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
Showing posts with label mortgage rates. Show all posts
Showing posts with label mortgage rates. Show all posts
Thursday, July 15, 2010
Monday, December 28, 2009
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
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
Monday, December 14, 2009
Mortgage Rates - Lock or not to Lock? That is the question?
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.
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!
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
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!
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
Thursday, April 30, 2009
FACT or FICTON: NO COST LOANS
Aren't there a lot of ads these days promoting "a great loan program that no one else has, so call immediately"? One of the most consistently promoted programs these days is the No Cost Home Loan.
It’s everywhere – radio, TV, the web, even in the shopping malls these days. “Refinance now with us and have no closing costs”. And you might think, “gee, with money being tight right now, that sounds good to me.” A free loan, save lots of money!
Didn’t Mom once say, “nothing in life is free”? And isn’t Mom usually right! Now, you actually can get a loan with little or no closing costs. But, what you’re not told is that you actually end up paying a higher interest rate than you really qualify for! This in turn means that you might save $3,000-4,000 in closing costs upfront, but the monthly payment could be $100-300 higher than it would have been if you had paid the closing costs.
Let’s walk through the process with the following example. Loan amount is $200,000. You will pay the closing costs on this loan, you qualify for a 6% rate. (not so perfect credit) Monthly payment (P&I) is $1,199. Banker ABC says “no closing costs, and 7%.” He may tell you, “the rate may seem just a little bit high, but you’ll save $3,000.” You think that sounds great!
What is not explained is the difference in the 6% rate you qualify for, and the 7% rate you choose to take for the “free” loan. Borrowing $200,000 at 7%, the payment is $1,330. So, that’s $131.00 more a month than the loan at 6%.
Now, if you choose the loan where you pay the closing costs and save $131 monthly, it will take you about 22 months to get your $3,000 back for the closing costs. And, if you stay in the house another five years beyond the “payback” time (22 months), you’ll save about $7,900 at the 6% rate. BUT, if you decide on the “no cost loan”, you’ll see about
$8,000 blow out the patio door into the wind.
Always ask what the difference in the rates is, and exactly what the closing costs will be. Figure the difference between the two programs – the loan with closing costs and the one without. Rule of thumb says that if in two years or less you’ll have paid back the closing costs, and you’ll be in the house for at least 5 years, then take the loan with the lower rate and pay the closing costs.
It’s our mission at InSight Mortgage Group to find the best loan program to meet your needs and to counsel you throughout the entire process. We specialize in making you, our client, our first priority. Please call us at 913-642-3334 or email me at michele@wantinsight.com with questions regarding refinance or purchase loans.
It’s everywhere – radio, TV, the web, even in the shopping malls these days. “Refinance now with us and have no closing costs”. And you might think, “gee, with money being tight right now, that sounds good to me.” A free loan, save lots of money!
Didn’t Mom once say, “nothing in life is free”? And isn’t Mom usually right! Now, you actually can get a loan with little or no closing costs. But, what you’re not told is that you actually end up paying a higher interest rate than you really qualify for! This in turn means that you might save $3,000-4,000 in closing costs upfront, but the monthly payment could be $100-300 higher than it would have been if you had paid the closing costs.
Let’s walk through the process with the following example. Loan amount is $200,000. You will pay the closing costs on this loan, you qualify for a 6% rate. (not so perfect credit) Monthly payment (P&I) is $1,199. Banker ABC says “no closing costs, and 7%.” He may tell you, “the rate may seem just a little bit high, but you’ll save $3,000.” You think that sounds great!
What is not explained is the difference in the 6% rate you qualify for, and the 7% rate you choose to take for the “free” loan. Borrowing $200,000 at 7%, the payment is $1,330. So, that’s $131.00 more a month than the loan at 6%.
Now, if you choose the loan where you pay the closing costs and save $131 monthly, it will take you about 22 months to get your $3,000 back for the closing costs. And, if you stay in the house another five years beyond the “payback” time (22 months), you’ll save about $7,900 at the 6% rate. BUT, if you decide on the “no cost loan”, you’ll see about
$8,000 blow out the patio door into the wind.
Always ask what the difference in the rates is, and exactly what the closing costs will be. Figure the difference between the two programs – the loan with closing costs and the one without. Rule of thumb says that if in two years or less you’ll have paid back the closing costs, and you’ll be in the house for at least 5 years, then take the loan with the lower rate and pay the closing costs.
It’s our mission at InSight Mortgage Group to find the best loan program to meet your needs and to counsel you throughout the entire process. We specialize in making you, our client, our first priority. Please call us at 913-642-3334 or email me at michele@wantinsight.com with questions regarding refinance or purchase loans.
Friday, April 24, 2009
STRENGTH IN FIRST-TIME BUYER SALES
Although March saw a slowing in existing home sales, low mortgage rates and tax credits are drawing first time buyers into the market according the National Association of Realtors.
NAR chief economist, Lawrence Yun, indicated that with the modest ups and downs recently seen in the market, it appears to be stabilizing. “The share of lower priced home sales has trended up, indicating a return of many first-time home buyers, which we also see in a parallel member survey”, he said. “Sales in the upper price ranges have stalled because of higher interest rates on jumbo loans.”
March ’09 saw a rise in home prices, with the national median existing-home price for all types of properties at $175,000, although it is down 12.4% from March 2008. But, the increase in March was 4.2%, which is more than double the 1.8% seasonal increase usually seen at this time. Over half the March transactions were distressed properties which typically sell for 20% less than traditional homes.
The March survey conducted by NAR of its practioners indicated 53% of transactions were first-time buyers. Yun said “buyer traffic has been rising, and real estate offices are getting phone inquires about the tax credit.” “By early summer we should be seeing a positive impact on home sales from record low mortgage rates in addition to the stimulus provisions.”
The Midwest region has fared better than the other regions in the country. March’s median price was $141,300, a drop of 6.1% from a year ago, compared to an 18.4% drop in the Northeast, 12.2% in the South, and 11.1% in the West.
At InSight Mortgage Group we can provide you with clear, concise information on the $8,000 first-time buyer tax credit, in addition to finding you the right loan program to fit your specific needs. Call us at 913-642-3334 or email me at michele@wantinsight.com. We look forward to working with you. Blessings.
NAR chief economist, Lawrence Yun, indicated that with the modest ups and downs recently seen in the market, it appears to be stabilizing. “The share of lower priced home sales has trended up, indicating a return of many first-time home buyers, which we also see in a parallel member survey”, he said. “Sales in the upper price ranges have stalled because of higher interest rates on jumbo loans.”
March ’09 saw a rise in home prices, with the national median existing-home price for all types of properties at $175,000, although it is down 12.4% from March 2008. But, the increase in March was 4.2%, which is more than double the 1.8% seasonal increase usually seen at this time. Over half the March transactions were distressed properties which typically sell for 20% less than traditional homes.
The March survey conducted by NAR of its practioners indicated 53% of transactions were first-time buyers. Yun said “buyer traffic has been rising, and real estate offices are getting phone inquires about the tax credit.” “By early summer we should be seeing a positive impact on home sales from record low mortgage rates in addition to the stimulus provisions.”
The Midwest region has fared better than the other regions in the country. March’s median price was $141,300, a drop of 6.1% from a year ago, compared to an 18.4% drop in the Northeast, 12.2% in the South, and 11.1% in the West.
At InSight Mortgage Group we can provide you with clear, concise information on the $8,000 first-time buyer tax credit, in addition to finding you the right loan program to fit your specific needs. Call us at 913-642-3334 or email me at michele@wantinsight.com. We look forward to working with you. Blessings.
Monday, April 20, 2009
REFINANCING HELPFUL HINTS
Even with low, low interest rates and new government recovery programs, it can be a tough road to walk to get to the closing table on refinancing your home loan. At InSight Mortgage Group, we work to smooth out the few bumps you may encounter along the way – it’s our specialty.
Strangely, the tough part isn’t the “approval” process for borrowers, it’s keeping the approval!
I’ve recently blogged about the mortgage industry in general, starting in 2005, being understaffed. With these wonderful low rates, lenders are getting slammed with requests and are having a difficult time handling the volume. An underwriting logjam has been created.
These days taking a mortgage application from start to finish with some lenders can be as long as 2 months! That’s double the time it took about 6 months ago, when the average was 20 days to closing.
You know, a lot can happen in 60 days. More so than in 20 days. And while there are things outside your control which may affect the loan process, there are a number of things you can control.
Mortgage approvals are delicate things and nothing’s complete until it’s complete! Please keep in mind the following “rules” for the period of time when your loan is in underwriting and before it closes.
A. DON’T buy a new car, trade up to a bigger lease, etc. (incur more debt)
B. DON’T start a new company or quit your job
C. DON’T move to a commissioned job from a salaried job
D. DON’T transfer large sums of money between bank accounts
E. DON’T be late on paying your bills
F. DON’T open any new credit accounts -- even if it’s 0% interest for the next year
G. DON’T take a cash gift unless you have all the proper “gift” paperwork filled out
H. DON”T make random, undocumented deposits into your bank account
The above are red flags to an underwriter and only one is enough to slow or even derail the process. Situations arise, and it doesn’t mean that you can’t get a cash gift or buy a new car, it means talk to your loan officer first. We’re here to guide you each step of the way, so call us at 913-642-3334 or email me at michele@wantinsight.com to get started on your refinance.
Strangely, the tough part isn’t the “approval” process for borrowers, it’s keeping the approval!
I’ve recently blogged about the mortgage industry in general, starting in 2005, being understaffed. With these wonderful low rates, lenders are getting slammed with requests and are having a difficult time handling the volume. An underwriting logjam has been created.
These days taking a mortgage application from start to finish with some lenders can be as long as 2 months! That’s double the time it took about 6 months ago, when the average was 20 days to closing.
You know, a lot can happen in 60 days. More so than in 20 days. And while there are things outside your control which may affect the loan process, there are a number of things you can control.
Mortgage approvals are delicate things and nothing’s complete until it’s complete! Please keep in mind the following “rules” for the period of time when your loan is in underwriting and before it closes.
A. DON’T buy a new car, trade up to a bigger lease, etc. (incur more debt)
B. DON’T start a new company or quit your job
C. DON’T move to a commissioned job from a salaried job
D. DON’T transfer large sums of money between bank accounts
E. DON’T be late on paying your bills
F. DON’T open any new credit accounts -- even if it’s 0% interest for the next year
G. DON’T take a cash gift unless you have all the proper “gift” paperwork filled out
H. DON”T make random, undocumented deposits into your bank account
The above are red flags to an underwriter and only one is enough to slow or even derail the process. Situations arise, and it doesn’t mean that you can’t get a cash gift or buy a new car, it means talk to your loan officer first. We’re here to guide you each step of the way, so call us at 913-642-3334 or email me at michele@wantinsight.com to get started on your refinance.
Wednesday, April 15, 2009
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.
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.
Thursday, April 9, 2009
A GLIMMER of SUNSHINE
Demand for purchase loans rose the first week in April even though interest rates rose slightly from record lows, even outreaching the demand for refinancing. This gives hope to the hard-hit housing market as Spring approaches, generally the high season for purchases.
The Mortgage Bankers Association and various lenders have reported an increase in applications these past few weeks. We,at InSight Mortgage Group, have been blessed with many new applications. Many economists believe that our economy will begin to emerge from its slump when the housing market stabilizes. And the growing demand of refi’s due to the low rates available, can provide some relief to burdened consumers by providing them with lower monthly payments.
A ray of hope is actually found in Calilfornia, the hardest hit state in the housing bust. The median single family home price recently was down 41% from a year earlier and new home construction starts had almost disappeared. But, is the worst now over? Inventory is shrinking, investors are coming back, and sales volume is increasing.
More than 600,000 homes were purchased in February this year. The numbers show that the majority of the sales were bank owned foreclosures. And some areas, according to the California Association of Realtors spokesperson, are seeing slight increases in price per square foot, which is a hopeful indicator. The market is seeing an increase of investor purchased properties too.
The best indicator of positive change is in the inventory supply. A year ago it was 15 months, now it’s at 6.5 months! Generally a six-seven month supply of homes is considered a “normal” market. Nationally, the market has an overall 9.7 month supply.
And, according to the NAHB (National Association of Home Builders), model homes are seeing a lot more foot traffic due to combination of the first-time homebuyer credit, low interest rates, and affordable prices. Joe Robson, NAHB chairman, reports "consumer interest is increasing”. He also reported that approximately 1.5 M visitors have logged on to their website to learn more about the $8,000 tax credit for first time homebuyers.
And for us, locally the numbers are good too. According to the National Association of Realtors home sales in the Midwest jumped 14.5%. We should have the local Kansas City regional numbers for March soon.
If the hardest hit area begins to show signs of slight improvement, what does that mean for the rest us?
Call us at InSight Mortgage Group, 913-642-3334, for the good news on purchase and refinance rates. Please email me at michele@wantinsight.com with your good news stories to share. Have a blessed day.
The Mortgage Bankers Association and various lenders have reported an increase in applications these past few weeks. We,at InSight Mortgage Group, have been blessed with many new applications. Many economists believe that our economy will begin to emerge from its slump when the housing market stabilizes. And the growing demand of refi’s due to the low rates available, can provide some relief to burdened consumers by providing them with lower monthly payments.
A ray of hope is actually found in Calilfornia, the hardest hit state in the housing bust. The median single family home price recently was down 41% from a year earlier and new home construction starts had almost disappeared. But, is the worst now over? Inventory is shrinking, investors are coming back, and sales volume is increasing.
More than 600,000 homes were purchased in February this year. The numbers show that the majority of the sales were bank owned foreclosures. And some areas, according to the California Association of Realtors spokesperson, are seeing slight increases in price per square foot, which is a hopeful indicator. The market is seeing an increase of investor purchased properties too.
The best indicator of positive change is in the inventory supply. A year ago it was 15 months, now it’s at 6.5 months! Generally a six-seven month supply of homes is considered a “normal” market. Nationally, the market has an overall 9.7 month supply.
And, according to the NAHB (National Association of Home Builders), model homes are seeing a lot more foot traffic due to combination of the first-time homebuyer credit, low interest rates, and affordable prices. Joe Robson, NAHB chairman, reports "consumer interest is increasing”. He also reported that approximately 1.5 M visitors have logged on to their website to learn more about the $8,000 tax credit for first time homebuyers.
And for us, locally the numbers are good too. According to the National Association of Realtors home sales in the Midwest jumped 14.5%. We should have the local Kansas City regional numbers for March soon.
If the hardest hit area begins to show signs of slight improvement, what does that mean for the rest us?
Call us at InSight Mortgage Group, 913-642-3334, for the good news on purchase and refinance rates. Please email me at michele@wantinsight.com with your good news stories to share. Have a blessed day.
Tuesday, March 17, 2009
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.
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.
Tuesday, February 24, 2009
FIRST TIME BUYERS TAX CREDIT, Part 2
The housing industry is generally happy with the $8,000 tax credit for first-time buyers. It improves upon the first credit of $7,500 passed in July, which is similar to a low interest loan as it needs repayment over a period of time and is for first time buyers only. The new tax credit is just that, a refundable credit.
But, the industry is disappointed that Congress did not adopt the Senate proposal of a $15,000 non-refundable credit for all homebuyers. An economist and director of forecasting for the National Association of Homebuilders, Bernard Markstein, stated “The Senate version would have done a lot more to turn around the housing market; we have reports of people who would be coming off the fence because of it”.
An additional 300,000 new homebuyers could come into the market due to the $8,000 credit according to NAR’s (National Association of Realtors) chief economist, Lawrence Yun. Then, a domino effect could be created, because most first-time buyer transactions will generate one or two trade-up purchases. Yun said “ I think there are many homeowners who would be trading up but they have had no buyers for their own homes.”
The first-time buyers who won’t benefit from this portion of the stimulus package are those purchasers without funds for the down payment. Buyers still have to close on the home purchase before claiming the credit.
Missouri is taking action on overcoming the down payment hurdle by creating a short-term loan out of the tax credit of up to $6,750. Missouri would loan purchasers the money to be used as part or all of the needed down payment. Then, after buyers receive their IRS refund, they pay back the state. This unique solution may be adopted by other states.
Another take on the tax credit could be a perception of a “discount” on a home price. An example would be a $120,000 home purchase effectively becoming a $112,000 one, thus reassuring buyers who are nervous about buying and then seeing home values continue to fall.
A second take is that the tax credit refund could provide a cushion for the first few difficult years when unexpected expenses and repairs crop up. Purchases needed for the new home -- a refrigerator, yard equipment, washer/dryer – would help stimulate the economy too.
We are here to help with your home loan questions and concerns. Please call me at 913-642-3334 or email me at michele@wantinsight.com
We look forward to working with you.
But, the industry is disappointed that Congress did not adopt the Senate proposal of a $15,000 non-refundable credit for all homebuyers. An economist and director of forecasting for the National Association of Homebuilders, Bernard Markstein, stated “The Senate version would have done a lot more to turn around the housing market; we have reports of people who would be coming off the fence because of it”.
An additional 300,000 new homebuyers could come into the market due to the $8,000 credit according to NAR’s (National Association of Realtors) chief economist, Lawrence Yun. Then, a domino effect could be created, because most first-time buyer transactions will generate one or two trade-up purchases. Yun said “ I think there are many homeowners who would be trading up but they have had no buyers for their own homes.”
The first-time buyers who won’t benefit from this portion of the stimulus package are those purchasers without funds for the down payment. Buyers still have to close on the home purchase before claiming the credit.
Missouri is taking action on overcoming the down payment hurdle by creating a short-term loan out of the tax credit of up to $6,750. Missouri would loan purchasers the money to be used as part or all of the needed down payment. Then, after buyers receive their IRS refund, they pay back the state. This unique solution may be adopted by other states.
Another take on the tax credit could be a perception of a “discount” on a home price. An example would be a $120,000 home purchase effectively becoming a $112,000 one, thus reassuring buyers who are nervous about buying and then seeing home values continue to fall.
A second take is that the tax credit refund could provide a cushion for the first few difficult years when unexpected expenses and repairs crop up. Purchases needed for the new home -- a refrigerator, yard equipment, washer/dryer – would help stimulate the economy too.
We are here to help with your home loan questions and concerns. Please call me at 913-642-3334 or email me at michele@wantinsight.com
We look forward to working with you.
Thursday, January 29, 2009
DON'T BE SINGIN' THE BLUES
Potential home buyers and refinancers who stay on the sidelines first quarter 2009 while rates are good, just may be singing the blues this late spring and summer.
Home loan rates are very attractive right now; it may be quite a different picture heading into summer as some inflationary factors will probably come into play. As we approach the summer driving season oil prices may be on the rise, some of the economic stimulus might begin to take effect, corporate cost-cutting measures could start to bear fruit, AND, very importantly, the Fed may no longer be buying Mortgage Bonds. All these factors add up to the real potential of significantly higher interest rates this summer.
So why would bond traders be nervous now, with no hint of inflation in the current market? Comments from Fed Governor Frederic Mishkin last week may provide some insight: “inflation could come to the forefront, given all of the government programs” and “once the economy recovers, liquidity must be taken out of the markets” …. meaning the Fed may need to rapidly hike rates down the road, to control the potential of inflation.
Renewed fears of the deepening worldwide economic slump put heavy selling pressure on global stocks last week. And this was despite the good news from better than expected earnings from IBM and Google, and with GE meeting their earnings expectations. Sometimes the downward pressure on stocks can benefit bonds, but the mention of inflation was felt – with home loans ending the week around .25% higher than where they began!
Jan 26-30th Watch report
The Fed will be holding their regularly scheduled meetings on Tuesday and Wednesday. And Wednesday, the Policy Statement is issued along with a decision regarding the Fed Funds rate.
Other factors influencing the market include the Gross Domestic Report to be released on Friday. The GDP is the broadest measure of economic activity, and given the state of our economy, a negative one might not be that much of a surprise. Thursday’s Durable Goods report will give us a look at consumer and business buying behavior. The housing market reports come on Monday, with Existing Home Sales numbers and on Thursday, reporting on New Home Sales.
NOTE: The arch enemy of bonds and home loan rates is inflation, and even the mention of it can have negative ramifications.
Reality vs possibility: don’t buy into the ‘maybe it’ll be lower later” view, take the great rate available now, save yourself those hard earned dollars and don’t get caught singing the blues ‘cause you waited for the rates to “bottom out”.
Please call me or email me at michele@wantinsight.com or 913-642-3334 for insight about the benefits of acting today, and not waiting for what may never come.
Home loan rates are very attractive right now; it may be quite a different picture heading into summer as some inflationary factors will probably come into play. As we approach the summer driving season oil prices may be on the rise, some of the economic stimulus might begin to take effect, corporate cost-cutting measures could start to bear fruit, AND, very importantly, the Fed may no longer be buying Mortgage Bonds. All these factors add up to the real potential of significantly higher interest rates this summer.
So why would bond traders be nervous now, with no hint of inflation in the current market? Comments from Fed Governor Frederic Mishkin last week may provide some insight: “inflation could come to the forefront, given all of the government programs” and “once the economy recovers, liquidity must be taken out of the markets” …. meaning the Fed may need to rapidly hike rates down the road, to control the potential of inflation.
Renewed fears of the deepening worldwide economic slump put heavy selling pressure on global stocks last week. And this was despite the good news from better than expected earnings from IBM and Google, and with GE meeting their earnings expectations. Sometimes the downward pressure on stocks can benefit bonds, but the mention of inflation was felt – with home loans ending the week around .25% higher than where they began!
Jan 26-30th Watch report
The Fed will be holding their regularly scheduled meetings on Tuesday and Wednesday. And Wednesday, the Policy Statement is issued along with a decision regarding the Fed Funds rate.
Other factors influencing the market include the Gross Domestic Report to be released on Friday. The GDP is the broadest measure of economic activity, and given the state of our economy, a negative one might not be that much of a surprise. Thursday’s Durable Goods report will give us a look at consumer and business buying behavior. The housing market reports come on Monday, with Existing Home Sales numbers and on Thursday, reporting on New Home Sales.
NOTE: The arch enemy of bonds and home loan rates is inflation, and even the mention of it can have negative ramifications.
Reality vs possibility: don’t buy into the ‘maybe it’ll be lower later” view, take the great rate available now, save yourself those hard earned dollars and don’t get caught singing the blues ‘cause you waited for the rates to “bottom out”.
Please call me or email me at michele@wantinsight.com or 913-642-3334 for insight about the benefits of acting today, and not waiting for what may never come.
Friday, January 16, 2009
GETTING DIZZY WATCHING RATES?!
Current state of the market: The last part of December bad news just didn’t seem that bad to investors, who reacted positively, thus keeping the market bullish. But recently investors woke up to reality as the economy comes back to earth, with the market bearish in the first full week of January. The bond market has been a volatile roller coaster just like the stock market, but we have officially crossed the threshold of the historic low 30 yr fixed rates that were available in 2003. The December job loss numbers were just released from the Dept. of Labor, making 2008 the worst year for job losses since WWII.
This weak labor data should help president-elect Obama pressure Congress to get his bailout package cleared. The Federal Reserve was actively buying mortgage backed securities this past week, keeping mortgage rates trending downward and keeping origination volume high. Hopefully mortgage rates will hold steady to offset some part of the weak economy.
But, keep in mind, rates could begin to rise if the stock market recovers. Investors who moved to the relative safety of Treasury bonds will shift money back to Wall Street if it seems more profitable. If stocks are being purchased, the market has guessed that the economy is recovering. When economies recover, rates eventually go up to stop growth and fight inflation.
So how do we, at InSight Mortgage Group, help you, our loyal clients, get the best rate for your current financial situation?
Current game plan with my clients: All the upfront work gets done now so we are staged to pull the trigger fast if rates hit a predetermined target.
Here is a quick breakdown of the next steps:
1) We take a Phone Application which takes 5-10 minutes to make sure all other things are in check. Debt ratios, etc.
2) We Pull Credit to confirm your credit scores so you know where you stand
3) We Call an Appraiser and have him pull some comparable closed sales to confirm the value of your home is where we estimate & need it to be to have the refinance make sense.
4) We Email you the Loan Compliance documents for signatures
5) You fax/email back (asap) the Loan Compliance doc’s along with your income and asset documents (paystubs, W2’s, bank statements, etc.)
6) You schedule a time with the appraiser to do his inspection (once the rate is locked)
7) We receive your package, compile and move to underwriting. With increased volumes, the underwriting turn times are escalating up to 2-3 weeks.
In essence, we are getting everyone’s loans preapproved and ready to submit so that if we see the dip we can act fast, and lock. These rate dip “windows” typically last only a few hours sometimes, so it is about getting your documentation in order and being ready!!
My team and I stand ready to assist you, so just say the word. Please call or email, michele@wantinsight.com We look forward to working with you.
Michele A. Cole
913-642-3334
www.wantinsight.com
This weak labor data should help president-elect Obama pressure Congress to get his bailout package cleared. The Federal Reserve was actively buying mortgage backed securities this past week, keeping mortgage rates trending downward and keeping origination volume high. Hopefully mortgage rates will hold steady to offset some part of the weak economy.
But, keep in mind, rates could begin to rise if the stock market recovers. Investors who moved to the relative safety of Treasury bonds will shift money back to Wall Street if it seems more profitable. If stocks are being purchased, the market has guessed that the economy is recovering. When economies recover, rates eventually go up to stop growth and fight inflation.
So how do we, at InSight Mortgage Group, help you, our loyal clients, get the best rate for your current financial situation?
Current game plan with my clients: All the upfront work gets done now so we are staged to pull the trigger fast if rates hit a predetermined target.
Here is a quick breakdown of the next steps:
1) We take a Phone Application which takes 5-10 minutes to make sure all other things are in check. Debt ratios, etc.
2) We Pull Credit to confirm your credit scores so you know where you stand
3) We Call an Appraiser and have him pull some comparable closed sales to confirm the value of your home is where we estimate & need it to be to have the refinance make sense.
4) We Email you the Loan Compliance documents for signatures
5) You fax/email back (asap) the Loan Compliance doc’s along with your income and asset documents (paystubs, W2’s, bank statements, etc.)
6) You schedule a time with the appraiser to do his inspection (once the rate is locked)
7) We receive your package, compile and move to underwriting. With increased volumes, the underwriting turn times are escalating up to 2-3 weeks.
In essence, we are getting everyone’s loans preapproved and ready to submit so that if we see the dip we can act fast, and lock. These rate dip “windows” typically last only a few hours sometimes, so it is about getting your documentation in order and being ready!!
My team and I stand ready to assist you, so just say the word. Please call or email, michele@wantinsight.com We look forward to working with you.
Michele A. Cole
913-642-3334
www.wantinsight.com
Tuesday, December 9, 2008
BIG HEADLINES, LOTS OF SPECULATION! 4.5% RATE?? ON THE AIR WAVES!
Fence sitting can be painful—don’t wait too long!
I imagine you’ve heard or read about the 4.5% mortgage rate thing being promoted by the government. The Treasury Department is being lobbied hard to consider a plan to purchase mortgage-backed securities with the hopes of driving mortgage rates down to possibly 4.5%, reported an industry source.
Timeline:
Wednesday (12/3): A story is “leaked” regarding the Treasury Department lowering mortgage rates to 4.5%
Thursday (12/4): That headline leads the news
Friday (12/5): 40+ Million American homeowners sit on the fence and Consider “Should I refinance today or wait for
something better?
The most obvious consideration is if the rates are low today, take advantage of it now! Because they may not be low tomorrow, or even 4 hours from now. Mortgage rates could fall a bit tomorrow – or not—so why take a chance? Refinance at today’s low rates, and if rates fall again in the future, you can refinance again. A wise move is to lock up your savings today!
Details of the plan remain vague at this time; each article specifically stated that there were no facts – just speculation. The plan appears to be similar to the move made recently by the Fed, in which securities backed by 30-year fixed rate mortgages would be purchased from Fannie Mae and Freddie Mac. Spokespeople from the Treasury Department and the Federal Housing Finance Agency are declining to comment on the proposed plan.
Mortgage rates dropped sharply, from 6.06% a week earlier to 5.5%, after the Fed’s announcement. The Mortgage Bankers Association said mortgage applications more than doubled as a result, with a majority of the business in the refinance sector.
An increased demand for mortgage-backed securities prompts mortgage rates to drop. In turn, homeowners can then refinance into lower-cost loans and it also makes it cheaper for potential buyers to get into the market. This move would help buyers and current homeowners with good credit, says industry experts, but would not provide much help to troubled borrowers.
Experts weigh the positives and negatives
This potential move by the Treasury has prompted mixed views on how much homeowners and the economy would benefit. Lower rates could help stabilize the housing market by bringing in new buyers, reducing housing inventory; those who refinance could have more money to spend.
Scott Talbot, senior vice president of the Financial Services Roundtable, which is encouraging the move, said “If it gets people buying homes and spending, it will help reverse the economy and get us out of this recession.” A senior financial analyst at Bankrate.com, Greg McBride, said “it is clearly designed to bring buyers into the marketplace and soak the inventory of unsold homes.”
But, rates are volatile, hovering around 5.25% on Friday, Dec.5th (dependent upon credit scores and other factors) and others have pointed out that several government attempts to lower mortgage rates this year have not had a lasting effect. Also, homeowners who have fallen behind on their payments, have little to no equity in their homes, or who have lost jobs would receive minimal benefit. And with tight credit standards, these borrowers would not be able to refinance to take advantage of the lower rates.
Sound financial decisions shouldn’t be made on speculation. So what do we know now:
*Mortgage rates are lower than they’ve been in years
*Mortgage guidelines are tight, even for “prime” borrowers
*Home prices nationally are falling, making qualifications harder
Rates are still volatile and could rise again overnight to price you out. What was that old saying of Mom’s “a bird in the hand …” And if rates fall after closing, maybe even reaching the “projected” 4.5%, we’ll refinance again.
Call me at 913-642-3334 or email me at michele@wantinsight.com with your comments or questions. It’s a great time to review your financial situation and ring in the holiday season on a positive note, and lower interest rate.
I also recently apeared on Pal Van Sickle podcast "The After Show" check out my interview on his site the after show
Michele A. "MAC" Cole
913-642-3334
www.wantinsight.com
I imagine you’ve heard or read about the 4.5% mortgage rate thing being promoted by the government. The Treasury Department is being lobbied hard to consider a plan to purchase mortgage-backed securities with the hopes of driving mortgage rates down to possibly 4.5%, reported an industry source.
Timeline:
Wednesday (12/3): A story is “leaked” regarding the Treasury Department lowering mortgage rates to 4.5%
Thursday (12/4): That headline leads the news
Friday (12/5): 40+ Million American homeowners sit on the fence and Consider “Should I refinance today or wait for
something better?
The most obvious consideration is if the rates are low today, take advantage of it now! Because they may not be low tomorrow, or even 4 hours from now. Mortgage rates could fall a bit tomorrow – or not—so why take a chance? Refinance at today’s low rates, and if rates fall again in the future, you can refinance again. A wise move is to lock up your savings today!
Details of the plan remain vague at this time; each article specifically stated that there were no facts – just speculation. The plan appears to be similar to the move made recently by the Fed, in which securities backed by 30-year fixed rate mortgages would be purchased from Fannie Mae and Freddie Mac. Spokespeople from the Treasury Department and the Federal Housing Finance Agency are declining to comment on the proposed plan.
Mortgage rates dropped sharply, from 6.06% a week earlier to 5.5%, after the Fed’s announcement. The Mortgage Bankers Association said mortgage applications more than doubled as a result, with a majority of the business in the refinance sector.
An increased demand for mortgage-backed securities prompts mortgage rates to drop. In turn, homeowners can then refinance into lower-cost loans and it also makes it cheaper for potential buyers to get into the market. This move would help buyers and current homeowners with good credit, says industry experts, but would not provide much help to troubled borrowers.
Experts weigh the positives and negatives
This potential move by the Treasury has prompted mixed views on how much homeowners and the economy would benefit. Lower rates could help stabilize the housing market by bringing in new buyers, reducing housing inventory; those who refinance could have more money to spend.
Scott Talbot, senior vice president of the Financial Services Roundtable, which is encouraging the move, said “If it gets people buying homes and spending, it will help reverse the economy and get us out of this recession.” A senior financial analyst at Bankrate.com, Greg McBride, said “it is clearly designed to bring buyers into the marketplace and soak the inventory of unsold homes.”
But, rates are volatile, hovering around 5.25% on Friday, Dec.5th (dependent upon credit scores and other factors) and others have pointed out that several government attempts to lower mortgage rates this year have not had a lasting effect. Also, homeowners who have fallen behind on their payments, have little to no equity in their homes, or who have lost jobs would receive minimal benefit. And with tight credit standards, these borrowers would not be able to refinance to take advantage of the lower rates.
Sound financial decisions shouldn’t be made on speculation. So what do we know now:
*Mortgage rates are lower than they’ve been in years
*Mortgage guidelines are tight, even for “prime” borrowers
*Home prices nationally are falling, making qualifications harder
Rates are still volatile and could rise again overnight to price you out. What was that old saying of Mom’s “a bird in the hand …” And if rates fall after closing, maybe even reaching the “projected” 4.5%, we’ll refinance again.
Call me at 913-642-3334 or email me at michele@wantinsight.com with your comments or questions. It’s a great time to review your financial situation and ring in the holiday season on a positive note, and lower interest rate.
I also recently apeared on Pal Van Sickle podcast "The After Show" check out my interview on his site the after show
Michele A. "MAC" Cole
913-642-3334
www.wantinsight.com
Tuesday, December 2, 2008
SHARP DECLINE IN MORTGAGE RATES FUEL HISTORIC LEVEL OF RATE LOCKS
On Wednesday, November 26, Secretary Paulson announced that the Fed will purchase up to $100 Billion in direct debt of Fannnie Mae, Freddie Mac and Federal Home Loan Banks and buy up to $500 Billion of Mortgage-Backed Securities.
With this news, the spread between Treasury bonds and mortgage-back securities narrowed significantly and fueled a sharp decline in mortgage rates.
So many customers who had been on the sidelines got into the game and locked their rates on refi's and new purchases. So much so, that many lenders announced that they reached recording breaking milestones!
Don't be a benchwarmer, get in the game now while rates remain historically low. Mortgage funds are available; we have a variety of programs to suit your specific needs. Call Michele at 913-642-3334 or email me at michele@wantinsight.com for the most current loan information.
Michele "MAC" A. Cole
913-642-3334
www.wantinsight.com
With this news, the spread between Treasury bonds and mortgage-back securities narrowed significantly and fueled a sharp decline in mortgage rates.
So many customers who had been on the sidelines got into the game and locked their rates on refi's and new purchases. So much so, that many lenders announced that they reached recording breaking milestones!
Don't be a benchwarmer, get in the game now while rates remain historically low. Mortgage funds are available; we have a variety of programs to suit your specific needs. Call Michele at 913-642-3334 or email me at michele@wantinsight.com for the most current loan information.
Michele "MAC" A. Cole
913-642-3334
www.wantinsight.com
Tuesday, September 2, 2008
When the Feds cut rates, will mortgage rates go down to?
When the Feds cut rates will interest rates go down??
Previously, the Federal Reserve has lowered the Fed Funds Rate by 0.500%. In response, mortgage rates go up, not down.
This surprises a lot of people when we tell them that.
Remember: the Fed Funds Rate and mortgage rates are not related. When the Feds "cut rates", it's working on an overnight interest rate between banks. By contrast, mortgage rates are based on long-term securities between bond market traders.
When the Feds cuts the Fed Funds Rate, it is meant to stimulate the economy and that makes inflation more likely. Inflation, of course, erodes the value of the dollar and, therefore, the value of mortgage bonds.
This is why mortgage rates have gone higher after each of the Federal Reserve's four most recent rate cuts. The bigger the cut, the more the increase to mortgage rates.
Call or email me michele@wantinsight.com anytime. I am happy to serve you.
God Bless!
Michele "MAC" A. Cole
www.wantinsight.com
Previously, the Federal Reserve has lowered the Fed Funds Rate by 0.500%. In response, mortgage rates go up, not down.
This surprises a lot of people when we tell them that.
Remember: the Fed Funds Rate and mortgage rates are not related. When the Feds "cut rates", it's working on an overnight interest rate between banks. By contrast, mortgage rates are based on long-term securities between bond market traders.
When the Feds cuts the Fed Funds Rate, it is meant to stimulate the economy and that makes inflation more likely. Inflation, of course, erodes the value of the dollar and, therefore, the value of mortgage bonds.
This is why mortgage rates have gone higher after each of the Federal Reserve's four most recent rate cuts. The bigger the cut, the more the increase to mortgage rates.
Call or email me michele@wantinsight.com anytime. I am happy to serve you.
God Bless!
Michele "MAC" A. Cole
www.wantinsight.com
Friday, August 29, 2008
There is still a solution to 100% financing! No downpayment!
The USDA Rural Housing Loan Program has 100% loans available, which offer no downpayment mortgages for low to moderate income people. In today’s market, we are all aware that sometimes a steady income and good credit are just not enough to qualify for a home loan at a bank, mortgage company, or savings and loan. The USDA Guaranteed Rural Housing Loan Program (GRH) is helping more rural families and individuals become eligible to become homeowners. The GRH mortgages are 30-year fixed rates at market interest rates. Visit our website http://www.wantinsight.com/ or email us michele@wantinsight.com for more information.
There are more than 800 field offices throughout the U.S., so the qualified areas are numerous. With the federal government backing these loans, there is less risk to the lenders, and more options for home buyers. GRH 100% loans can be made on either new or existing homes, or need to be acquired through an approved GRH lender.
Michele A. Cole
http://www.wantinsight.com/
There are more than 800 field offices throughout the U.S., so the qualified areas are numerous. With the federal government backing these loans, there is less risk to the lenders, and more options for home buyers. GRH 100% loans can be made on either new or existing homes, or need to be acquired through an approved GRH lender.
Michele A. Cole
http://www.wantinsight.com/
Monday, August 25, 2008
Save Your Home From Foreclosure and Save Your Credit
ARE YOU UP AT NIGHT?
Worrying because your adjustable rate mortgage is going to reset and you can't afford the new payment? Maybe you owe more than your house is worth? Or you're unable to get a new loan because your credit is less than perfect? Maybe you're 30, 60, or even 90 days late on your mortgage. Perhaps NOD or foreclosure proceedings have already begun!
Stop collection calls! Stop your foreclosure! Stop Stressing! Let us handle your lenders and their attorneys for you.
I’ve tried refinancing, but everyone says that they can’t help?
If you’re in a position with less than perfect credit or if you now owe more in loans than your home is worth, there are several solutions that can still benefit you. Recently the government has passed several laws making it easier for someone with good intentions to keep their home and keep their low monthly payments. Is your mortgage adjusting or going to adjust? We are now feeling the recourse of all the adjustable mortgages that were started in 2004 and 2005. Many people are losing their homes now that they are no longer able to afford the initial “teaser” rate. How can you be expected to pay an additional $500-$1000 per month on your mortgage? We can help you by setting up a new plan with your lender, and keeping your payments where you are able to continue living comfortably.
Stop Foreclosure with Loss Mitigation Programs
Loss mitigation programs were established by the federal government and the mortgage industry in order to stop home foreclosures. They help foreclosure victims in default on their mortgages to find alternatives to home foreclosure. Every homeowner’s situation is unique and each lender has their own policies regarding the use of these programs to stop foreclosure. Our extensive experience and solid working relationships with mortgage lenders allows us help you avoid the common pitfalls that many homeowners encounter while trying to work things out directly with their lender. After performing a thorough assessment of your personal finances and analyzing your lender’s loss mitigation policies our professional loss mitigators will negotiate with your lender to get you the best possible solution to your home foreclosure problem. We can help you save your home and credit history through a variety of loss mitigation options:
Time is your enemy!
The longer you wait, the harder it is for us to help you. Yes, we often do pull clients out of the fire at the last minute but consider this... If your house payments are more than a month behind, your lender has probably already started foreclosure proceedings against you. As time passes, thousands of dollars in penalties and legal fees can be added to the balance you owe. And every single day the interest charges are growing.
Sometimes homeowners are not even aware how far their foreclosure has progressed. We talk to people almost every day who did not even know their house had already been sold at auction. Please don't let that tragedy happen to you! If you would like to stop foreclosure, protect your assets and credit history 913-642-3334 or visit us at http://www.wantinsight.com/ to talk with a consultant. You’d be glad you did!
If you are looking for a realistic long term solution to your financial problems? For a FREE no obligation consultation on how we can help you stop foreclosure, save your home and preserve your credit history.
“Helping our Community Save Their Home”
Customize Approach
Too many banks use a “one size fits all” approach with homeowners in foreclosure. Your situation is unique. You deserve to get a fair and personalized settlement from your lender. We stop foreclosure by taking the time to listen to your concerns, assess your financial needs and then negotiate a mortgage workout that YOU can live with.
Professionalism We get your bank to pay attention to your needs because they know and trust us. We have been stopping foreclosures for many years. During that time we have successfully rescued a multitude of families from the devastation of foreclosure. Our chief mitigator has over 15 years' experience in Real Estate. That kind of experience and track record in the industry gives us credibility with your lender. Our integrity and professionalism help us to be heard when no one else can get through the red tape.
Established Contacts Our staff of full time mitigators works with the key negotiators and decision makers at lending institutions across the country on a daily basis. They speak the language and understand what it takes to break through the bureaucracy to get your case heard.
We will use our experience and relationships to your advantage. Please don’t delay. Act today while hope remains.
Michele “MAC” A. Cole
http://www.wantinsight.com/ Information provided by Emodications...
Worrying because your adjustable rate mortgage is going to reset and you can't afford the new payment? Maybe you owe more than your house is worth? Or you're unable to get a new loan because your credit is less than perfect? Maybe you're 30, 60, or even 90 days late on your mortgage. Perhaps NOD or foreclosure proceedings have already begun!
Stop collection calls! Stop your foreclosure! Stop Stressing! Let us handle your lenders and their attorneys for you.
I’ve tried refinancing, but everyone says that they can’t help?
If you’re in a position with less than perfect credit or if you now owe more in loans than your home is worth, there are several solutions that can still benefit you. Recently the government has passed several laws making it easier for someone with good intentions to keep their home and keep their low monthly payments. Is your mortgage adjusting or going to adjust? We are now feeling the recourse of all the adjustable mortgages that were started in 2004 and 2005. Many people are losing their homes now that they are no longer able to afford the initial “teaser” rate. How can you be expected to pay an additional $500-$1000 per month on your mortgage? We can help you by setting up a new plan with your lender, and keeping your payments where you are able to continue living comfortably.
Stop Foreclosure with Loss Mitigation Programs
Loss mitigation programs were established by the federal government and the mortgage industry in order to stop home foreclosures. They help foreclosure victims in default on their mortgages to find alternatives to home foreclosure. Every homeowner’s situation is unique and each lender has their own policies regarding the use of these programs to stop foreclosure. Our extensive experience and solid working relationships with mortgage lenders allows us help you avoid the common pitfalls that many homeowners encounter while trying to work things out directly with their lender. After performing a thorough assessment of your personal finances and analyzing your lender’s loss mitigation policies our professional loss mitigators will negotiate with your lender to get you the best possible solution to your home foreclosure problem. We can help you save your home and credit history through a variety of loss mitigation options:
Time is your enemy!
The longer you wait, the harder it is for us to help you. Yes, we often do pull clients out of the fire at the last minute but consider this... If your house payments are more than a month behind, your lender has probably already started foreclosure proceedings against you. As time passes, thousands of dollars in penalties and legal fees can be added to the balance you owe. And every single day the interest charges are growing.
Sometimes homeowners are not even aware how far their foreclosure has progressed. We talk to people almost every day who did not even know their house had already been sold at auction. Please don't let that tragedy happen to you! If you would like to stop foreclosure, protect your assets and credit history 913-642-3334 or visit us at http://www.wantinsight.com/ to talk with a consultant. You’d be glad you did!
If you are looking for a realistic long term solution to your financial problems? For a FREE no obligation consultation on how we can help you stop foreclosure, save your home and preserve your credit history.
“Helping our Community Save Their Home”
Customize Approach
Too many banks use a “one size fits all” approach with homeowners in foreclosure. Your situation is unique. You deserve to get a fair and personalized settlement from your lender. We stop foreclosure by taking the time to listen to your concerns, assess your financial needs and then negotiate a mortgage workout that YOU can live with.
Professionalism We get your bank to pay attention to your needs because they know and trust us. We have been stopping foreclosures for many years. During that time we have successfully rescued a multitude of families from the devastation of foreclosure. Our chief mitigator has over 15 years' experience in Real Estate. That kind of experience and track record in the industry gives us credibility with your lender. Our integrity and professionalism help us to be heard when no one else can get through the red tape.
Established Contacts Our staff of full time mitigators works with the key negotiators and decision makers at lending institutions across the country on a daily basis. They speak the language and understand what it takes to break through the bureaucracy to get your case heard.
We will use our experience and relationships to your advantage. Please don’t delay. Act today while hope remains.
Michele “MAC” A. Cole
http://www.wantinsight.com/ Information provided by Emodications...
Friday, August 22, 2008
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/
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/
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