Jennifer Brinson

I just wanted to re-iterate an excellent benefit of purchasing now that sometimes gets overlooked. This could come in handy for someone wanting to put money into fixing up a house or paying back a gift for down payment.

First-Time Home Buyer Tax Credit at a Glance

• The tax credit is available for first-time home buyers only.
• The maximum credit amount is $7,500.
• The credit is available for homes purchased on or after April 9, 2008 and before
  July 1, 2009.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
• The tax credit works like an interest-free loan and must be repaid over a 15-year period.

If I can Accomplish your Goals NOW, will you move forward?

Usually if you can accomplish someone's goals, they WILL move forward now. Occasionally it seems that you may accomplish someone's goals, and they still holdback. Is it fear, stubborness, or they just trained to always want better, even though what they have right in front of them is great?

Truly you are not basing your loan on a rate? Think about it, what is the true goal you are trying to achieve? If I can offer you 5.0% and save you $200 or offer you 6.5% and save you $700, which would you take? Do you wear your rate on your shirt? Is it ever really low enough?

Here are some great goals that homeowners need to be trying to achieve vs. rate searching:

• Lowering Overall payments per month
• Saving cash in interest over the term of the loan
• paying off the mortgage balance quicker
• Transferring to a Fixed Rate
• Debt Consolidation to lower monthly payments
• Cash Out
• Combining loans to pay down the balance and save monthly

Don't forget to demand fantastic client service as well!

First Time Home Buyer Checklist

1. Have you gone over a "personal budget" to know where you have room to save and cut costs? Do you know what you can actually afford vs. what you "qualify" for?
2. Do you know what your net worth is?
3. Do you know what your credit scores are and what they mean? Have you been shown how to maintain great credit and raise your scores up?
4. Do you know what the finance process is and what to expect within the next 30-60 days of purchasing your first home?
5. How much money will you need and how will those funds get applied?
6. What is a Pre-Approval vs. a Final Approval?
7. Do you know the details of the program you are approved for and what it means to you?
8. What happens if the company you close with goes out of business?
9. What is mortgage insurance vs. homeowners insurance and who is protected?
10. What are happening to home values and what does it mean to you?

These are just a few of the questions that I have been educating buyers with. Why are buyers just obtaining Good Faith Estimates and Rate Quotes and not being educated on the important things they should be prepared with? Because clients do not know what to ask and a lot of loan officers fail to ever bring these things up. Obtaining a mortgage has become a game of who has the lowest rate and fees, and I am here to tell you there is much, much more to it than that. If that is all you are seeking, than you may fail to gain the client services you deserve!

Just a quick story...I had a potential client email six mortgage brokers to see who could offer him the lowest rate and fees. He gave 24 hours to submit the quote and that was how he was choosing the company to represent his $320,000 asset he was purchasing! I emailed him back and told him that without speaking with you and finding more about your overall goals, how can someone just throw together quotes? There is NO one fits all program, and if there is, some people are not getting the best program they deserve to accomplish their personal goals!!

Please contact me if you would like to sit down and go through your personal mortgage checklist!

The Election is just about over, and everyone seems ready for some kind of change. What happens next? If you were considering purchasing a home, but haven't done so, here is why you need to get out and get motivated to purchase!

Benefits of Ownership vs. Renting:

• Home prices are now affordable! You can get an unbelievably great deal on a new home, a lot of times for less than rent!
• Tax Deductions!!! Put more money in your pocket! (Consult your tax accountant for specific tax benefits)
• COLOR your walls any color you want to! Enjoy freedom of painting, remodeling, and updating! Enjoy Less Rules than Renting!
• Long term equity

Those are just a few benefits that come to mind. You may think you turn on the news and hear that credit has gotten tighter and ask, what are my options? This depends on a few factors in addition to credit. It can be based on where you are purchasing, how much income you make, and what price range you are looking at. There is still down payment assistance, 100% Financing, FHA with 3.5% down, VA, USDA and Conventional.

Basically, you don't have to know anything about these programs, but DO know there are still ways to get qualified for a mortgage loan and purchase a new home!

You may ask, if I have a year or two left on my Adjustable Rate Mortgage, why should I convert to a Fixed Rate NOW?

• Values have been declining, what happens if you wait and your mortgage exceeds your home value? Then you deal with a possible increase and rapid fluctuating mortgage.

• The Rates are Phenominal! I am not sure who determines the judgement of "good and bad", but I am here to tell you that rates are better than good! I have clients that have been offered a mid 5% range that have declined to "wait" until they get better, or for the chance they get lower. Then what happens They always go up and they call to lock in that rate after the fact!

• Programs have been tightening up. Anybody who truly needed a Stated loan as a self employed borrower, or needed 100% Rate and Term Refinance, guidelines have changed! Are you waiting until they get tighter and you cannot get out of your situation?

• Yes, your payment may go up a little, but face it, it will happen sooner or later, and the longer you wait, the more risks you take, and you are just floating in water. Get to land, and get it done! The funds you are saving in the short haul will be minor to long term savings now!!

• Scared? What are you scared of? It it works now, go for it! Once it is done, it is finalized! If it doesn't work, devise a plan with your trusted advisor so you know what will make it happen!