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

Closing on your new home is an exciting time. You have just received word from your Realtor that your offer has been accepted, the closing date is set and you are pulling together all the final details. The final step is the settlement or closing.

If not prepared, the settlement statement (ie: good faith estimate), breakdown of the loan cost from the lender can be a real eye opener. You ask yourself, where on earth did all these closing costs come from; and do you really have to pay all these fees?

Regardless of how you negotiated your purchase contract and the structure of your loan with your mortgage professional, it is important to understand the fees associated with your new loan. Some fees represent actual costs to the lender imposed on them by third parties, and are NOT negotiable. As with anything in the home buying process, ask about any fee whose purpose you don't understand. Here are some examples of common non-negotiable fees:

• Credit check fee. The lender has to pay this to verify your credit history.
• Appraisal fee. A lender must make sure your house is worth the price you're paying.
• Underwriting and Processing: These are fees charged to the borrower to underwrite the loan and process and prepare the loan for closing.
• Title insurance fee. Title Insurance is required on all mortgage loans and is a requirement by the lender. This fee purchases an insurance policy protecting the lender in case legal problems crop up with the title to your new home. The insurance doesn't protect you, the buyer, in anyway if you want such an insurance policy, you have to purchase it yourself at or within a stipulated time period of closing. Most title insurance companies recommend you do this. Problems with title are very uncommon, Keep in mind that legal fees can be costly, so make some inquiries and decide whether or not you want to assume the risk.
• Courier fees and document preparation fees for the title insurance company.
• Fees for determining whether you live in a flood-prone area.
• Government fees for tax stamps affixed to the deed and for recording the transfer of the deed.

Finally, expect your closing costs to include what is referred to as "pre-paid items". Pre-paid items would include portions of your homeowners insurance and property taxes to put into your escrow account, in addition to pre-paid interest on the new loan. Mortgage interest is always paid in arrears or backwards. In simple terms, your mortgage interest is paid after it is earned. Example: Payment due on March 1st is paying for the interest earned on the loan for the previous month, in this example, February. So if you close your loan on the 15th of the month, you can expect to see 15 days of interest as a pre-paid item on your settlement statement.

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

Have you ever been so afraid and pushed yourself right through it? Felt that sinking feeling and forced yourself forward? It is said that F.E.A.R. is an acronym for "False Emotions Appearing Real". I have heard that statement on numerous occasions, but it wasn't until I was faced head on with it that I truly understood.

I like to think of myself as an adventurous gal, so climbing up a pole and jumping off appeared to be a piece of cake... right? Well I climbed that pole like a little monkey and then I got to the top. Everything changed! That 20" pole appearedto be all of 50' and my legs began to shake. Oh my goodness, now what. I had to some how get my feet ON TOP of this tiny wobbly disk, LET GO, stand up, turn around and jump - NOT WITHOUT A NET!!!!!

The F.E.A.R. set in and I was shaking like a leaf. While trying to regain my composure, I heard the crowd below yelling "The Pole Doesn't Shake, You Do" - I some how mustered up enough will to get both feet on top of that pole, stand up, turn around and jump for the bar.

It was an amazing experience. Sure I have been in situations that I was fearful of and made it through, but this was different. In a matter of seconds, I had to decide to believe in myself and move. Not hours or days, . . . seconds.

This was a really cool experience. I hope that you too get an opportunity to experience your true abilities.

"With greater confidence in yourself and your abilities, you will set bigger goals, make bigger plans, and commit yourself to achieving objectives that today you only dream about."

- Brian Tracy: author and speaker.

This was previously inappropriately posted in Wordless Wednesday - Sorry for the error....

Photo taken at High Valley Ranch - Clearlake Oaks, CA - photo by Phyllis Frates, Big Lens Photography, San Rafael, CA -

http://www.biglenses.com

HAPPY BIRTHDAY SAFFY -

Saffy is a 2 year old Australian Shepherd - The owner was living in an apartment and could no longer care for her. I got her when she was 4 months old.

She looks so much like my Neenah, who died a few years back. I just couldn't resist that face.

I don't know about you, but for me . . . It is absolutely necessary to spend a few moments each day filling my head with positive thoughts. I live in the boonies, approximately 45 minutes from my office. Although the commute is a pain in the rear, I am so grateful for it, as it provides me the opportunity to step away from the crazy schedule and get my dose of positive so I may carry it on throughout the day.

Here is a little something that I hope will carry you today - Make it an absolutely wonderful day!

"Nurture your mind with great thoughts, for you
will never go any higher than you think."
- Benjamin Disraeli: Was a British statesman and author

"Most people get it wrong. Their thoughts reflect their life. When things are going badly, their thoughts are negative. And it's only when good is heaped upon them that they think positively. As difficult as it may be, find it within yourself to guide your life through your thoughts. The special people who can do just that can weather any storm and create the life of their thoughts - which is the life of their dreams."

MAKE IT GREAT!!!!

Avoiding Scams When Looking For Mortgage Payment Rescue

Companies that help you stop foreclosures, attorney-facilitated Loan Modification companies, and loss mitigation companies all target people who are in or who are facing foreclosure. Some of these companies may not be legitimate and may try to scam the consumer, making an already bad situation even worse.

Before signing any papers, talk with an attorney or a state regulatory agency. It is important that you speak with someone who is familiar with the governing process of these companies. Also, make sure the business has filed a contract with your state and that they hold a valid state license. One more important thing, make sure they are willing to go through the United States Postal service for pickup and delivery of funds and documents. If not, it could be that they are just trying to skirt issues of mail fraud.

Get educated. Know what your options are. Have several different real estate agents give you a comparative market analysis (CMA) to see what your home would sell for. Seek the advice of an attorney if you want to pursue keeping your home.

Here are some of the common things many "scam" companies will say when you call and ask them if they can help you save your home.

1. "By signing the title of your home over to us, we can salvage your credit". Their reasoning is that when the foreclosure is issued, it will be recorded in their name.

Not So Fast - In truth, a foreclosure is always recorded against the borrower. It doesn't matter whose name is on title. The person who borrowed the funds is responsible. If you fall for this, you now owe money on something you no longer own.

2. "We will help you out of this situation by giving you some money AND paying your delinquent payments. Just sign the title to your house over to us."

Not So Fast- There is a lot of uncertainty here. If interested, proceed with caution and carefully consider this: Are you losing equity you may have built in your home? Can the buyer really cure the default? Will the buyer really make the payments? Do you want to be responsible for a loan on property you no longer own? There are a lot of maybe's and what if's in this scenario, so it's hard to make a call; be careful, and have an attorney on hand to review contracts before you sign them.

3. "Let us buy your home and you can lease it back from us. We'll make sure you can buy it from us later."

Not So Fast- Hypothetically, you sell your house for less than it is worth, rent it back for more than you should and then re-purchase it again later at a higher price. This doesn't sound like much of a bargain, does it? Now you've not only lost money, but you will most likely have a higher loan amount than you did before and probably at a higher interest rate. It will probably be harder to qualify for a loan and the payments will be more. Consider This? Sell the home on the open market or consider a hard equity loan if you have the equity in the property to do so.

4. "We can help you refinance your property and pay off some of your bills."

Not So Fast- Are these people really a loan modification specialists or do they have an ulterior motive and just want to make a buck on re-doing your loan - Remember, refinancing costs money - which is usually rolled into the new loan amount. This not only costs you money, but eats into the equity you have in your home.

If you are considering re-finance as an option, that is great, however keep in mind that when looking at lenders, get a Good Faith Estimate of cost and consider the total amount of the loan and repayment plan - Try not to get stuck on how much the monthly payment is, do your homework. Traditionally, these loans have higher interest rates and more fees.

5. "Foreclosures are my specialty. I know I can get you top dollar and help you out from the strain you've been under."

Not So Fast - There are agents who search the public records looking for people who are in pre-foreclosure. They give these names to investors who make ridiculously low offers, all in the name of "helping." Many times, if the seller had interviewed three agents from the area and gotten comparative market analysis' done on their homes, they would have gotten a better deal. Always do your homework and work with an attorney if possible.

6. "Declare Bankruptcy - Stop the Foreclosure."

Not So Fast - Foreclosures are NOT stopped by declaring bankruptcy; They are merely stalled which will give you a little extra time to organize your finances and put together a game plan. It is wise to contact a local attorney who specializes in bankruptcy and see if this is truly your best option. Wrong or uninformed choices can make the situation worse. Again, please do your homework and choose someone who is trusted and specializes in this area of the law. Don't get stuck with a general practitioner! A few probing questions should reveal their expertise and ask for references. Now is not the time for bargain shopping.

7. "In exchange for paying us to modify your loan, we can arrange to have your mortgage payments frozen for 3 to 5 months.

Not So Fast - Many companies ask for payment in advance for their assistance in stopping foreclosure and make false representations to homeowners. Some companies are not operating legally even though they offer money back guarantees. A number of these loan modification companies simply take the money and run, while others arrange only for you to receive the same unaffordable forbearance agreement you were already offered by your lender. Make sure you are working with a reputable company. Beware if they start offering rebates or making offers that sound too good to be true.

In closing, please remember to do your homework. Bad things happen to good people and if you find yourself in a difficult situation, don't lose your head. Speak to several experts and get several opinions. A knight in shining armor may end up being a nightmare.

If you are interested in more information on loan modification, please feel free to contact me and I will put you in touch with one of my preferred Loan Modification Experts that specialize in successful loan modification transactions. Together we will assist you every step of the way. I hope you have found this information useful.

The Loan Modification Series:

Loan Modification Series part 1 of 5 - Big Solution to A Growing Problem

Loan Modification Series part 2 of 5 - Are the Bank Willine to Play?

Loan Modification Series part 3 of 5 - Can a Loan Modification Assist in Avoiding a Foreclosure?

Loan Modification Series part 4 of 5 - Answers to the 10 Most Common Questions About Loan Modifications

Be sure to visit my website http://www.wisconsinloantips.com for more great information -