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Sean Wheelan

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The HVCC can't stop me!!!

08-10-09
Sean Wheelan

I was still able to close a conventional loan, from P&S execution, to the closing table in 18 calendar days!!!

The true pros are creating teams and relationships that can make things happen! Join me in my 10th year as a Mortgage Originator. I'd love to earn your business as a client or referral partner!

Special thanks to Stacey Susi, the Realtor, she helped make everyone look good!


Sean Wheelan
Personal Mortgage Consultant
The Mortgage Group, Ltd
401-965-9384 Cell
SWheelan@TMGLtd.biz Email
www.TheFriendlyNeighborhoodMortgageGuy.com Web Site
508-276-0171 Fax

0 Comments
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FHA streamlines

04-23-09
Sean Wheelan

Its official-There's barely enough time to honor all the requests!

Do you have a FHA loan?
A credit score of 620 or better?
No mortgage lates in the last 12 months?
Are you employed?

If so, great! There is no appraisal required and no closing costs. How's that sound?

Call or email for a rate quote and lets see what we can do for you. Remeber, you must currently have a FHA loan.

All the best,

-Sean

Sean Wheelan
Personal Mortgage Consultant
The Mortgage Group, Ltd
401-965-9384 Cell
SWheelan@TMGLtd.biz Email
www.TheFriendlyNeighborhoodMortgageGuy.com Web Site
508-276-0171 Fax

1 Comment
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Housing Stimulus (Or lack there of...)

02-19-09
Sean Wheelan

Housing Stimulus (Or lack there of...)

Housing was hoping to get a big boost from the latest addition to the mammoth stimulus bill working its way through Congress. Senate legislators unanimously approved a proposal earlier this month that would allow a tax credit for home buyers of 10 percent of the value of new or existing residences, up to a $15,000 limit. However, it did not make it in to the recent "stimulus package". Current law provides for a $7,500 tax break but only for first-time homebuyers. "It is time to fix housing first," said Sen. Johnny Isakson, R-G. Isakson's office said the proposal would cost the government an estimated $19 billion. In all, the stimulus reached a total of just under $800 billion. Proposals to move rates on real estate loans down to 4.0% did not carry in the Senate. (Thanks guys, I'd rather have pork anyhow!) Source: The Associated Press.
The U.S. House will vote on a bill to overhaul the Hope for Homeowners program, which by many accounts, has been a flop so far. Congress approved the program in July with the hope that it would aid 400,000 home owners. So far the program has attracted only 451 applicants and just 25 loans have closed. (That's 25! Out of how many millions of homeowners!!!) "HOPE for Homeowners, was designed to help families refinance into safer, more affordable loans, in many cases helping those families avoid a devastating foreclosure," says NAR President Charles McMillan. "Despite being well-intentioned, the HOPE for Homeowners program has had limited success. Lenders have found the program difficult to participate in because of many of the program's constraints." The proposed revision to the program will lower participation standards, cut costs for consumers and reduce the cost of implementation for lenders. The proposed reform will also provide a safe harbor for loan servicers that modify loans and make permanent the increase in deposit insurance to 250,000. Source: Reuters News

So what can we conclude? Politicians like to grand stand and reporters like a good scoop (whether its the truth or not)! It is generally agreed upon that the housing market is exceedingly important to our economy and consumer sentiment, however, the powers that be have (to date) essentially ignored it. The proposals so far, when projected out in to the future, would appear to do more damage than good...

My $.2: Increase the tax credit to $15,000, do not require it to be paid back over 15 years as is currently is required, pressure Fannie and Freddy to slightly loosen underwriting guidelines for well qualified buyers and investors, and to get rid of their Loan Level Price Adjustments (which increase rates significantly when greater than 70% of a home's value is borrowed and the credit score is under 740), and most importantly find a way to keep rates around 5% or lower for as long as is needed!!!

PS: FHA is still doing a great job approving folks with verifiable income and credit over 620. USDA still allows for 100% purchase financing in the less populated areas and for low to moderate income families. For us RhodeIslanders, most of the western part of the state meets that guideline. For more info please visit www.myRImortgage.com
Sean Wheelan
Personal Mortgage Consultant
The Mortgage Group, Ltd
401-965-9384 Cell
SWheelan@TMGLtd.biz Email
www.myRImortgage.com Web Site
508-276-0171 Fax



Have a great day!

PS: While my business is good and growing steadily, it is important for you to know that I am NEVER too busy to help those you refer to me: your family, friends, neighbors, and coworkers.

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Understanding the loan documents

01-19-09
Sean Wheelan

Understanding the loan documents:

photo of an office desk top

Residential Loan Application: This document (when complete) gives us an accurate picture of your whole financial situation. By signing this form you are stating what you know to be true regarding all pertinent information regarding your financial status.

Good Faith Estimate: This document breaks down the costs of obtaining the mortgage, the required pre-paid items, and the required amounts to be deposited in the escrow account. When comparing costs between lenders it is always best to compare interest rate and closing costs (not including escrow and pre-paid items) to get a more accurate picture of the lender's program.

Truth In Lending: This is a Federal form that was created for the consumer to help them better understand the effective rate of borrowing money with closing costs included (A.P.R) and the amount of interest paid over the life of the loan. This document also sets forth any special clauses like whether the loan has a pre-payment penalty or if the mortgage is an assumable mortgage.

Servicing Disclosure Statement: This document explains that we are a broker not a bank. Most banks will service their loans that includes taking your monthly payments, handling your escrow account, and answering your specific loan related questions after your loan has closed. Up until your loan closes we will be your point of reference for any loan related questions. After the loan closes however, we transfer all the rights to your loan to the specific lender we chose for you. From this point on you may contact your lender directly. We transfer 100% of the servicing to the specific lender we approve you with, but please remember if you have any problems with your loan and the lender is not handling it to your standards, feel free to contact us and we will intercede for you.

Borrower Signature Authorization: This gives us your permission to verify the information you've given us with your mortgage lender(s), employer(s), creditor(s), landlord(s), bank(s), and any other source we may need to obtain information from. In other words, this is your written consent that we send to let them know you (their customer) is the person ultimately requesting they respond.

Mortgage Loan Origination Agreement: In some circumstances the lender may offer the opportunity for the customer to pay less up front costs in trade for a slightly higher interest rate. However, this program may not always be available. By paying points or origination fees you may obtain a lower interest rate and save more money over time. Please request more information from your loan officer to determine what type of interest rate and closing cost scenario would best suit your needs.

Right to Receive a Copy of Appraisal: Every borrower has the right to receive a copy of his/her appraisal once it has been completed and paid for.

Equal Credit Opportunity Act: This document discloses the fact that we do not discriminate against borrowers based on race, color, religion, national origin, sex, marital status, age, or for any other matter.

Request for Copy of Transcript of Tax Form (4506): This form allows the lender to get a copy of the taxes you filed with the Federal Government and compare them with the copy of taxes we've submitted to them for quality control purposes. This form is typically only required for self-employed borrowers or customers who are paid on commission.

Rate Commitment Option: This form explains our rate lock policy and confirms our conversation with you at the time of application.

Many states also have unique disclosures. For example, my home state of RI has 5 state specific disclosures. Their intent is to make sure transactions have a tangible net benefit, borrowers are educated, they do not participate in "flipping" and that they understand what a "high cost" and sub prime loan consists of.

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FaceBook Blogs are here!

01-04-09
Sean Wheelan

I have recently taken some good information found right here on A.R., and put it to use!

Man shouting in a megaphone

In today's challenging market we need every tool available. I have recently gotten some very good results from my FaceBook page. My concentration has always bent towards deepening relationships both new and old via my facebook account. My "friends", for example, consist almost 75%, of people I've known for 20 years or more. I use other sites like, LinkedIn for my professional associations. From time to time, however, I insert a business related status update or industry comment. This has yielded 7 inquiry calls and 3 applications over the last 3 weeks, one of which is scheduled to close in 2 weeks. All of the activity was from old friends who I've known for 2 decades or more.

In a nutshell, over a very short period of time, I've built a small personal network that is beginning to pay dividends by rekindling old friendships via a convenient permission based interface. This is a low impact way to market myself, with the primary goal of "friends first". The trust is there, I just want to subtly remind them I'm one of the most trusted and reputable Mortgage Consultants in the area.

I just launched my FaceBook Blog to enhance my presence in the FaceBook community. Please click on it: Sean's FaceBook Blog and help to verify me as an author. Thanks in advance as I need 11 readers to verify me as the author!

The next phase is to launch a Community Page (RI Real Estate Financing, Neighborhood News and Real Estate Group), so that I can facilitate my friend's ability to network and highlight their skills within our combined networks. All things being equal, wouldn't it be great if you could support your friends by supporting their businesses? I hope to facilitate that via communities both on line and off!

Happy New Year!

PS: While my business is good and growing steadily, it is important for you to know that I am NEVER too busy to help those you refer to me: your family, friends, neighbors, and coworkers.

Sean Wheelan
Personal Mortgage Consultant
The Mortgage Group, Ltd
401-965-9384 Cell
SWheelan@TMGLtd.biz Email
www.TheFriendlyNeighborhoodMortgageGuy.com Web Site
508-276-0171 Fax

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