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

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

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

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

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

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

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

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

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

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

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

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

Most Cordially

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

Jewel Callahan
Mortgage Consultant
816-510-1399

Economic Troubles - There is a way to turn this around!

Do you believe that you can change the country's economic situation? Galatians 6:7 says: "God is not mocked, whatsoever a man soweth that shall he also reap".

If a corn farmer sows seeds in his field he expects to reap a harvest of corn, what he has planted, right? I would find it odd if he sowed seeds of corn and the harvest came up tomatoes? Wouldn't you?

Just as the farmer sows seed, our country and us consumers have been sowing into materialism, paying for things on credit and buying bigger homes. Check out this article written by Margot Adler with NPR dated 11/20/09. "The average American house size has more than doubled since the 1950s; it now stands at 2,349 square feet. The move toward large homes has been accelerating for years.

Consider: Back in the 1950s and '60s, people thought it was normal for a family to have one bathroom, or for two or three growing boys to share a bedroom. Well-off people summered in tiny beach cottages on Cape Cod or off the coast of California. Now, many of those cottages have been replaced with bigger houses. Six-room apartments in cities like New York or Chicago have been combined, because upper-middle-class people now think a six-room apartment is too small".

When our countries leaders are adding to the nation's debt, why would we do any differently? A dog trainer I once knew said that "intelligence runs down the leash". So we are prone to follow our country's leadership.

However, YOU can make a difference. You can start sowing good seeds and begin to stop spending and start working on paying off debt and downsizing your home. Jesus said it like this, "Even so, every good tree bears good fruit, but a bad tree bears bad fruit. A good tree cannot bear bad fruit, nor can a bad tree bear good fruit. Every tree that does not bear good fruit is cut down and thrown into the fire. Therefore by their fruits you will know them" (Matthew 7:17-20).

If we are hoping for change in this country, we need to examine our own lives first and start planting a seed for change without compromise.

If you don't know where to begin or you just would like additional guidance, please feel free to email me. I have several connections depending on your situation that can help you start this process! It's never too late!

Let the InSight Team, lend insight into your home financing needs.
Jewel Callahan - jewel@wantinsight.com
or Michele Cole - michele@wantinsight.com

Blessings to you!
Michele "MAC" A. Cole
Business Development Rep
The InSight Team
Mid-America Mortgage

More Encouraging Signs

I’m seeing less stridently negative headlines these days; how about you? Not so much doom and gloom; a bit more moderate. That in itself is what I consider good news!

We’ve all made lifestyle adjustments -- cutting back or eliminating non-essential spending, hiding the credit cards and paying cash, maybe even refinanced a mortgage loan into a lower rate to save a few hundred dollars a month.

Within the past few days additional positive news has surfaced – though not screaming headlines; maybe “page 2” style.

Monday, July 20 saw a economic survey released which indicated an easing in the economy, but not an end to the recession. Sara Johnson, IHS Global Insight’s managing director of global macroeconomics, said “ the survey provides new evidence that the U.S. recession is abating, but few signs of an immediate recovery”. She assisted the National Association for Business Economics with the analyzation of the survey.

The recession, which started in December of 2007, is the deepest in 30+ years, and also is the longest since the Great Depression. Most economists are looking to the second half of 2009 for the return of economic growth, but a sluggish recovery is what is expected. Also, the survey indicated a wide disagreement about if the economy had bottomed out or not. 55% of those surveyed said the bottom has not been reached, while 45% replied that the worst was over.

Also on Monday, new construction starts for single family homes were up for the second straight month. The numbers were higher than expected according to economists.

National real estate brokerage ZipRealty released inventory data indicating our housing market is beginning to stabilize. They look at 28 markets across the country. The drop in MLS-listed homes was 2.1% from May through June 2009. And, they saw a slight increase in the median list price, June over May. Many of the hardest hit markets, such as California, have seen dramatic decreases of inventory; 14 straight months of sales growth! And equally hard hit Florida has seen 9 straight months of sales growth too. The word this summer appears to be “affordability”.

With the first time buyers tax credit, historic low interest rates, declining inventory of homes, and increased buyer activity, we should see sales prices and homes values increase as we go into autumn.

Let InSight Mortgage Group analyze your specific financial situation and offer solutions customized to your needs. Don’t sit on the fence any longer; the time is NOW to take action. Please give us a call,913-642-3334 or email us at michele@wantinsight.com or dickw@wantinsight.com. Blessings

Our founding fathers and principles of Christianity

The following article was written by Chuck Bentley, CEO of Crown Financial Ministries. I feel called to share this with you in its entirety. Please read it to its’ conclusion. I'd love to hear your thoughts, so please send me feedback via the blog or email.

233 years after the Declaration, our freedom is at risk

“As they penned their names in the summer of 1776, the 56 signers of the Declaration of Independence noted their “firm reliance on the protection of Divine Providence” and pledged to each other their lives, fortunes, and sacred honor.

Their words illustrated the enormity of the sacrifices they might be required to make and their dependence on God’s help for the success of their cause. Victory would require nothing short of a miracle. America’s poorly trained Continental Army was outnumbered three to one by the British and their German mercenaries.

Years after America’s miraculous victory in that war, John Adams said that the “general principles on which the fathers achieved independence were the general principles of Christianity.” Adams was among the signers of the Declaration of Independence alon with men like Benjamin Franklin and Benjamin Rush.

Franklin said that Jesus’ system of morals and religion is “the best the world ever saw or is likely to see.” And Rush noted that the U.S. Constitution was “as much the work of a Divine Providence as any of the miracles recorded in the Old and New Testament”

These are just a small sample of the statements confirming the Christian worldview of our founding fathers and their dependence on God. They understood the need for divine protection and provision – something we must never forget if we hope to experience God’s continued blessing on our nation.

Because our foundations were built upon honoring God, He made our nation great. Our prosperity was a gift. We made a practice of rewarding merit, and the practice helped fuel continued progress. And, we became one of the most well-ordered societies in history.

Instead of looking to God, many Americans are now looking to man and human wisdom for solutions to the ongoing financial crisis. The majority appears open to more government intervention and control, consequently limiting the freedom we have enjoyed, which has allowed our creativity and innovation to flourish.

Today, on many levels, we have shunned God. We have taken his blessings of prosperity and made them a higher priority than Him. Our drive to preserve our national and individual prosperity is leading us to bigger government with more controls over the private sector and dependence upon foreign credit.

The same events that would have led us to fall on our knees and ask for God’s help now cause us to seek help from Washington. This help is extremely costly, and as a result, we’ll be adding trillions of dollars to our national debt over the next 10 years.

These massive government deficits must be covered by taxing Americans, borrowing from other nations, or printing more money. Tax increases hurt the economy and cost jobs, borrowing makes us dependent on nations like China, and printing more money devalues our currency and causes inflation.

All of these tactics are misguided attempts to restore prosperity and good times, and they will all result in less freedom and potentially, future bondage. President Obama was recently quoted as saying that our federal debt is “unsustainable” and that we are “mortgaging our children’s future.”

I believe there is a great urgency for God’s people to turn back, to reset our dependence on God rather than on man and man’s wisdom. However, this won’t happen unless we are willing to live a life of obedience to our Lord. Our example is Christ, who gave up much in order to fulfill God’s purposes for this world. Paul examined our Lord’s unselfish attitudes in Philippians 2.

He then addressed us as believers, encouraging us to obey God “with deep reverence and fear” (verse 12 NLT) to be effective, we must “Live clean, innocent lives as children of God, shining like bright lights in a world full of crooked and perverse people” (verse 15 NLT)

This means we must order our lives according to the principles of God’s economy, not man’s. We must reset our dependence upon those principles and make God, not His blessings, the object of tour our in the life. I too say, let us pledge to God our lives, our fortunes, and our sacred honor and live in firm reliance on the protection of Divine Providence.

Considering the current course of events in our nation, we cannot afford to wait. We, and we alone, are the salt and light of America, and what we do in the next few ears could largely determine the course our nation follows for decades.*

We look forward to lending insight to your mortgage and financial needs. Please call us at 913-642-3334 or email us at michele@wantinsight.com or dickw@wantinsight.com Blessings


* Reprinted with permission from Money Matters, a monthly economic magazine published by Crown Financial Ministries, Gainesville, Georgia. July 2009, Issue 376

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.

PROTECT YOUR IDENTITY

Recently I attended a seminar by an FBI representative on various types of fraud affecting the mortgage and real estate industries, and of course, our buyers and sellers. Then I had an enlightening conversation with a business associate whose focus is consumer protection and education.

Did you know that identity theft is America’s fastest growing white collar crime? The average dollar amount charged in identity theft is $92,893 and only 1 out of 700 thieves are ever prosecuted. And,the identity theft victim spends on average up to 600 hours restoring their identity. Identity theft is to knowingly transfer, possess, or use without lawful authority another person’s personal information to secure services or products, or to commit crimes in that person’s name.

The mortgage industry has stringent rules and oversights in place to safeguard our business from accepting applications using fraudently obtained information. A new national Red Flags Rule was implemented recently, further enhancing safety practices. At InSight Mortgage Group we have policies and procedures in place providing for the identification, detection, and response to “red flags” that could indicate identity theft.

There are five types of Identity Theft:

1. Financial – your information to obtain money, goods, or services leaving you
with the bill
2. Drivers License – an identity thief could obtain a drivers license in your name and accumulate traffic tickets in your name
3. Social Security – your social security numbers could be used for employment purposes and you could get the tax bill
4. Medical – your personal medical information could be used to obtain
prescriptions or medical health which could affect your health or reduce your
benefits
5. Criminal – your information could be used to escape fines or jail time. You
could actually end up in jail.

Military personnel are at risk too. Social Security numbers are the basis of personal and medical administration. In our era of Internet, credit cards, and computer file-sharing, the element of risk increases. The prime target is the deployed military person who most likely will not view his/her credit report for a year or more according to a public affairs officer with Army Human Resources Command. He said contractors, soldiers, and civilians should be aware of the dangers of identity theft and know how to protect themselves from unauthorized release of personally identifiable information.

Everyone should review their credit reports and financial statements regularly for any fraudulent charges. The Federal Trade Commission also suggests being alert to signs such as bills not arriving as expected, denials of credit for no apparent reason, or calls or letters about purchases never made.

Everyone is facing challenging economic times. Finances are a concern for each and every one of us, and identity theft is a potential threat to us all. Please don’t shake it off as a “it can’t happen to me” attitude. I’ve become aware of a valuable service provided by a company with integrity. Adell Associates of Pre-Paid Legal Services offers a comprehensive service you can use right now to help with the tough decisions all families and businesses must make. Everyone needs a will/living will but puts it off, maybe you’re thinking of bankruptcy, everyone signs contracts, and everyone needs to be concerned about their credit score and identity. These are some of the important benefits this service provides. For more information and personal assistance contact Adell Associates at 913-780-2375 or visit www.adellassociates.com.

Any of us at InSight Mortgage Group would be happy to discuss how we protect your identity through the loan process, or answer questions you may have. Call us at 913-642-3334 or please email me at michele@wantinsight.com. Have a blessed day.

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.

STAYING PRODUCTIVE

Banish the Doom & Gloom thoughts!

How do we stay productive and motivated during these uncertain economic times, when the media is pounding us with doom and gloom stories? I try to work hard to protect myself from the negativity found daily in the paper, on TV, and over the internet. I don’t advocate a “hide your head in the sand” mentality, but I encourage us all to have faith and work on a more positive attitude.

By living a life of intention - focusing on actions to create the life we want - rather than by reaction, we can better guard ourselves from negativity. There's no sense in spending time on things that are outside of our control. Instead of focusing on the problems, we need to look for solutions. By focusing on what we can control, we can reduce worry and stress, maintaining productivity and keeping our motivation at a higher level.

Through each challenge or difficulty we experience, we need to look for a kernel of benefit or positive direction. We can gain strength through adversity, avoid thoughts of panic, by focusing on a benefit of the situation. It’s a process; adversity moves you along – you can gain strength or you can let it can weaken your resolve.

Look at Thomas Edison. In his development of the electric light bulb he documented 10,000 failed attempts. He was asked by a reporter how it felt to have failed 10,000 times. Edison replied, “I didn’t fail 10,000 times trying to invent the light bulb, I simply documented 10,000 ways that it wouldn’t work.” Where would we be today it Edison had quit?

So with the economy, maybe we accept it “as it is”. Neither bad or good, but look at todays’ situation with openness and interest, rather than fear or panic. We discover that kernel of hope and opportunity. Combine that with determination and personal focus, and we stay productive. A common trait among self-made millionaires is the willingness to persevere when times are tough.

Move the focus from the overall uncertain economic situation to your personal situation and ask “What would responsible action look like?” Do you need to adjust your spending to live within your means? Are you honoring the money you have? Acknowledging the facts of your own life is a powerful starting point for reducing anxiety and taking action that is necessary.

To weather the current economic storm: Focus on the facts of your life, the future you want to create, and take action to make it happen – irrespective of what the news is promoting or what your friends are talking about. Believe in yourself, learn from adversity and grow stronger from it, take inspired action. Create your life of intention!

Our goal at InSight Mortage Group is to provide you with the expertise, education and tools needed in making smart financial decisions and the right mortgage choice for your personal goals. Please feel free to call me, visit my website, or email me at michele@wantinsight.com.

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