Rebecca Cole

The 3^rd Annual Halloween Hustle will take place on October 18, 2008 at historic St. James Episcopal Church and Academy in Monkton, Maryland. Registration starts at 7:30am and the 5k run/walk will begin at 9:00am. The Trick or Treat Trot starts at 10:30am.

The proceeds from this year's Halloween Hustle will go towards the "Our Children's Playground" project. The playground will be built in cooperation with the Baltimore County Department of Recreation and Parks in memory of all children who have left us too soon.

If you are looking to purchase a home or refinance, contact Rebecca Cole. Committed to excellence!

On October 4, 2008 Pets on Wheels will be hosting the third annual Dog-a-Thon. The event will take place at Oregon Ridge Park. Pets on Wheels was founded in 1982, and is a not for profit organization that provides friendly pet visits to people who reside at institutional settings. Proceeds from the fundraiser will help sustain Pets on Wheels programs throughout the year. This is a great cause!

The Dog-a-Thon starts at 10:00am and the schedule of events includes pet demonstrations, games and kissing contest, pet Olympics, and a costume contest. Nail trimmings and micro-chip services will be available.

Before you meet with a lender for the first time, make a list of questions you would like to ask the loan officer. A mortgage transaction is one of the most important financial decisions people make. Be sure you are working with an experienced and knowledgeable professional.

Here is a list of questions you may want to ask a loan officer at your first meeting.

• How long have you been in mortgage lending?
• How long has your company been in business?
• What are your thoughts on the current economy as it pertains to mortgage interest rates?
• What is your policy on locking in a mortgage rate? Do I pay a fee upfront?
• Will you charge me to re-lock my interest rate if mortgage rates decrease before my settlement?
• Would you explain the process of obtaining a mortgage loan from application to closing?
• May I have a copy of your Good Faith Estimate? Please explain all of the fees on the Good Faith Estimate.
• Would you explain the annual percentage rate to me?
• Will you attend my settlement when I sign the final mortgage paperwork?
• How will buying a home affect me when I file my taxes?
• Can you explain the new Tax Credit and how it applies to me?
• What First Time Home Buyer Programs are available?
• Is your company an approved state program First Time Home Buyer lender?

In a case where the loan officer cannot answer your questions or stumbles through their responses, find another lender.

If you are looking to purchase a home or refinance contact Rebecca Cole. Committed to excellence!

I recently met with a client who had been pre-approved by another lender. She was unsettled with some of the things the lender had said to her, and she had some questions about the paperwork she received in the mail from the loan officer. The client said that something did not seem right, and she wanted a second opinion. I am always happy to extend my services to someone who has met with another lender, even if I am only there to validate the accuracy of the information they have received from another loan officer. So, I gladly went to her house to go over the paperwork with her.

The client was not represented by a buyers agent when she met with this lender. The loan officer was recommended to her by the seller. This was a huge red flag. As I opened the overnight express package from the loan officer, I was troubled by several things. The package contained two mortgage applications and two sets of disclosures. The first set had a reasonable interest rate based on the day the paperwork was generated. However, this was not the set of disclosures that were highlighted for the borrower to sign. The second set of disclosures that were highlighted for the client to sign and return to the loan officer had an inflated interest rate. As I read further, the lender fees were thousands of dollars over what I consider to be reasonable. There was absolutely no reason for this client to pay an inflated interest rate or pay thousands of dollars in junk lender fees.

Other issues included inaccuracies on the Good Faith Estimate. The funds needed to close figure was grossly skewed because of errors made by the loan officer on the estimate. Maryland has certain state and county taxes that must be included on a Good Faith Estimate. The borrower was also short on the required down payment for the loan program, and she would have been scrambling at the last minute to come up with funds for closing.

As a buyer, it is imperative to be represented by a buyers agent. You need someone who will look out for your best interest during the transaction, and someone who will point you in the direction of reputable professionals throughout the buying process.

Meet with a lender who has been recommend by a close friend or family member lender, or a lender who is recommended to you by a reputable buyers agent. If you do not feel confident in the loan officer after the meeting, set up a meeting with another lender. If you feel the slightest bit uneasy with a lender, get a second opinion.

If you are looking to purchase a home or refinance contact Rebecca Cole. Committed to excellence!

The 35^th annual Greek Festival will be held at the Maryland State Fairgrounds in Timonium this weekend. Admission is $5.00 per person and children under 12 are free.

Festival Hours:

Friday September 26^th 11:00 - 2:00 and 4:00 to Midnight

Saturday September 27^th Noon to Midnight

Sunday September 28^th Noon to 7:00

Greek food, music, dancing, vendors, crafts, paintings, silent auction, wine, and beer will be available.

Come join the fun and experience the 2008 Greek Festival.

If you are looking to purchase a home or refinance contact Rebecca Cole Committed to excellence!