Guild Mortgage Company Closing Loans & Opening Doors Since 1960

We are hosting a Home Buyers Seminar on Saturday May 2, 2009 at our office. The event starts at 9 a.m. and will last about an hour. Learn the basics of home buying. Stop by and visit with us. Coffee and donuts will be served.

We are located at 40366 HWY 41 in Oakhurst. Heading North, our office is on the left just past Subway and across the street from Yosemite Gas.

Call us at 559-642-4200 if you have any questions.

12/6/08 Great News! Rates are falling. Inventory is reducing. Multiple offers are being made on the same home. Consumers are looking to buy. Consumers are not just making offers on the REO and foreclosures, but are also making offers on regular listings.

Rates for Refinances fell to a great new low of 5.25%. Remember rates fluctuate on a daily basis, and can change many times throughout the day. Rates are always dependent on the consumer credit rating and the loan to value of the home.

We have the resources of a large company, and the accessibility and soul of a small company!

We care about your customer. Call us for a prequalification.

Open Monday - Friday 8:30-5:00 and 10:00 - 5:00 on Saturday. Available by appointment and you may contact our Loan Officers on the weekend and out of hours.

Guild Mortgage Company is a lender licensed by the DOC under the California Residential Lending Act and is an Equal Housing Lender.

Give us a call we will be happy to present a seminar for First Time Home Buyers and your local community group or Church; For Realtors and Realtor Offices.

Perhaps your group is seeking information on obtaining an easy to obtain FHA loan and how it really is a different product, how to fix up a foreclosure and buy it too - FHA203K; USDA Rural Guaranteed Loans or CalSTRS for Public School Employees in California or the Conventional and Gold Preferred Loans.. are these the type of seminars your group is looking for? We also prepare seminars on Own VS. Rent Benefits or are able to create a custom seminar. Call 559 642-4200 or Toll Free 877 994-8453. Fax 559 642-4204 or email us at guildmortgage@sti.net

Thank you,

Ken Yoder, Branch Manager

Bank Repossessions

HEADACHE OR FIND OF THE CENTURY

FHA 203K Streamline - Help With The Repairs

Have you taken a look at some of the homes that have been taken back by the banks? Some of them need minor work like painting, or may need all new flooring and appliances, or perhaps the house should be bulldozed leave one wall and rebuilt.

How can you afford the down payment closing costs AND repairs? The solution is a new loan product that was introduced in September. The 203K FHA Streamline is offered through Guild Mortgage. This enables a buyer to purchase a repossessed home with 3.5% down (in January 2009 it increases to 3.5%) and the buyer can include up to an additional $35,000 in repairs. This program is designed to facilitate uncomplicated rehabilitation and or improvements to a home for which plans, consultants, and engineers are not required by the lender. Repairs up to $15,000 do not require an inspection by the lender.

Because this is a FHA program FICO's may be as low as 580. Examples of repairs or improvements allowed:

Repair/Replacement/Upgrade of plumbing, electrical and or HVAC Systems

Painting, Both Exterior and Interior

Purchase and Installation of Appliances, including free-standing ranges,

Refrigerators, washer/dryers, dishwashers and microwave ovens

Repair/Replacement of Flooring

Minor Remodeling, such as kitchen updates that do not include structural

Repairs

Lead based paint stabilization or Abatement of Lead Based Hazards

Septic System and or well repair or replacement

The key in getting a "great deal" is first getting pre-qualified through Guild Mortgage. Obtaining underwriter approval can make a huge difference when you are putting in your offer to purchase these homes. For more details on this program call Guild Mortgage at

642-4200 or 877 994 - GUILD.

Rates fluctuate each day a minimum of once per day and may change frequently throughout the day, dependent on the economic news.

My home is not worth what it used to be, and my interest rate is supposed to go up soon. The media is saying that nobody can get any financing. My neighbor lost their home, are we in jeopardy of losing our home?

This question sure comes up a lot recently, with all of the foreclosures dominating the news, media and our home towns. So what are you to do? The first thing you should do is find out what your home is actually worth. Contact a local realtor to help you. If you are "upside down", then you need to call your current lender and try to negotiate a lower interest rate, or longer term.

I already called my lender and they told me I need to be behind in payments before they do anything. What do I do?

IF YOU CALL YOUR LENDER, THERE IS A GOOD CHANCE THAT THEY WILL TELL YOU THEY CAN NOT HELP. I think this is the first reaction that homeowners are getting. But the truth is that a lot of the lenders are willing to work with you, IF you talk to the right person, someone who has the authority to make that decision.

One of our clients had to call five times before they actually got in touch with someone who knew what they were talking about. Our client finally contacted the current lender and asked for a MODIFICATION OF their MORTGAGE. Some lenders will call it a Fresh Start program. Or perhaps the lender will convert the loan from an adjustable rate to a fixed rate mortgage. Even if you are behind on your mortgage or in foreclosure, some lenders will put the amount that your behind in payments on the back end of the loan.

With news in recent days, mortgage companies are beginning to reduce the principal balance of the mortgages. You may need to be persistent or explain the hardship of paying your mortgage payments before the lender will actually lower the payments. In some cases, we have already seen the lender reduce the principal balance to what the home is currently worth. This could be a huge savings to the homeowner, and may prevent a foreclosure altogether.

Not my lender they would rather take my home and foreclose?

Do not give up. Most mortgage companies do not want your home, they would prefer to work something out with you so they do not have to deal with a foreclosure. Bottom line - if you do not ask you do not get. Keep asking. Do not give up.

Ken Yoder - Branch Manager Guild Mortgage - Oakhurst

559 642-4200