Attention!! Getting a mortgage is no harder than its used to be. The simple fact is that IF you pay your bills on time, have a small down payment and a J-O-B, it is pretty easy to get a loan.
Kimberly
Tag Archives: mortgage
What We’re Hearing – Do You agree?
REPOST from Paul Muolo Broker Universe…..VERY interesting point of view.
THE MAIN EVENT: When it comes to mortgage banking, it’s all about jobs folks. I know I might sound like a broken record on this topic but Friday was another one of those “this can’t be happening” days in the stock market. By the time the gate closed, the Dow had plunged 323 points, sending the yield on the 10-year near its 52-week low. There’s no point in rehashing the reasons for the carnage. You know what they are. But a few thoughts for you: We are in uncharted territory here. The good news for lenders (and I guess, servicers) is that mortgage rates are going nowhere any time soon. That’s a given, but how do you, as a mortgage banker, profit from this? Loan applicants should be beating down your doors, hoping to refi. Is anyone funding a 4% 30-year FRM yet? (If so, drop me a line atPaul.Muolo@SourceMedia.com.) But wait, before you can refi or buy a home, you need a job and if Uncle Sam is the only one doing any significant hiring, then we’re all in trouble. You can blame the poor job picture on technology, perhaps. Computers, cell phones, and all those gadgets we love make us more productive. Why hire another worker bee when one reporter (for example) can do the work of two? You get the picture. I wonder if the Republicans were in charge whether the jobs picture would be any better. We’ll never know, really. Come fall if angry voters pull the lever to “throw the bums out” most of the bums getting the boot (regardless of party affiliation) will be the Democrats. But what if the GOP captures the House and Senate? Will they prove to be the deficit hawks they now claim to be? The GOP certainly wasn’t worried about spending money when George W. Bush was in the White House. Anyway, it’s a mess. Then again, maybe the jobs picture is really better than the numbers show. Maybe, as one stock analyst said Friday morning, there really are a lot of “semi-retired” people out there, collecting unemployment because, well, they can, and these people are really just sucking the blood out of unemployment insurance funds and skewing the numbers upward. It appears the U.S. auto industry is actually on the mend, and hiring. But as we all know, homebuilding (traditionally) is a huge creator of jobs and right now that sector is flat on its back…
10% BRAIN POWER and 90% ASS POWER
REPOST- ARTICLE BY LARRY BETTAG-credits and contact info below. A must share for anyone in any industry! This one is well worth your time.
When I was in high school, I was the perfect C student.
I’d come home my first quarter and I got 3 C’s and 3 D’s. Second Quarter was 6 Cs. 3rd Quarter was 3 C’s and 3 D’s. Final grade…..6 Cs. I had a hard time adjusting to high school. Frankly, I hated the studying. My grades were my evidence that I hated studying. Everytime my report card came in that year, and throughout my years of high school, I could hear my dad walking down the hallway for the “talk.” By the 3rd time he came down, I had it memorized. The magic phrase was life is 10% brain power and 90% Ass Power. It’s never been more true in my life.
My 3 brother’s are MDs and my sister graduated number one out of Notre Dame’s MBA class. I was the dumb one, but my mom and dad had two things they stress to me over the years. Mom said that her role was to get me to heaven. My dad said that his role was to make sure that I’m successful in life. For him, it came down to 10% brain power and 90% Ass Power.
Long story short…
I went on and got a Master’s Degree in Clinical Psychology and subsequently graduated law school from Northern Illinois University. Dad was right and now I’m saying the same B.S. to my kids.
When it comes to real estate, I will tell you invariably 100% of the time, I see the same thing. Never a variation.
10% Brain Power and 90% Ass Power.
I see people who are more intelligent than me (I know that’s hard to believe). But then I think that they really aren’t more intelligent than me because they won’t put forth the effort to be successful.
CRITICAL QUESTION???? HOW DO YOU DEFINE INTELLIGENCE?
If it’s I.Q. I’m right there, but not hanging in the Mensa Society or anything like that. If it’s being smart enough to be successful, I think I’m post graduate in my level of thinking.
I had a great friend who made $1,000,000 of income
originating loans a few years back. 30 FHA purchase transactions a month. At the end of the year, he said never again. He was burnt out. That was 5 years ago and he’s barely making it. He’s barely at 3 deals a month. I don’t think that it’s a sprint, but if you’re in this business you need to be in it for the long haul. It’s a marathon, not a sprint. It’s the ass power, the work ethic, the “get it doneness” that separates winners from losers.
I’m amazed at the talent that I see in my business, but those with the most talent often won’t work. It’s such a welfare mentality. “I’ll go to work today, check my e-mails and hope that the phone rings” doesn’t work in today’s market. Players vs. Pretenders. If you are going to work, you need to work hard.
If I were to make a bottom line statement here it’s that failure to work with a purpose, means that your livelihood in this business is in jeapardy.
My reason for writing this post is for inspiration. You don’t have to be the smartest. But anyone who is willing to work on purpose and who will out work the competition will be successful. Remember,
10% Brain Power and 90% Ass Power
Larry Bettag – Regional Vice President, Midwest Region
Illinois FHA Specialist
630-417-7172-Cherry Creek Mortgage Company
Are You Facing a Setback?
Are You Facing a Setback?
Setbacks are a part of life. The next time you’re facing a setback, here are a few stories about people who used a setback as a set-up for a comeback.
Lucille Ball: She began studying to become an actress in 1927 and was told by the head instructor of the John Murry Anderson Drama School, “Try any other profession. ANY other profession.”
Clint Eastwood and Burt Reynolds: In 1959, a Unviersal Pictures executive dismissed them at the same meeting with the following statements. To Burt Reynolds: “You have no talent.” To Clint Eastwood: “You have a chip on your tooth, your Adam’s apple sticks out too far, and you talk too slow.”
Alexander Graham Bell: When he invented the telephone in 1876, it didn’t ring off the hook with potential backers. After making a demonstration call, President Rutherford Hayes said, “That’s an amazing invention, but who would ever want to use one of them?”
Chester Carlson: In the 1940s, this young inventor took his idea to 20 corporations, including some of the biggest in the country. They all turned him down. In 1947, after seven long years of rejections, he finally got a tiny company in Rochester, NY the Haloid Compnay to purchase the righte to his electrostatic paper-copying process. Haloid became Xerox Corporation, and both it and Carlson became very rich.
Abraham Lincoln: He entered the Blackhawk War (1831-1832) as a captian. By the end of the war, he had been demoted to the rank of private.
J.K. Rowling: Author of the Harry Potter series, Joanne was an aspiring writer and a single mother living on welfare with her young daughter in an unheated, mice-infested flat. Her first book was rejected by 12 publishers before the world met Harry Potter in 1997.
And there was this young man who submitted a paper to his Yale University management professor, and got this response: “The concept is interesting and well-formed, but in order to earn better than a ‘C’, the idea must be feasible.” This young man was Fred Smith; his paper proposed reliable overnight delivery service and Fred went on to found FedEx Corp.
Failure is not falling down, but staying down!!
Kimberly Webster
Your Real Estate Mortgage Consultant For Life
P.S. Have you experienced a recent setback or facing one now? Please email me at kimberlywebster.mortgagebroker@gmail.com or call me at 404-705-9494.
Whoa is Me-A Day in the Life
Just a glimpse into the life and times of a Mortgage Proessional:
“I have been originating residential loans for 26 years, and originating a loan has never been so time consuming and labor intensive. I work three times as hard for one-third the income, literally. The mortgage companies and banks now expect the originator to originate the loan (I like this part the best and spend the least amount of my day doing it) set up the loan (open escrow, order credit and appraisal, input loan (completely- error free) into the loan origination software, process the loan (complete the disclosures, collect signatures on disclosures, collect income and asset documentation from the borrower, underwrite the file manually and electronically (DU or LP), and close the loan (follow up on additional conditions created by an “underwriter”). Of course the “underwriter” takes out his/her checklist and finds fault with something we have or haven’t done (real or imagined) to justify their existence by conditioning for additional pieces of paper that do nothing for anyone (they blame it on the investor). There is really no such thing as an underwriter anymore. If DU or LP say no, it’s a no. I find it almost laughable that the set up department doesn’t set up (they police the disclosures) and processing department doesn’t process (they submit the completed package to the underwriter) and the underwriters don’t underwrite. There is no fun left in the business for originators. It’s sad but true. The parts of the business I truly love and excel at – figuring out how to market/originate loans and helping people realize the “American Dream”- are the parts I spend the least amount of my day doing.” Anonymous/Unknown
2010
New buisness venture I am REALLY excited about with my partners/homies Jay and Ced. BIG things 2010, be ready…I sure am. Happy start to the New Year, make it happen yaw’ll. Get up, Get out and Get something!
Kim
CREDIT REPORTS
For trustworthy and accurate credit reporting information, always use annualcreditreport.com. It is a free to obtain a copy of your credit history from this website.
The 3 indvidual credit reporting agencies are:
EQUIFAX
800-685-1111
888-766-0008-FRAUD ALERT
TRANS UNION
800-916-8800-Dispute
877-322-8228-Customer Service
610-546-4606-mortgage pending fax #
800-680-7289-FRAUD ALERT
EXPERIAN
888-397-3742
FRAUD ALERTS ONLINE
Some locations that provide secured credit cards to help boost your overall fico scores are:
*Orchard Bank
1-503-293-4037
*First Premier Bank
1-800-501-6125
*Applied Card Bank
1-800-225-5030
Take control of your credit. Its more important than you may realize to be able to qualify for things you need and/or want in life. You MUST show the ability to manage debt!
FANNIE MAE HOMEPATH PROGRAM
FANNIE MAE HOMEPATH PROGRAM
The Fannie Mae HomePath® Renovation program is specifically for borrowers who are purchasing Fannie Mae real estate owned properties requiring no to moderate renovations. Renovation costs cannot exceed 30k or 20% of the estimated completed value of the home. Eligible properties can be located at http://www.homepath.com. Mortgage insurance is not required.
Qualification is similar to that of any other type of mortgage loan. Limited banks offer this program. Key points are:
*Lender Paid Private Mortgage Insurance – non traditional PMI
*5% down Payment for less than 660 mid fico score, 3% with greater than 660 mid fico score
*No appraisal required
*Up to 6% Seller paid closing costs (Seller being Fannie Mae)
Can be a HomePath® Mortgage or HomePath® Renovation Program both for purchase of a Fannie Mae owned REO.
HomePath® Mortgage Financing
This special financing is available on Fannie Mae homes with the HomePath® Mortgage, HomePath® Renovation Mortgage logo.
The HomePath® Mortgage
The benefits include:
* Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
* You may qualify even if your credit is less than perfect
* Available to both owner occupiers and investors
* Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a
nonprofit organization, state or local government, or employer
* No mortgage insurance (Ask your lender for cost details on loans without mortgage insurance)
* No appraisal fees
* Also eligible for HomePath® Renovation Mortgage (see details below)
*HomePath® Mortgage financing is available from a variety of lenders – both local and national.
HomePath® Renovation Mortgage Financing
This special financing is available on Fannie Mae homes with the HomePath® Renovation Mortgage logo:
Available only on homes you make your primary residence and offers these benefits:
* Financing to fund both your purchase and light renovation
* Low down payment and flexible mortgage terms (fixed-rate or adjustable-rate)
* Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit, state or local government, or employer
* No mortgage insurance* (lender paid MI)
* HomePath® Renovation Mortgage financing is available from several lenders.
You can check out more information at http://www.fanniemae.com/homepath/financing/index.jhtml
USDA Rural Development
The website for the USDA Rural Development Guaranteed Housing Program is:
http://www.usda.gov/wps/portal/usdahome
For income eligibility requirements:
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
For geographical area eligibility:
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property@11
RURAL DEVELOPMENT FINANCING
502 Guaranteed Rural Housing Loan – USDA
*No Down Payment
*No Mortgage Insurance
*No Cash Reserves Required
*No Loan Limits
*No First Time Homebuyer Requirement
*New and Existing Homes
*Fixed Rate Financing
*No Seller Contribution Limit
*Loan Amount Can Include Closing Costs & Repairs
*Available In Many Areas
*No Acerage Limitations
Rural Development (RD) financing is perhaps the most misunderstood home financing offered in the United States today. It however provides probably the best terms for home financing available. Best of all, this loan features the NO MONEY DOWN option. A “Common Sense” underwriting process.
Up to 102% LTV of the APPRAISED VALUE…AND any difference between contract sales price and appraised value may be used by the borrower to pay closing costs, pre-paids or repairs. The 2% Guarantee Fee charged by USDA can be added above the appraised value (financed).
First Time Home Buyer Credit Extended
First-Time Homebuyer Credit Extended to April 30, 2010; Some Current Homeowners Now Also Qualify
IR-2009-108, Nov. 24, 2009
WASHINGTON — A new law that went into effect Nov. 6 extends the first-time homebuyer credit five months and expands the eligibility requirements for purchasers.
The Worker, Homeownership, and Business Assistance Act of 2009 extends the deadline for qualifying home purchases from Nov. 30, 2009, to April 30, 2010. Additionally, if a buyer enters into a binding contract by April 30, 2010, the buyer has until June 30, 2010, to settle on the purchase.
The maximum credit amount remains at Continue reading First Time Home Buyer Credit Extended