Photos from Raleigh Real Estate Zero Down
The view from the 29th floor fat the Cardinal Club in downtown Raleigh (in November!)Located in: Raleigh, NC
Could I Get a
Mortgage?
Ever deal with FHA?
A New Orleans lawyer
sought an FHA loan for a client. He was told the loan would be granted if he
could prove satisfactory title to a parcel of property being offered as
collateral. The title to the property dated back to 1803, which took the lawyer
three months to track down.
After sending the information to the FHA, he
received the following reply (actual letter): "Upon review of your letter
adjoining your client's loan application, we note that the request is supported
by an Abstract of Title. While we compliment the able manner in which you have
prepared and presented the application, we must point out that you have only
cleared title to the proposed collateral back to 1803. Before final approval can
be accorded, it will be necessary to clear the title back to its
origin."
(continued
below)
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OK, for the record, and admittedly obtaining an FHA loan USED to be that challenging. and now that 286 lender have imploded, no make that 287 now that WaMu failed, many loan officers who have never originated an FHA loan are now trying to do so and will little success because they simply do not have the skills and training needed to understand the product. However, the FHA Modernization Act has significantly reduced a lot of inspections and requirements that used to cause Realtor to run shrieking from the would be buyer who brought them an FHA pre-approval letter. If you are not seriously looking at USDA, FHA and VA (any loan ending in an A for that matter) you are missing about 50% of the marketplace. If you have any FHA related questions or any mortgage related questions, feel free to post your question here and I will be happy to answer your questions. If you prefer to reach me personally, feel free to call me directly.
Your Friend in the Business,
Ricardo
Cobos
Your Mortgage Loan Consultant for
Life
National
City Mortgage, a division of National City Bank
5510 Six Forks Road, Ste 107
Raleigh, NC 27609
Direct:
(919) 848-2117 Ext 232
RightFax:
(866) 605-0079
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NOW
P.S. Your referrals are the life blood of my business. I enjoy
being a consultant for life and I love helping my clients reach their goals. I
especially love to see them have a better life. Who's the next person you know
that would like to use my World Class services, achieve their goals and have a
better life?
Excellence
in Mortgage Lending
By Ricardo Cobos,
Mortgage Banker
National City Mortgage Company
RALEIGH, NC – Buying a home vs. renting is a big decision that takes careful consideration, as most mortgage consultants will agree. But the rewards of home ownership are great. For many years, purchasing real estate has been considered an extremely profitable investment. It is an achievement that offers a sense of pride, financial stability and potential tax advantages.
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FREE REPORT: How To Buy Lovely Homes In Raleigh Wake County
with Zero Down Payment ... Click
here
Yes, there are certain
responsibilities associated with owning a home. Landlords will often argue the
benefits of renting, and for obvious reason. If you are renting, you’re helping
them make their mortgage
payment. And for a season in everyone's lives that isn't entirely bad. But
Renting isn't for everyone.
STOP PAYING YOUR LANDLORDS MORTGAGE
The numbers are staggering if you look at it this way. If
you are paying $1,000 per month for an apartment, and you know your rent will
increase 5% every year, then over the next five years you will pay your landlord
$66,309. If you are currently renting a house, you may be paying much more than
that each month. Either way, you gain no equity by shelling out this monthly
housing expense and you certainly won’t benefit when the property value goes up!
FIXING YOUR HOUSING EXPENSE
However, if you were to
purchase your own home or condominium, you would be well on your way toward
building equity within that same five-year period. By choosing a fixed-rate loan
program, you can have the comfort of knowing that your monthly mortgage payment
will never go up. In fact, you would have the option of refinancing to a lower
interest rate at some point in the future should interest rates drop, and this
would cause your monthly mortgage commitment to go down.
TAX SAVINGS
In addition to building
equity, there are tax advantages that come into play with home ownership. Depending on your tax bracket, owning a home is often less
expensive than renting after taxes. Interest payments on a mortgage below
$1 million are tax-deductible, and your mortgage consultant should help you evaluate the tax
advantages of various loan scenarios, and share this information with your tax
consultant to glean feedback on your behalf. Recent Stimulous Packages passed in
2008 allow First Time Home Buyers to receive a refundable tax credit for up to
$7,500.
CONSULT A MORTGAGE EXPERT
To find the loan program that is right for you, your
mortgage consultant will need to evaluate your monthly household income, current
assets and savings, as well as any monthly obligations you may have for credit
card payments, car payments, child support, etc. These prequalification factors,
along with the report of your credit score, will determine how much house you
can afford and what interest rate you will pay for financing. It is also
important to let your mortgage consultant know what your future goals are,
because this will help narrow down which loan option is the best fit for your
long-term needs.
There are many different types of loan programs available, including “low” and “no” down payment mortgage programs. These types of programs require the borrower to provide less than 3 percent of the loan amount as down payment. FHA lenders rule that the mortgage payment, including principal, interest, taxes and insurance (PITI) should not exceed 31 percent of your gross income, and the PITI plus other long-term debt (car payments, etc.) should not exceed 43 percent of your gross income.
Housing is an expense that takes a big bite out of the
monthly budget. If you are a renter and feel that “home” is more than just
someplace to hang your hat, think about the advantages of purchasing real
estate. It may be time to take the step into building your personal net worth as
a home owner.
How To Buy
3
or 4 Bedroom
AFFORDABLE RALEIGH HOMES
$125,000 to $275,000
Zero
downpayment
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Ricardo Cobos is affiliated with National City Mortgage Company a Division of National City Bank.. To get your free report "How to buy a home in today's market with little or no down payment" clicke here.
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SUBMITTED
BY:
RICARDO COBOS
PHONE (919) 559-3384
FAX 866-605-0079
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Wake County — A new Consumer Awareness Hotline explains
three government insured loan programs that enable home buyers to purchase
lovely $220,000 to $417,000 homes in Wake County for zero down
payment.
Free
Recorded Message;
888-260-5606 ext 14
Http://WakeCountyZeroDownPaymentHomes.com
How to Secure a Mortgage in Today's Market During the housing boom, shopping for a mortgage couldn't have been easier. Mortgage interest rates were low, credit was a breeze, and the sheer volume of mortgage products made buying or refinancing a home a cinch, even if you had credit issues. All you had to do was call up a few mortgage companies, ask for a quote, and choose the lowest one. It was really that easy. This is no longer true in today's volatile market. Sure, interest rates are still very low, and there are a lot of great deals in real estate right now. But lending guidelines are much tighter, the number of mortgage products has significantly diminished since the subprime collapse last summer, and if you have credit issues, there are simply fewer affordable options these days, thanks to risk-based pricing. With so much at stake, you need an experienced, educated mortgage professional who can help you lock in the right interest rate on the right mortgage product for your individual financial goals and needs. Anyone who quotes you a rate over the phone or the Internet without asking anything about you, your family, your finances or your lifestyle, clearly doesn't have your best interest in mind. This month, YOU Magazine will show you why good advice always beats lowest price when it comes to buying or refinancing a home, and why you need to treat shopping for a mortgage lender the way you would handle a professional job interview. But first, let's look at how market volatility affects your mortgage rate. Unprecedented Volatility Mortgage interest rates are set each day by individual lending institutions and are based on the performance of mortgage-backed securities (bonds) in the secondary market. Because of extreme volatility in the financial markets this year, the performance of these bonds has been extremely volatile as well, especially in the last three months. In fact, interest rates for a 30-year fixed-rate home loan during this time have vacillated wildly between a low of about 5.25% and a high of nearly 7.00%. On a $300K loan, that's a difference in your monthly mortgage payment of $239.30 or over $86,000 more in additional monthly payments throughout the life of the loan. Rate swings have been equally dramatic over the course of just a few days, and there were several days this year when rates changed nearly 0.25% in just a few hours! In other words, the low interest rate you may have been quoted over the phone at 10:30 am may not be available at 12:45 pm. In this market, you need a mortgage professional who understands the financial markets and when it's right to lock in the most attractive rate for your specific goals and needs. Changing the Rules For over 70 years, this important rule permitted short sales of securities only at a price above the last sale price. During market panics or crashes, this helped to avoid short-selling companies into oblivion. Add to this rule change, the capability of millions of individual traders to instantly access the markets online, and what you have is a market that more closely reflects the raw emotions that influence financial investment. What's resulted are more violent drops in the market, followed by greater bounces and swing trades – a volatile market that's clearly here to stay. The High Price of Risk Also, if lower credit scores are an issue for you, your mortgage professional should be able to help you or direct you to someone who can help you improve your FICO scores and your interest rate. You can no longer simply shop for a mortgage based on lowest interest rate quotes. Today's home buyer needs good advice from an experienced, educated mortgage professional. Call me at 919.559.3384 if you would lie a no cost mortgage consultation.
Stocks and bonds all compete for the same investment dollar. When stocks are increasing in value, investment dollars are coming from the sale of bonds. When bonds, including mortgage-backed securities, are sold en masse, interest rates, including home loan rates rise.
So, what's changed? Why are the financial markets so volatile lately? In July of 2007, a month prior to the subprime collapse and the subsequent credit crunch, the Securities and Exchange Commission (SEC) eliminated the “uptick rule” for all equity securities, a rule that had been in effect since the Securities Exchange Act of 1934.
In January, Fannie Mae and Freddie Mac introduced an important change to the mortgage industry called Loan Level Price Adjustments (LLPA) or risk-based pricing. An LLPA is a fee ranging from 0.25% to well over 5.00% for a specific loan scenario. In certain instances where a borrower's FICO scores fall below 740 and the amount of equity or down payment in the transaction is less than 40%, Fannie and Freddie tack on additional fees.
To protect yourself, always work with a mortgage professional who can explain how the mood in the markets and your specific financial situation can impact your decision to lock or float your interest rate at any given time.
Wake County, Raleigh North Carolina Lovely Wake County homes for sale. Zero down payment. Free Report; http://WakeCountyZeroDownPaymentHomes.com
The Truth About the Mortgage Mess
RALEIGH, NC – Subprime mortgages have now been credited for bankrupting well over 293lenders and seriously damaging operations at many major mortgage firms. They've reportedly wiped out at least two major banks including the Washington Mutual, the largest Savings &
BUY HUD FORECLOSED HOMES
$100 DOWN-PAYMENT
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888-440-3948 EXT 126
$75,000 to $220,000
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Loan in the US, IndyMac Bank, the largest Bank failure in two decades, 5 hedge funds, tens of thousands of jobs, and have led to millions of foreclosures with millions more on the way. And, as if that weren't enough, subprime mortgages are also blamed for massive volatility in the stock, bond, credit, futures, and real estate markets here in theUS and around the globe. Some say losses in the mortgage securities market alone could reach hundreds of billions of dollars this year.
This means that, for any Americans looking to buy, sell, or refinance a home, they are confronting a very different market from the one that existed just 6-12 months ago.
How did this happen?
The recent real estate boom was fueled by a period of record home appreciation and historically low interest rates. Banks, in order to compete, loosened guidelines and began offering more funding to more borrowers through riskier, non-conforming or "exotic" mortgages.
These ideal lending conditions persisted for several years, supported by high demand, historical real estate data, home prices, and massive trading volume/profits on mortgage-backed securities and other financial instruments on Wall Street.
Then, in 2006, a slowdown in real estate led to a deterioration of home values, an increase in inventories, and ultimately to today's tightening of credit guidelines, leaving many investors unable to sell or refinance out of their existing positions. Many Americans who had tapped into their equity were suddenly tapped-out and overextended as home values fell. Foreclosures followed in record numbers and a re-valuation of mortgage bonds and other financial instruments created the credit/liquidity domino effect we're now experiencing.
Unfortunately, it's going to get a lot worse before it gets better. According to the latest estimates, over 2 million subprime and Alt-A adjustable rate mortgage (ARM) holders will face payment increases of up to 30%-100% when their loans reset in the next 2 to 18 months. These loans make up less than 40% of the total mortgage market, but the negative effects, as we have seen, of increased foreclosure activity can have a ripple effect throughout the industry and around the globe.
What does this mean to you and your mortgage?
Sellers: If you're planning on selling your home, be prepared for an even smaller pool of qualified buyers. While some experts predict a settling of this credit crisis over the coming year, tightened credit guidelines and diminishing mortgage products could knock out as many as 15%-30% of potential qualified buyers. Now is not the time to sit and wait for the best possible price. Have a serious talk with your real estate agent. Having experienced buying/selling transactions in your area, he or she can help you price your home accordingly. He or she can also help ensure that your buyers are pre-approved and stay pre-approved throughout the entire transaction.
Buyers: Get pre-approved by your mortgage professional. While there are a lot of great deals out there, getting credit is becoming tougher and tougher, and it's taking longer and longer to complete a transaction. Remember, what you qualify for today could change tomorrow in a volatile market. For those looking to refinance, keep this in mind. There is no time to delay! Communicate with your lender. Don't do anything that could negatively affect your credit, and make sure you get all your documentation in on time.
ARMs Borrowers: If your ARM is scheduled to reset in the next 2-18 months, you need to schedule an appointment with a mortgage professional right away. Whether your ARM is subprime, Alt-A, or even if you have a pre-payment penalty, don't let a default or foreclosure situation sneak up on you. Did you know that your monthly payments can increase anywhere from 30% to 100% once your loan resets? At the very least, give yourself the peace of mind of knowing what your adjusted payment will be.
Borrowers with less-than-perfect credit: Each week it seems lenders are shedding more and more mortgage products. Many lenders have stopped offering No-Doc loans and are reducing all forms of Stated-Income loans. While it might be challenging, borrowers with credit issues need to see a loan expert. Often they have credit repair resources and other strategies to help you reach your financial goals.
Finally, there's an important concept to embrace: all markets, while cyclical in nature, are self-correcting, be it credit, real estate, stocks, or bonds. For the last 6 or 7 years, real estate was booming and riding high. The correction we're experiencing now – while it seems harsh and could get much worse – is, in a sense, "natural" and directly related to the extremely loose guidelines and perhaps overzealous lending and leveraging during the boom cycle.
Ricardo Cobos is affiliated with National City Mortgage, a division of National City Bank. For a free consultation or more information about the mortgage market, contact Ricardo Cobos at (919) 559-3384.
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SUBMITTED BY:
RICARDO COBOS
PHONE (919) 559-3384
FAX (866) 605-0079
BUYHUD FORECLOSED HOMES
$100 DOWN-PAYMENT
FREE RECORDED MESSAGE
888-440-3948 EXT 126
$75,000 to $220,000
Click Below
Sent: Friday, October 31, 2008 10:54 AM Hello Ricardo, I wanted to take this opportunity and thank you and your staff for the excellent job you did in transitioning and closing the sale of Sean Anderson. You and Denise were always so professional and efficient, which made all the difference in executing this loan to closing. We would like to thank you for all your hard work and dilligence. We look forward to working with your team in the near future on more sales. Take care.
To: Cobos, Ricardo
Subject: Thank You
Respectfully,
Sherinne Anderson, REALTOR
The Anderson Realty Group
Paradigm Real Estate
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"Ricardo has been able to consistanly deliver what he has promised. While providing great communication and serviced to my clients. Ricardo will get the job done no matter how long it takes. I highly recommend Ricardo as a Mortgage Lender."
Pamela Rudzki Realtor, Zip Realty Inc.
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"Ricardo was the most amazing mortgage consultant I have worked with! From beginning to end, he was the consummate professional, always trying to find a way to get my husband and myself into our home. He followed through with every promise that he made and did it in such a way that let us know that it was more than his job; it was his pleasure. He exuded integrity, reliability and respect. Our trust in him was, without a doubt, well placed and well earned. My husband and I would love the opprotunity to work with Ricardo again in the future- and that says a lot!"
June 2, 2008 Top qualities: Great Results, Personable, High Integrity Margie Boyd hired Ricardo in 2007.
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"Ricardo and I have worked together to refer business to one another. He is active in many organizations including the Cardinal Club Young Executives, a board we serve on together. Ricardo's experience in the business and professionalism really stand out in his industry."
February 3, 2008
David Forrest, Vice President / Commercial Banker, Fidelity Bank
"I would like to take the time to let Ricardo and others know of what a great service Ricardo is to the community. Ricardo's years of experience and knowledge in the Mortgage Industry allows him to help every client of his, get the best service out there.
You can depend on Ricardo to be there for you. When Ricardo is not able to answer the phone, do not worry, he will call you back, normally in less than an hour. Ricardo is always on duty. Meaning you can get him not just on weekdays but weekends when you need him the most to get a client pre-qual and get that offer put in on a home your clients have just found and would like to own. Ricardo stands by his work. He is committed to helping everyone who calls him." 01/29/2008
Susan Trombley, Realtor, Re/Max Hometown
"Ricardo is a pleasure to work with. He has trememndous knowledge of his business and does not hesitate to share to experiences with you to help you further your business. Great communication and response time!" 01/28/2008
Elisha Gutloff
Realtor, Kellwer Williams, Durham, NC
"It has been a long time in the business world since I met anyone that made me really remember them and feel like I had just met a real person with a real heart and soul. And, that I smiled when I thought of them! You know why? People in our career world generally don't really care and sometimes don't even act as if they care about us as a real person with families and loved ones and heartaches and triumphs. Most of the time people ask to be polite, but never hear a word you say because they really don't care or they have too much other stuff on their minds at the same time to listen.".....01/22/2008
Judy Cairns, District Broker
Raleigh/Durham, NC
Zip Realty, Inc.
"i worked with Ricardo when i bought my first home he was prompt accurate and honest throughout the process" July 20, 2007
Brian Bowen, Traverse City, MI
Top qualities: Great Results, Expert, High Integrity "I have known Ricardo for over a year now and have been highly impressed with his work ethics and integrity. Ricardo does not make false promises and is upfront and honest with all potential and existing clients. He has excellent knowlege in the Mortgage world is always striving to better himself for his clients well being." July 23, 2007 Renee Johnston(client) "Ricardo Cobos helped my husband and myself to get a loan for our home. He was professional and extremely helpful. He refused to giveup when things got difficult." July 18, 2007 Loretta Bain Sherman(client) "Ricardo is very knowledgable in his field. He makes getting a mortgage a very positive not overwhelming experience. He really treats each of his customers as if they were his only one. He has a great track record with many satisfied home owners." August 10, 2007 Hollie Rohloff(client) "Ricardo found the best mortgage to suit our complex needs. He will do his best to find what is right for your situation." August 11, 2007 Jonna Stebleton(client)
Real Estate One, Traverse City, MI
Traverse City, MI
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Hello Ricardo!
Thanks for the lead and the excellent job in this deal with Brian! I must say that I am very impressed.
Also, I realize that this was a team effort from Honor State Bank. Jenny in processing did an outstanding job. What I liked was the productive efficient work that was done on time. Please pass on my thanks and appreciation to Jenny and to your other teammates at Honor State Bank.
Let's do some more good business soon.
Don Valentino, Realtor
ColdwellBanker Schmidt Realtors
402 E. Front St., Traverse City, Mi. 49686
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In the future I would not hesitate to call you based on Sue Kelly's recommendation and your timely response.
Thanks again, jan
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I received a phone message this afternoon from Kay Wagner exploiting the positive experience she had with you. She said she just had to call me to let me know how helpful you were when they met with you regarding a mortgage.
Great job, thanks for providing WOW service! You can bet you will get a referral from her!
Ron
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Hi Ricardo,
I just wanted to take a minute to thank you. I don't know if this is how you treat all your clients, but you have been really good to meand beacuse of your help I was actually able to buy a house for me and my boys. The 3 of us really need some sort of stability right now and I strongly feel buying a huse is a good start.
Thank you so much for everything.
Katie
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thanks , Of all the lenders we deal with , your the sharpest , I appreciate your efforts! thanks Thank You, Steve Davis Eastwood Custom Homes
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