Jon Sigler Your FHA Mortgage Loan Expert

"Christmas, children, is not a date. It is a state of mind." Mary Ellen Chase. What better way to get the children in the Christmas state of mind that a visit to Santa at the Enfield Square Mall?

Santa will be arriving at the Enfield Square Mall (Target entrance) on November 21st at noon on a bright red fire truck. From November 21st until Decmeber 24th kids of all ages can visit Santa in the Center Court of the mall. Have pictures taken with Santa. Tell him what you want for Christmas, maybe it is your two front teeth, maybe you need to lobby with him to not get coal this year, or you want to ask for what might be the hottest, hard to get gift this year the Zhu Zhu Pet Hamster. Who knew?

Not to leave out the four legged members of the family, Thursday December 10th from 4:00 - 7:00 pm bring your dogs to the mall and have their pictures taken with Santa.

When will Santa be there each day? Call the Mall office at (860) 745-7000 or email them.

The Enfield Square Mall is located at 90 Elm St. in Enfield, CT. You can visit Enfield Square by taking Interstate 91 and exiting on Exit 47E or Exit 48.

Buying foreclosure or REO property in Manchester, Connecticut can sometimes provide you with a great bargain. Not all foreclosure or REO properties are great bargains. How can you make sure your offer is great and more likely to be accepted by the bank or owner of the property? Use these six tips for a successful offer:

1. What did the current owner pay for the property and what kind of loan did they use. This matters so you can see what the bank may need to receive in selling the property. If the original loan was an FHA loan there is insurance that will cover 100% of the shortfall (if there is one). Getting this answer usually requires going to town hall and that can also provide you with information about the status of the property.
2. The market value of the property. You want to know what that is today and if the property needs work what it will be with that work completed. You care about what the property is worth repaired since you will need to pay for those repairs. You don't want to "over pay" for the property so at minimum the cost of the repairs should be subtracted from the after repaired value in determining your offer. Considering there are great unknowns in renovating properties you should subtract some extra to give yourself room for error.
3. Scrutinize the REO and foreclosure listings. – Look at the value of other foreclosure or REO homes andnormal "arms length" transactions. What kind of "discount" do foreclosure or REO properties receive in Manchester? This takes a little detective work since know the condition of they were in is difficult.
4. Cash offer. – The banks usually prefer cash offers. But we know there is little possibility that you will make a true cash offer, nice idea right?. What can you do to make your offer stronger? Ask about an FHA 203k loan, it will allow you to have the money to buy and fix up the property in one loan. A bank will respect that loan option as having more likelihood of closing. Make sure to not only talk with but show your loan officer your pay stubs, bank statements and make sure that your credit has been pulled BEFORE writing your offer. How you calculate your income and how an underwriter do may be two different things, one may not qualify you for the home you want. Make sure your loan officer knows the property is in need of work, or is a foreclosure. This may limit the loan programs that can be used.
   
5. Take into account the number of offers. – Your offer should also be dependent upon the number of offers that have been made for the property. If the house has been on the market for many, many months with no takers it might be possible to offer less, but likewise don't expect a low-ball offer to be accepted on a clean ready to move in foreclosure with heavy showing traffic 2 days after going on the market.
   
6. Inspection – Banks don't like inspections, so do them BEFORE making your offer, or understand most banks will sell "as-is". An "as-is" contract might allow you to inspect after going to contract it might not allow you to exit the contract for inspection issues. Might as well inspect before making the offer and becoming obligated to purchase the property.
   

These six tips will help you to successfully make an offer on a foreclosure or REO property in Manchester, CT. Are you looking to purchase a foreclosure or REO property in Manchester, CT or the surrounding towns? Ask about an FHA 203k loan. A 203k loan will allow you the finds to both purchase a home in need of repair, but also the money you need to pay for those repairs. Thanks to http://www.flickr.com/photos/jbhill/ for a great photo.

Manchester FHA Mortgage Loan - How to Pick a Lender in Manchester, Connecticut

Picking the right lender can have a large impact on the success of your real estate transaction. Selecting the right lender can help you to ensure you have selected the right mortgage loan for your situation as well as made sure you got a smart economic deal. Remember a great price on the wrong loan is often thousands of dollars more expensive than the right loan, and a great price that never closes is not a great price.

Tip #1- It is best to consult a real estate professional in the Manchester when picking a lender. Real estate professionals will recommend only the best local lenders as they constantly appraise lenders’ ability to deliver loans and contract terms. They will never suggest untrustworthy lenders to their client as the failure of the lender will cause them to lose their clients and good reputation. Hence they usually suggest only extremely well known lenders that they would use for their own mortgages. Ask Brian Burke, Manchester Real Estate Professional who he would recommend for an FHA Mortgage Loan in Manchester, CT. 860-798-3272.

Tip #2- It is better to use a local lender company in Connecticut than opt for online lenders. Local lenders are well versed in the local laws of the Connecticut. They can solve your mortgage problems better when they arise. Online lenders may entice you with paltry savings; however they may not have loan officers capable of evaluating your situation and selecting the best loan for your situation. They may provide you with Good Faith Estimates which are not complete or have errors leaving you with a closing surprise where you needed hundreds or thousands of extra dollars at closing. They are likely not trained to help you to select the right time to lock, it might be RIGHT NOW, and it might closer to your closing, but are simply call center order takes. Ask them what drives mortgage rates, if they say T-Bills, close your browser and call Jon Sigler 860-306-8029. (Hint the right answer is mortgage backed securities)

Tip #3- You must have a face to face meeting with the lender to sign the application, not because it is required with an FHA Mortgage Loan in Manchester but because it makes you feel comfortable. Will they meet you at your home or another location where you feel comfortable? Are they available in the evening when you are out of work? In general do you feel comfortable? A mortgage is not a time to be hustled, or have a beginner handle things. We are working with your largest asset and your largest monthly bill.

Tip #4- Choose only a lender who makes complete disclosure of all aspects of the loan and puts everything in writing. The lender should reveal all fees, payments and if you choose a broker the commission calculations of the loan. As the broker to specify exactly how much they will be making, not a range of 0-2%, or even a round number. Yield Spread or “YSP” is rarely if ever a round number. Costs like property taxes, credit report inspection costs, escrow fees and pest examination fees should also be disclosed upfront. Your lender must furnish you his GFE-good faith estimate within three days of applying for the loan. He must also enlighten you on prepayment penalties that he will impose for loss of profits due to refinancing and rate slashing when you pay earlier than expected. Make sure that the good faith estimate has enough money for being set aside escrows. It is an easy way for one lender to look better than another, but in reality at closing all lenders will collect the same amount regardless of what your loan officer or broker said or showed you upfront. Ask for a written rate lock agreement, that simple document can eliminate a great deal of transaction frustrations. Your rate is not locked at what it shows on the application, it is locked to what shows on your rate lock.

Following these simple tips can help you to select a great lender to help you with your mortgage needs.Are you looking to buy a home in Manchester or the surrounding area? Call Jon Sigler Manchester FHA Mortgage Loan expert at 860-306-8029. He will be glad to meet with you at your home and will put everything in writing to eliminate surprises.

Thanks to http://www.flickr.com/photos/nate_kate/ for a great photo!

Enfield FHA Mortgage Loans - Top 5 Questions About FHA Mortgage Loans

FHA Mortgage Loans are now one of the hottest loans available and considered as one the best ways to fix the housing crisis currently in the US. Started during the Great Depression of the 1930s, the Federal Housing Administration since then secured loans for millions of Americans who want to own a home.

What makes an FHA mortgage loan so great? Here are answers for 5 common questions about Enfield FHA mortgage loans:

1. What are its prime benefits? The ability to purchase a home with less than a 20% down payment along with guidelines which are understanding of first time buyers and those who have had issues in their past. Because the loan is guaranteed by the government lenders are more willing to accept the greater risk presented by a low down payment FHA mortgage loan. Currently the cost of the FHA mortgage insurance is less expensive than PMI or "Private Mortgage Insurance" which has gotten more expensive since the "meltdown". Also PMI requires a down payment of 10% (this could change in the future but was accurate in October 2009 for loans here in Connecticut) where FHA only requires a borrower to put down 3.5%.

2. Who can qualify for this loan? In general terms a borrower can qualify if they have stable employment, good credit (currently a 620 score or greater will indicate good credit), and have the small 3.5% down payment ($3500 per $100,000 of the loan) available. You must also not own another property which has a government guaranteed mortgage on it (FHA, VA or Rural Housing). To confirm you are eligible for an FHA mortgage, please call me. You DO NOT have to be a first time buyer to get an FHA mortgage, and you may get an FHA mortgage again if you have had one in the past.

3. Can someone with blemished credit history qualify? You may have had credit troubles in the past and still qualify for an FHA mortgage. A bankruptcy, a foreclosure, collection accounts, or judgments. You should be able to demonstrate that your troubles are in the past. Each situation is different so if you have blemished credit, please call me. You may be surprised to find out you are able to buy a home right now, if not we can create a plan for you so you can buy a house in the future. It is possible, call me.

4. What information do I need to give you when I apply? We will want to know where you have lived for the past 2 years, your landlords contact information is helpful to have available. We need to know about all the jobs you have had in the past 2 years, including company name, address, phone number, job title and dates of employment. For your current employment we will want a months worth of pay stubs, and your last 2 years W2's. For your down payment we will need your last 2 months bank statements, or last quarters statement. This is a quick overview for a list that applies to you and your situation please call me.

5. Is there a pre-payment penalty? FHA loans do not have pre-payment penalties. You can pay any amount extra from a few extra dollars with each payment or the entire balance in advance.

As you can see an FHA Mortgage Loan is a great way to finance your new home. It could allow you to make a minimum down payment, have just okay credit with troubles in your past and be able to pay the loan off early should the opportunity present itself. A great combination for anyone looking to buy a home. Call me to find out if an Enfield FHA mortgage loan is right for you. 860-306-8029

Thanks to http://www.flickr.com/photos/danielsphotography for a great photograph!

Bristol FHA Mortgage - The Benefits of Prequalifying for a Home Mortgage in Bristol, Connecticut

Getting prequalified for your mortgage loan is a measurement of your commitment and dedication to making an actual purchase of a property in Bristol. This also gives benefits to all three players in the purchase of a home: the buyer, the seller and the real estate agent. Here are a few benefits of getting prequalified for a mortgage before you actually take the time to look for a Bristol home.

Benefits to the seller

Knowing that you are able to purchase their home will bring credibility to your offer. A prequalification letter is a big step in proving that point to the seller. When that letter comes from a company that is local, or the agents have experience can bring more value to that offer as well. Far too often everyone has been left hanging when the processes started with an internet lender who didn’t properly pre-qualify the borrower, or maybe they don’t offer FHA Mortgage Loans in Bristol.

The Benefits to the Real Estate Agent

Any real estate agent in Bristol will tell you that it takes a lot of time and energy to help his clients find their perfect home. If the bank does not approve their buyers loan that Real Estate Agent has lost those hours and revenue. By taking the time to get pre-qualified before looking at homes shows your Real Estate Agent that you are serious and also able to buy a home.

Your own benefits

You will find that your Bristol real estate agent is much more dedicated to giving you the time and energy necessary to help you find a great home. Also, the seller will take you much more seriously when you place an offer, because he can assume that you are able to purchase their home, because you took the time to get prequalified for your mortgage.

There is a lot of free information available to you about buying, selling or investing in Bristol real estate. For complete information about the Bristol real estate market including current homes for sale, property values and mortgage options including Bristol FHA Mortgage Loans more please call me on my cell at 860-306-8029.

Thanks to: http://www.flickr.com/photos/michiganmoves/ for a great photo.