Hartford, CT

In today's society, we look to each other for advice, for counseling, expert knowledge on a specific subject, etc, etc. In many cases, we just go to the internet and Google a specific subject and poof, there are many links that appear from different people explaining or expressing different ideas or detailed specifics. But how do we know what is actually right? How do we know what is fact and what is opinion?

My point to this is that I have been on several mortgage related sites in the last year and have found some information that is misleading or incorrect. Luckily I am in the mortgage industry. But how would a consumer know?

Kelly Sibilsky wrote this blog : Opinions are like belly buttons A very cute analogy, that talks about opposing view points and such.

My problem with the internet and many comments in blog posts is that when someone tells you that you are wrong, because they found someone else to agree with them, that should make their opinion or statement correct, making it right.

So it goes back to the fact, should two rights make a wrong?? As many, I love opinions and I especially love a good debate. I love when comments are thought provoking. But when you write a blog that is based on true facts, and someone or more than one come into that blog to attack your blog?? And then call you a liar and make a comment that you are not helping your clients? And then that person making comments comes back and says, "I have been validated." Okay, so they found someone to agree with them. But that they still can't answer my questions and or prove it with facts. Again, does two wrongs make a right? Who do you agree with then? My advice, read all of the comments then. What's sad is that it happened to me in this blog, FHA loans vs Conventional Loans, a real comparison with 5% down.

As you can see, people will actually verbally abused you and attacked you. In my case, I kept asking one simple question.... Do you have a large pricing hit to your conventional rates when you have credit scores under 659 and when you are putting 5% down. Not once did they reply to this question. But the funny, yet sad part of it, is that they still attacked me.

What should you do with those comments? Many would say delete the comments. In my case, I have no problem with these comments, once the reader reads every comment made. If you truly get to understand what took place, what was asked, and who never replied???? That should give you a big indication to what took place and probably allow you to assume that the author of that blog was actually correct. If I am going to debate someone that wrote something and I didn't agree with it, or that I thought their figures were incorrect, I will just debate back with facts.

The problem with this is that too many people confuse opinion with fact. I myself? I love stats and figures, because this will usually win most debates, as long as the correct figures or stats are being used.

For another piece on comments and possibly something that could open your eyes some, please read : How do you treat your comments? And my adice when it comes to reading other blogs and or trying to gather information.

• Research that topic. Gather your facts from reliable sources.
• If reading a particular person, maybe you should follow them for more than a few months. Maybe 6 months.
  

FYI : Just because it sounds good doesn't mean that it is correct.

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For more information on FHA loans, please go to this link. : The FHA Expert

For more information on how you can obtain your dream home, please click here : Mortgage Financing Options

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags

Copyright © 2008 by Jeff Belonger

Mortgages in the general scheme of things should not be that complicated. It starts with the loan officer though, as I explained in Part 1 of this series. I really have never cared for the term sales or sales person, but that is what a loan officer is, a sales person. But the problem is that so many act as a sales person, wanting to sell you a mortgage. My biggest problem with this is that they should be educating you and helping you understand not only the process of getting a mortgage, but understanding your options. But so many just tell you what you want to hear. Besides, if you knew so much, you wouldn't need us, right?

Which brings me to part 2, understanding mortgages and loan programs. Much of this might be boring for the average borrower, but the more you understand, the more educated that you become, the more powerful of a borrower you become. Which is one thing that many loan officers fear, that of an educated borrower.

The understanding of mortgages? Again, this should be easy, yet it can be so complicated. Here is what I tell the consumer. Don't dwell on rate. Yes, you should shop for a good rate, but shopping for the best rate will usually result in a loan that either doesn't close or will close at a higher rate and or higher loan costs. Yes, this does happen and happens more often then you might think.

The average loan officer is so worried about telling you what you want to hear, just trying to get you into the door. They will worry about the problems that you might encounter later on. Unfortunately this should not take place, but it does.

My goal here is that you understand the basic process of obtaining a mortgage. Please read a part of this e-mail that I just received from a potential borrower that is trying to buy their first home in Connecticut.

"Hi Jeff,
oh yeah and i asked him for a good faith estimate several times and still have not received one, not to mention he barley ever picks up his phone. I think the only reason why i've stuck with him this long is because my real estate agent recommended him and said he would give me a really good rate"

Conclusion : My list should be different from your list. As a loan officer, I should be asking you :

• about your goals,
  
• what payment do you feel comfortable with,
  
• how much money do you have & how much of it do you want to use, and a few more questions
• and reviewing your credit, credit scores, and credit history

Your questions to me, as a borrower should be :

• what rates do you have to offer ( but this is a loaded question) If I don't ask the questions above, I shouldn't be giving you a rate no matter what. If you get a loan officer that volunteers a rate without asking all of those question and some more, then you need to seek another loan officer. I am dead serious about this. Not one of the questions.. not 2 of the 4... but all of them.
• can you please send me a good faith estimate ... Please read : did you get a good faith estimate? If your loan officer qualifies you for a mortgage, they should be giving you a GFE at the same time. If it's beyond 24 hours, that is a major red flag.
  
• do you think we can close in a timely manner. People ask this, hence why I am mentioning this. The normal turn around time should be about 30 days. If you have a loan officer that boasts that they can close your loan in under 2 weeks, even if you don't ask them, this should be a huge warning. Can it be done? Yes, but it's not advised even from the loan officers perspective. A very good, professional loan officer is going to keep your expectations to a certain level. Under promising and over delivering. The sad part is that it's usually the other way around,...... over promising and under delivering.

Important keys when shopping for a mortgage?

-- You need to understand how to read a good faith estimate. How to read a GFE.

-- You shouldn't be comparing the APR and the Rate. Please read : APR vs Mortgage Rate

-- Make sure you choose a loan officer that is professional. One that will get back to you in a reasonable time. Remember the borrower above, who said that he loan officer doesn't get back to her. Please read : Red Flags that a consumer should be aware of....

• FHA loans & mortgage advisory - Part 1 - Understanding loan officers

• FHA loans & mortgage advisory - Part 2 - Understanding mortgages & principals of mortgages
  

- FHA Loans - Conventional Loans - VA Loans -

Experience & Knowledge at its BEST !!!

____________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For more information on how you can obtain your dream home, please click here : Mortgage Financing Options

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!!

Copyright © 2008 by Jeff Belonger

There is always a silver lining.. you just need to find it. A lot of people can't afford heath insurance, and dread heading into the winter season, with the dreaded flu hanging in the balance. This year you can do something about it.. and it is FREE.

NBC 30 is holding it's annual Health Wellness Festival this forthcoming weekend at the Connecticut Convention Center in Hartford, CT. It is open to the public, admission is free too. The event starts on Saturday, October 25th from 10am to 5pm, and again on Sunday, October 26th at the same time.

This is your opportunity to get free health screenings, view some demonstrations, and participate in activities for the whole family!

I gather last year there was more than 22,000 that attended the event. Why not make this year bigger and better? There is no need to worry about the flu this year.. stop by and get shot. LOL.

Info about the author:

Valerie Osterhoudt is a Cromwell Connecticut Residential Realtor who can assist you with the purchase and/or sale of real estate in the Middlesex County of CT, as well as the surrounding areas. Please visit me at www.CTrealtorMLS.com for all your relocation and/or local needs.

Valerie Osterhoudt, ABR - Johnson Real Estate, Inc. - 860.635.0387 #2 - valerierealtor@sbcglobal.net

Copyright © 2008 By Valerie Osterhoudt, ABR, All Rights Reserved...*FREE FLU SHOTS....*