Time for "feats of strength"
Thursday, December 18, 2014
Friday, December 12, 2014
Current Events
There are quite a few things going on in the second week of December 2014.
-The US Budget Bill is making its way through congress even though there were hidden items included within the bill that entail repealing the ban on taxpayer bailouts of banks, prohibiting a "voted in" amendment in Washington DC, reducing the standards of school cafeteria food and increasing the amount of allowable campaign contributions.
-Sony Pictures becomes the latest victim of cyber hacking and who knows what is going to happen there. From my understanding, Sony Pictures will be liable for leaked information. I hope they can weather the storm because I like to watch movies.
-The price of oil has fallen like a lead balloon taking the stock market with it. What does this mean? Lower Interest Rates for mortgages!!! The interest rates dropped to about 3.625% today on the 30 year fixed. We are heading back into the 3's!
All three of these items play a big role to everyone in this country. Whether you voted in November for Republicans to make common sense changes and to not overturn the constituents desires, or were looking forward to Sony's next Christmas blockbuster, or have an interest in selling your home and know there will be more potential buyers with lower interest rates available - this is a week to remember.
-The US Budget Bill is making its way through congress even though there were hidden items included within the bill that entail repealing the ban on taxpayer bailouts of banks, prohibiting a "voted in" amendment in Washington DC, reducing the standards of school cafeteria food and increasing the amount of allowable campaign contributions.
-Sony Pictures becomes the latest victim of cyber hacking and who knows what is going to happen there. From my understanding, Sony Pictures will be liable for leaked information. I hope they can weather the storm because I like to watch movies.
-The price of oil has fallen like a lead balloon taking the stock market with it. What does this mean? Lower Interest Rates for mortgages!!! The interest rates dropped to about 3.625% today on the 30 year fixed. We are heading back into the 3's!
All three of these items play a big role to everyone in this country. Whether you voted in November for Republicans to make common sense changes and to not overturn the constituents desires, or were looking forward to Sony's next Christmas blockbuster, or have an interest in selling your home and know there will be more potential buyers with lower interest rates available - this is a week to remember.
Friday, October 10, 2014
Elections - Bring on the MUD!
For those of us who watch any small amount of local television, it is hard to ignore the political ads running amuck as we near the election. We have a very tight Senatorial campaign going on in Colorado between Udall and Gardner. The ads they are running on television are, despicable, for lack of a better term. Both candidates have resorted to trying to tear down the other candidate, in lieu of presenting their own personal positive attributes. Why have our political candidates decided to stoop so low and sacrifice their dignity and respect for one another to win their respective elections?
Some say it is due to the degradation of societal norms, specifically perpetrated by the media. They state examples of where bad news gets read, while good news is ignored. The candidate who slings the most (and dirtiest) mud will not only garner attention from the television commercials they run, but they will also receive attention through the public relations process.
Others say it is simply a matter of the candidates trying to inform the voters of the intentions of the other candidate. Stating that there is an actual "good intention" from the candidate who advertises the shortcomings of his opponent, in that he/she will be helping the voters to avoid potential pitfalls from electing the opponent.
My opinion on this matter is the candidates are desperate. They are desperate to get elected and they desperate to appease their supporters. It is this desperation that causes them to throw away their morals and respect for their opponent. Frankly, it is sad there are two sides - our governing system was never intended to be so bi-polar. But as a result of lobbyists, campaign supporters and the special interests of our country, two sides have emerged and they have no choice but to fight with one another and feed their desperation.
Anyway you slice it, there is a ridiculous amount of mudslinging and personal attacks being pushed upon us. It is pretty hard for us to abstain from the process or admonish the candidates since there are, really, the only two sides that have a chance of victory. The odds of a third party tie-breaker...pretty low, but it would be this person's dream to see changes to our current system that would: 1) naturally deter candidates from personal attacks 2) present more than two choices 3) bring common sense (hello Thomas Paine) back to our society.
As always www.FirstAmericanMortgage.net is where you can find us.
Thank you very much!
Some say it is due to the degradation of societal norms, specifically perpetrated by the media. They state examples of where bad news gets read, while good news is ignored. The candidate who slings the most (and dirtiest) mud will not only garner attention from the television commercials they run, but they will also receive attention through the public relations process.
Others say it is simply a matter of the candidates trying to inform the voters of the intentions of the other candidate. Stating that there is an actual "good intention" from the candidate who advertises the shortcomings of his opponent, in that he/she will be helping the voters to avoid potential pitfalls from electing the opponent.
My opinion on this matter is the candidates are desperate. They are desperate to get elected and they desperate to appease their supporters. It is this desperation that causes them to throw away their morals and respect for their opponent. Frankly, it is sad there are two sides - our governing system was never intended to be so bi-polar. But as a result of lobbyists, campaign supporters and the special interests of our country, two sides have emerged and they have no choice but to fight with one another and feed their desperation.
Anyway you slice it, there is a ridiculous amount of mudslinging and personal attacks being pushed upon us. It is pretty hard for us to abstain from the process or admonish the candidates since there are, really, the only two sides that have a chance of victory. The odds of a third party tie-breaker...pretty low, but it would be this person's dream to see changes to our current system that would: 1) naturally deter candidates from personal attacks 2) present more than two choices 3) bring common sense (hello Thomas Paine) back to our society.
As always www.FirstAmericanMortgage.net is where you can find us.
Thank you very much!
Wednesday, September 10, 2014
Selling Tip!
Implementing the iPhone
Selling System
While
business today is becoming increasingly complex, some things don't change. It's
still all about the customer.If you're looking for new ways to boost sales, why not take a lesson from the iPhone, which remains a hot product despite its many competitors?
The iPhone's success is based upon its simplicity. Phones using other operating systems have multiple designs and interfaces; buyers like the iPhone because it's simple. I purchased one at the end of August and I love it. It is very functional and applicable to my needs.
Keeping It Simple
Selling today involves simplifying the buying experience. The consumer doesn't want to spend hours discussing the pros and cons of several products, and won't.
Those sellers who can offer an uncomplicated buying process will see results in higher sales, even if the product can't deliver the best quality at the lowest price.
The iPhone, for example, enjoys rising sales despite the fact that many experts believe its competitors are more sophisticated and less expensive.
Meet the Customer's Needs
So learn the iPhone lesson and become known as a company that can help consumers find exactly what they want. Allow each customer to specify what he or she wants from the product. Listen and clarify. Then avoid the temptation to demonstrate your full range of products and talk yourself out of the sale. Instead, show the customer the one that is tailored to his or her unique needs.
The beauty of this is that each customer is unique, but the product needn't be. Soon you will find yourself selling the same product to different people to meet different needs.
Your business will serve a diverse customer base but have a reputation for delivering perfectly matched choices.
As always, I am available to discuss sales or marketing at www.FirstAmericanMortgage.net
Thank you very much!
Thursday, August 14, 2014
Protect Your Bonds - Interest Rates May Rise
Retirees often have the bulk of their portfolios in bonds, which tend to offer stable income. But you shouldn’t assume they’ll always perform well, thanks to the possibility of interest-rate increases.
As you may recall, the U.S. Federal Reserve Board (Fed) reacted to the 2008/2009 financial crisis by keeping interest rates near all-time lows to stimulate consumer spending (which is key to any economic recovery.) But interest rates can’t stay low forever, and the Fed has indicated that they’re poised to increase rates, perhaps as soon as 2015.
That may be a problem for bond investors. Generally, bond prices move in the opposite direction to interest rates. Higher interest rates drive bond prices down, and vice versa.
Why? Say, you buy a newly issued $10,000 bond when interest rates are at 8 percent, so your bond yields 8 percent, or $800, annually. But after your purchase, the prevailing interest rate increases to 9 percent.
Now a newly purchased $10,000 bond yields $900 annually. If you wanted to sell your bond, nobody would pay you $10,000 to get $800 interest when the going rate is $900. You’d most likely have to reduce your price.
While the threat isn’t immediate, it’s not too early to consider how to try to protect your bond portfolio from this possibility. For example, you might consider moving your bond investments to mutual funds that invest in floating-rate loans or Treasury Inflation Protected Securities (TIPS). Jim Butler, Waddell and Reed at 303-827-4020 can help you determine if any of these investments are appropriate for you.
As always, I am available at www.FirstAmericanMortgage.net for any questions or discussion.
Thank you!
Thursday, June 19, 2014
GOOOOOOOOOOOALS!!!
Does the World Cup have you crazy right now? Don't worry - I'm there too. Yes it is hard to keep your nose to the grindstone with distractions. That's why setting "goals" is the only way to make sure to stay on track and get things accomplished. Not goals like the Netherlands put up against Spain, but goals for the measurement of productivity and success.
In the mortgage business, my goals are often dictated for me. Deadlines, closing dates, mutual meetings and events always have me being where I need to be without much thought of actually setting goals. But, it is the extras that count. Goals to take time to network, to follow up with past customers, and to spend time building the business. These are the goals that need attention.
I have come up with some solid system to reinforce these goals and to make sure they get done (or at least I am shooting for them). This system revolves around scheduling and time management. It sounds simple, but it unravels fast if I am not careful.
Time management to me is discipline. If I have something pop up on my calendar, I stick to it and get it done before moving on. Yes, I have hit snooze many times. But the less I hit snooze, the more productive I am. When I am disciplined with my time, I get more done.
Scheduling is simply using my contact management and calendar software effectively. I am always diligent about putting appointments, meetings, calls or anything I need to remember in my calendar. I have one on my phone and my computer. The contact management software integrates with the calendar, so that runs itself - and turns back into time management.
The reason I bring this up is because of my business coach - Ellen Fox. Ellen and I have been working together for over two years and it is great to have such an excellent accountability coach. She was talking about goals today (and of course I started daydreaming about the World Cup) and it made me think of the goals that I work with in my professional life. Ellen's website is http://www.bloomwithellen.com/ and she is great.
As always, I am available for any mortgage questions (or to gab about the World Cup) at www.FirstAmericanMortgage.net .
Thank you and GO USA!!!!!!!
In the mortgage business, my goals are often dictated for me. Deadlines, closing dates, mutual meetings and events always have me being where I need to be without much thought of actually setting goals. But, it is the extras that count. Goals to take time to network, to follow up with past customers, and to spend time building the business. These are the goals that need attention.
I have come up with some solid system to reinforce these goals and to make sure they get done (or at least I am shooting for them). This system revolves around scheduling and time management. It sounds simple, but it unravels fast if I am not careful.
Time management to me is discipline. If I have something pop up on my calendar, I stick to it and get it done before moving on. Yes, I have hit snooze many times. But the less I hit snooze, the more productive I am. When I am disciplined with my time, I get more done.
Scheduling is simply using my contact management and calendar software effectively. I am always diligent about putting appointments, meetings, calls or anything I need to remember in my calendar. I have one on my phone and my computer. The contact management software integrates with the calendar, so that runs itself - and turns back into time management.
The reason I bring this up is because of my business coach - Ellen Fox. Ellen and I have been working together for over two years and it is great to have such an excellent accountability coach. She was talking about goals today (and of course I started daydreaming about the World Cup) and it made me think of the goals that I work with in my professional life. Ellen's website is http://www.bloomwithellen.com/ and she is great.
As always, I am available for any mortgage questions (or to gab about the World Cup) at www.FirstAmericanMortgage.net .
Thank you and GO USA!!!!!!!
Thursday, May 1, 2014
Net Neutrality
Tom Wheeler, the Federal Communications Commission Chairman, was previously a lobbyist for the cable and wireless industries. He was inducted to the wireless and cable television hall of fame for his lobbying efforts (in other words, the guy made Comcast, DirectTV, Sprint, Verizon and any other oligopoly controlling our television programing and cell phone service rich as hell - and then was awarded for it).
So what was Obama thinking when he appointed this guy to Chair the FCC?
Tom Wheeler raised over $700,000 in campaign contributions for Obama. Oh, that's why!
About a week ago, Wheeler's FCC proposed legislation is suggesting to allow internet service providers to charge content suppliers. For example, Comcast can now legally charge Netflix to use it's system to provide programs to end users. Crushing NET NEUTRALITY.
This cuts out competition in both sectors (internet service providers and content providers) by increasing the entry barrier in the industry. REPREHENSIBLE!!!!
Tom Wheeler running the FCC = The Wolf Running the Hen House. Tom Wheeler should be forced to spend eternity on hold waiting to talk to someone at Comcast (like we often feel) and Obama should get a good dose of it as well for not doing better in appointing an FCC Chairman.
What do you think? Let me know at www.FirstAmericanMortgage.net
So what was Obama thinking when he appointed this guy to Chair the FCC?
Tom Wheeler raised over $700,000 in campaign contributions for Obama. Oh, that's why!
About a week ago, Wheeler's FCC proposed legislation is suggesting to allow internet service providers to charge content suppliers. For example, Comcast can now legally charge Netflix to use it's system to provide programs to end users. Crushing NET NEUTRALITY.
This cuts out competition in both sectors (internet service providers and content providers) by increasing the entry barrier in the industry. REPREHENSIBLE!!!!
Tom Wheeler running the FCC = The Wolf Running the Hen House. Tom Wheeler should be forced to spend eternity on hold waiting to talk to someone at Comcast (like we often feel) and Obama should get a good dose of it as well for not doing better in appointing an FCC Chairman.
What do you think? Let me know at www.FirstAmericanMortgage.net
Wednesday, April 9, 2014
FHA Financing. Its everywhere you want to be - sort of.
So, FHA financing and in what cases is it still relevant. We can throw the 3.5% down payment aside. With the current pitfalls from FHA financing (noncancelable MI, upfront MI premium, etc.), buyers simply know that coming up with another 1.5% helps them avert a bunch of down sides. So where does FHA financing make sense?
1. Multifamily property. If you are looking to purchase a duplex, triplex, or fourplex, the only way to get financing with less than 20% down payment is FHA financing.
2. Renovation financing. You can purchase a distressed or a property you just want to fix up and use the bank's money to do the renovation. This makes a bunch of sense because you can borrow based on the "after improved" value.
There are a couple of other instances where FHA may make sense, but these two are by far the most beneficial. These two options are ones that home buyers do not think of. Also, the beauty of both of these scenarios is that you will most likely have over 20% equity within a short time after you purchase the property. This means you can refinance and get rid of the mortgage insurance.
As always, I am happy to discuss financing options and scenarios and can be reached at www.FirstAmericanMortgage.net
Thank you very much!
1. Multifamily property. If you are looking to purchase a duplex, triplex, or fourplex, the only way to get financing with less than 20% down payment is FHA financing.
2. Renovation financing. You can purchase a distressed or a property you just want to fix up and use the bank's money to do the renovation. This makes a bunch of sense because you can borrow based on the "after improved" value.
There are a couple of other instances where FHA may make sense, but these two are by far the most beneficial. These two options are ones that home buyers do not think of. Also, the beauty of both of these scenarios is that you will most likely have over 20% equity within a short time after you purchase the property. This means you can refinance and get rid of the mortgage insurance.
As always, I am happy to discuss financing options and scenarios and can be reached at www.FirstAmericanMortgage.net
Thank you very much!
Tuesday, March 4, 2014
Friday, February 21, 2014
What do you think?
The news today seems to be extra alarming. Today the Polish Foreign Minister warned the Ukrainian people to sign a treaty with their defunct government or die.
What is going on and what do you think?
The Ukrainian conflict seems to be hitting extra hard in comparison to other current civil conflicts (Syria, Egypt,Venezuela and Thailand). This revolt in the Ukraine seems to be something that is gaining steam and the populace has resigned hopes of the president, Viktor Yanukovych, being left in power. The people are calling for a new leader and are going to great lengths to get their point across. Why do the civil conflicts around the world seem to be more abundant and gaining more strength and momentum? In 2014, we are seeing the populace fighting their governments and winning.
This is all due to the internet. People around the world can read this blog, for example, and know that civil uprisings are happening and being effective. Granted, this blog reach is infinitesimal compared to other news sources, but it may be readable deep in Red China where other media is filtered. The bottom line is people around the world are being connected, and what is being connected is their experiences and emotions. Ukrainians, for hundreds of years, have been oppressed and told by their government there is no other way - one must have blind allegiance and love for their country over everything. Now Ukrainians know, like others in the world, that people have a fair chance at electing their chosen leaders, can voice their opinion, and revolts do bring about change.
The last thing Vladimir Putin, Yingluck Shinawatra (including her evil brother, Thaksin), and Victor Yanukovych want their populace to know is they have a choice and that their leaders are tyrannical lairs. The internet is enabling people all over the world (yes, even in Red China and hopefully North Korea soon) to find this information and communicate with one another. The internet = corruption and tyranny's worst nightmare.
What do you think?
As always, I am always glad to discuss current events or Boulder Colorado Mortgage related matters and can be found at www.FirstAmericanMortgage.net . Thank you!
What is going on and what do you think?
The Ukrainian conflict seems to be hitting extra hard in comparison to other current civil conflicts (Syria, Egypt,Venezuela and Thailand). This revolt in the Ukraine seems to be something that is gaining steam and the populace has resigned hopes of the president, Viktor Yanukovych, being left in power. The people are calling for a new leader and are going to great lengths to get their point across. Why do the civil conflicts around the world seem to be more abundant and gaining more strength and momentum? In 2014, we are seeing the populace fighting their governments and winning.
This is all due to the internet. People around the world can read this blog, for example, and know that civil uprisings are happening and being effective. Granted, this blog reach is infinitesimal compared to other news sources, but it may be readable deep in Red China where other media is filtered. The bottom line is people around the world are being connected, and what is being connected is their experiences and emotions. Ukrainians, for hundreds of years, have been oppressed and told by their government there is no other way - one must have blind allegiance and love for their country over everything. Now Ukrainians know, like others in the world, that people have a fair chance at electing their chosen leaders, can voice their opinion, and revolts do bring about change.
The last thing Vladimir Putin, Yingluck Shinawatra (including her evil brother, Thaksin), and Victor Yanukovych want their populace to know is they have a choice and that their leaders are tyrannical lairs. The internet is enabling people all over the world (yes, even in Red China and hopefully North Korea soon) to find this information and communicate with one another. The internet = corruption and tyranny's worst nightmare.
What do you think?
As always, I am always glad to discuss current events or Boulder Colorado Mortgage related matters and can be found at www.FirstAmericanMortgage.net . Thank you!
Friday, January 3, 2014
Mrs. Bella Lynsky
Happy New Year! It is time for our family to get professional pictures taken for the new year. Here is a shot of our favorite girl - Bella. Our "best friend" photo shoot was mastered by Ashleigh Miller Photography - http://ashleighmillerphotography.com/ Ashleigh did a great job and we had so much fun taking pictures with her. We highly recommend Ashleigh's services.
Happy New Year!
Happy New Year!
Tuesday, December 10, 2013
Snowed In or Snowden
With the arctic temperatures we have been feeling lately, I can't help but wonder - how is freedom's best friend doing, Edward Snowden? The 2013 Sam Adams Award Winner, army veteran, card carrying republican and self-proclaimed "American" is entrapped in asylum within "mother" Russia and probably feeling the frigid temperatures about now. I can't help but think, what would I have done if I was in his shoes.
Snowden is currently a fugitive for releasing documentation that verified the National Security Agency spied illegally on millions of people, including foreign countries violating both our constitutional rights and the Vienna Convention. His claims that the United States Department of Justice is unwilling to prosecute NSA officials for illegal surveillance have fallen on deaf ears state side. As a result of Snowden's leaks, we have learned about PRISM and the Foreign Intelligence Surveillance Act.
The Foreign Intelligence Surveillance Act came about by President Bush's passing of the Protect America Act in 2007. From FISA, PRISM was born. PRISM is a surveillance program that allows the NSA to spy on you through computer software and hardware. The NSA can see your Google searches, Skype conversations, Microsoft documents, Facebook pages, etc all through PRISM. The NSA was also caught monitoring the cell phones and documentation of international leaders using FISA and PRISM - including Germany's Chancellor.
I can understand that the FISA and PRISM are designed to protect our country from terrorist attacks, but at what expense? Our freedoms and personal privacy? At what point do we become minions of the all and mighty powerful - US Federal Government? These questions are difficult to answer and our constitution was written to set the framework to answer these questions.
So what would I have done - frankly, the only thing I would have done differently than what Edward Snowden did is to include more people on the distribution list of the evidence showing the illegal activities of the NSA. The more people that are aware of what is trying to be hidden, the less likely it will be to continue. The more the NSA breaks the laws and violates our constitutional rights, the more the citizens of our country will spy on them and shed light on their misbehavior. Our federal system was established to include "checks and balances" and if these are not internally withheld, Americans must take action.
What would you have done had you known what Edward Snowden did in early 2013?
I am always open to discuss current events and am available at www.FirstAmericanMortgage.net
Snowden is currently a fugitive for releasing documentation that verified the National Security Agency spied illegally on millions of people, including foreign countries violating both our constitutional rights and the Vienna Convention. His claims that the United States Department of Justice is unwilling to prosecute NSA officials for illegal surveillance have fallen on deaf ears state side. As a result of Snowden's leaks, we have learned about PRISM and the Foreign Intelligence Surveillance Act.
The Foreign Intelligence Surveillance Act came about by President Bush's passing of the Protect America Act in 2007. From FISA, PRISM was born. PRISM is a surveillance program that allows the NSA to spy on you through computer software and hardware. The NSA can see your Google searches, Skype conversations, Microsoft documents, Facebook pages, etc all through PRISM. The NSA was also caught monitoring the cell phones and documentation of international leaders using FISA and PRISM - including Germany's Chancellor.
I can understand that the FISA and PRISM are designed to protect our country from terrorist attacks, but at what expense? Our freedoms and personal privacy? At what point do we become minions of the all and mighty powerful - US Federal Government? These questions are difficult to answer and our constitution was written to set the framework to answer these questions.
So what would I have done - frankly, the only thing I would have done differently than what Edward Snowden did is to include more people on the distribution list of the evidence showing the illegal activities of the NSA. The more people that are aware of what is trying to be hidden, the less likely it will be to continue. The more the NSA breaks the laws and violates our constitutional rights, the more the citizens of our country will spy on them and shed light on their misbehavior. Our federal system was established to include "checks and balances" and if these are not internally withheld, Americans must take action.
What would you have done had you known what Edward Snowden did in early 2013?
I am always open to discuss current events and am available at www.FirstAmericanMortgage.net
Wednesday, November 6, 2013
Fannie is Eliminating 3% Down
It has been announced that Fannie Mae is eliminating the 3% down program for home purchases. So, does this mean FHA loans will be competitive again? Since FHA announced in the middle of this year that in addition to hiking the mortgage insurance premium to almost double what it was two years ago, FHA will not allow the cancellation of mortgage insurance for the entire life of the loan on new originations. This meant that if you wanted to put 3% or 3.5% down on a home purchase in most of 2013 and you used an FHA loan - you would be paying approximately double than if you took a regular Fannie Mae Conventional Loan. FHA, with its financial troubles, needed to increase their revenues. They chose to add costs to their loans. Well, they added so many costs that they priced themselves right out of the market two fold!
So now, it appears that Fannie Mae has heard FHA's message:
FHA: "Hey Fannie, you are pricing me out of the business"
Fannie: "Well, FHA, you priced yourself out with those ridiculous increases in mortgage insurance premiums. Then you really shot yourself in the foot stating that new loans will not be allowed to cancel mortgage insurance ever"
FHA: "Yes, but we are broke"
Fannie: "The reason you are broke is because you fail to use common sense and make wide sweeping changes to your policy that render you obsolete"
FHA: "But we are more powerful than you - and the Federal Government needs us to survive"
Fannie: "Ok, we will get rid of 3% down loans"
If you are a buyer and cannot put down at least 5%, you will require FHA financing going forward. Did FHA become competitive or is this a forced manipulation of our economy?
I am always available to discuss these issues or any other pertinent market topics and can be reached at www.FirstAmericanMortgage.net .
Thank you very much!
So now, it appears that Fannie Mae has heard FHA's message:
FHA: "Hey Fannie, you are pricing me out of the business"
Fannie: "Well, FHA, you priced yourself out with those ridiculous increases in mortgage insurance premiums. Then you really shot yourself in the foot stating that new loans will not be allowed to cancel mortgage insurance ever"
FHA: "Yes, but we are broke"
Fannie: "The reason you are broke is because you fail to use common sense and make wide sweeping changes to your policy that render you obsolete"
FHA: "But we are more powerful than you - and the Federal Government needs us to survive"
Fannie: "Ok, we will get rid of 3% down loans"
If you are a buyer and cannot put down at least 5%, you will require FHA financing going forward. Did FHA become competitive or is this a forced manipulation of our economy?
I am always available to discuss these issues or any other pertinent market topics and can be reached at www.FirstAmericanMortgage.net .
Thank you very much!
Monday, October 7, 2013
The Scottrade Baby Asks: "Are You Managing Your Finances Wisely?"
Are You Managing Your Finances Wisely?
Are you paying too much for your mortgage? Is your money being invested wisely?
If you’re curious about how you could save money every month, why not see if I can help you?
Just give my office a call for a no-fuss, professional consultation. I won't try to push you into making any quick decisions and I won’t waste your time. I work with a team of financial professionals that can help make your life easier, profitable and more secure.
I'll just give you the facts, and maybe save you a few dollars along the way! Just give my office a call at 720-427-8130 or contact us at www.FirstAmericanMortgage.net
Thursday, August 29, 2013
Did the "Great Recession" affect you or anyone you know?
The Federal Housing Administration (or FHA) has announced in one of their recent letters that borrowers who have suffered hardship and had to go through Foreclosure, Short Sale or Bankruptcy are now able to obtain financing within one year of these events. So, if you have lost your job or had some event that has caused you to receive less income, and you went through one of the aforementioned events, you will only need to wait one year before being eligible for FHA financing. This is big! They have reduced this time by more than half. Granted, it is an FHA loan and the mortgage insurance premiums they are requesting are inflated and tough to swallow since their recent increases, nevertheless- this is allowing people to get back into home ownership. Here would be a perfect example of how to use this financing:
- Your home was foreclosed upon last year because you lost your job due to layoffs at your former company.
- You are now gainfully employed and have been for at least 3 months.
- Your current income allows you to qualify for a renovation loan to buy a "fixer upper" property.
- You buy the home for $200,000, put $80,000 of renovation into it, and it appraises for $350,000 a year later.
-You complete a refinance a year after the purchase, when your credit is rebuilt and you qualify for conventional financing.
-This enabled you to buy a home, remodel, and refinance with no mortgage insurance in about a 20 month window.
Of course there are many variables involved in this example, but it remains doable and a very profitable venture.
As always, we are available at www.FirstAmericanMortgage.net to discuss this blog or any other finacing questions you may have.
Thank you very much!
- Your home was foreclosed upon last year because you lost your job due to layoffs at your former company.
- You are now gainfully employed and have been for at least 3 months.
- Your current income allows you to qualify for a renovation loan to buy a "fixer upper" property.
- You buy the home for $200,000, put $80,000 of renovation into it, and it appraises for $350,000 a year later.
-You complete a refinance a year after the purchase, when your credit is rebuilt and you qualify for conventional financing.
-This enabled you to buy a home, remodel, and refinance with no mortgage insurance in about a 20 month window.
Of course there are many variables involved in this example, but it remains doable and a very profitable venture.
As always, we are available at www.FirstAmericanMortgage.net to discuss this blog or any other finacing questions you may have.
Thank you very much!
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