The first Part of being pre-approved for a future mortgage is making sure your
credit is the best it can be when you get pre-approved. It just makes sense that
if you have higher credit scores, you will pay a lower interest rate on your
mortgage loan and will have to put less down. Checkout the Fair Isaac's
consumer website athttp://www.myfico.com. There is a mortgage payment
calculator that is updated constantly to show you how your FICO score can
affect interest rates. Check it out and save money today. You can save
thousands of dollars over the course of 30 years.
My fico says if you improve your credit score by 100 points example from
620 to 720, you could save $110,000 over the life of the loan in interest.
Low credit scores will pay nearly three times more in interest than those with
strong credit scores. Save today but improving your credit. Start putting your
money away for a rainy day or for a new home of your dreams.
Many people ask how they can purchase a home without using all of their savings in today's market. Michael Cauley a Certified Mortgage Planner, explains the options you have as well as all the benefits that the FHA loan has to offer today and in the future.
Assumable mortgages in the years to come will set the stage to make homes on the market very attractive. This interview explains the advantages of selecting the proper financing for your purchase today.
Great advice for everyone purchasing. Listen to this interview. http://preview.tinyurl.com/7ayzlnk
Natalie DeLeo
WORD OF MOUTH BUSINESS. WHO DO YOU KNOW
THAT I SHOULD KNOW?
My last couple of appointments I have had have been absolutely awesome. In fact, the last one I had I referred out 5 referrals for my one client. It is so important that when a client calls you that you have the people to fullfill their needs. My referral partners always deliver 120% to my clients needs.
At the end of the day I feel so great to know that my clients have the answers to their challenges and know that everything will be alright. Thank you to all of those people that have stepped up to the plate to assist.
I had an insurance agent that went over 100 miles just to help out a client that needed insurance and in turn my client's were so happy he actually wrote another policy while he was their for a relative. Now that is service.
If you do not have a list of people this is how I have come across the great or the greatest people. First, I always listen to my clients and if they have had a great experience with a contractor or professional business source I always ask would you refer them to their friend and/or family. They certainly would not refer them if they did not do a good job.
Trust, Honesty and dedication to our clients needs are the backbone of a business. We are here to serve them.
We were on a webinar yesterday given by an attorney who specializes in short sales.
It has been brought to their attention that in the fine print of the HAFA program (Federal short sale program) that two key factors need to be explained to the sellers. The first being that if they chose to do the HAFA program the seller agrees to make partial payments and it is calculated base on income. The payments are required until the house is sold and the title transferred.
Next, if the seller is not approved for the short sale the sellers agree to do a deed-in-lieu of foreclosure basically handing over the keys instead of going through a full foreclosure. Please make sure all Sellers read the full agreement and consult an attorney for advice before they apply for any short sale program.
Just 3 weeks after the end of a historical year in our industries now on January 20th I get an email that states:
FHA Commissioner David Stevens held a press conference to announce continued fundamental procedural and future legislative program changes.
3 critical priorities:
* Produce adequate capital reserves to meet the 2% requirements
* Insure the change do not disrupt the housing market
* Do not disrupt the ability to support the under-served markets.
The commissioner announced four specific areas of change:
1. The front end MIP will be increased from 1.75% to 2.25%. The change will be announced 1/21/10 with a Spring 2010 effective date.
2. Update the combination of FICO scores and LTV maximum:
* FICO's less than 580 will see down payment requirements increase to 10%
* This change will be announced in the Federal Register for comment
3. Reduce seller contributions from 6% to 3% to conform to the conventional market. This change will also be announced in the Federal Register in February for comment.
4. Increase enforcement of FHA Lenders.
Full press release is available on the IMMAAG site: http://www.immaag.com/FHAPressReleaseJanuary
This will certainly tighten up the buyers market. Why have FHA financing when they are trying to get it to conform to Fannie & Freddie. What a shame.
We pride ourselves with our passion to deliver what we promise. Those referred will "THANK YOU!" Conventional and FHA financing. We bring the positive to every transaction and attend all closings.
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