We all know that home values have continued to decline as a result of unprecedented foreclosure and short sale activities through out the country. These actions have also resulted in huge housing inventory. It is a fact that lower interest rates would substantially increase consumers' buying power. But the question to you Active Rain pundits is, Do you think that lowering mortgage rates from a near 50-year low of 5.5% down to 4.5% (1 full percentage point) will help spark a new surge in lending, sell more houses by luring many more potential homebuyers, clear existing backlog of housing inventory, stop the slide in home values and prices and start creating new jobs as the experts believe? Or, do you think it wouldn't make much of a difference since the rates are already low? As a certified mortgage planning specialist, I reserve my comment and wait for your wise comments, instead.
I recently posted a blog where I encouraged homeowners who owe more on their home than the home is worth to take a new hard look at the newly revised Hope for Homeowners program before considering a short sale or foreclosure. I have received several emails from homeowners who allege that lenders are not honoring or even acknowledging the program. Some write that certain lenders will offer alternatives like refinance referral, rate reduction, changing loan terms, etc. in lieu of the Hope for Homeowners program, especially if the homeowner has not been late on their mortgage payments. I would think that this is better alternative to short sale or foreclosure for lenders and their investors because the H4H program offers them a chance for quick recapture of principal from their non-performing residential mortgage portfolios, especially with the new ltv going up to 96.5% of current home value. This program has been restructed to help them minimize the losses associated with foreclosure or short-sale. So, why shouldn't they be rushing to embrace this newly revised H4H program?
HUD recently released a new page on the HUD-1 Settlement Statement http://www.hud.gov/offices/hsg/sfh/res/hud1.pdf that will allow consumers to easily compare their final loan terms and closing costs with those listed on their Good Faith Estimate. To facilitate comparison between the HUD-1 and the new Good Faith Estimate, each designated line on the final HUD-1 will now include a reference to the relevant line from the Good Faith Estimate.
I think this is pretty cool and less confusing to even the least sophisticated consumers. But hey, this is just my opinion and you are entitled to yours. So let's hear how you think the new page on the HUD-1 will affect your consumers.
The first time homebuyer tax credit provides for the reduction of the income tax liability of the homebuyer on a dollar for dollar basis. The homebuyer must itemize all deductions, including income and exemptions for the tax year, among other things, to determine their tax liability. If you qualify for the $7,500 tax credit and your total tax liability for the tax year is $7,500, it becomes a wash and you owe nothing for that year. If the equivalent of $7,500 was deducted from your paycheck during the course of the year by your employer, then you should receive a tax refund of $7,500.
Please note that First time homebuyer tax credit is more like an interest-free loan that must be repaid over a period of 15 years.
I recently interviewed a few agents in an attempt to build a buyers' agent team to work with our REO listing agents to hold bank-owned open house on their many listings. During the interview, I asked one agent, "What do you like most about being an agent?". She told me what she liked most was handing over the keys to someone else for their dream home. I thought it was a great answer from a caring "buyers" agent. Another agent I had interviewed responded to the same question by sating that she enjoyed the income potential and the time flexibility to spend with family.
I think they are both great answers, but under the circumstance, which agent would you believe if you had to choose between both agents?
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You need an experienced mortgage consultant to guide you through the current stormy sea of mortgage financing. I have the experience and expertise. I can bring added value to your Real Estate business
What keeps many area homebuyers coming back to Hans Iduma? Superior service, industry know-how, and ultimately mortgage solutions specifically designed for each individual's needs. Since investment in a home is one of the most important purchases a family makes, and a home loan represents a major commitment, Hans often becomes a trusted financial advisor to the borrower. And because a person's needs and circumstances change throughout his lifetime, Hans encourages borrowers to regularly consult with him to ensure that their home loans still meet their need. Having satisfied customers means Hans has the satisfaction of watching families grow up in the homes he's helped finance. "Playing a part in making people's lives better is the real reward", says Hans. "I use my strong product knowledge, strong team support, experience and creativity to expedite the home financing process for people of diverse circumstances and with particular needs. I am ready to help you too.
Want to know if you qualify for your dream home? Or, have you wondered how much more house you can afford? Interested in financing an investment property? Or, are you looking for a loan for a commercial property? Do you need a second opinion on your loan pre-approval? Whatever mortgage financing situation you find yourself in, you do not have to wait long for answers. I will give you lending decisions within minutes.
Experienced and Creative. Loan programs can be extremely complicated and diverse. New terms and conditions are developed all the time, especially in this volatile housing market. While many loan officers may handle just a few programs and operate under the "one size fits all" theory, I constantly strive to stay current and up to date with the rapidly changing mortgage market, new programs and requirements for Government, Agency and non Agency programs. Through my experience, support and creativity, I succeed where many other loan officers give.
Your mortgage planner for life. I am a Certified Mortgage Planning Specialist and a member of CMPS Institute. I want to be your mortgage planner and the mortgage planner you refer your friends and family to. My goal is to take such great care of you and your loan that I earn not only your loyal business, but also your referrals to family and friends. My success has been build by referral, one happy client at a time. I am dedicated to helping you make the most informed mortgage decision possible. One that integrates with your personal financial plan and major life goals like retirement and wealth accumulation. A mortgage isn't just a loan, it's one of your most important financial planning decisions.
Utilizing your mortgage to Improve Cash flow is an integral part of mortgage planning. For instance, one commonly overlooked form of "predatory lending" is when banks and mortgage companies repeatedly encourage people to take out larger mortgages and home equity loans for "debt consolidation" or to free up your cash flow by basically consuming your home equity. This often results in spreading car loans and credit card balances over 30 years with no real plan to help you become debt free or achieve financial freedom. As a CMPS, I can help you conserve your home equity, not consume it.
If you're not happy, I am not happy. Since almost 90% of my business comes from referrals, my priority is to provide superior service--service that makes it easy for my clients to recommend me to their family, neighbors and friends. I realize that my continued success depends on the loyalty and good will of my satisfied clients. . My ultimate goal is to serve all of your mortgage financing needs so that I can continue to be "Your Lender For Life"
Go here now and complete the customer information for your FREE pre-qualification or to request a FREE copy of your Total Cost Analyses.
Realtors. Are you a top producer or aspiring to become on and are you looking for the most economical ways to increase your contact capture and convert more of your contacts into buyers or sellers? Are you looking for ways to work with more buyers and sellers at the same time without spending more than you already do? If I can show you how to capture more contacts, educate them and keep these contacts loyal to you until they are ready to do business, would you be interested in knowing more? Would you like to work with more buying and listing clients at the same time without an assistant? Would you like to add additional 1 to 2 transactions a month without spending more than you already do? Would you like to receive my weekly email on economic update and business building tools? Would you like to receive my powerful monthly "Real Estate Pro" newsletter filled with ideas of what top agents are doing to grow their businesses? If increasing your business is still your goal, even in this period of housing meltdown, send me an email with your complete contact information to Hans.Iduma@prospectmtg.com. How about if I told you this is absolutely FREE of cost to you, will that interest you? There is only one catch, and that is, you have to be a top producing agent with a knack to dominate your market.
Here is a list of helpful hints to ensure an effortless loan process. These DO'S and DON'TS will help avoid any delays with your loan approval
Do Continue making your mortgage or rent payments
Do stay current on all existing accounts
Do keep working at your current employer
Do keep your same insurance company
Do continue living at your current residence
Do continue to use your credit as normal (unless advised otherwise by your lender)
Do call us if you have any questions
DON'T make any major purchase (car, furniture, boat, fur, jewelry, etc.)
DON'T apply for new credit (even if you seem pre-approved)
DON'T open a new credit card
DON'T transfer any balances from one account to another
DON'T pay off charge offs without discussing it with your lender first
DON'T pay off collections without discussing it with your lender first
DON'T close any credit card accounts
DON'T change bank accounts
DON'T max out or over charge on your credit card accounts
DON'T consolidate your debt onto 1 or 2 credit cards
DON'T take out a new loan
DON'T start any home improvement projects
DON'T finance any elective medical procedure
DON'T open a new cellular phone account
DON'T join a new fitness club
DON'T pay off any loans or credit cards without discussing it first with your lender
If you encounter a special situation, it is best to mention it to your lender right away so they can help you determine the best way to achieve your goals!
Remember, your goals should be your lender's primary objective. Your lender is working for you and should listen and take your goals and objectives into considerations in determining the best loan program for you. If you have any questions about any of the above, please feel free to call me, Hans Iduma, at 240 475-9849.
Wheather you are looking to purchase a home, refinance an existing home or wheather you are looking to buy or refinance an investment or commercial property, it will be in your best interest to compare costs and rate.
Always compare Good Faith Estimate to make sure you are getting the absolute best deal in terms of rate and overall cost of doing the loan. Getting a low interest rate does not necessarily mean you are getting the best deal. Consider the rate, the type of loan program and the bottom line cost to you. What is it costing you to do the loan?
Get a FREE no obligation consultation, visit www.hiduma.myprospectmortgage.com and complete the customer information.
Best of Luck!!
After our closing date was moved 3 diferrent times, or Realtor decided to refer us to a different lender. Because of all the trauma and hoopla with our previous lender, my husband and I were starting to give up until we met Mr. Hans. It was a diferrent experience working with him. It took six days from the day we met him to close our loan. He is a true professional. We regret we didn't start with him in the beginning. Thank you again Mr. Hans. Joseph and Barbara B. Odenton, MD.
We were a couple of months behind on our mortgage payments and we were told by many lenders that nothing could be done until we brought our mortgage current and then come back after 12 months of our mortgage being current. My wife ran into a co-worker who was bragging about the this loan officer whom she claimed was the best and most honest loan officer she has had the pleasure of working with. We were eventually referred to Mr. Iduma. Not only was he able to get us refinanced, he got us a rate that we thought was outside our reach because of our situation. Now we understand why my wife's co-worker was bragging about Mr. Iduma. He is the ultimate loan officer and we are referring friends and family members to him. Thank you, Hans, for a putting smile back on our faces, Angelique and Tom P, Silver Spring, MD
I have known and worked with Hans for some 5 years or so. Hans is the best thing that happened to my business. He simplifies the mortgage process for all involved. He is easily accessible, he returns my calls and my clients' calls on a timely manner. He sends periodic updates to me and everyone else involved in the loan until loan closes. His monthly business building newsletter and weekly tips on growing my business has impacted me in a lot of ways. My clients have had nothing but great experience with Hans. I fully recomment his services to any top producer who might be considering working with him. Julie T, RE/MAX Allegiance
Hans Iduma does what he said he would do. I have not had a lot of dealings with Hasn but the 2 referrals I sent to him were handled in a professional manner. I was pleased with his honest and gentile approach to explaining every situation in the simplest form. I am a busy Bankruptcy Attorney in Greenbelt and I don't have the time to babysit the clients that I reffer to him and so I like the fact that he takes full charge and handles these delicate clients as such. He has my full endorsement as a man of his words. Josh B, BK. Attorney, Greenbelt, MD.
Hi my name is Assiyatou, and I am very grateful to Hans Iduma for helping me save my house from foreclosure. I was having problem making my payment. Hans could not help me with my refinance but he worked with my lender to mordify my mortgage payment to where I can afford it. Only God can repay you for your kind deeds. Thank you very much. Assiyatou P, Beltsville, MD
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