were up, 3rd straight month for increased sales
* Only 31% of all sales were distressed properties – indicating reduced inventory
* Median price of an existing home increased in June, to $181,800.
* Higher prices than six months ago, each month making small gains
those knowledgeable in the housing industry are predicting that average home prices may NOW be very close to fair value, and the bottom of the market is behind us.

If you, or someone you know, may still be sitting on the fence waiting for the “right time” to jump into homeownership, don’t wait any longer. Call us at 913-642-3334 or email us at michele@wantinsight.com or dickw@wantinsight.com to start your preapproval process. Be smart and invest in your future today! Blessings.