Ann Sabbagh

Ok, so we all have a "bad day' in the real estate market or any other market, for that matter! The great thing about a bad day is well stated in the following quote:

"When your day isn't going well, there is comfort in knowing that a new day is less than 24 hours away." Joyce Prophet

So, go out there and cherish the day!

Ann Sabbagh

Vice-President

Seacoast Mortgage Corporation

LICENSED LENDER AND BROKER

508-243-1190

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR future!"

In a tough real estate market, sometimes we all need to "kick back" and think about the important things in life. Please read below:

"The grand essentials to happiness in this life are :

something to do,

something to love and

something to hope for"

by Joseph Addiso

Well, I know ONE thing we are all "doing": REAL ESTATE! This can keep you occupied 24/7! And ONE thing we are" hoping" for: A RECOVERY TO THIS RECESSION!

I hope everyone out there has all three "grand essentials" in their lives!

Ann Sabbagh

Vice-President

Seacoast Mortgage Corporation

LICENSED LENDER AND BROKER

508-243-1190

Ok, so why pose this question? Well, it has rained for 40 days and 40 nights, so I have been thinking of Noah. Since I am a mortgage consultant, I couldn't help myself... I started to wonder about the financing of such a project and if I could classify it as my second home.

If I were just to have my immediate family on the ark, I believe I can own it as a 2nd home. Just like the boat owners treat their large live-on boats as 2nd homes.

If I invite two of every some type, I would have to own the property as an investment property, unless I do not charge for their living expenses. They can all be my guests.

Yes, I am TIRED OF RAIN!!!! My mind needs the SUN!

HAPPY 4TH EVERYONE!

Ann Sabbagh

Vice-President

Seacoast Mortgage

508-243-1190

"When you choose me as your mortgage consultant, you choose a financial professional who cares about YOUR future"

Banks have slowed down on processing; we all understand this. But, when a bank does not fund on time, one must begin to wonder about the stability of that bank. It is becoming very apparent to me how necessary it is to have many banks in your "arsenal" as a mortgage lender in order to service the public in the best way possible. 7 more banks failed this week. It is not over yet.

It is also very apparent the importance of being a mortgage broker AND a mortgage lender. Although it is very costly to maintain lender and broker licenses and all the insurances that go along with being a lender, the wave of the near future is being a lender. REO's are now asking for approvals from lenders.

The industry is changing rapidly and those that are adversive to change will be left behind.

Ann Sabbagh

Vice-President

Seacoast Mortgage

LENDER AND BROKER

508-243-1190

www.annsabbagh.com

I received a call from a former client who was coerced to use a mortgage company by the builder of his condo. The owner of the mortgage company was his loan officer and told him he was "locked in at 5.0% 30 year rate and no points". He received a Good Faith Estimate (GFE) at the time of his application reflecting the 5.0 % and no points and showing total closing costs of $3500.

Two months later (last week), he received a new GFE with 6.0 %, 1.5 points and a total of $7500 in closing costs. The owner indicated to him: "The process took so long, so the rate was lost. The rates have risen."

The client asked me my going rate which was 5.375% and 1 point last week. He asked me "what happened" to his lock and point and rate. He asked why the rate could not have been extended by his loan officer. Of course it could have been! I challenged it was ever locked.

Yes, the rates had risen in the past month or so, but NOT to the level of 6.0 and 1.5 points! I suggested he go back and request his original lock. Unfortunately, he did NOT receive anything in writing. It was all verbal.

He called the owner of the company and demanded his original agreement. The "mortgage professional" was only willing to eliminate the point and a half.

The client now wishes to cancel his application and come to me for his closing, even though it will take me 30 days to close the loan.

It is unfortunate he has been placed in this situation. Bait and switch just makes everyone look bad, even the company whom he wishes to switch to, because he is now leery of the mortgage profession. As rightfully, he should be!

We still are in the mode of "BUYER BEWARE". Consumers: PLEASE ALWAYS HAVE A RATE LOCK FORM IN YOUR HAND WHEN YOU ASK TO BE LOCKED." Do NOT accept any verbal agreements. YOUR FUTURE IS IN YOUR HANDS.

Ann Sabbagh

Vice-President

Seacoast Mortgage Corporation

LICENSED LENDER AND BROKER

508-243-1190