tag:blogger.com,1999:blog-15964697636554373892024-03-21T14:36:53.739-07:00Boulder GranulderLife in Boulder, CO
-Expanding Horizons
-Financing Marvels
-Market TrendsAnonymoushttp://www.blogger.com/profile/16180513699035442978noreply@blogger.comBlogger67125tag:blogger.com,1999:blog-1596469763655437389.post-79822421645114632582017-07-10T09:40:00.000-07:002017-07-10T09:40:43.077-07:00Don't Fear the Changes!The new changes coming down the pike for mortgage loan qualifying have some people talking. Fannie Mae and the Credit Bureaus have set out some new guidelines that will be allowing more people to qualify for a mortgage.<br />
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The credit bureaus are holding municipalities to stricter standards when reporting tax liens and judgements. This means that those individuals who have their credit affected by tax liens or judgements may no longer have those derogatory items on their credit profile. For these people that will result in higher credit scores and more ability to borrow.<br />
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Fannie Mae is allowing higher debt ratios. What this means is that portion of a person's income that is dedicated to monthly expenses (liabilities) can be higher now compared to what it was in the past. An example of this is if you gross $10,000 a month in income, the old rule said you could spend no more than $4,300 on your monthly liabilities including housing payment. Now the rule has been amended to allow $5,000 on your monthly liabilities including housing payment. The spokesperson from Fannie Mae said this was due to the large number of Americans who are subject to student loans. Sure there are other characteristics of the loan file that must be present, but this is the general idea of the recent (July 29, 2017) change.<br />
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A couple of things to note regarding these changes and why not to "fear" them. Tax liens and judgements will continue to be present if the proper identifying factors are present. This just eliminates the ones that stick on a person's credit report long after being paid or belonging to someone with a similar name (both great reasons to make this long overdue change).<br />
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For Fannie, there are numerous things that are not taken into consideration for income in a borrower's file (e.g. income from a roommate, tip income/bonus income/commission income received less than two years, etc.). So Fannie is allowing borrower's to make up the income through creativity ( because less and less people are punching W-2 clocks these days...right UBER), which is a very good thing. Sure it would be nice to see them adapt a bit better to the chainging income profile of Americans, but this is a good start.<br />
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In conclusion, there is little to fear in these changes. The major factors to be concerned about in our economy are what the "big money" is up to and whether they are continuing to invest in derivatives with little to no underlying investment. We all know where that went in 2006 and hopefully they have learned their lesson because one thing we know that is for certain - change will ensue.<br />
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We are always available for your questions/comments at <a href="http://www.firstamericanmortgage.net/" target="_blank">www.FirstAmericanMortgage.net</a><br />
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Thank you very much!<br />
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<br />Anonymoushttp://www.blogger.com/profile/16180513699035442978noreply@blogger.com0tag:blogger.com,1999:blog-1596469763655437389.post-16930991262692180162017-04-25T08:23:00.000-07:002017-04-25T08:23:35.898-07:00Closing Time - Be "Johnny on the Spot!"Many title people, realtors and notaries are surprised to see me at closings. Apparently, a good majority of my competitors do not attend the closing of their loan files. I have always felt it is very important to be present at the closing to answer any questions that might arise and to be "present" for my customers.<br />
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Throughout my 15 years in the mortgage origination business, I have seen plenty of mishaps/errors on loan files. Conservatively, there are six people that work a loan file through the process from beginning to end. It is only reasonable to assume that occasionally the interpretation or familiarization process from one person to the next can allow typos or mistakes. The important thing is for me, the loan officer, to be the person who catches the mistake or makes things "right" - and to be at the closing table for my customer if there is any detail that seems out of order.<br />
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There are plenty of studies and surveys that will corroborate what I am saying above, but it shouldn't necessitate a survey to motivate a service provider to be "present" for their customers.<br />
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We are always available for your questions at <a href="http://www.firstamericanmortgage.net/" target="_blank">www.FirstAmericanMortgage.net</a> ...or at your next loan closing!!!<br />
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Thank you!<br />
<br />Anonymoushttp://www.blogger.com/profile/16180513699035442978noreply@blogger.com2tag:blogger.com,1999:blog-1596469763655437389.post-64654110563774643252017-04-17T12:32:00.001-07:002017-04-17T12:32:47.572-07:00Renovation LoansDid you know that you can use the bank's money to make repairs/upgrades to a home you are purchasing (or refinancing)? It is truly a great way to find a "bargain" in today's real estate marketplace. Look for things like "handyman special" or "fixer upper" in the description of properties for sale. This normally will mean that a property is being listed for sale below market price because it is in need of repairs. Got questions...we are always available to answer at <a href="http://www.firstamericanmortgage.net/" target="_blank">www.FirstAmericanMortgage.net</a>.<br />
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Thank you!Anonymoushttp://www.blogger.com/profile/16180513699035442978noreply@blogger.com3tag:blogger.com,1999:blog-1596469763655437389.post-57278678284296066562017-03-01T10:26:00.000-08:002017-03-01T10:26:07.250-08:00Spread the WORD!I read this morning the results of a survey conducted by the National Association of Realtors that 87% of <b><u>non-homeowners</u></b> believe they need 10% down or more to purchase a home. This is entirely inaccurate and I am very surprised that so many people do not know better. So for your "good deed of the day", spread the word that the minimum down payment for purchasing a home is normally around 3%. Sure, there are Jumbo loans and other circumstances that require a larger than 3% down payment. However, with the majority of loans 3% is sufficient, and in some cases a 1% down payment is available (and Veterans loans allow 0% down payment)!<br />
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The monthly payment is higher when you put less down, but the barrier to entry for most home buyers is the down payment - not monthly payment. Once you are in the game, you are normally in it to stay as your home equity will move with the market (up or down).<br />
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As always, I am excited to discuss these topics and can be found at <a href="http://www.firstamericanmortgage.net/" target="_blank">www.FirstAmericanMortgage.net</a><br />
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Thank you very much!<br />
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<br />Anonymoushttp://www.blogger.com/profile/16180513699035442978noreply@blogger.com4tag:blogger.com,1999:blog-1596469763655437389.post-85070935861422875522017-02-03T08:43:00.000-08:002017-02-03T08:43:00.490-08:00FHA Mortgagge Insurance Premium - Up, Down, UpMany of you have read about the FHA mortgage insurance premium reduction being suspended by Ben Carson, the newly appointed head of The Department of Housing and Urban Development (HUD). The plan was on 1/27/17, the FHA mortgage insurance premiums were going to be reduced for the majority of the products offered by FHA. The principle reason is the insurance coffers at FHA have been replenished since paying out millions in claims as a result of the mortgage crisis. However, there was also the end result of the premium reduction that netted a lower payment for borrowers - causing a bit of concern when the reduction was suspended. All this being said, we are back at square one with FHA products.<br />
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So let me tell you where square one is:<br />
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1. A mortgage product with few pricing differences for credit scores from 500 - 850. Credit score and history is not a large factor with FHA products.<br />
2. A mortgage product that, no matter how large your down payment, has mortgage insurance that NEVER goes away no matter your equity position over the life of the loan.<br />
3. A mortgage product with a 1.75% upfront mortgage insurance premium ($300,000 x 1.75% = $5,250) in addition to the monthly mortgage insurance.<br />
4. A mortgage product that will allow you to purchase a duplex, triplex, fourplex with 3.5% down payment.<br />
5. A mortgage product that will allow you to buy a property and completely remodel/renovate down to the foundation and build additional structures (garage, ADU, etc.) with only 3.5% down payment.<br />
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The bottom line is that although there are a very few borrowers who may have been hurt by this suspense of the monthly mortgage insurance premium, FHA products are not long term products and should not be used as such. They are meant to be used the way a pole vaulter uses the pole. To get up to the place you need to be. Then once you are up to the bar (stick with me on the pole vaulting references here), you refinance out of that FHA product to a conventional product when your credit is better, your renovated home has given you equity, or your multi-family property has paid down the loan balance - and you clear the bar and perform your "fly-away" and let go of the pole (or FHA loan).<br />
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HUD is doing what it has to in order to keep this "pole" or "facilitation" product viable and if that means we stay at the higher monthly mortgage insurance premiums so creative buyers have a product, so be it. It is a good product for those who know how to use it. Also, HUD is being cautious and conservative to ensure the replenishment of the coffers is actual and sufficient - not a bad idea at all!<br />
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I am always available to discuss FHA/HUD or any real estate financing questions you might have at <a href="http://www.firstamericanmortgage.net/" target="_blank">www.FirstAmericanMortgage.net</a><br />
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Thank you very much!<br />
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<br />Anonymoushttp://www.blogger.com/profile/16180513699035442978noreply@blogger.com3tag:blogger.com,1999:blog-1596469763655437389.post-13107102322015144652016-12-27T10:04:00.000-08:002016-12-27T10:04:19.469-08:00Merry Christmas and Happy New Year!I wanted to take a moment to wish everyone a very happy holiday season and new year. 2016 has been tumultuous and prosperous. The consumer sentiment of the economy is at a multi-year high and people are spending. The election results have many people cautious and reeling, but at the very least - they are feeling good about where the economy is heading. This reminds me of Wei-Chi where in the Chinese language the word "crisis" is composed of two characters meaning "danger" and the other "opportunity". May you find your opportunity amidst the danger in 2017. We are always looking for brainstorming and your thoughts at <a href="http://www.firstamericanmortgage.net/" target="_blank">www.FirstAmericanMortgage.net</a><br />
Thank you!<br />
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<img alt="Image result for change and opportunity chinese" class="irc_mi i634dg_Fbd8w-pQOPx8XEepE" height="424" src="http://itre.cis.upenn.edu/%7Emyl/languagelog/archives/wei-chi.JPG" style="margin-top: 0px;" width="253" />Anonymoushttp://www.blogger.com/profile/16180513699035442978noreply@blogger.com2tag:blogger.com,1999:blog-1596469763655437389.post-15681217374677671902016-11-11T08:11:00.000-08:002016-11-11T08:11:07.309-08:00Happy Veterans Day!Thank you to all of the Veterans for your service. It is truly appreciated.<br />
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***Especially to my father who is an honorably discharged U.S. Marine flamethrower in Vietnam***<br />
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<a href="http://www.firstamericanmortgage.net/" target="_blank">www.FirstAmericanMortgage.net</a><br />
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<img alt="Image result for flamethrower marine vietnam" class="irc_mi iQ5rh07P4SX8-pQOPx8XEepE" height="424" src="https://s21.postimage.org/4tiz0r2uf/LZ_Stud_flamethrower.jpg" style="margin-top: 0px;" width="636" />Anonymoushttp://www.blogger.com/profile/16180513699035442978noreply@blogger.com2tag:blogger.com,1999:blog-1596469763655437389.post-18447983759347552282016-09-28T13:58:00.000-07:002016-09-28T13:58:53.156-07:00Our Video - Four Year Old Message, Better ResultsHave you see our video? If not, take a look below. Not much has changed since we recorded with <a href="http://3dbproductions.com/Full_Site/index_002.html" target="_blank">http://3dbproductions.com/Full_Site/index_002.html</a> in 2012, except for <u>increased savings</u> and <u>better products</u> for our customers. Large banks have increased their fees and become less creative while First American Mortgage, PLLC has remained streamlined and more inventive. We are always happy to help at <a href="http://www.firstamericanmortgage.net/" target="_blank">www.FirstAmericanMortgage.net</a><br />
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Thank you very much!Anonymoushttp://www.blogger.com/profile/16180513699035442978noreply@blogger.com2tag:blogger.com,1999:blog-1596469763655437389.post-40202892663606518122016-08-26T09:05:00.000-07:002016-08-26T09:05:37.342-07:00Get Clean By Eating Clean - The Cleanse!Last month, I went through the 21 Day Clean Eating and Workout Challenge with Kim Wilson Pollock. Here is the link to Kim's website:<br />
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<a href="http://www.kimwilsonpollock.com/21-day-clean-eating-workout-challenge/" target="_blank">http://www.kimwilsonpollock.com/21-day-clean-eating-workout-challenge/</a>.<br />
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It was fantastic! I can't believe the changes that my body went through and how addicted I am to sugar and wheat. About 15 years ago, I gave up smoking cigarettes and that was a radical change due to the addiction I had developed. So over the last 15 years I've been walking around feeling so awesome that I am addiction free - not quite. Giving up sugar and wheat on Kim's cleanse gave me very similar symptoms as when I quit cigarettes. I consider myself to be very fit. This cleanse proved to me I am not as healthy as I thought - it was incredibly enlightening!<br />
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The best thing about the 21 Day Clean Eating and Workout Challenge was the camaraderie that was built between all the people doing the cleanse all over the country (Facebook and texting with accountability partners) and Kim's daily e-mails with tips and descriptions of the things we were going through. It is definitely a "challenge" and these two things made success more attainable.<br />
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I highly recommend Kim's program to anyone regardless of your fitness level. It is truly an eye opening experience into your body.<br />
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As always, I am available to discuss the cleanse or any finance matters at: <a href="http://www.firstamericanmortgage.net/" target="_blank">www.FirstAmericanMortgage.net</a><br />
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Thank you!<br />
Anonymoushttp://www.blogger.com/profile/16180513699035442978noreply@blogger.com2tag:blogger.com,1999:blog-1596469763655437389.post-19527234383025979942016-08-09T14:21:00.004-07:002016-08-09T14:21:42.436-07:00Brokers vs. BanksTake a look at this video that pinpoints the reasons why at <a href="http://www.firstamericanmortgage.net/" target="_blank">www.FirstAmericanMortgage.net</a> you simply get the best value. <br />
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<a href="https://www.findamortgagebroker.com/?utm_source=et&utm_medium=email&utm_campaign=promoemail" target="_blank">https://www.findamortgagebroker.com/?utm_source=et&utm_medium=email&utm_campaign=promoemail</a><br />
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Sure, there are plenty of people that would rather pay more and use a bank or credit union to originate their mortgage. I, however, do not like to pay more and always try to look for the best value. Brokers are simply the better choice.<br />
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Thank you!Anonymoushttp://www.blogger.com/profile/16180513699035442978noreply@blogger.com2tag:blogger.com,1999:blog-1596469763655437389.post-6790790319270115752016-07-26T15:31:00.001-07:002016-07-26T15:31:17.011-07:00Available Now - 1% Down Payment on Purchases!!!We have the pleasure of offering a 1% down payment program for home purchases! There are some tremendous opportunities to be gained before rates go up and this program highlights that. This is a great option for anyone looking to buy a new home.<br />
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This program is new, so please contact us at <a href="http://www.firstamericanmortgage.net/" target="_blank">www.FirstAmericanMortgage.net</a> to learn more.<br />
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Check out this video on the program!<br />
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<br />Anonymoushttp://www.blogger.com/profile/16180513699035442978noreply@blogger.com2tag:blogger.com,1999:blog-1596469763655437389.post-12223928077130832682016-07-13T09:07:00.000-07:002016-07-13T09:07:06.419-07:00S&Q's MauiWe recently went on vacation to Maui and had the most wonderful breakfasts at this little coffee, shave ice and food spot.<br />
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If you want to chat about Maui or Mortgage Finance - you can always find me at <a href="http://www.firstamericanmortgage.net/" target="_blank">www.FirstAmericanMortgage.net</a><br />
Anonymoushttp://www.blogger.com/profile/16180513699035442978noreply@blogger.com2tag:blogger.com,1999:blog-1596469763655437389.post-88631647157606351232016-06-02T16:24:00.000-07:002016-06-02T16:24:27.647-07:00Are we experiencing inflation?What do you think? Are we experiencing inflation? We know that all of the economic indicators, including <em>equilibrium real interest rate</em> (sometimes called the
Wicksellian interest rate, after the late-nineteenth- and early
twentieth-century Swedish economist Knut Wicksell) are saying that the US economy is not experiencing inflation, but do you think things generally cost more today than they did five years ago?<br />
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After reading Ben Bernanke's blog <a href="http://www.brookings.edu/blogs/ben-bernanke/posts/2015/03/30-why-interest-rates-so-low" target="_blank">http://www.brookings.edu/blogs/ben-bernanke/posts/2015/03/30-why-interest-rates-so-low</a> it is apparent that the CPI indicators are pointing to "no inflation". At the same time, does the Fed and Bernanke live on Fantasy Island? Besides oil (artificially low by increased domestic production to specifically pressure the Russian economy - note the price of oil at the Crimea crisis), commodities whose price base is foreign currency, and other durable goods made overseas (primarily China - manipulated Yuan), what products or service have become less expensive? Seriously - what has?<br />
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Now, we understand that economists and the Fed are confined by economic models and indices derived from years of statistical and actuarial analysis, so sometimes they cannot call "a spade a spade". But with that in mind, do they own rental property? Do they pay property taxes or insurance premiums? Do they send their children (grandchildren) to school? Do they purchase food? Do they hire labor? Do they (or their contractors) purchase building materials? Do they travel? Do they attend entertainment venues?<br />
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As you can see, this list can go on and on. The encompassing number of goods and services that have increased substantially in price is impossible to ignore (unless you live in the Ivory Tower with Ben, Jan and the gang). The CPI numbers are manipulated to the advantage of social programs and the federal government. If they CPI reflected the actual costs of goods and services of our economy, the Social Security system would go bankrupt tomorrow due to the cost of living adjustment they would need to provide to payees...among every other cost of living adjustment paid in this economy.<br />
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Yes, those on a fixed income are being squeezed more than ever with the rising cost of everyday goods and services. Big box retailers have voluntarily increased wages for employees, but it is not enough for the Fed to realize inflation. We will look back on the period from 2010 to 2016 as a period of domestic inflation shrouded by statistics and artificially priced commodities and goods.<br />
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As always, we are available to brainstorm on financial topics at <a href="http://www.firstamericanmortgage.net/" target="_blank">www.FirstAmericanMortgage.net</a><br />
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Thank you very much!Anonymoushttp://www.blogger.com/profile/16180513699035442978noreply@blogger.com4tag:blogger.com,1999:blog-1596469763655437389.post-44157583936893675722016-05-16T13:48:00.000-07:002016-05-16T13:48:20.159-07:00The Best Land Purchase In HistoryThe best land purchase in history was the Louisiana Purchase constructed and negotiated by Thomas Jefferson. He negotiated the purchase of almost the entire western half of the United States from France for $15m. Besides being one of the architects to the Constitution, this was Thomas Jefferson's greatest contribution to our country.<br />
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Below is a photo that I took while I was visiting <a href="http://www.boulderriverside.com/" target="_blank">http://www.boulderriverside.com/</a> and could not help but notice what a profound statement it is. The piece says:<br />
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"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered...I believe that banking institutions are more dangerous to our liberties than standing armies... The issuing power should be taken from the banks and restored to the people; to whom it properly belongs". TJ is one of my favorite historical figures and I would love to hear your thoughts at <a href="http://www.firstamericanmortgage.net/" target="_blank">www.FirstAmericanMortgage.net</a><br />
Thank you!<br />
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<![endif]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"></span>Anonymoushttp://www.blogger.com/profile/16180513699035442978noreply@blogger.com4tag:blogger.com,1999:blog-1596469763655437389.post-32595927845892009012016-03-24T13:51:00.000-07:002016-03-24T13:51:16.531-07:005 Ways to Boost CreativityWe all want to be more creative. Here are some tips on how to do so while maintaining relevant and consistent business acumen.<br />
<br />
1. Be Diverse: Diverse teams can be much more creative than individuals because several
brains naturally generate more ideas than a single brain. In contrast,
too much or the wrong kind of diversity can hurt. To be most
creative, teams should have people of differing skills, talents and
backgrounds, but with similar values and motivations. Having a common goal is the key!<br />
<br />
2. Reduce Time Pressures: Necessity is the mother of innovation, but not always under time constraints. Studies have shown that deadlines can inhibit creativity. Sure, we have all come up with magic in the 11th hour, but giving yourself more time will result in more creativity.<br />
<br />
3. Take a Break: Relentlessly grinding away at a problem is less likely to produce a
creative breakthrough than consistent effort combined with occasional
breaks to rest, relax, and recharge. Engaging in exercise during breaks
helps even more. Research shows people come up with more and better
ideas while walking than while standing still. And don't discount
meditation. The regular practice of mindfulness has been consistently
connected with greater creativity.<br />
<br />
4. Change the Scene: We can all agree that getting out of our "space" allows us to be able to step outside the problem and look from a different angle. This is the key to changing the scene. A day long idea-generating meeting can be productive, but is much more so if held off-site. Moving away from familiar surroundings creates unfamiliar thought patterns.<br />
<br />
5. Embrace Failure: Anyone who is creative is bound to fail - it is part of the game. The key is to not punish the failure, but to reward it. Punishing failure will deter creative thinking.<br />
<br />
Let us know what you use to stay creative. We are always available at <a href="http://www.firstamericanmortgage.net/" target="_blank">www.FirstAmericanMortgage.net</a><br />
<br />
Thank you very much!Anonymoushttp://www.blogger.com/profile/16180513699035442978noreply@blogger.com3tag:blogger.com,1999:blog-1596469763655437389.post-31616435544245612882016-03-01T15:37:00.000-08:002016-03-02T17:30:29.326-08:00Super Tuesday!In going over the minutes from the recent Downtown Management Commission today, I find it interesting that the Human Rights Commission has petitioned the Boulder City Council to allow camping in Boulder city parks. Could you imagine? Tons of homeless people camping in Bella's Park or Scott Carpenter Park - mayhem. It makes you wonder, how does a group called the Human Rights Commission expect to retain credibility with positions like this - allowing camping in the city parks! For those of you that don't know Boulder, it may sound rational to allow camping in city parks. However, those of you that do know Boulder understand that there are very few parks and an abundance of homeless...enough so that the parks would be overrun. There is mention in the minutes of the many fine programs and facilities that the City of Boulder does keep up to facilitate the care of homeless. The infrastructure is sound and quite capable to avoid having to turn our parks into the parking lot at Alpine Valley for a 1980's Dead show - not that there isn't a time and place for that (July 2016 Folsom Field <a href="http://www.deadandcompany.com/" target="_blank">http://www.deadandcompany.com/</a>). It's just not appropriate for families and citizens that want to relax and enjoy a city park.<br />
<br />
For more information on this, check out: <a href="https://bouldercolorado.gov/boards-commissions/downtown-management-commission" target="_blank">https://bouldercolorado.gov/boards-commissions/downtown-management-commission</a><br />
<br />
What does this have to do with Super Tuesday - it is Tuesday and it has been Super so far.<br />
<br />
We would love to chat about your views on City of Boulder or general socioeconomic issues and can always be reached at: <a href="http://www.firstamericanmortgage.net/" target="_blank">www.FirstAmericanMortgage.net</a><br />
<br />
Thank you very much!Anonymoushttp://www.blogger.com/profile/16180513699035442978noreply@blogger.com3tag:blogger.com,1999:blog-1596469763655437389.post-367850798401307432016-02-18T15:11:00.002-08:002016-02-18T15:12:32.835-08:00Rate Drop!!!Some investors had four price improvements today landing the 30 year fixed at 3.625%. So much for the interest rate hike from the Fed weeks ago! As always, we are available to talk "real estate financing" at <a href="http://www.firstamericanmortgage.net/" target="_blank">www.FirstAmericanMortgage.net</a><br />
<br />
Thank you very much!Anonymoushttp://www.blogger.com/profile/16180513699035442978noreply@blogger.com0tag:blogger.com,1999:blog-1596469763655437389.post-62395594475105053062016-02-09T16:02:00.002-08:002016-02-09T16:02:23.229-08:00Townhome and Condominium Breakdown
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<td height="21" style="color: black; font-family: Arial, sans-serif; font-size: 18px; font-weight: bold; text-align: left;">Questions: <a href="http://www.firstamericanmortgage.net/" target="_blank">www.FirstAmericanMortgage.net</a></td>
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Purchasing a townhome or, even more so, a condo works just a
little bit differently from purchasing a residence, which typically
isn't subject to some type of homeowner association (HOA). <br />
<br />When you purchase a townhome, you will own both the structure and the land underneath it. <br />
<br />With a condo, you will own the structure, but the land it sits on will be part of what is called the common parcel.<br />
<br />With townhomes, association fees tend to be lower, though it's likely that fewer services will be provided. <br />
<br />Condo associations tend to be more hands-on, with responsibility for
painting or refacing the outside and common areas of the building,
landscaping, and other maintenance tasks. <br />
<br />Your monthly dues will reflect this.<br />
<br />Before deciding to purchase your dream townhome or condo, sit down
with your real estate attorney and scrutinize the association bylaws to
make sure you understand them. You also need to get a clear picture of
the finances of the association.<br />
<br />Unlike with a single or detached family home, the HOA is a very
important consideration when purchasing a townhome or condo association,
and you need to make sure it's financially sound. <br />
<br />The last thing you want to do is to purchase a property whose
association is mismanaged or, worse yet, on the verge of financial
collapse.<br />
<br />Your lender will go through all this information very carefully
during the lending process, looking for situations that either exist now
or could become issues in the future. But you need to understand it
yourself, too.<br />
<br />There are many great townhome and condo developments out there.
Lower-maintenance living is ideal for some, particularly downsizing
retirees and those who don't have time for, or don't enjoy, home
maintenance. <br />
<br />However, make sure you know what you are getting into before-not
after-you purchase a home that comes with an HOA. Your real estate
agent, mortgage professional, and real estate lawyer can help you get
the information you need. </td><td align="left" style="color: black; font-family: Arial, sans-serif; font-size: 13px;"> </td><td align="left" style="color: black; font-family: Arial, sans-serif; font-size: 13px;"> </td><td align="left" style="color: black; font-family: Arial, sans-serif; font-size: 13px;"> </td><td align="left" style="color: black; font-family: Arial, sans-serif; font-size: 13px;"> </td>
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Anonymoushttp://www.blogger.com/profile/16180513699035442978noreply@blogger.com0tag:blogger.com,1999:blog-1596469763655437389.post-86263488485997258342016-01-15T09:59:00.003-08:002016-01-19T14:42:21.034-08:0075 Million Millenials are About to Shape the Future Real Estate MarketDylan was so right: the times, they are a-changin'. And the residential real estate market is being swept right along.<br />
<br />
While
in Dylan's day it was about the group known as baby boomers, it's now
about the millennials-more than 75 million of them. According to the
most recent census, millennials now represent more than 25 percent of
the population and 32 percent of potential home buyers.<br />
<br />
That
means that many of you reading this are or soon will be looking for
somewhere to live. Your impact is inescapable, and here's the upshot to
date:<br />
<br />
Studies in recent years, including one by the Pew
Institute in 2013, show that a sizable proportion of 18-to-34-year-olds
are still living at home. Another trend is adult children and their
parents looking for accommodations together for cost-saving reasons, a
recent National Association of Realtors® survey found.<br />
<br />
But not
everyone is concerned for millennials: Jonathon Smoke, chief economist
of Realtor.com, is bullish on them. He reports that in summer 2015,
millennials made up 30 percent of buyers, many of whom cited family
changes (marriage, kids) as their reasons for purchasing. <br />
<br />
And
while credit and student debt remain concerns for potential millennial
home buyers, give them time. Says Smoke: "They should represent
two-thirds of all household formations over the next five years. Job
creation will favor them. Their economic opportunities are strong. And
they're planning to start families, which increases the desire to
purchase a home. They're just getting started, and their sheer size will
drive activity in housing for decades."<br />
<br />
Questions? Find us at <a href="http://www.firstamericanmortgage.net/" target="_blank">www.FirstAmericanMortgage.net</a><br />
Thank you! Anonymoushttp://www.blogger.com/profile/16180513699035442978noreply@blogger.com0tag:blogger.com,1999:blog-1596469763655437389.post-26310253699046454822016-01-08T09:49:00.000-08:002016-01-08T09:49:08.081-08:00TRID and First American Mortgage, PLLC<table border="0" cellpadding="0" cellspacing="0" class="wrapper" style="width: 484px;"><tbody>
<tr><td style="color: black; font-family: Arial, sans-serif; font-size: 18px; font-weight: bold; line-height: 20px; text-align: left;">TRID Designed to Ease the Mortgage Process</td>
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Landmark legislation that overhauled the documentation that
mortgage consumers receive throughout the finance process and at the
closing table was implemented on October 3, 2015. <br />
<br />The TILA-RESPA Integrated Disclosure (TRID) rules were designed by
the Consumer Financial Protection Bureau (CFPB) to make the mortgage
process easier for consumers.<br />
<br />The last significant change to this documentation occurred in 2010,
as real estate and mortgage industries were swimming in the wake of the
real estate and economic meltdown that had started several years prior.
Since then, the CFPB, as directed by Congress, has further revised
mortgage-related documentation. <br />
<br />Homeowners who previously financed homes will likely notice the
difference with TRID. Those who are doing it for the first time will
hopefully find the documentation clear and easy to understand. <br />
<br />When you apply for a mortgage or shortly thereafter, you will now
receive what is called the Loan Estimate, which replaces two previous
documents. This will clearly list all costs -be it fees or other
expenses-for you.<br />
<br />Another part of this implementation that has changed the process
will take place at closing. Prior to this new set of regulations,
closing documents were able to be prepared and finalized literally
minutes before closing. Now all finalized documents need to be prepared
at least three business days before closing. Whether it is a home
purchase or a refinance, the borrower now has adequate time to review
all the details with whomever they need to, be it their mortgage
professional, attorney, etc.<br />
<br />This is likely a relief for many borrowers, who may have found this
last stretch of the process stressful and confusing, and who may have
felt there wasn't sufficient time to read and understand the documents
they were signing. <br />
<br />Now that they have the time to consider, the expectation is that the
closing process will proceed more smoothly than it did in the past. </td><td align="left" style="color: black; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"> </td><td align="left" style="color: black; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"> </td><td align="left" style="color: black; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"> </td><td align="left" style="color: black; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"> </td><td align="left" style="color: black; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"> </td><td align="left" style="color: black; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"> </td><td align="left" style="color: black; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"> </td><td align="left" style="color: black; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"> </td><td align="left" style="color: black; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"> </td><td align="left" style="color: black; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"> </td><td align="left" style="color: black; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"> </td><td align="left" style="color: black; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"> </td><td align="left" style="color: black; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"> </td><td align="left" style="color: black; font-family: Arial, sans-serif; font-size: 13px; line-height: 18px;"> </td></tr>
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Anonymoushttp://www.blogger.com/profile/16180513699035442978noreply@blogger.com0tag:blogger.com,1999:blog-1596469763655437389.post-39787591358260588912015-12-01T15:58:00.000-08:002015-12-01T15:58:28.396-08:00Has Anyone Seen My Inventory? GET CREATIVE!!!If you have been shopping for a home on the front range over the past month, you have been subject to one of the most interesting real estate markets I have ever seen in my 14 years experience. Single family homes below the $700,000 price point are flying off the market and normally within a few days of listing. At my last observation, there are five multi-family properties on the market in the entire city with an average price per square foot of $595. Yes, it is certainly interesting times in the Boulder real estate market and there are always deals to be had. It is time to think outside the box. Here are a couple of ideas on how to source your own deal:<br />
1. If you are a renter, ask your landlord about a "lease to own" contract. It may help you to secure a purchase price and use a good portion of your rent payments as the down payment portion of your mortgage.<br />
2. Look for dilapidated properties. There are many properties within the city that are in need of serious attention and updating. Try contacting the owners of the property. They may be looking for the perfect excuse (YOU) to get rid of their property.<br />
<br />
One thing that we know for certain is that our market will change and with that change will come opportunity. Keep an eye out and listen for the knock!!!<br />
<br />
As always, we would love to talk story about the local market and get your opinion at <a href="http://www.firstamericanmortgage.net/" target="_blank">www.FirstAmericanMortgage.net</a><br />
<br />
Thank you!Anonymoushttp://www.blogger.com/profile/16180513699035442978noreply@blogger.com0tag:blogger.com,1999:blog-1596469763655437389.post-32875402337155814802015-11-17T10:09:00.000-08:002015-11-17T10:09:03.476-08:00TRID - Know Before You OweThe new TRID legislature that went effective 10/3/15 has been a big success at First American Mortgage, PLLC. The paperwork or disclosures that are provided in the lending transaction timeline have been drastically changed, and we believe for the better. The numbers are clearer and easier to discern for the average home buyer. The timing of the documents is well suited for the purchase timeline. There is a hang up that we found in seller credits and the complexity of backing out the numbers on the Closing Disclosure, but it is achievable. That is something that will probably be changed as we move forward with these documents as the CFPB works out the bugs. As always, we are available to discuss these mortgage industry changes as well as any other real estate questions you may have at <a href="http://www.firstamericanmortgage.net/" target="_blank">www.FirstAmericanMortgage.net</a><br />
Thank you!Anonymoushttp://www.blogger.com/profile/16180513699035442978noreply@blogger.com0tag:blogger.com,1999:blog-1596469763655437389.post-43659207657674874652015-06-22T11:21:00.000-07:002015-06-22T11:21:50.414-07:00Fly Fishing Boulder CreekI enjoy the hobby/sport of fishing immensely - as you can see in this blog. It is an activity that does have an element of danger to it. Whether that be a bear sneaking up behind you in Yellowstone National Park or walking on a rock ledge 30 feet over roaring rapids trying to get to the perfect spot on Upper South Boulder Creek, there are times when human fragility is grossly exposed. I want to give a humble wish of peace and good will to the family of Jason McKain. Jason - you will be remembered and I hope your accident inspires others, as you have me, to fish safely. Rest in peace!<br />
<br />
<br />Anonymoushttp://www.blogger.com/profile/16180513699035442978noreply@blogger.com0tag:blogger.com,1999:blog-1596469763655437389.post-63309771532211124412015-05-05T10:46:00.000-07:002015-05-05T10:46:13.134-07:00Cinco De Mayo!Happy Cinco De Mayo everyone!<br />
<br />
What is happening in your neck of the woods today? How will you be celebrating Cinco De Mayo?<br />
<br />
I will be going to the oral surgeon today to have an implant placed - SWEET!!! That may call for a margarita or two for pain management as the day goes by.<br />
<br />
Tell us your stories <a href="http://www.firstamericanmortgage.net/" target="_blank">www.FirstAmericanMortgage.net</a><br />
<br />
Thanks and happy Cinco De Mayo!Anonymoushttp://www.blogger.com/profile/16180513699035442978noreply@blogger.com0tag:blogger.com,1999:blog-1596469763655437389.post-77233502775617073872015-04-09T11:25:00.001-07:002015-04-09T11:25:54.305-07:00Are Mortgage Rates Going to Increase?In this world nothing can be said to be certain, except death and taxes - Benjamin Franklin. Well Mr. Franklin, rising interest rates are cutting it awfully close. The Federal Reserve stopped the purchasing of mortgage backed securities in October of last year, but keeping the Fed Funds rate (the interest rate banks pay to borrow money) near zero has been a stimulus of its own. Keeping the Fed Funds rate low has insured that mortgage rates stay low as well. Many critics cite the fixed income purchasing program along with keeping the Fed Funds rate near zero would lead to dangerous inflation and/or asset bubbles.<br />
<br />
There are two takes on that: 1. Have we already experienced inflation in local commodities (rent, food, insurance, property tax, labor) and the media/government is ignoring it or concealing it by continually measuring inflation based on foreign goods? Sure it is great that Chinese made dress shirts now cost $20, but my homeowner's insurance is up 20% from five years ago - and don't even get me started on what the plumber bid to repair the leak! We are continually told that we are NOT experiencing inflation, yet things cost more.<br />
2. The wages of the working population need to increase to facilitate inflation. After all, inflation is the increase in the price level of goods and services in an economy over time. There must be excess currency in the economy to facilitate the price level increases. Wages have not increased enough for the middle and lower class. Wages have increased for the upper class, but this is not enough to actualize inflation. <br />
<br />
In April 2015, we are seeing big business increasing wages across the board. This has been the one "finger in the dam" the Fed has been unable to plug over the last five years (or they were in cahoots with these big businesses to hold off on wage increases). Now that wages are starting to increase, the economy will speed up, inflation will be "recognized" and interest rates will rise. <br />
<br />
Frankly, inflation has been here and gone and there is not an asset bubble in housing. We are now paying at least 20% more for domestic goods and services that we were five years ago. The media/government has had foreign imports and a strong dollar to keep "virtual inflation" low or deflationary. Housing prices are up, but it is a matter of supply and demand. Only preferred markets are seeing the price increases. Now the Fed must re-set its "recession" tool and return the Fed Funds rate to sustainable levels. Where would we be if there was another near financial collapse and the Fed had no tools to utilize? We sure know they can stop inflation dead in its tracks at this point with a solid rate hike. That is how the rate hike will play out and be publicized.<br />
<br />
As always, there are bargains to be had in any market and real estate is always a solid investment. We are available to work shop and discuss these ideas at <a href="http://www.firstamericanmortgage.net/" target="_blank">www.FirstAmericanMortgage.net</a><br />
<br />
Thank you!<br />
<img height="400" id="irc_mi" src="http://upload.wikimedia.org/wikipedia/commons/thumb/3/31/Federal_Funds_Rate_1954_thru_2009_effective.svg/640px-Federal_Funds_Rate_1954_thru_2009_effective.svg.png" style="margin-top: 114px;" width="640" />Anonymoushttp://www.blogger.com/profile/16180513699035442978noreply@blogger.com0