Lewis Corcoran - Offering Reverse Mortgages, and FHA, VA, and USDA Loans

How to Get Yourself to Show Up on the First Page of Google

In just 4 simple steps and in less than 3 minutes, you can get yourself to be on the first page of Google by creating a public profile page.

Step 1. If you don't already have a Google g-mail email account, go to the Google homepage and signup for an account. If you already have a g-mail account just log in.

www.google.com/profiles

Step 2. Once you sign up for the Google email account, go back to the Google home page. Look for the "sign in" tab in the upper right hand corner.

Step 3. Once you're signed in, you'll be returned to the Google home page. Click on the "settings" tab in the top right corner, then Google account settings.

You will be taken to a page that looks like this:

Step 4. Here you can edit your profile by adding your photo, a biography, links to your websites and ActiveRain blogs, and have access to many other tools.

Verify: Now when you are done, do a Google search on "your name" and you should see your photo and contact information at the bottom of page one. It will look something like this:

Notice that the Google page number at the bottom is red for being on page one. Even if your website or blog posts are not on page one, at least you will be. If a potential client searches your name, you will be easily found.

Fannie Mae is Changing the Way it Offers Foreclosed Properties for Sale

For the first 15 days a house is on the market, Fannie Mae will consider bids only from buyers who intend to make the foreclosed property their primary home and from those who are using public housing funds. Investors looking to buy foreclosed properties will now have to wait until the homes have been on the market for at least 15 days before they can make an offer.

Fannie Mae said it is reducing deposit the requirements to as little as $500. In addition, home buyers will be allowed to renegotiate the purchase price after an appraisal has been completed, and can now take up to 45 days to make settlement instead of 30 days.

Freddie Mac does not have a similar program.

What Is A Reverse Mortgage? (Part 4)
A 12 Part Series

Part 4 - Pros and Cons of a Reverse Mortgage

Why Should You Consider a Reverse Mortgage

• Allows the homeowners to stay in their home permanently.
• Pays off existing mortgages on the home.
• Simple to qualify for because credit score and income are not considered.
• No monthly payments are due for as long as the homeowner lives in the home.
• The homeowner receives payments on flexible terms:
• Credit line for emergencies
• Monthly income
• Lump sum distribution
• Any combination of the above
• A reverse mortgage can not get "upside down" so the heirs will never owe more than the home is worth.
• Heirs inherit the home and keep the remaining equity after the balance of the reverse mortgage is paid off.
• Proceeds are not taxable.
• The interest rate is lower than traditional mortgages and home equity loans.

Reasons Why You Shouldn't Do a Reverse Mortgage

The fees on a reverse mortgage are the same as a traditional FHA mortgage. But, the fees are higher than a conventional mortgage because of the insurance premium. The largest costs are:

• Upfront FHA Mortgage Insurance Premium of 2% of the maximum loan amount
• Origination fee - 2% of the first $200,000, then 1% of the remaining maximum mortgage amount, but not to exceed $6,000
• Although Social Security and Medicare are not affected, Medicaid and other need-based government assistance can be affected if too much funds are withdrawn (and not spent) in one month.
• Counseling. The program is not well understood by most individuals, and all borrowers must get counseling on reverse mortgages. However, the availability of independent reverse mortgage counseling helps.

Next: Part 5 - Reverse Mortgages, Income and Taxes

Part 1 - Definition of a Reverse Mortgage
Part 2 - Reverse Mortgage Eligibility Requirements
Part 3 - Myths and Frequently Asked Questions of Reverse Mortgages

If you're 62 or older and are looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, to pay for healthcare expenses, or even to buy your retirement home, then consider getting a reverse mortgage. Find out how a reverse mortgage can use the equity in your home to pay you.

Home Value Update for Dennis MA Through October 2009

According to Trulia.com, the sale prices of single family homes have increased 9.1% in the past year through the end of October 2009. The current mean sales price of homes on the market in Dennis, MA, is $420,000. Below is a chart of the trend of listing prices of homes for sale in Dennis, MA, in the past year through October 2009:

Dennis Recently Sold Homes

The $8000 first-time homebuyer tax credit has been extended, and now expires on April 30, 2010. So, there's no better time than now to buy a home in Dennis, MA, or surrounding area. If you're looking for a home or condo to purchase in Dennis, MA, or in the surrounding area, then try this home search.

You can still buy a home with no money down with the USDA Rural Development Home Loan program. With the FHA Mortgage program, you can purchase a home with as little as 3.5% down. When you're ready to buy a home, find out how much home or condo you can afford to purchase in Dennis, MA, or in the surrounding area.

If you're 62 or older and are looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses, then consider getting a reverse mortgage. Find out how a reverse mortgage can use the equity in your home to pay you.

The Mortgage Interest Rate Lock Advisory for Dennis MA for November 24, 2009

Here are some of the events affecting mortgage interest rates today in Dennis, MA.

What the Mortgage Backed Securities Market is Doing Today:

The price of the FNMA 30-Year 4.5% MBS coupon opened at 102.03 this morning - up 1/32 from yesterday's close.

The chart below shows today's price trend of the FNMA 30-Year 4.5% coupon:

The FNMA 30-Year 4.5% MBS coupon is currently trading at 102.16 - up 6/32 from it's opening. Remember, on mortgage backed securities (MBSs), as the price goes up, the yield comes down - and mortgage interest rates come down with it. I expect that mortgage interest rates will be about the same in price this morning as compared to yesterday.

Recent Activity in Mortgage Backed Securities:

The chart below shows the price trend of the FNMA 30-Year 4.5% coupon over the past 30 days:

Economic Reports, News, and Events Affecting Mortgage Interest Rates Today:

• Consumer Confidence Index (CCI) for November - the CCI came in with a reading of 49.5, a little better than expected. This means that consumers are more optimistic about their own financial situations than many had thought. Rising confidence means consumers are more apt to make large purchases in the near future, effectively fueling economic growth. However, this report had no impact on mortgage interest rates this morning.
  
  
• 3rd Quarter Gross Domestic Product (GDP) - annual rate of growth came in at 2.8% as expected. This means that the economy did not grow as much during the 3rd quarter than previously thought. Because the GDP came in as expected, this report had no impact on mortgage interest rates this morning.

In other news, the 5-year Note auction is being held today. If the auction is met with strong demand, we should see mortgage interest rates continue to stay down. However, if these auctions are met with lackluster demand, we may see an increase in mortgage interest rates this week.

The minutes of the last FOMC meeting will be released at 2 PM today. The minutes may or may not have an impact on the mortgage market - it will depend on what's in the minutes. The key will be concerns over inflation and the Fed's next move. If the Fed members were concerned about inflationary pressures and overly optimistic about economic growth, we could see prices of mortgage backed securities move lower and mortgage interest rates move higher later this afternoon

What's Happening With Mortgage Interest Rates Today:

Low to Moderate Volatility. There's not much room for MBS prices to move higher or for mortgage interest rates to move lower at the moment. If you're happy with the rate being offered to you and don't want to risk mortgage interest rates moving higher, you should apply and lock in today. Mortgage rates are currently inching upwards again. If you have not yet locked in your mortgage interest rate, please proceed with caution and maintain contact with your mortgage professional. Also, give very serious consideration to applying now and locking in before mortgage interest rates get worse.

My Mortgage Interest Rate Lock Advice for Today:

If I were considering financing/refinancing a home, I would...

• Lock if my closing was taking place within the next 7 days
• Lock if my closing was taking place between 8 and 30 days
• Float if my closing was taking place between 31 and 45 days
• Float if my closing was taking place between 46 and 60 days

This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of any or all other borrowers.

Get today's mortgage interest rates for your situation in Dennis, MA.