THEY TOOK A BAD RAP, AND UNDERSTANDBLY SO, BUT...
During the recent housing and lending boom adjustable rate mortgages were very commonly used. The reasons for this were many; namely, their starter or "teaser" rates were considerably lower than other loans AND they were so easy to qualify for. The policy makers and investors at the higher levels of the lending industry laced these loans with extremely high margins AND predatory language in the forms called the "adjustable rate rider", the clause that contains the terms that spells out how the loan will be adjusted, when and by how much. Unfortunately, these margins and riders were not made very visible to the borrowers by predatory loan officers who sold them. At companies such as Ameriquest, Aegis and others, the cubicle-dwellers were coached by upper management to practice this way and were even given incentive to do so. Sadly, this condition played a major role in the meltdown and housing crisis.
It is important, however, to understand and clearly distinguish the difference between this type of adjustable rate mortgage (the beast formerly known as the SUB PRIME ARM) and the government-insured adjustable rate mortgage in today's environment. The sub prime ARMs were the 2/28 and the 3/27, meaning that the rate was fixed for the first 2 or 3 years, respectively, and then became variable for the remaining 28 or 27 years, respectively. These loans no longer exist, for obvious reasons. However, the government backed ARM in today's environment is tied to the safest index in the economy, the CMT, or Constant Maturity Treasury. The government ARMs, (meaning the FHA or VA ARMs) also contain very low margins and have extremely protective CAPS, (the figures that restrict or limit how often and by how much a customer's rate may adjust). Additionally, the government ARMs in today's market carry interest rates that are a good 2 points lower than today's average 30 year fixed rate mortgage. Another safety feature with this type of ARM is that when sensible to do so, a borrower that has closed on a government ARM may "streamline" to a government fixed rate loan! The streamline is a process whereby the borrower simply converts their mortgage loan to a fixed rate government loan with very little underwriting, verifications, appraisal or expense. This process occurs when the fixed rates dip enough to warrant doing so. Finally, understand that the 3 and 5 year FHA or VA ARMS allow the approved buyer to be qualified at the start rate, thereby allowing the approved buyer to purchase more home for their dollar!
In conclusion, know that this is not to pitch or hype the 3 or 5 year FHA or VA ARM to anyone or everyone. BUT, if you are someone who knows you will not keep your mortgage for more that this duration, such as a first time buyer or any buyer who knows they wont live at their new home for longer than this amount of time, this type of mortgage loan may make perfect sense! It has the potential to save you hundreds per month and thousands over the couple of years!
For more on adjustable rate mortgages and the history of various indexes that they are tied to please visit:
http://mortgage-x.com/general/mortgage_indexes.asp
To learn more about how rates are calculated, determined or what your rate may be if approved for financing today, please call my team and I! You will be very glad that you did!
To fill out a secure online mortgage application for this type or any type of program please visit:
http://www.saramortgage.com/apply.asp/Hollis/New%20Hampshire
As always, I'm here to help!
Jamie Woods ~ Senior Loan Officer ~ FHA/VA/USDA Specialist ~ SARA Mortgage & Financial, LLC ~
Cell: (603)-965-8241 Office: (603)-816-0255 email: jamie@saramortgage.com
web: http://www.mortgagemagician.blogspot.com
Licensed by the NH Banking Dept
Check out the "Happy News"!
Check out one of my favorite spots online! You'll never, ever read about killings, kidnappings, war, the poor economy, car crashes or plane wrecks. You won't see anything about gangs, drugs, disease, job loss, troubled youth or an exploited elderly person!
It's a place where I like to hang out while munching on a sandwich and pretzels at my desk or just any old time I'm looking for a "lifter". Check it out! It's at:
Enjoy!
As always, I'm here to help!
Jamie Woods ~ Senior Loan Officer ~ FHA/VA/USDA Specialist ~ SARA Mortgage & Financial, LLC ~
Office: (603)-816-0255 Cell: (603)-965-8241 email: jamie@saramortgage.com
web: http://www.mortgagemagician.blogspot.com
Licensed by the NH Banking Dept
WE BEAT OUR COMPETITORS RATE QUOTES!
We will beat our competitor's rate quotes all day long but all I ask is when making comparisons and calling around just don't box me against the ropes with verbal spin from cubicle-dwelling number spitters who don't even ask the specifics of your scenario before quoting figures! I could call a loan company and ask anyone who answers "What's the rates today?" and I gurantee you they will answer "4%". This is a common tactic from newbies who don't know better and also "skillful" old timers who still look for ways to beat the Truth in Lending Act and banking laws regarding lending offers and rate quotes. They're just looking to capture a commmitment or a loan appplication from you! I don't play that way. Too busy. I'm sure you can appreciate that! Call me with your credit score (I won't ask to re-pull it as long as you are honest in your statement), your employment, income and debt scenario and your property details such as occupancy type and intentions and you WILL get offered the best rates available under the sun and if you qualify you WILL get your rate locked and loan closed in less than 2 weeks*!
To fill out a secure online application, please visit:
http://www.saramortgage.com/apply.asp/Hollis/New%20Hampshire
Or simply call me to do it by phone or in person!
As always, I'm here to help!
Jamie Woods ~ Senior Loan Officer ~ FHA/VA/USDA Specialist ~ SARA Mortgage & Financial, LLC ~
Office: (603)-816-0255 Cell: (603)-965-8241 email: jamie@saramortgage.com
web: http://www.mortgagemagician.blogspot.com
Licensed by the NH Banking Dept
* This is not a lending offer but a statement of average delivery times of home loans for qualified applicants.
HOW WOULD YOU LIKE SOME GIFT WRAPPED EQUITY?
HUD/FHA 203(k) Home Improvement loans have been around since 1978. Only since the demise of bank home equity loans and the overall tightening of credit has the program begun to really become known, and even still, it's very ground level. However, my team and I are very adept at this practice and have been since 2001. (Beware of newbies, they will goof it up)!
203(k) is a single mortgage loan which allows the approved applicant to:
- Turn a house into a dream home
- Buy a home that's in the right area but doesn't quite fit your family - (yet)
- Create an inviting den and entertainment area that draws your family together
- Add extra bedrooms or overall needed space, allowing your kids to stay in the same neighborhood and schools
- Replace an aging roof or heating system with low-cost financing
- Invest in a home that needs some work (while occupying it) and then later resell it
- Rehab 2 to 4 units, convert 5 or 6 units to 4 units, live in one and rent the others
- Refinance and remodel your kitchen & bath or create a master suite
- Add a room and bath for Grannie or when the kids move back (heaven forbid)
- Add energy-efficient upgrades or renovations like solar, geothermal or wind
- Up to six months mortgage payments can be included in the mortgage
if the property is not occupied during construction
- Avoid the usage of credit cards for improvements
- EFFECTIVELY BID ON AS IS PROPERTIES OR FIXER-UPPERS!
The HUD/FHA 203(k) renovation loan is accomplished with a permanent mortgage that allows the approved applicant to purchase or refinance a home and then immediately begin the renovation - all with just one application, one closing and one monthly payment.
Again, in summary, the FHA 203(k) loan is a fully disbursed loan which allows a borrower to purchase or refinance a property AND finance the cost of rehabilitation with ONE loan (30 year fixed rates average about 5.75% as of early October 2009, subject to change). The mortgage amount for these loans is based on the projected value of the property with the work complete, taking into account the cost of the renovation (HUD uses the after improved value and a "subject-to" appraisal to calculate the loan amount). No "do it yourselfers" are financed, though! All improvements must be conducted by tradespeople.
As always, I'm here to help!
For more on the FHA home improvement loan, please visit:
http://mortgagemagician.blogspot.com/2008/05/need-home-improvements-why-not-apply.html
To fill out a secure online application please visit:
http://www.saramortgage.com/apply.asp/Hollis/New%20Hampshire
Jamie Woods ~ Senior Loan Officer ~ FHA/VA/USDA Specialist ~ SARA Mortgage & Financial, LLC ~
Office: (603)-816-0255 Cell: (603)-965-8241 email: jamie@saramortgage.com
web: http://www.mortgagemagician.blogspot.com
State specific disclosures reflect only the states in which SARA Mortgage conducts or is licensed to do business. Licensed by the New Hampshire Banking Department. License #'s 11303-MBR & 11321-MHB.
Massachusetts License # MB4274-We arrange but do not make loans.
Maine License # CSO8825.
DON'T BE A PRODUCT OF THE RUMOR MILL OR OLD SCHOOL MENTALITY...VA LOANS ARE EASY AS PIE!
Realtors: The more you know about the VA home loan program, the more you will realize how little "red tape" there really is in getting a VA loan and the more honorable you will be to your community by enabling home ownership for our soldiers. These loans are often made without any down payment at all. Aside from the veteran's certificate of eligibility and the fact that the appraiser is assigned by VA, the application process is no different than any other type of mortgage loan. It really isn't! Take it from someone who started in this business originating nothing but government loans back in 2000 and has been originating government (FHA/VA/USDA) ever since. Also, if the lender is approved for automatic processing and the Lender Appraisal Processing Program (LAPP), which ours is, a buyer's loan can be processed and closed by the lender without waiting for VA's approval of the credit application or for VA to review the appraisal.
TO VA BUYERS; SIX EASY STEPS TO A VA LOAN:
If pre-approved, decide on a home to buy and sign a purchase agreement.
Order an appraisal from VA. (we handle this, too...) Ordering an appraisal will also be done via the Internet using TAS (The Appraisal System). This is a automated, centralized system that allows us quick and easy access to order an appraisal.
While the appraisal is being done, my team and I will be processing the buyer's credit and income information. We use a solid, stable, very well balanced and liquid bank that is authorized by VA to process loans on an automatic basis, so the loan can be approved and closed upon receipt of the appraised value determination without waiting for a VA review of the credit application. We do NOT mess around!
Close the loan and move in! Just like that!
So if you are a Realtor representing a VA buyer and are having trouble with getting their offer approved, remember how easy these 6 quick steps are and most of all, really, have my team and I handle their funding. Remember, more than 27 million veterans and service personnel are eligible for VA financing and there will be a higher demand for VA home loans in the years to come. Also, it's key to realize that even though many veterans have already used their loan benefits, it is very likely possible for them to buy homes again with VA financing using remaining or restored loan entitlement.
To fill out a secure online application please visit:
http://www.saramortgage.com/apply.asp/Hollis/New%20Hampshire
Or simply call me to do it by phone or in person. I gladly make appointments to visit my buyers and their agents in person in ALL of Massachusetts, ALL of New Hampshire and all of southern Maine!
As always, I'm here to help!
Jamie Woods ~ Senior Loan Officer ~ FHA/VA/USDA Specialist ~ SARA Mortgage & Financial, LLC ~
Office: (603)-816-0255 Cell: (603)-965-8241 email: jamie@saramortgage.com
web: http://www.mortgagemagician.blogspot.com
State specific disclosures reflect only the states in which SARA Mortgage conducts or is licensed to do business. Licensed by the New Hampshire Banking Department. License #'s 11303-MBR & 11321-MHB.
Massachusetts License # MB4274-We arrange but do not make loans.
Maine License # CSO8825.
I specialize in arranging FHA "Buy & Improve" (203k) financing for qualified MA, NH & ME home buyers as well as Jumbo/Luxury financing up to $1.5 mil. I also arrange VA loans! Call me today!
Home ownership truly is and always will be the American dream. I believe home is more than just a place to lose your keys. It's where your family lives. It's where dreams are fulfilled, where memories are made, where hugs are given. It's where you plant your garden, catch some rays with a good book on a summer day, watch the kiddoes catch fireflies or just sit on the front porch swing with your loved one and listen to the crickets chirp. Home is where life is lived.
My name is Jamie Woods (aka "JP Sunshine"). I am a Senior Loan Officer with Sara Mortgage & Financial, LLC. I am among the finest, too, as I've been told by my delighted clients (some of their personal stories below). I am writing this to tell folks a bit about myself, my practice and my upbringing, should anyone have the time and patience to read it!
I am the very proud son of my mother, Shelby, an amazing "town hall and choir lady", a woman who just won't slow down and a woman who is also a published author of a short narrative which tells of her upbringing, her love, appreciation and fondness for her mother and her time and both their experiences at the seacost of Maine. The name of the narrative is "Salt Water Solutions" and it is one of about 30 pieces compiled in a very interesting book of other pieces by mothers everywhere, advice good and bad, called "My Mama Always Said". Ask me for a copy some time! My father, Chuck, has been a chief registered nurse at a prominent hospital just west of Boston for almost 25 years! I learned so much from Chuck, such as how to be a good sport, the value of hard work and the art of self-discipline. Sadly, however, we all just recently lost Chuck to a massive overnight heart attack this past May (2009). His legacy lives on in all of his children and the countless hundreds of others whose lives he not only touched but also helped tremendously. Chuck was a true healer in every sense of the word and a 1st class philanthropist. I am also a younger brother to Chris, a very brainy and industrious "computer guy", who is a chief programming engineer for Liberty Mutual, a younger brother, Chet, a thick-skinned and natural EMT/medic who along with his wife Alenna just had their first bippity boppity baby (its a boy, named Timothy Dimitri Woods) and two beautiful sisters; Elizabeth, Massachusetts' finest accountant and new mommy of two little ones, Dylan and Abby), and Amanda, a National Guard veteran, sales pro and a fitness buff who just got married to her man, Jim, of 5 plus years with a beachside wedding in Sanibel, FL and will probably also be producing some offspring of their own in the near future! We are all originally from a quiet suburb just north of Boston, MA, though my sisters joined us from South Korea in 1976 as very young toddlers via an adoption agency in Boston! So yes, the stork does sometimes drop babies down chimneys!
I was born and bred a New Englander. However, in my 38 short years, I have had the opportunity to travel, do business with, network with and meet so many people and professionals from all around the country. Even though I'm only considered I guess "mid career", in my time I have been involved in, overseen and directed numerous marketing, business development and advertising projects for companies everywhere, from fortune 500 companines to small mom and pop corner shops such as gift basket shops, florists, bed & breakfasts, inns, vacation attractions, travel agencies and of course, Realtors.
Since about 2000, I have been in the property closing business, which quickly became my new found and everlasting passion. A good friend of mine, Richie, a closing attorney north of Boston decided to woo me away from my marketing/adverstising endeavors (which was no easy undertaking), take me under his wing and teach me all about the chain of title to properties, how they are recorded and filed, listed and sold. God Bless you, Richie! You were an important catalyst to my dreams come true! I quickly "learned the ropes". In operating as his title abstractor/closing specialist, I made numerous contacts at mortgage companies, who in turn wooed me out of there and into their domain. Turns out, that's right where I belong! To this day, I still work with Richie and give him all my referrals for closing busisness, not just out of a sense of loyalty and gratitude but because there truly is no better closing attorney around. His staff are incredibly adept, educated, passionate and just all around perfectly professional. Anyway, I have been so blessed to be able to help people's dreams come true. Yes, I do recognize that people make their own dreams come true, but I sure enjoy helping!
So, if you're in need of mortgage financing on your existing Massachusetts, Maine or New Hampshire home or you want to purchase a new one, or if you simply want to chat or ask me some questions, call or email me! While I arrange mortgage financing of almost any type for any qualified applicant, I am a 1st time buyer specialist and I also specialize in home improvement/renovation financing for existing home owners or those buyers that wish to acquire "fixer-uppers" that they wish to improve and live in. I am a licensed NH loan originator which means that I can arrange a mortgage loan for you anywhere in the state of New Hampshire. I am also pursuing my Massachusetts licensing in 2009. However, if you need a Massachuestts mortgage loan the branch that I work for is MA licensed and has licensed reps that can help you!
I look forward to hearing from any of you about any topic you want. I love to hear from good people and all about their experiences, upbringings, and basically whatever makes their world go around. Be prepared, though, I am an eternal optimist and I do not subscribe to "The sky is falling" hysteria being over publicized by pessimists and the media in general. Why? Well, because home ownership is and always will be a person or family's strongest asset and investment, values always go up and down over time, as we all know, and I have full and complete trust that Uncle Sam will disallow a total market avalanche. Let's chat some time!
~ Jamie Woods
Sara Mortgage & Financial, LLC Cell: (603)-965-8241 Fax: (801)-672-7916
June 22, 2008
"Hi Jamie! I got your name because you came HIGHLY recommended from my brother-in-law, Dwayne, and his girlfiend, Amy. They just bought a home last month and you were the key person in helping them get their home! My husband and I have been renting a HUGE five bedroom house from his parents for a few years and are very, very sick of renting and throwing our money out the window (especially since it is so expensive to heat!). We really want to downsize and get something small. We have found a place we like about 20 minutes from where we live now which is in central western, NH. Hope you can help! Michelle"
August 2, 2008
"Jamie! We just don't know HOW to thank you enough! As you know, we are absolutely thrilled and delighted to have met you and to have been helped in such a kind and sincere way. You made not only the qualifying and approval process so easy and stress-free but it was obvious that even the agents and the attorney at the closing just absolutely loved you. This was not an easy deal by any stretch but you made it happen! We love you so much! God Bless. Michelle"
May 30, 2008
"The FHA program Jamie recommended is wonderful. We had researched many banks, interest rates, PMI, everything we could think of before buying our home. We first talked with a mortgage company, and they told us there were no 100% financing programs available and we would need 5% down PLUS closing costs. As a young family, we could not afford that, so we went back to the drawing board. Thats when we found Jamie Woods. He got us everything we needed. We got 100% financing and the seller paid our closing costs!! We had no money down. During the process we had questions and when we called to talk to Jamie, we felt like we were his only client. He responded very quickly and was very helpful answering questions. We would highly recommend Jamie Woods anytime!"
Amy J. Lebanon, NH
Stacy St.George from RE/MAX Elite had this to say....
"In a market where people are just sitting back and waiting for business to come to them, Jamie is being pro-active and finding the business to bring to the agents by calling renters in the area and inviting them to these monthly buyer seminars. He is very educated in the programs he offers, and takes the time to listen and answer the questions these buyers have. I would highly recommend Real Estate Agents to use him to help build their buyer business in todays market."
Rebecca Skane of Keller Williams Seacoast Realty (a fellow activerainer!) had this to write:
"You are an amazing professional with a wealth of information to offer! That is why real estate agents like me love mortgage specialists like you!" 10/30/2008
"Dear Mr. Bates, December 10, 2005
I am writing you today to express my thanks to your organization for handling my purchase financing request on our new home in Rohde Island. My fiancé and I are particularly grateful for Jamie Woods, your finest mortgage consultant. Jamie handled our request from start to finish with the utmost congeniality and professionalism.
I am a self-employed carpenter with an alternative financial and credit profile. Jamie not only assisted my fiancé and I in the purchase mortgage but he also took the initiative to challenge a faulty item on my credit report, which is now being resolved and as a result, my score is increasing.
It was an absolute delight working with Jamie, who made sure that our needs were met to the fullest, not only now but also in the future. We will definitely be referring our friends and loved ones to Jamie and your company when the time comes."
Very Truly Yours,
R. Prezioso
Warwick, Rhode Island
"To Whom It May Concern, January 4, 2006
I would like to thank you and Jamie Woods for all your diligence and persistence on refinancing my multi-family home in Danbury last month.
Not only did Jamie seemingly make the impossible happen but also got the deal done in less than two weeks and at a rate that was unheard of while I was shopping lenders.
Furthermore, I would like to add that I almost had to cancel the deal at the very last minute due to a sudden illness in my family overseas. When I notified Jamie that my father had taken ill and I needed to cancel or postpone the refinance, Jamie's first and only concern was my father's health and well-being. Jamie wished me a safe trip to Brazil and sent his prayers with me. Fortunately, my father's health improved, I was able to remain in Connecticut long enough to get the deal done, and also, when I returned, there was a gift basket wrapped and awaiting my arrival sent from Jamie.
Jamie is a breath of fresh air and I would recommend him in the highest to anyone considering a mortgage of any type!"
Sincerely,
M. Louzada
Danbury, Ct.
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