Wisdom about borrowing money

Below is a word from a friend of mine, Rick Boxx. He is President of a ministry - Integrity Resource Center.

To the Very End

When a large sum of money is needed to fund a business plan it's amazing how quickly many will forget their reliance on scripture. Many will turn to a lender first, rather than God. Others will turn to an investor who doesn't hold a biblical worldview. Some Christians will rationalize their leap into debt, or becoming unequally yoked, in an instant.

Psalm 119:111-112 teaches, "Your statutes are my heritage forever; they are the joy of my heart. My heart is set on keeping your decrees to the very end."

If you're faced with a choice between obeying God's Word and financing your idea the world's way, remember the long term view. God's Word is designed to protect you. Practice His Word to the very end!

For more information about Integrity Resource Center, please visit their website at www.integrityresource.org. The ministry provides helpful information about how to walk out your faith in the workplace. Something near and dear to my heart.

Interest rates continue to be in the low 4's. Give us a call and let us lend insight into your home financing needs.

Blessings!

Michele "MAC" A. Cole
Business Development Rep.
Jewel Callahan
Mortgage Consultant
The InSight Team
Mid America Mortgage
816-510-1399

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

Great News!! Tax Credit Extended and Expanded!!

President Obama signed into law legislation extending and expanding the $8,000 first-time home buyer tax credit. This a victory for consumers and the housing industry.

Under the legislation, 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 also 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 also 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 or USDA 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.

Pleaes feel free to 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

Hanging on in Trying Times

Do you know someone is who feeling the impact of the ever changing economy? Is someone you know experiencing a financial crisis? Bankruptcy? Foreclosure? Job loss? I sure have. Being in the mortgage industry, this is something I see or hear about every day. It's very sad. Some folks are experiencing these things because of the poor choices of others or because of their own poor choices. We all do this from time to time. Unfortunately, it's a fact of life. When we spend money on things such as nice homes, sports cars and other pleasures of life and if we do so without having the ability to pay cash for it, we can be setting ourselves up for financial destruction. We reap what we sow! Our national debt is a number too large for me to even fathom. The bible says, that just as the rich rule the poor, so is the borrower servant to the lender. When we take on debt that we cannot pay off, it puts us in a position of "bondage".

But there's hope! I know many people who can help you and offer you solutions. Sometimes refinancing is an option and sometimes it's not. Interest rates are still very good but now is the time to act. With the ever changing economy, the only way we can survive as a country is through inflation, which means interest rates go up.

For an honest approach - free consultation on what options you have, please give us a call or email. We care and we want to see you freed from bondage!

Blessings from The InSight Team
Michele "MAC" A. Cole
Business Development Rep
michele@wantinisght.com

Jewel Callahan
Mortgage Consultant
jewel@wantinsight.com
816-510-1399

More Encouraging News

Hidden underneath all the headlines and stories on the proposed government health plan, there are signs of encouraging news that the recession may be easing.

The first full week of August saw some positive results in economic activity, but the news of the declining unemployment rate made investors optimistic. For the first time in the past 17 months fewer job losses were posted and we saw an improved unemployment rate. July saw the lowest number of job losses all year, and the number came in much lower than anticipated. The stock market climbed upward as well. The Dow is now up almost 7% for the year.

This isn’t to say the recovery is in full swing yet, but don’t we all deserve some good news!

And, we saw another positive housing report too. Pending home sales jumped an unexpected 3.6%, when a 0.7% increase was predicted by the experts. We’ve now seen 5 consecutive months of gains in pending contracts. That’s the first time since July 2003 we’ve seen that happen! Affordable home prices and low interest rates have been driving the market upwards. Construction spending was up slightly as well, much better than the drop that was expected.

The 28 major markets the real estate experts watch saw a drop in inventory of 2.5% from June. (The average drop over the last 25 years from June to July is 1%) AND, compared with the inventory in July 2008, there was a big drop of 27%!

Mortgage interest rates are still holding at low levels as well.

At InSight Mortgage Group we’re available to answer your questions regarding new home purchase loans or refinancing your current loan. Call us, 913-642-3334 or email us at michele@wantinsight.com or dickw@wantinsight.com. Look to us for integrity and ethical handling of your financial transactions. Blessings.

READY FOR A LITTLE GOOD NEWS?

Aren’t we all ready for some good news about the economy, even if it’s a modest dot of light at the end of the tunnel?

Thursday (6/11) saw reports with better than expected results in the retail sales sector and jobless claims, which pushed stocks higher. As consumer spending accounts for about two thirds of our economic activity, investors watch retail sales numbers carefully. This piece of good news has lead to reports that “the recession may be easing” by those in the know on Wall Street.

Another piece needed to put the economy on the road to well being is the recovery in the housing market. And we do have some good signs in that direction as well.

Purchase and refinance applications are remaining steady following a burst of activity the past several months, according to the Mortgage Bankers Association, despite a small uptick in fixed-rate mortgage rates. As of Thursday, the average weekly Freddie Mac rate for a fixed rate 30 year mortgage was 5.59%, which was up from the previous weeks 5.29%, BUT down from a year ago, which was 6.32% .

According to the Federal Reserve’s Beige Book, which reports on real estate transactions,many Federal Reserve districts are seeing an increase in home sales. It's reported that new home construction “appeared to be stabilizing at very low levels”. This increase can be attributed to low interest rates, declining home prices, seasonal factors, and the tax credit now available for many first-time home buyers. (Also noted is a weakening of the commercial real estate market.)

The national media has tended to overlook some recent reports that indicate the housing market could be turning upwards finally. Instead, the focus in on foreclosures and increased delinquency rates. Trying to keep up with all the data and reports available to brokers on rates, activity on loan generation, and real estate sales keeps me hoppin’. We all know we need to focus on what happening in our local marketplace. But, by looking at the overall trend nationally, and at some specific areas, we can get a look at what’s happening on a deeper level than reported on the evening news. Remember, bad news sells more than good news, or gathers more viewers.

Clear Capital just released its Home Data Index report. It shows that within larger troubled markets small pockets of price stabilization are occurring; Cleveland and Sacramento – which are among the hardest hit markets in the US – as examples.It also reports that price declines are continuing, but appear to be slowing down, and especially in the Midwest and South.

The most encouraging signs are coming from the nation’s hardest hit markets, where a turnaround has started. The past three months in the San Francisco-Bay area, American and foreign investors, as well as first time buyers, are snapping up bank-owned properties as soon as they’re listed. And, amazingly, agents are witnessing bidding wars even on short sales according to a recent RISMEDIA report. In February 2008, California’s statewide inventory of unsold homes was a 15.2 months supply, compared to March 2009’s number of 5.8! Historically, a six month supply of unsold homes indicates a stable market; neither a buyers market nor a seller’s market.

Per RISMEDIA, Las Vegas, one of the worst markets in the country, has just seen March set the fourth best month for closed sales. The record months, set back in the "boom period", is predicted to be broken during this summer. A board member of the Greater Las Vegas Association of Realtors, Forrest Barbee, said “Things have been looking up but it’s going unnoticed. It’s going to take the data a little longer to catch up to the reality.”

The National Association of Realtors reported a rise of 6.7% in the number of pending sales of existing homes in April. It’s the biggest jump in more than seven years.

By looking at how the market is improving in the most depressed markets, we can evaluate the overall strength of the national market. The markets of Florida, California, Arizona, and Nevada comprise nearly half of the national foreclosures, so an upturn in those markets will be critical. I’ll be watching those numbers and sharing this data with you.

So, cautious optimism is the phrase of the day!

We want to thank you all for your continued business, and for sending InSight Mortgage Group, the referrals from your family, friends, and business associates. Please call us at the office, 913-642-3334 with any questions or comments. Regarding purchase loans or refinancing, email me at michele@wantinsight.com or dickw@wantinsight.com. We always look forward to providing you with the best customer care. Blessings.

NEW RULES FOR THE CREDIT CARD COMPANIES

A new national bill has just been signed which addresses the credit card companies seemingly endless ways of making arbitrary changes. We have all read or watched the news covering the issues of unexpected account closures, sneaky rate increases, big late fee charges and other nasty credit card related practices. And maybe you’ve even experienced one or two of these unexpected changes yourself?

So, does this new law provide actual relief for us as consumers and will it make an impact on our struggling economy? No easy answer to that, sorry. We’ll all have to take a “wait and see” approach. But, let’s review the highlights of the bill and think about what this means for us as borrowers.

* No overnight change: The bill allows nine months for the credit-card companies to implement the changes. Many consumers would be happier with a faster turnaround time in this tough economy; the good news is that these changes take place sooner than the new Federal Reserve regulations which become effective in July 2010.

* Free and easy bill payment: Credit card companies must now accept telephone and internet payments, and best of all, these services are to be free! This is a big change from current practices, where most credit card companies collect extra revenue from charges for online and telephone payments.

* New on-time policy: Did you realize that some companies required our payment to arrive by 9am or noon on the due date to be considered on-time? If it arrived in the afternoon mail delivery on the due date, it could be considered LATE. Now, if our payment arrives by 5 pm on the due date, it is to be considered an on-time payment.

* Be forewarned: We will get a notification 45 days in advance of an interest rate increase, according to the new rules. Meaning: we’ll see this coming and be able to make adjustments to our budgets or plans.

* Grace period: Once the bill is implemented, we will no longer be immediately charged a higher interest rate for being late on a payment. The lender has to give a 60 day grace period to us before they retroactively charge a higher rate to existing balances.

* Restoration: According to the new bill, if a borrower falls more than 60 days behind, we’ll be able to get back the earlier, lower rate after six consecutives months of on time payments.

* Promotional rates: The special promotional rates are allowed, but must be a minimum of six months and card companies won’t be able to raise rates during the first year an account is open.

Other provisions include making credit cards harder to acquire for college students under 21 years old, and eliminating tiny print in the applications and disclosures.

There seems to be a “but …” following the good news, right? Well, there is speculation that the issuing banks will add new types of fees and find ways to get around the new rules. After all, they profit from the fees they charge as well as the rates on balances carried month to month.

As with all things financial, use good common sense, ask questions, be responsible for your actions. Another resolve would be to just pay off all credit card debt. Prov. 22:7 says ”Just as the rich rule over the poor, so is the borrower servant to the lender.”

Avoid the financial stress by working on getting out of debt. Insight Mortgage Group has folks who can help you achieve financial freedom. Please give us a call at 913-642-3334 or email me at michele@wantinsight.com.

NEW REFI PLUS PROGRAM

Watch your savings add up quickly!

Even if you’ve experienced a property value decline as a result of the economic downturn and mortgage crisis, you may be able to refinance your home loan into a very low fixed rate mortgage!

The Mortgage Refinance Affordability Plan recently implemented by President Obama offers many homeowners the chance to refinance their current mortgages. Many homeowners who have seen their property values drop the past several years can see real help with this plan.

And we at InSight Mortgage Group can answer your questions and see if you qualify for this or other refinancing programs. If you have a current 80/20, 80/15/5 or 80/10 loan, where you did a 1st/2nd combo in order to avoid PMI, we may be able to get you into a 105% LTV first mortgage.

Save thousands of dollars over the life of your loan by locking into a low interest fixed rate loan. Maybe a refinance could save your home from foreclosure.

Whatever your personal home loan needs may be, take advantage now and see your savings add up. Call Dick or Michele at InSight Mortgage Group, 913-642-3334. Email us at dickw@wantinsight.com or michele@wantinsight.com or start your application online at wantinsight.com.

RATES ARE LOW, BUT ....

Mortgage rates are low but there are costs associated with acquiring a loan. Those borrowers with less than perfect credit have incurred increased fees recently implemented by Freddie Mac and Fannie Mae. Many of us in the mortgage industry think that with the uncertainty in the mortgage market, other costs will increase as lenders look to reduce their costs and anticipate rates.

Lending standards are really tight which means that borrowers who qualify for the really low rates must meet a strict and narrow set of guidelines.

In general, to get the headline making rates, borrowers are often paying more points, or prepaid interest, that brings the mortgage rate down.

Over the past year and a half there has been many changes in mortgage pricing, and from the borrower’s standpoint, it’s mainly negative. Fees are added based on a borrower’s credit scores according to Fannie Mae and Freddie Mac’s new risk-based pricing. Now, borrower’s must have a FICO score of 740 or higher to avoid the extra fees, according to Dan Green, author of TheMortgageReports.com and loan officer with Mobium Mortgage in Cincinnati. Lenders incorporated the new rules into the rate sheets in the middle of January even though the official effective date is April.

These new fees, Loan Level Price Adjustments, are an unpleasant surprise for some borrowers wanting to take advantage of low rates. These fees create different pricing scenarios from one person to the next. What works for one borrower may cost the next person 1% more.

For those wanting to pull equity from their home through a cash-out refinance, fees have increased as well. And the lenders have added costs to condo financing.

A point is 1% of the mortgage amount, and is charged as prepaid interest. The more in points a borrower pays, the lower the rate. If points rise a bit, it’s a sign that lenders are looking for up front money as opposed to over time, thus covering a portion of their risk.

With government intervention in the mortgage market these days, rates are unpredictable, which generally causes lenders to price conservatively.

Why pay points? A borrower needs to decide whether paying a point (or more) makes more sense for them , or if a mortgage with a higher rate with no points would be better. Factors to consider would be how long does the borrower plan to stay in the home , and how long it will take for buying points to pay off. The more time a borrower plans to remain in the home, the more paying points makes financial sense. In the past one point in fees would buy a drop of 0.25% to 0.375%. These days the percentage is greater, dropping a rate 0.625% to 0.875%.

An example: A 30 yr fixed rate of 5.625% on a $417,000 loan with no points. By buying a point ($4,170), the rate dropped to 4.875%, which saves the borrower $261 monthly in interest cost. With that savings, it takes only 16 months to pay back the buy down. From this point on, everything is a benefit. Given traditional guidelines, the breakeven point would be double that 16 months.

Borrowers are also seeing some fee increases in underwriting and processing. It takes more expertise and work to process a fully documented file than the popular no-document loans of several years ago, thus the higher charges.

Mortgage rate lock fees are also more common. The largest increases in the title & settlement category are in the real estate transfer taxes charged by counties and cities. You may be able to save money when refinancing by using the same title insurance company who closed your first loan. Many title companies have gone out of business, or one company buys out another, so surviving companies are raising prices for title and settlement fees too.

A rule of thumb is that mortgage fees generally run 3% or so of the loan amount.

As a mortgage broker, InSight Mortgage Group has an advantage over the standard lender. We work with many different banks and lenders allowing us to shop around for you to find you the right product and best rate for your home financing. With so many banks and lenders discontinuing loan programs, constantly changing the guidelines or going out of business overnight, it’s good to have other options at our fingertips if the need arises. This keeps you from completely starting over.

Call us at 913-642-3344 for professional, integrity minded help in finding the right loan program for your specific needs. Or, email me at michele@wantinsight.com with your question or concern. My staff and I are ready to work for you. Have a blessed day.

The HOME AFFORDABLE REFINANCE Program: Questions and Answers

Our post the other day on the new Obama Home Affordable Plan generated alot of questions from you. We appreciate our readers and welcome your inquiries. The following information should clarify the REFINANCE portion of the program. We'll address the Modification portion in another blog.

I’m current on my mortgage. Will the Home Affordable Refinance help me?
Eligible borrowers current on their mortgage but who haven’t been able to refinance into today’s lower interest rates because of decreased home valuation, may be eligible to refinance into a 30 or 15 year fixed rate loan. Through the HAR program, Freddie Mac and Fannie Mae will allow the refinancing of mortgage loans that they own or that they placed in mortgage backed securities.

Who is considered eligible?
* Owner occupant of a one to four unit home.
* The loan is owned or controlled by Fannie Mae or Freddie Mac (unsure? See below)
* Are current on mortgage payments – haven’t been more than 30 days late in past 12 months
* The amount owed on the first mortgage is about the same or slightly less than the current value of the home
* Have a stable income sufficient to support the new mortgage payments.

How do I know if my loan is owned or has been securitized by Fannie or Freddie?
You should call your mortgage lender or servicer (company you send payments to) and ask about the program. Both have toll-free numbers and web submission processes to make this data available. Borrowers will enter/provide information to determine if either agency owns or securitized the loan. NOTE: other qualifying criteria must be met in addition to the loan being owned or securitized by either agency.
* Fannie Mae: 1-800-7fannie (8am-8pm EST) or www.resource_center@fanniemae.com
* FreddieMac 1-800-freddie (as above) www.freddiemac.com/avoidforeclosure

Who is my “loan servicer”? Is that the same as my lender or investor?
The company that collects your mortgage payments and who is responsible for the management and accounting of your loan is the servicer. Your servicer may also be your lender, which means they own the loan. However, many loans are owned by groups of investors (like pension funds) or individuals who buy mutual funds. These loans are managed by banks and other firms that specialize in servicing loans. If you have questions about the loan OR you are behind on your payments you should call your loan servicer at the number on your payment coupon or monthly statement.

I owe more that my property is worth. Do I still qualify to refinance under MHA?
Eligible loans include loans where the first mortgage will not exceed 105% of the properties’ current market value. Example: if your property is worth $200k, but you owe $210,000 or less, you may qualify. The current value of your property will be determined after you apply to refinance.

I have both a first and a second mortgage. Can I still qualify to refinance under MHA?
Borrowers with more than one mortgage may be eligible as long as the first mortgage is less than 105% of the value of the property. Eligibility will depend, in part, on agreement by the lender that holds the second mortgage to remain in a second position, and on your ability to meet the new payment terms on the first mortgage.

Will refinancing lower my payments?
The objective of the Home Affordable Refinance is to provide creditworthy borrowers who have shown a commitment to paying their mortgage the opportunity to get into a safe fixed rate mortgage with payments that are affordable today and sustainable for the life of the loan. You could see an immediate reduction in your payment if your rate is much higher than the current rates. But, if you’re paying on an interest only note, or have a low introductory rate that will increase in the future (variable rate), monthly payments may not go down if refinanced into a fixed rate, but may you avoid future payment increases AND you could save a great deal over the life of the loan. Your lender will give you a Good Faith Estimate that includes your new interest rate, mortgage payment and the amount you will pay over the life of the loan. Compare this to your current loan terms to see if it is an improvement. If not, then refinancing may not be right for you.

What is the interest rate and other terms of this refinance offer?
The objective of the refinance is to provide a fixed, affordable, and safe loan. There will be either a 15 or 30 term with fixed rate. The rate will be based on market rates in effect at the time of the refinance with any associated points & fees quoted by the lender. These rates may vary across lenders and over time as market rates adjust. The refinanced loans will not have prepayment penalties or balloon notes.

Will the amount owed on the loan be reduced?
No. Borrowers will be getting into safer, more affordable fixed rate loans. The principal amount owed to the first mortgage holder will not be reduced by refinancing. But the amount of interest repaid over the life of the loan will be reduced, saving you money.

Can I get cash out to pay other debts?
No. Only transaction costs, like the appraisal or title report fees, may be included in the refinanced amount.

How do I apply for a Home Affordable Refinance?
Call your mortgage servicer or lender and ask about the application process. PLEASE be patient. Detailed program requirements were just sent to lenders and servicers and it may take some time before they are ready to accept applications. Be prepared with your documents and information before you call.

What documentation will I need?
It's best to be prepared before you call. Have available:
* Household gross income (before tax), including recent pay stubs and/or other documentation of additional income sources
* Your most recent income tax return
* Information about any second mortgage on the house
* Account balances & minimum payments due on all credit cards
* Account balances & monthly payments on all other debts such as student loans and car loans.

If borrowers are delinquent on their mortgage, they will not qualify for the refinance plan.

Please call the office, 913-642-3334 with any questions or comments, or email me at michele@wantinsight.com We can provide insight and guidance to you and your specific financial picture.

Want a smooth mortgage loan experience?

InSight Mortgage Group is like a free flowing river…..when you meet our team, you are relaxed and comfortable. As you come across sharp bends, we will be there to gently guide you through the water without bumping the banks of the rivers edge. We will not sell you down the river, but help you take the easiest flowing path until you reach your destination. You will arrive on time with confidence, knowing that your float was flawless and handled with care and concern.

Michele "MAC" A. Cole
www.wantinsight.com
913-642-3334

How to survive the tough economic times in the mortgage and real estate industry?

Al Bernstein
Success is often the result of taking a misstep in the right direction.
How can we balance growth and reduce fears during an uncertain economy?

How can we take this economic crisis and turn it into a positive change for the real estate and mortgage industry?

One way in this uncertain economy, it gives you the opportunity to re-evaluate your business, come up with new strategies for lead generation, human resources, marketing, and investing.

During tough economic times, we need to ask ourselves, what is the worst thing that can happen? How do we prepare for these fluctuations in our economy with the least amount of fear? And can fear and faith co-exist? The bible tells us in Hebrews 11:1 Faith is the confidence that what we hope for will actually happen; it gives us assurance about things we cannot see.

Unfortunately a lot of innocent folks are being impacted by the choices that were made when the market was good. The funnel of how to do more business fueled people into buying homes that were more than they could afford. If it’s too good to be true, it is!
Poor choices whether made by the client or our direction reflects negatively on us and the consequences mean less repeat business.

-We need to get back to the basic fundamentals: maintain a strong work ethic, serve our clients with high quality counsel and service.

-We need to educate them on how to live within their means, avoid the use of debt, build liquidity into their situation, set long term goals and understand that God owns it all.

-And most importantly, we need to keep our clients best interests before us at all times.

InSight Mortgage Group provides your clients with wisdom and InSight in to their situation. Visit us at http://www.wantinsight.com/. We provide tools to help them make good choices… choices they can live now and in the future…

As your faith is strengthened you will find that there is no longer the need to have a sense of control, that things will flow as they will, and that you will flow with them, to your great delight and benefit. Emmanuel Teney


Thermometer – measures what is going on, but has no control over your environment
Thermostat – Helps you take control of your environment

Ask yourself – Am I going to be a thermometer, which is driven by fear?
Or am I going to be a thermostat, which controls my environment?

Michele "MAC" A. Cole
http://www.wantinsight.com/