About Outagamie County, WI

Getting a Mortgage Today Doesn't Have to be Difficult

The credit crunch, the credit squeeze, the credit crisis... You've seen the headlines. You've heard about the government's $700 billion rescue plan to deal with it. But what does it mean to those looking to secure financing and take advantage of lower home prices? Can someone still get a mortgage in today's volatile market?

The answer is yes, absolutely! While the credit markets have certainly tightened compared to two years ago, nearly $2 trillion of residential mortgages will have been funded in the US by the end of this year, according to the Mortgage Bankers Association. This means there is plenty of money available to potential borrowers who know how to properly position themselves for success.

Get Back to the Basics

It's true. Just a couple of years ago, the mortgage process was incredibly simple, and it seemed mortgage funding was available to everyone. All you had to do was pick up the phone, put in an application, and wait until closing. That was it. And unless your credit rating was horrible, you didn't even need any documentation to get your loan approved.

While a lot has changed in the last two years, getting a mortgage today can still be a simple process, if you plan ahead. This means understanding documentation requirements, your credit history, minimum down payment requirements, and how to structure your mortgage with smaller down payments. It also means working with an experienced mortgage professional who knows what lenders are looking for.

In others words, the mortgage market of today looks a lot like it did ten years ago, long before the proliferation of the exotic and unconventional mortgage products that flooded the market from 2000 to 2006 - risky products that are now being blamed for some of the financial woes we're facing today. Fortunately, these products are no longer available. Unfortunately, this means you'll need to do a bit more work to get a mortgage than you might have had to a few years ago.

This means being prepared to supply income and asset documentation to support what is on your application. This could include your most recent pay stubs and bank statements, W-2s for the previous two years, and tax returns if you are self-employed or have non-salaried income.

If you want the best interest rates and the lowest costs, you'll need an excellent credit score as well - 720 or higher. You can, however, even with FICO scores in the low 600s, get a lower interest rate on a home loan guaranteed by the Federal Housing Administration (FHA) - but you'll need a minimum investment of 3.5% (as of January 2009) This is is a great option for you if you don't have the 10% or even 20% you might otherwise need to qualify for a low-interest fixed-rate mortgage.

Two years ago, yes, you probably wouldn't have needed a down payment at all, as 100% financing was commonplace. But this is no longer the case. To qualify for 100% financing today, you'll have to qualify for either VA or USDA loans from the government. The Veteran's Administration (VA) and the US Department of Agriculture (USDA) have special programs that allow 100% financing for those who qualify. What is particularly attractive about both of these loans is that monthly mortgage insurance is not required and interest rates are very competitive.

Other than being a Veteran, there are few restrictions involved in securing a VA loan. To qualify for a USDA loan, however, there are some income limitations and the property you're purchasing needs to be located in a designated "non-metro" area. Feel free to contact my office 920-560-5606 x 103 - shoot an email gwennt@patriotms.com or visit my website www.wisconsinloantips.com to see areas that are qualified. You'd be surprised how many areas actually do qualify for this valuable government program, so it's definitely worth investigating.

If you're not a Veteran and you can't qualify for a USDA loan, FHA is the way to go. The down payment requirement is minimal. One other benefit is that FHA financing is available, through some lenders, with FICO scores in the 500s, so you don't need perfect credit. There are, of course, loan limit restrictions, but for many parts of the country, these limits have increased recently, making FHA loans comparable to conforming loan limits in many cases. For first-time home buyers (that's anyone who hasn't owned a home in the last 3 years), the government has also created a special tax credit of up to $7,500 for those who qualify, in addition to a special program that will reimburse you on a monthly basis for the down payment investment which will enable you to rebuild a savings account or repay a relative or loan used to obtain the down-payment. And while you can't use the money as a down payment, this temporary credit can help lower your overall costs. Be sure to contact my office 920-560-5606 x 103 - shoot an email gwennt@patriotms.com or visit my website www.wisconsinloantips.com and inquire about this special tax credit and/or down payment reimbursement program.

In the end, no matter which mortgage you choose, the best path for anyone buying a home today is to get yourself pre-approved - not pre-qualified. With a pre-approval in hand, you won't have to worry about the credit crisis. You will know exactly what you qualify for, and by getting pre-approved, your real estate agent will typically have the ability to negotiate either better terms or a lower price for you. And that puts you in the driver seat to take advantage of some great real estate opportunities in a buyers' market.

Oh and if you are worried about credit issues, we are experts at credit restoration. Opportunities have never been better. Great Home Deals, Great Interest Rates. What are you waiting for? We are here to help in any way we can. Remember Knowledge Is Power - GET SMART TODAY - You will be glad you did.

What an Obama Administration Means to Your Mortgage

The debates are done, the election is over, and on January 20, 2009, Barack Obama will be inaugurated as President of the United States. No matter where you fall in the political spectrum, no one knows for sure exactly what this will mean to the future of our country. With this in mind, let's put all politics aside, and take a closer look at Obama's plan for our future. And since a home is still the biggest, most important investment you'll ever make, we'll focus the limited space of this short article on Obama's basic housing measures.

More Economic Stimulus - Since trouble in the economy won't wait until January 20^th, plans for another economic stimulus package are already in the works, so we might even see this happen, in one form or another, before Obama takes office.

Obama has also discussed a housing stimulus as well, to stem the tide of foreclosures, including a temporary 90-day freeze on foreclosures, as well as measures to address the demand side of the housing issue. This package includes $25 billion in state fiscal relief, which Mortgage Law Central says will help avoid "painful property tax increases."

Obama also wants to "aggressively and comprehensively" implement the recently-passed rescue plan and the Hope for Homeowners Act. This means the Treasury, HUD, Fannie Mae and Freddie Mac, and all of the banks and loan servicers who benefit from the rescue bill will continue to coordinate broad mortgage restructurings and loan modifications for struggling homeowners. No one knows for sure exactly how this will be implemented or what it even looks like yet, but we'll keep you updated as the details are released.

Reformed Bankruptcy Laws - Obama has promised to repeal the 2005 bankruptcy bill. A controversial measure, this will allow judges to alter mortgage terms during a bankruptcy, providing more protection for struggling homeowners.

New Mortgage Interest Tax Credit - Obama is expected to create a 10% universal mortgage interest credit for those who don't currently itemize. This means about $500 in savings for 10 million American homeowners.

Protection Against Mortgage Fraud and Predatory Lending - During the campaign, Obama blamed the financial crisis on lax government regulations, so look for tougher regulations, new criminal penalties for mortgage fraud violators, more funding for enforcement programs, more detailed loan disclosure laws, new counseling programs and other consumer protections, including a new Home Obligation Made Explicit (HOME) score (kind of like an new APR calculation) to help borrowers better understand and compare mortgage costs during the mortgage process.

This will go a long way in protecting new home buyers from the opportunists that have given good mortgage professionals like us a bad name in the last few years. And since so much of our business depends on referrals from satisfied clients, the good news is a lot of these people are now out of business. We hope that any new measures introduced by the Obama administration will help keep a new breed of copycats from invading our industry as the real estate market begins to change for the better in 2009 and beyond.

From now until the end of the year, you can expect volatility to continue in the financial and credit markets. This means mortgage rates, too, so if you or anyone you know is looking to buy or refinance a home, give us a call. In the past several months, we have experienced small periodic windows of opportunity to lock in a great rate. On several occations, rates have dropped well into the mid to low 5's, only to jump back up in a matter of hours. We are recommending that our customers prepare for these windows of opportunity.

We monitor the performance of mortgage-backed securities on a daily basis, which allows our clients to capitalize on changes that will help lock in the best rate for their individual goals and needs. Also, if you'd like to discuss any of these or other changes that could affect your mortgage, don't hesitate to give us a call.

Did you know that identity theft often occurs when you are obtaining your Government Free Annual Credit Report? Therefore, you must protect yourself before you become another victim of America's fastest rising crime.

So How Is Identity Stolen With The "Free Credit Report" Scam?

1. "Phishing" is the name of one of the primary scams. It has become increasingly popular. It happens when you receive emails requesting your contact and social security number from individuals pretending they are a legitimate company. For instance, your bank will never request your social security number or private information so that they can verify your account or check your credit.

2. Another popular way is to go to a website advertising a "Free Credit Report." It asks you for your name and social security number which you happily provide. Well guess what..... If it is a fake website, you have just had your identity stolen.

In either case, you may actually even receive a copy of your credit report, because they forward your information to a real website which in turn sends you a free copy of your report. In reality, the identity thieves have started your nightmare and you don't even know it. This is a very good reason of why you should NEVER put your personal information into a form from an email. If it is a link from an email, don't share your info either.

Here are some obvious signs of Internet Identity Theft

• Statements and bills are coming late or not at all to your home
• Collection agencies or creditors will contact you about accounts you do not have or charges you have not made.
• There are transfers or withdrawals that have not been made by you on your financial account statements
• You have been denied credit or are being offered unfavorable credit terms (i.e. a high interest rate with no underlying explanation)
• You are getting letters or calls from businesses or debt collectors about products or services that you did not purchase.

Identity Theft: How bad is it?

In the past year, 7 million people became identity theft victims. The average loss to an American is thirty hours of their time and over $500 in financial losses.

In the last year, total personal losses have been over five billion (with a "b") dollars.

On average, one out of every seventy-nine shopping sprees is one involving stolen identity.

What you should do if you become the victim of Identity Theft:

1. First, alert the fraud department of the three agencies which monitor credit. Tell them you are a victim of identity theft and ask them to put an alert on your credit information. (Unfortunately, you may be required to pay for this service.)
2. In addition, get your credit report from these three large credit bureaus Experian, Equifax and TransUnion and closely scrutinize your credit reports looking for credit cards you did not order, inquiries you did not make and other suspicious activities.
3. Next report your case, including all the details to your local police department.
4. To report identity theft to the central department of the American government for fraud protection, call the toll-free hot-line at 1-877-IDTHEFT.
5. Close all accounts on the credit reports that you believe were opened fraudulently utilizing your name.
6. If your bank or checking accounts, or even your ATM card, have been compromised then shut those accounts down as soon as possible.
7. Your local postal inspector should be alerted, as they undoubtedly have used your personal address info, this address needs to be immediately terminated and you should create a new postal box.
8. Contact the Social Security Administration to make sure that your name and earnings are all correct.

When trying to get a credit report it is important that you know the possible scams and how to avoid them. You can receive a free credit report today by emailing me at gtanvas@patriotms.com - I will be happy get you pointed in the right direction and help you avoid an identity theft nightmare.

Gwenn Tanvas of Patriot Mortgage, is a nationally recognized expert specializing in helping release her clients from the "credit prison" that too many people find themselves in. When you or one of your friends find yourself needing real answers and real solutions to credit issues, you can confidentially contact her at 920-560-5606 or gtanvas@patriotms.com - You can find more tips and information at http://www.wisconsinloantips.com

When the House Is Not Selling

Remember . . . "Presentation is Everything!"

As a private seller, you have to make sure that your home is presentable to a potential buyer, and keep in mind that, in a competitive market with more inventory than we've seen in some time, Presentation is Everything!

By eliminating points the potential buyer may find fault with and by bringing out the positive amenities, you are more likely to sell your home and get the price you are asking for. Here are just a few tip to help support your efforts.

1. Let There Be Light. Buy some 100­watt bulbs to brighten the rooms, and open curtains or blinds to let light in. Unless a window faces a brick wall or some type of eyesore, open the drapes!

2. Garage, Not Garbage. Have a garage sale to clean out the clutter and make the garage more spacious. You will be moving and will need to start organizing anyway! So why wait until the last miinute? Clean up oil spots in the garage or carport with a good cleanser to remove that lived-in appearance. The home may not be brand new, but it is new to the potential buyer.

3.Make Scents. Get a nice potpourri air freshener, or keep some refrigerated cookie dough on hand to throw in the oven when a prospect is coming over. Make the house smell like a home.

4.Paint­relief. Consider re­painting any areas that need to be touched up, especially the front door and entryway, and any appliances that are showing their age.
5.Power Plants. Trim down any jungles outside, especially if they cover the house. Get rid of any half­dead houseplants. Water the lawns briefly before any visit, and keep lawns mowed and edged. We are getting into winter here in Wisconsin, so be sure to deadhead plants and prepare a nice winter scape in the yard. Also, bird feeders stratigically place in yard bring a warm welcome to visitors.

6.The Price is Right. Price may be a sensitive issue, but with increased inventories and declining home values in many neighborhoods, keep in mind that every shopper in a buyers market is determoned to get the best deal possible. This is a great time to compare your house with others on the market in the same area. The price is and presentation of your home are the two things that will sell your home faster than anything else.

7.The World is Your Stage. Professional staging can help to showcase the best side of a home, create more interest, and get you top dollar. With increased inventories, staging could provide the competitive edge you need. If you interested in a free local "Home Staging" workshop, please shoot us an email. We are in the process of setting several dates. email: gwennt@century.net and we will put you on our notification list for upcoming workshops.

These tips were taken from our Consumer Guide entitled: 33 Ways to Sell Your Home Fast!, a special guide we have available for FREE on our website - To obtain a copy of this Guide, please follow this link and request a copy today! Give Me The Free Guide

On Tuesday, November 11, we will observe Veterans Day. But did you know that the whole week has been designated National Veterans Awareness Week? What a wonderful opportunity to honor America's veterans for their patriotism, love of the country, and commitment to serve and sacrifice for the common good of the USA.

We at Patriot Mortgage have put toghther a special project in Honor of the Men and Woman serving our great country. Patriot Mortgage, together with Camera Corner and Evans Title of Green Bay are setting up video studios in each Patriot Mortgage Office (Appleton, Green Bay & Oshkosh), to allow family and friends to record a free video postcard to be sent to their loved on serving our country. For more information, please visit my website http://www.wisconsinloantips.com/vetday08.htm

Veterans Day dates back to November 11, 1918 when the Germans signed the Armistice, an order to cease fire, and World War I ended. Originally Veterans Day was known as "Armistice Day", but in 1953, the name was changed to Veterans Day, so that the many other military veterans could be honored and acknowledged as well.

One of the most recognized Veterans Day ceremonies is held at Arlington National Cemetery, which draws hundreds, if not thousands of visitors. Most visitors to the cemetery make a point to stop and visit the "Tomb of the Unknown Soldier." This shrine is in honor of the many thousands of veterans who gave their lives in defense of our nation.

The Tomb of the Unknown Soldier is one of the most visited sites by Americans, prominent dignitaries, and individuals visiting from foreign lands. The site is guarded 24 hours a day, 365 days a year by Tomb Guard Sentinels. All Sentinels are volunteers and are considered to be the best of the 3rd US Infantry - the "Old Guard". And becoming a Sentinel is not just about volunteering time. Each soldier has to meet very specific qualifications. The soldier must be in superb physical condition, possess an exemplary military record, and meet certain height, weight, and build requirements. The soldier must also commit to giving up drinking and swearing...for life!

Once the basic requirements have been met, the training is broken down into three stages; temporary duty, low-visibility walks, and high-visibility walks. To earn a "walk" the guards must memorize a seven-page document about the history of Arlington National Cemetery, and be able to recite the document verbatim. A "walk" occurs between guard changes.

And when a soldier becomes a Sentinel and earns a "walk" it certainly is not an average walk. Each step, hesitation, and placement of firearm is precisely calculated and has a specific symbolic reference. Each guard takes 21 steps across the Tomb, stops on the 21st step, turns and faces the tomb for 21 seconds, then steps off for another 21-step walk down the mat. Both the 21 steps and the 21-second hesitation symbolize the "twenty-one gun salute", the highest honor given any military or foreign dignitary. After each about face, the Sentinel changes the placement of the rifle to the shoulder closest to the visitors to signify that the Sentinel stands between the Tomb and any possible threat. The Sentinel then repeats this until the guard changes.

The changing of the guard occurs every hour on the hour from October 1 to March 31 and every half hour from April 1 to September 30. The tomb has been guarded every minute of every day since 1937, even during the storms and hurricanes. Each Sentinel commits two years of his life to guard the tomb, and is given a wreath pin signifying they served as a Sentinel. Presently, there are only 400 wreath pins worn.

In 5th grade my father had meetings in Washington DC and the entire family took a two week trip to the nations capitol. I can remember that trip like it was yesterday! It is quite interesting, as my older siblings do not have the vivid memories that I hold. I suppost it was my age. None the less, seeing the changing of the guard at age 10 was most impressive and even at the your age of 10, I felt the honor.

As we pause and pay tribute to America's veterans, we must honor them with our gratitude, knowing that they served and sacrificed to protect and preserve the values of this great nation...and continue to do so today.