Loans, Loans, EVERYWHERE

"I heard no one can get loans. How is your business?" That was what I heard recently. I guess they didn't read my blog entitled "Rates are Crazy Low, but can I get a loan?

Here is my answer:

I am blessed.This has been a crazy time for me, good crazy! The Spring buying season is already in full swing, as long a a home is priced right and looks good, there are often multiple offers within days. As the flowers have already started to bloom, so has my business.

This is my activity for just the last 3 weeks:

In the last week I have had several buyers with accepted contracts, a few are even approved short sales.

I completed an FHA streamline refinance for the boyfriend of one of my pre-approved buyers looking for the right home.

I am getting referrals of qualified buyers for home purchases all over Maryland from both ActiveRain (Wahoo!) and non-ActiveRain Real Estate partners.

I have gotten calls from folks for both purchases and refinances based on my reviews on Zillow. "I love what I read and feel very comfortable talking to you about my situation".

I have gotten referrals from ActiveRain friends and partners for home purchases and for refinances for their friends and past clients. The referrals of clients is wonderful, the referral of friends and family is a huge honor!

I got two calls as a direct result of blogging on ActiveRain. "I just had to call someone known as the Maryland Mortgage Mama"

I am working on several VA IRRL (Interest Rate Reduction Loans) for past clients and friends.

I took a refinance loan application for a client. Her boyfriend sat in on the meeting. We are now reviewing his current conventional loan in Annapolis for a VA refinance.

I have just completed a loan for a client I met at another client's Christmas ornament exchange party. When I called the initial client to thank her for the referral, we discussed a potential refinace of her mortgage and she promised to send me more referrals.

I have completed an application for the purchase of a home for one of my Team In Training Teammates.

I completed an application for a refinance for a parent at my daughter's school.

I met a potential client at Dunkin Donuts on Saturday after my daughter Sydney and I struck up a friendly conversation with a lovely older couple at the next table. ("Mama, you are elder, they are elderly") I was grimey and certainly not dressed to impress, but we were open and helpful and they happened to know my step-mom. He also happens to own two houses just 6 houses apart. He has not lived in one for 6 years although much of his "stuff" is there. He told me that it's getting expensive to have two houses and he really should sell it. I handed him a card and said, "When you are ready, I have some fabulous agents I can refer to you."

Just tonight, I met a potential client at a Lamb of God School fundraiser at Panera Bread. I complimented another customer (not there for the fundraiser) on her outfit (Red really was a fabulous color on her). I was wearing my Mortgage Mama pin. She asked about Interest rates and told me she has a 7% interest rate on her current mortgage and was wondering if it would be a good time to refinance. Needless to say, I handed her my card.

I get my business from many places. I put myself out there. I network. I stay in contact with my clients and referral partners. I let folks know what I do, sometimes overtly, sometimes passively. My brother and I offer competitive rates and fees, while offering full mortgage reviews to ensure folks are in the right loan. We take care of our clients and I truly love what I do and I am blessed.

"I heard the market tanked and no one can buy houses." What is your answer? Where are you getting your business?

Loans, Loans, EVERYWHERE

St Patrick's Day Events in Baltimore

With a name like Bridget McGee, I don't have a choice but to celebrate my family's Irish heritage. Irish or not, Start your St. Patrick's celebrating on March 11th.

The Official Mass of the St. Patrick Parade

Attend mass at The Basilica of the National Shrine of the Assumption of the Blessed Virgin Mary before the parade on Sunday, March 11 at 10:45 AM. The Basilica is located at 409 Cathedral St.

Shamrock 5K 1:15 PM

This fun run with 5000 runners of all ages dressed in plenty of Kelly green, costumes, It starts at Charles St and Franklin and ends at the Power Plant Live between Pratt and Lombard. There will be lots of celebrating after the race!

Get your Irish On! Celebrate your Irish Heritage or just join in the fun in Baltimore that's been the happening place to be for over 50 years! All the pomp and circumstance you can handle. There are Bagpipes and Irish dancers, politicians and lepruchan swag. There's music and marchers and plenty of food and fun! There's Kelly Green and Kilts, and flags galore! The parade starts at the Washington Monument on Charles and Center Streets, marches down Charles Street and turns left on Pratt to Market Place at Baltimore's Inner Harbor.








COME ON DOWN TO BALTIMORE AND GET YOUR IRISH ON ON MARCH 11, 2012! EVERYBODY'S IRISH!!

Seriously, NO Pictures?

I never thought I'd see the day when Ellie McIntire and Maryland Mortgage Mama would be at an event and there would be NO pictures to share! I did want to be sure to tell you about the event though.

Today my brother Tony and I attended the Keller Williams RED (Renew, Energize, Donate) Day Fundraiser at the Outback Steak House in Ellicott City Maryland. It was great to see Ellie McIntire and the whole McIntire Team take part. We were able to meet and greet lots of folks and get out of the office on this beautiful Baltimore day. I got to see Sydney Hawkins, a lovely Keller Williams agent who helped my good friend find the right home. She even brought her mom and her aunt to support the event, such wonderful ladies! I got to meet some folks I have only known as "facebook friends", including Aaron Gartrell, met some more of the great folks of Keller Williams and their partners: lenders, title companies, home inspectors, appraisers, and others. We even got to see the lovely ladies from Maryland Title Works Unlimited...always a pleasure! Unfortunately, time was too short to meet everyone, but I am confident that our paths will cross when they are meant!

It was a fun event organized by Keller Williams Realtor John Hallis (and lots of other helpers). Less than 6 weeks ago, he approached Outback Steakhouse with an idea to have a private luncheon at $25/head, a silent auction and a 50/50 raffle to benefit RED Day to help with repairs and renovations in some of the neediest areas of Baltimore City. Not only did Outback Ellicott City hop on board, so did 4 other Outback's around Maryland. They really get involved in supporting the community! Based on the Ellicott City turnout, I am sure the day was a huge success!

The silent auction included everything from a basket of cheer, sports memorabilia, spa services, restaurant gift certs, even a ghost tour in Ellicott City.

What happens on RED Day in Maryland? According to the press release on www.reddaymd.com:

As part of the RED Day effort this year Keller Williams Select Realtors of Ellicott City, has joined forces with KW Excellence in Towson, KW Baltimore in Canton, and KW Realty Centre in Columbia, MD in partnership with Open Door Baltimore, William Paca and Dr. Bernard Harris Elementary Schools to provide a massive day of service in one of the neediest sections of our city. Starting at 8am and running thru 4pm. These facilities are in dire need of repair and replacement of decaying areas of the structures. We plan to paint hallways and repair auditorium furnishings, among other things, at the schools. In order to perform our work efficiently, Keller Williams and RED Day volunteers will also be treating the 1100+ students from William Paca and Dr. Bernard Harris Elementary Schools to a massive “Field Day” at Patterson Park complete with games, face painting, a picnic and so much more, all while demonstrating the need to love and care for one another! It’s a magnificent thing to see and we hope you can be a small part of it all!

All this takes money, today's event will help to offset some of the costs. The RED DAY event takes place on May 10th. There are still volunteer opportunities available. There is also a huge need for things like a parking area for the volunteers on the day of the event, drinks, snacks and more for the event. If you know anyone who might be able to help, I am sure if you contact John at the Ellicott City office.

The winner of the 50/50 donated their half back to the cause, raising almost $800 for a great cause! Unfortunately I didn't get the name of the generous winner, but I have a feeling they will be blessed many times over!

Hope to see you on May 10th for RED DAY!!

Wordless Wednesday (almost)-Hiking in Catonsville, MD

My daughter and I headed out to Grist Mill Trail, part of Patapsco State Park on Saturday. It's a great place to explore. We started out on the trail, and even off-roaded for a bit, even though Syd was a little over dressed for the hike! Check out the earrings!

GUESS WHAT? THE LENDING ENVIRONMENT HAS CHANGED!

I recieved a referral from a realtor for a client interested in buying a $60,000 condominium in Towson, MD. We'll call him FRED. She asked if I thought it would be a waste of my time to call Fred. I said no and contacted him immediately. We had a lovely conversation. We discussed that condo financing is more difficult than it was before but that I would do what I could to help. I told him that I would need to get some additional information to see if traditional financing channels would be available on this particular condo.

I found out that FHA financing for this condo is not an option but conventional financing appeared to be available. This would mean additional out of pocket money for down payment and closing costs.

Fred said that wouldn't be a problem and said he was still interested.

We were ready to move forward for the prequalification. I reviewed his credit and found that his credit balances were 78%-110% of his available credit, bringing down his score to below what was needed to qualify. I suggested that he pay down his balances (a total of less than $1500) to improve his score and we discussed the total cost to purchase.

I got this email back: Let's try to find a lender, maybe someone you know, someone that will finance the condo for me by putting the closing costs and down payment into mortgage, Including the not so good credit history of mine. I think it might be possible. Because, the condo is "only" $60,000. It's not like I am buying half a million home.

While I wanted to say: DO YOU NOT WATCH THE NEWS? DO YOU HAVE YOUR HEAD IN THE SAND? WHAT ARE YOU THINKING?

Instead I said: I wish I could help you but the lending environment has changed and traditional fianancing won't allow the type of financing you are looking for.

As I sent earlier, I believe that your score will improve by paying down the debt. Maybe you can have a family member who could help with the down payment and the closing costs??

His Answer?

The problem is not not the money. I can get the money. It's just, i don't want to. Giving out cash these days isn't the smartest thing, I believe.

Well, guess what? That's what the banks think too!

THE LENDING ENVIRONMENT HAS CHANGED! Size doesn't matter. You have to be able to meet the guidelines of the home you are purchasing whether it's a $60,000 home or a million dollar home.

There is limited 100% financing available, there are not as many grant programs for down payment/closing cost assistance and FHA is strongly considering lowering the maximum seller concession from 6% to 3% of the purchase price. Higher credit scores are required to qualify.

WAIT! Don't get discouraged and give up! There ARE loans available. You just have to understand the lending environment and work within realistic guidelines.

Contrary to popular belief, you don't have to have perfect credit, but you must be able to show an ability and willingness to pay. You don't have to make a million dollars but you have to be able to document your income and show you are able to afford the mortgage along with your other obligations. You don't need 20% down payment, but you will need to have at least 3.5% to put down on the home (unless you qualify for a VA loan or a USDA Rural Development loan).

Don't listen to the hype, get the real answers by talking to a lender who understands the current lending environment. If you aren't ready now, then let's get a plan in place so that you can get ready. If you are willing to listen and do the work, I will help to get you there!

By the way....If anyone knows a lender who has a program to fit Fred, let me know, I am happy to pass along the information.

GUESS WHAT? THE LENDING ENVIRONMENT HAS CHANGED!