There are more and more buyers on the fence about purchasing a home. Is this a good time? Should I wait? Will rates get better? Will I qualify for financing?
This is an article that will give some hope to buying now. There are a lot of great financing options for first time home buyers or for some one that is looking to finance their sixth property.
If you are a buyer interested in purchasing a home the first step is to contact a lender so you understand your buying power. Here at Paramount our Financial Specialists spend time getting to know their clients and really understand their affordability and what they are trying to accomplish. We even have Realtors in our market that are willing to provide guidance on the best way for a buyer to find the home of their dreams.
Contact Tracie Schmidt today at 619-325-2005 or email tschmidt@paramountequity.com and see how easy it is to understand the home buying process and some steps that you need to take to prepare.
http://online.wsj.com/article/SB10001424052970204774604576629443313035736.html?mod=wdj_share_in_bot
Many times clients ask when they are able to cancel mortgage insurance if they are doing a FHA refinance or purchase. For more information contact Tracie Schmidt at 619-325-2005
Cancellation of FHA Monthly Mortgage Insurance
For loans closed on or after January 1, 2001, FHA's annual MIP is automatically cancelled under the conditions outlined in the table below.
Note: This MIP cancellation provision only applies to loans with a UFMIP.
|
For mortgages with ... |
The annual MIP is ... |
|
Terms more than 15 years |
cancelled when the LTV ratio reaches 78%, provided the borrower has paid the annual MIP for at least five years.
References:
|
|
Terms 15 years and less, and
|
cancelled when the LTV ratio reaches 78%, regardless of the length of time the borrower has paid the annual MIP |
The change coming that will effect note dates after 9/30/2011 is to the temporary loan limits that were in place. What does that mean to you on a Conventional Loan?
High balance isn’t going away, just the temporary loan limits are. Anything between $417,000 and $546,250 (for San Diego county) will be considered high balance (DU) and super conforming (LP).
Anything over the $546,250 (was $697,500 for San Diego County) would be considered jumbo or non-conforming.
Paramount Equity Mortgage will allow the last day for our Financial Specialists to take an application on the old temporary loan limit to be 9/10.
The Last Day to submit that application into processing is 9/17 BUT…regardless of the dates above THE LOAN HAS TO HAVE A NOTE DATE OF 9/30 OR BEFORE
Call Tracie Schmidt 619-325-2005 today for loan limit changes in other counties and how this could impact you!
Special Studies, June 1, 2011
By Robert Dietz, Ph.D., and Natalia Siniavskaia, Ph.D.
Economics and Housing Policy Group
National Association of Home Builders
Report available to the public as a courtesy of HousingEconomics.com
On October 1, 2011, some mortgage loan limits for the government-sponsored enterprises Fannie Mae and Freddie Mac (GSEs) and the Federal Housing Administration (FHA) will drop from their current temporary levels to reduced limits based on permanent criteria established by Congress in 2008.[1]
This paper presents estimates of the number of homes in the affected counties that become ineligible for GSE and FHA mortgages given reasonable estimates of their market value and assumed levels of buyer downpayments. Affected homes, if they were to be placed onto the for-sale market, would likely require financing with higher mortgage interest rates and other less favorable loan terms, such as higher required downpayments and more stringent credit history thresholds.
Become a valued client of Tracie Schmidt and her team at Paramount. I have over 10 years of mortgage industry experience as both a saleswoman and as a branch manager for 3 Forture 500 companies.
They have included Wells Fargo, Countrywide Home Loans and a VP position at Bank of America Home Loans.
I am now a District Sales Manager in San Diego, CA for Paramount Equity Mortgage.
I have helped hundreds of clients unlock the door to their new home. My passion for educating the client throughout the transaction and making sure they understand the process from start to finish is what stands me apart from others
You can find great local San Diego, CA Real Estate information on Localism.com Tracie Schmidt is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.
EMAIL ME AT tschmidt@paramountequity.com
Office 619-325-2005 Cell 858-336-5200
Friend me on 
Tracie Schmidt - NMLS 269424
District Sales Manager
Paramount Equity Mortgage
8880 Rio San Diego Drive Suite #1100 | San Diego | CA | 92108
Phone 858-458-1556 x 116 | Fax 858-222-6494
tschmidt@paramountequity.com | http://www.paramountequity.com/mortgage/
SDAR Affiliate Member number is: 653124
As a District Sales Manager in the San Diego branch of Paramount Equity Mortgage it is important to keep current with industry and guideline changes. Email me at tschmidt@paramountequity.com
The Four Steps To Properly Setting Goals First, set a positive goal for yourself. "I will save to buy a home" is a positive goal, while "I will not spend money" is a negative goal. By focusing on the positive, you'll quit spending money because you'll be so focused on your goal that you won't notice you've stopped spending money.
From Ric Edelman's Inside Personal Finance
Second, set a date for achieving your goal. A goal is not a goal until you set a date for it. So set a date for achieving your goal, and make sure your date is attainable. If it's not, you'll become discouraged and quit. But don't set a date so far away that achieving it is pointless. "I want to be debt free by the time I die" is a silly deadline, because you won't be able to enjoy the benefits of achieving that goal.
Third, write it down. Until you see your goal in front of you, it's not real. Tape your goal onto your bathroom mirror, your refrigerator door, your car's steering wheel, and your PC's monitor. Keep reminding yourself of your goal. One client of mine kept a picture of his dream house above his television. Another, who wanted to buy a Jaguar, bought a Matchbox version for five bucks and kept it in his pocket. His co-workers regularly saw him playing with it at his desk. (Today, he drives the real thing.)
And fourth, stay focused. Keep your goal in front of you. If your goal is to buy a home, tour model homes. Read House and Garden, Architectural Digest, and similar magazines. Design your own floor plan. By immersing yourself in your goal, you'll find it easy to stop spending money, because you won't regard it as "not spending." You'll regard it instead as "preparing to spend my money on something really special."
Focus on the benefits you'll derive by reaching your goal, not on the sacrifices you're enduring. If you can't perceive the benefits, you won't achieve your goal, and even if by some chance you do reach your goal, you won't sustain your victory.
Set your goal, give yourself a deadline, write it down, and stay focused. You'll be amazed how far this will take you.
My team of mortgage professionals are trained on all products available to their clients. Paramount specializes in all types of home loans for both purchases and refinances including
Qualifying for a mortgage hasn't changed as much as people may think. Below are some things you will want to have available when inquiring for a refinance or purchase transaction.
There are a lot of programs out there for either a first time homebuyer or some one buying their 4th investment property.
Let us take the guess work out of your financial future.
After talking to a mortgage specialist on Tracie Schmidt's Team you will feel confident in the options you have.
To find <a rel="nofollow" href="http://california.elookyloo.com">California MLS Listings</a> use eLookyLoo.com to search for your next home.
Mon 3/22/2010 6:15 PM
Tracie,
"You move at the speed of light. You are amazing! I have to laugh at how different it is to work with you, AMAZING!"
Thankfully.
Chris
Fri 4/16/2010 8:39 PM
"Thanks Tracie- We came to you in need with "Mission Impossible," after 2 prior lenders turned us away. I'm glad for the day we were referred your direction. Not only do you have a great understanding of the business, but you always kept us on the loop, you always answered dozens of questions, show a welcoming patience, always worked your magic, and let us rest easy knowing you were in control. I knew from the start we were in great hands. Thanks for helping us to make our dream of home ownership come true. Open to close you run a more than ethical operation. The mortgage industry needs more like you."
Ryan Mathes and Kelli Hurtzig.
Tue 4/20/2010 4:14 PM
Tracie,
"Thanks for everything! You were great and were able to get a tough loan done that, truly, no one else could do. Thanks! I'd work with you anytme and highly recomend you."
Thanks,
Chris Miller
Miller Real Estate
Tue 11/23/2010 5:11 PM
"Tracie, Thank you for taking this account over and personally see the documents was delivered Friday and Monday. Again Thank you all, Wish you and your families a Wonderful Thanksgiving."
Daniel Gutierrez
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2013 ActiveRain Corp. All Rights Reserved
