Gwenn Tanvas - Wisconsin Mortgage Expert - FHA Loans - VA Loans - USDA Rural -

Locking in a mortgage rate with a lender is a great way to ensure that the rate quoted will be available when you close your loan. Rate locks are essential in mortgage planning.

This year has been highly chaotic in the mortgage and financial sectors. For the most part, mortgage rates have remained above the historic lows of 2003. However, this year we've seen several instances where rates dropped dramatically without warning-The information below illustrates the small windows of opportunity we have experienced over the past 12 months.

Fortunately, these ultra-brief windows allowed us to help several of our clients save money on their mortgage and secure a solid plan for the future.

A rate-lock, or lock-in, is a lender's promise to hold a specified interest rate for you for a pre-determined period of time while your loan appli­cation is processed. Due to the volatility of the market, many lenders are also offering a rate renegotiation policy to assure that the borrowers have an opportunity to renegotiate their rate should the market improve and lower interest rates become available.

Knowledge is Power -be sure to ask your mortgage professional BEFORE YOU COMMIT about their lock policy and more importantly, renegotiation policy. Interest rates change daily and in these volatile times several times per day.

What Happens If the Lock-in Period Expires?
If you don't settle within the lock-­in period, you might lose the interest rate This could happen if there are delays in processing whether they are caused by you, others involved in the settlement process, or the lender. For example, your loan approval could be delayed if the lender has to wait for any documents from you or from others such as employers, appraisers, inspectors, builders, and individuals selling the home. If your lock expires, most lenders will offer an extension of the lock for a small fee. To protect yourself ask questions of your mortgage professional as to lender turn times, etc. We have experienced lenders offering a great interest rate only to find that their processing departments are so bogged down with new guideline requirements, that the closings are being delayed requiring extensions.

Knowledge is Power - Ask your mortgage professional BEFORE YOU COMMIT about lender turn times.

How Can You Speed Up the Approval of the Loan?
Much of the information required by your lender can be brought with you when you apply for a loan. This may help to get your application moving more quickly through the process. Be sure to respond promptly to your lender's requests for information while your loan is being processed.

Now is a great time purchase or to refinance. However, it's sometimes difficult to decide whether or not to refinance or purchase now because there are so many things to consider. Each person has different financial situations and particular financial goals that should be considered.

If you are considering purchasing, refinancing, or would simply like to sit down with a Certified Mortgage Planning Specialists for a mortgage review or pre-qualification consultation, give my office a call. We work with numerous local and national lenders and are located right here in Wisconsin. Having offices in Appleton, Oshkosh, Green Bay and Grafton, you can be assured the very best of service on a local level. We were here yesterday, we are here today, and we will be here tomorrow to assist you in your mortgage planning needs.

If you are not quite ready to personally meet me, that's ok! Simply visit my websites and get to know me!

http://www.WisconsinLoanTips.com and http://www.MortgageProsofWisconsin.com Here you will find great tips, mortgage calculators, information on FHA, VA, Rural, Refinance, Purchase loans, general mortgage information and much more!

How much do I put down?
It is said by many experts, putting down as little as possible allows buyers to take full advantage of the tax benefits of home ownership. Mortgage interest and property taxes are fully deductible from state and federal income taxes. Buyers using a small down payment also have a reserve for making unexpected improvements.

However, some real estate experts advise that it is more prudent to make a larger down payment and thereby reduce the amount of debt that must be financed. Talk over your down payment options with your mortgage loan consultant to determine which the best route for your financial situation is.

Can I make a low down payment?
Many private low-down loan programs insist borrowers have good credit and also that they obtain private mortgage insurance, which is a small monthly insurance payment that insures the lender against default.

Most of the private and government low-down loan programs have special requirements. These rules range from requiring borrowers to be first-time home buyers to limits on family income. In general, cities and counties require that borrowers earn no more than 100 percent to 120 percent of the county's average household income. However, some programs such as the Federal Housing Administration have no income restrictions and do not require the borrower to be a first-time buyer.

How Down Payment Gifts Work
Strapped for cash for a down payment? The Federal Housing Authority's 203(b) loan is the only loan that allows you to pay for 100 percent of the down payment and closing costs with a gift from a friend, relative, non-profit, or government agency.

Gifts from friends or relatives are still okay, but the legalities of gifts are sometimes a bit complicated. Be sure to consult your mortgage loan consultant before considering using a gift from family or friends for your down payment.

If you are interested in more information or would like a personal "No Obligation" consultation, please feel free to contact my office at 920-560-5606 x 103 and ask for Gwenn Tanvas. We are here to help you through the mortgage planning process and assure that you have all the facts into front of you to make an informed decision.

Gwenn Tanvas is a Certified Mortgage Planning Specialists who specializes in Government Programs such as FHA, State and Federal VA and USDA Rural Housing Loans. Visit her website for more information, on-line calculators and a secure on-line application. She is able to assist with transaction throughout the state of Wisconsin. Her offices are located in Appleton, Oshkosh and Green Bay and offers the convenience of one-stop shopping. http://www.WisconsinLoanTips.com or http://www.MortgageProsOfWisconsin.com she can also be reached for comment or to answer questions via email at gwennt@centurytel.net

Getting a Mortgage Today Doesn't Have to be Difficult

The credit crunch, the credit squeeze, the credit crisis... You've seen the headlines. You've heard about the government's $700 billion rescue plan to deal with it. But what does it mean to those looking to secure financing and take advantage of lower home prices? Can someone still get a mortgage in today's volatile market?

The answer is yes, absolutely! While the credit markets have certainly tightened compared to two years ago, nearly $2 trillion of residential mortgages will have been funded in the US by the end of this year, according to the Mortgage Bankers Association. This means there is plenty of money available to potential borrowers who know how to properly position themselves for success.

Get Back to the Basics

It's true. Just a couple of years ago, the mortgage process was incredibly simple, and it seemed mortgage funding was available to everyone. All you had to do was pick up the phone, put in an application, and wait until closing. That was it. And unless your credit rating was horrible, you didn't even need any documentation to get your loan approved.

While a lot has changed in the last two years, getting a mortgage today can still be a simple process, if you plan ahead. This means understanding documentation requirements, your credit history, minimum down payment requirements, and how to structure your mortgage with smaller down payments. It also means working with an experienced mortgage professional who knows what lenders are looking for.

In others words, the mortgage market of today looks a lot like it did ten years ago, long before the proliferation of the exotic and unconventional mortgage products that flooded the market from 2000 to 2006 - risky products that are now being blamed for some of the financial woes we're facing today. Fortunately, these products are no longer available. Unfortunately, this means you'll need to do a bit more work to get a mortgage than you might have had to a few years ago.

This means being prepared to supply income and asset documentation to support what is on your application. This could include your most recent pay stubs and bank statements, W-2s for the previous two years, and tax returns if you are self-employed or have non-salaried income.

If you want the best interest rates and the lowest costs, you'll need an excellent credit score as well - 720 or higher. You can, however, even with FICO scores in the low 600s, get a lower interest rate on a home loan guaranteed by the Federal Housing Administration (FHA) - but you'll need a minimum investment of 3.5% (as of January 2009) This is is a great option for you if you don't have the 10% or even 20% you might otherwise need to qualify for a low-interest fixed-rate mortgage.

Two years ago, yes, you probably wouldn't have needed a down payment at all, as 100% financing was commonplace. But this is no longer the case. To qualify for 100% financing today, you'll have to qualify for either VA or USDA loans from the government. The Veteran's Administration (VA) and the US Department of Agriculture (USDA) have special programs that allow 100% financing for those who qualify. What is particularly attractive about both of these loans is that monthly mortgage insurance is not required and interest rates are very competitive.

Other than being a Veteran, there are few restrictions involved in securing a VA loan. To qualify for a USDA loan, however, there are some income limitations and the property you're purchasing needs to be located in a designated "non-metro" area. Feel free to contact my office 920-560-5606 x 103 - shoot an email gwennt@patriotms.com or visit my website www.wisconsinloantips.com to see areas that are qualified. You'd be surprised how many areas actually do qualify for this valuable government program, so it's definitely worth investigating.

If you're not a Veteran and you can't qualify for a USDA loan, FHA is the way to go. The down payment requirement is minimal. One other benefit is that FHA financing is available, through some lenders, with FICO scores in the 500s, so you don't need perfect credit. There are, of course, loan limit restrictions, but for many parts of the country, these limits have increased recently, making FHA loans comparable to conforming loan limits in many cases. For first-time home buyers (that's anyone who hasn't owned a home in the last 3 years), the government has also created a special tax credit of up to $7,500 for those who qualify, in addition to a special program that will reimburse you on a monthly basis for the down payment investment which will enable you to rebuild a savings account or repay a relative or loan used to obtain the down-payment. And while you can't use the money as a down payment, this temporary credit can help lower your overall costs. Be sure to contact my office 920-560-5606 x 103 - shoot an email gwennt@patriotms.com or visit my website www.wisconsinloantips.com and inquire about this special tax credit and/or down payment reimbursement program.

In the end, no matter which mortgage you choose, the best path for anyone buying a home today is to get yourself pre-approved - not pre-qualified. With a pre-approval in hand, you won't have to worry about the credit crisis. You will know exactly what you qualify for, and by getting pre-approved, your real estate agent will typically have the ability to negotiate either better terms or a lower price for you. And that puts you in the driver seat to take advantage of some great real estate opportunities in a buyers' market.

Oh and if you are worried about credit issues, we are experts at credit restoration. Opportunities have never been better. Great Home Deals, Great Interest Rates. What are you waiting for? We are here to help in any way we can. Remember Knowledge Is Power - GET SMART TODAY - You will be glad you did.

What an Obama Administration Means to Your Mortgage

The debates are done, the election is over, and on January 20, 2009, Barack Obama will be inaugurated as President of the United States. No matter where you fall in the political spectrum, no one knows for sure exactly what this will mean to the future of our country. With this in mind, let's put all politics aside, and take a closer look at Obama's plan for our future. And since a home is still the biggest, most important investment you'll ever make, we'll focus the limited space of this short article on Obama's basic housing measures.

More Economic Stimulus - Since trouble in the economy won't wait until January 20^th, plans for another economic stimulus package are already in the works, so we might even see this happen, in one form or another, before Obama takes office.

Obama has also discussed a housing stimulus as well, to stem the tide of foreclosures, including a temporary 90-day freeze on foreclosures, as well as measures to address the demand side of the housing issue. This package includes $25 billion in state fiscal relief, which Mortgage Law Central says will help avoid "painful property tax increases."

Obama also wants to "aggressively and comprehensively" implement the recently-passed rescue plan and the Hope for Homeowners Act. This means the Treasury, HUD, Fannie Mae and Freddie Mac, and all of the banks and loan servicers who benefit from the rescue bill will continue to coordinate broad mortgage restructurings and loan modifications for struggling homeowners. No one knows for sure exactly how this will be implemented or what it even looks like yet, but we'll keep you updated as the details are released.

Reformed Bankruptcy Laws - Obama has promised to repeal the 2005 bankruptcy bill. A controversial measure, this will allow judges to alter mortgage terms during a bankruptcy, providing more protection for struggling homeowners.

New Mortgage Interest Tax Credit - Obama is expected to create a 10% universal mortgage interest credit for those who don't currently itemize. This means about $500 in savings for 10 million American homeowners.

Protection Against Mortgage Fraud and Predatory Lending - During the campaign, Obama blamed the financial crisis on lax government regulations, so look for tougher regulations, new criminal penalties for mortgage fraud violators, more funding for enforcement programs, more detailed loan disclosure laws, new counseling programs and other consumer protections, including a new Home Obligation Made Explicit (HOME) score (kind of like an new APR calculation) to help borrowers better understand and compare mortgage costs during the mortgage process.

This will go a long way in protecting new home buyers from the opportunists that have given good mortgage professionals like us a bad name in the last few years. And since so much of our business depends on referrals from satisfied clients, the good news is a lot of these people are now out of business. We hope that any new measures introduced by the Obama administration will help keep a new breed of copycats from invading our industry as the real estate market begins to change for the better in 2009 and beyond.

From now until the end of the year, you can expect volatility to continue in the financial and credit markets. This means mortgage rates, too, so if you or anyone you know is looking to buy or refinance a home, give us a call. In the past several months, we have experienced small periodic windows of opportunity to lock in a great rate. On several occations, rates have dropped well into the mid to low 5's, only to jump back up in a matter of hours. We are recommending that our customers prepare for these windows of opportunity.

We monitor the performance of mortgage-backed securities on a daily basis, which allows our clients to capitalize on changes that will help lock in the best rate for their individual goals and needs. Also, if you'd like to discuss any of these or other changes that could affect your mortgage, don't hesitate to give us a call.

Did you know that identity theft often occurs when you are obtaining your Government Free Annual Credit Report? Therefore, you must protect yourself before you become another victim of America's fastest rising crime.

So How Is Identity Stolen With The "Free Credit Report" Scam?

1. "Phishing" is the name of one of the primary scams. It has become increasingly popular. It happens when you receive emails requesting your contact and social security number from individuals pretending they are a legitimate company. For instance, your bank will never request your social security number or private information so that they can verify your account or check your credit.

2. Another popular way is to go to a website advertising a "Free Credit Report." It asks you for your name and social security number which you happily provide. Well guess what..... If it is a fake website, you have just had your identity stolen.

In either case, you may actually even receive a copy of your credit report, because they forward your information to a real website which in turn sends you a free copy of your report. In reality, the identity thieves have started your nightmare and you don't even know it. This is a very good reason of why you should NEVER put your personal information into a form from an email. If it is a link from an email, don't share your info either.

Here are some obvious signs of Internet Identity Theft

• Statements and bills are coming late or not at all to your home
• Collection agencies or creditors will contact you about accounts you do not have or charges you have not made.
• There are transfers or withdrawals that have not been made by you on your financial account statements
• You have been denied credit or are being offered unfavorable credit terms (i.e. a high interest rate with no underlying explanation)
• You are getting letters or calls from businesses or debt collectors about products or services that you did not purchase.

Identity Theft: How bad is it?

In the past year, 7 million people became identity theft victims. The average loss to an American is thirty hours of their time and over $500 in financial losses.

In the last year, total personal losses have been over five billion (with a "b") dollars.

On average, one out of every seventy-nine shopping sprees is one involving stolen identity.

What you should do if you become the victim of Identity Theft:

1. First, alert the fraud department of the three agencies which monitor credit. Tell them you are a victim of identity theft and ask them to put an alert on your credit information. (Unfortunately, you may be required to pay for this service.)
2. In addition, get your credit report from these three large credit bureaus Experian, Equifax and TransUnion and closely scrutinize your credit reports looking for credit cards you did not order, inquiries you did not make and other suspicious activities.
3. Next report your case, including all the details to your local police department.
4. To report identity theft to the central department of the American government for fraud protection, call the toll-free hot-line at 1-877-IDTHEFT.
5. Close all accounts on the credit reports that you believe were opened fraudulently utilizing your name.
6. If your bank or checking accounts, or even your ATM card, have been compromised then shut those accounts down as soon as possible.
7. Your local postal inspector should be alerted, as they undoubtedly have used your personal address info, this address needs to be immediately terminated and you should create a new postal box.
8. Contact the Social Security Administration to make sure that your name and earnings are all correct.

When trying to get a credit report it is important that you know the possible scams and how to avoid them. You can receive a free credit report today by emailing me at gtanvas@patriotms.com - I will be happy get you pointed in the right direction and help you avoid an identity theft nightmare.

Gwenn Tanvas of Patriot Mortgage, is a nationally recognized expert specializing in helping release her clients from the "credit prison" that too many people find themselves in. When you or one of your friends find yourself needing real answers and real solutions to credit issues, you can confidentially contact her at 920-560-5606 or gtanvas@patriotms.com - You can find more tips and information at http://www.wisconsinloantips.com