Part 7 – We have Dan Havey the author of Real Estates Future in the studio today.

Michael, I was just curious, back when I got into the industry many, many years ago there used to be a rule of thumb that if you were going to refinance you had to lower your interest rate by at least two percent and I know as time went along and products changed that really became unnecessary, but I am just curious in todays mortgage market its a lot different than we were dealing with even two years ago. Is that still true that there is a 2% rule? Whats going on now?

I happened to catch Suze Orman on television and she was talking about mortgages, the caller who called in to the program, the question became I believe similar to what Dan just asked, her comment was that basically if you’re in 6% interest rate or above now is the time to re-fi. That is what she said, a blanket recommendation. I know a lot of people put a lot of credence into what she says, maybe you could speak to that, the lowest interest rates you’ve seen in your career, you have been doing this for a while.

I have, and they are. You know there was a lot of speak the last couple weeks about the Fed, the Fed funds rate by the way is the lowest it’s ever been in history. As of this week the discount rate is to the point that banks are lending money to each other at nothing, the Fed funds rate for intrabank lending is at zero, the problem is the banks don’t have any money.

To be serious about the refinancing, because its a serious topic, I think people are starting to see their mail boxes filled with lots of advertising crap about refinance. I believe that doing the refinance is no different from doing a loan modification or buying a house, you need to sit down with the human being that’s local, that you can know is a legitimate source. You’re going to give all this personal information about you, your family, your kids, your Social Security number, you want to make sure you have somebody there that you know whos legit.

In regard to the old rule of thumb 2%, nothing could be further from the truth, and I will expand, but to the point of Ms Ormond that if youre at 6% or higher, that is a blanket statement and blanket statements never work. We just did a refinance for a guy who was at 5 1/2%, and it makes sense. Every situation is different, as far as how much do I have to lower my interest rate to make it work? It depends on the type of mortgage that you get.

The only type of loan to get today in December of 2008 is a 30 year fixed. I know that one of the things that was really interesting to me, and that you and I have referred clients to one another for several years, so we share a number of clients, were familiar with those families and those households, and this is Wednesday, on Monday and Tuesday of this week I’ve had seven phone calls from clients who you’ve already done loans for, refinances for, asking if this is the time to refinance a loan that is only a couple years old.

And I know in several of those cases the answer is yes you’re actually helping families right now with that process. I am and we do. To answer the question, you need to determine what the payback term is, in other words when your refinance is done it’s a new loan, there’s the title insurance, appraisals, lots of different things may need to be done, not in every case, but in most cases there are costs associated with that. The cost has to be offset by the amount of savings. Its a breakeven analysis

Absolutely it is, the shorter the breakeven the better the loan. I am working on a case right now which is going to be done in the next couple of days where the guy lowered his interest rate by an1/8 of a percent and it made sense for him. It’s not for everybody, 2 percent or lower, 2% is significant, now you’re talking about really significant savings in terms of cash flow… http://realestatemarketingthisweek.com

Duration : 0:6:31

Technorati Tags: bank, Buyer, closing costs, credit, down payment, Estate, expert, FHA, Financing, First, first time home buyer, forbearance agreement, foreclosure, Fraud, Government, Home, HUD, interest, Interest Rate, lender, Loan, Loan Modification, loss mitigation, market, Modification, Mortgage, Negotiate, payment, property, Purchase, rate, Real, real estate, real estate financing, real estate market, real estate values, Realtor, Refinance, Scam, Seller, short sale, tax, tax credit, time, value, values

Agency: REALTY EXECUTIVES of Southwest Washington
Agency Phone: 360-607-5217.
Agency Website: http://swwarealtyexecutives.com/

Property Information:
Building Square Feet: number_format()
Bedrooms: 1
Bathrooms: 1.0
Year Built: 2003

Description: Location Location, Location!!!OWNER WILL CARRY CONTRACT Condo is located on the park and offers New carpet, granite counters, gas fireplace with beautiful marble mantle as well as marble bath floor, A/C, W/D, side x side refrigerator with filtered water/ice. Built-ins in ALL closets as well as pantry. Finished garage.

For more information for this service please contact http://techmediamarketing.com

Duration : 0:1:57

Technorati Tags: 1-Bdrms, 1.0-Baths, Ackerman, Cindy, Estate, for, homes, Real, sale, vancouver, WA

Agency: REALTY EXECUTIVES of Southwest Washington
Agency Phone: 360-607-5217.
Agency Website: http://swwarealtyexecutives.com/

Property Information:
Building Square Feet: number_format()
Bedrooms: 3
Bathrooms: 2.0
Year Built: 2007
Property Size: 0.10

Description: NOT A SHORT SALE!Absolutely beautiful single level with amenities only found in homes $300k or more.Stunning Cabinetry.Slate tile,Wd floors throughout.Open and vaulted living area/9 ft ceilings.Wide lacquered craftsman interior trim.2nd master.NW designer colors.Parklike landscaping and sprinklers.1st descerning person that sees this home will buy it,Guaranteed!Needs Nothing!

For more information for this service please contact http://techmediamarketing.com

Duration : 0:0:54

Technorati Tags: 0.10, 2.0-Baths, 3-Bdrms, Estate, for, homes, Ingalls, Ken, on, Real, sale, vancouver, WA

Agency: REALTY EXECUTIVES of Southwest Washington
Agency Phone: 360-607-5217.
Agency Website: http://swwarealtyexecutives.com/

Property Information:
Building Square Feet: number_format()
Bedrooms: 2
Bathrooms: 2.0
Year Built: 1985
Property Size: 0.14

Description: NICE CLEAN HOME WITH ONE CAR GARAGE EXTRA STORAGE ROOM AT END OF GARAGE. CHAIN LINK FENCING. SHORT SALE SUBJECT TO BANK APPROVAL. COMPLETE PACKAGE HAS BEEN SUBMITTED.

To view the location of this property in Vancouver, WA click the link below.
http://maps.google.com/maps?num=100&hl=en&safe=off&q=45.650305+-122.541974&ie=UTF8&t=h&z=16

For more information for this service please contact http://techmediamarketing.com

Duration : 0:1:8

Technorati Tags: 0.14, 2-Bdrms, 2.0-Baths, Abigail, Eden, Estate, for, homes, on, Real, sale, vancouver, WA

Duration : 0:1:33

Technorati Tags: Estate, finance, Financing, Home, Loan, ltv, Mortgage, Real, value, vancouver, washington

Agency: REALTY EXECUTIVES of Southwest Washington
Agency Phone: 360-607-5217.
Agency Website: http://swwarealtyexecutives.com/

Property Information:
Building Square Feet: number_format()
Bedrooms: 1
Bathrooms: 1.0
Year Built: 2000

Description: Live in the Heart of Downtown Vancouver. High Ceilings, Tile Countertop Kitchen, Gas Range, Refrigerator, Built-In Microwave & Breakfast Bar. Gas Fireplace in Living Rm. Mstr Bdrm w/Walk-In Closet. Full Bath w/Soak Tub & Shower. Inside Laundry includes Washer & Dryer. Pre-qualified Buyers ONLY please.

To view the location of this property in Vancouver, WA click the link below.
http://maps.google.com/maps?num=100&hl=en&safe=off&q=45.627647+-122.674921&ie=UTF8&t=h&z=16

For more information for this service please contact http://techmediamarketing.com

Duration : 0:1:50

Technorati Tags: 1-Bdrms, 1.0-Baths, Estate, for, Frederick, homes, Real, sale, Sanchez, vancouver, WA

Listing Address: 56341 Fireglass Loop Bend, OR 97707
Property Type: Residential
Price: 997,000
Agent Name: Arlene Edwards
Agent Phone: 541-678-1434

Agency: Sunriver Realty
Agency Phone: 800-547-3920.
Agency Website: http://SunriverRealty.com

Property Information:
Building Square Feet: 3,840
Bedrooms: 4
Bathrooms: 4.50
Year Built: 2009
Property Size: 0.370 Acres

Description: Reduced over $247,000. Seller financing, EZ qualify w/$275K down, no loan points or fees. CLA for details. Built in 2009, 3,840 sq ft custom home is located on one of the most desirable home sites in Caldera, adjacent to a beautiful stream & meadow. Light/bright home has a great rm w/soaring vaulted ceiling, lg dining area & expansive eating bar for lg families. Up to 5 bdrms (3 suites downstairs)sleeps 12 +/-, 4.5 baths & bonus/theater rm,office & frpl. Oversized triple garage, 1,000 sq ft.

To view the location of this property in Bend, Oregon click the link below.
http://maps.google.com/maps?num=100&hl=en&safe=off&q=43.8477150+-121.4349620&ie=UTF8&t=h&z=16

For more information for this service please contact http://techmediamarketing.com

Duration : 0:2:0

Technorati Tags: -SqFt, $997, 0.370-Acres, 000, 4-Bdrms, 4.50-Baths, Arlene, Bend, Edwards, Estate, for, homes, on, oregon, Real, sale

The kitchen has been completely updated. There are new cabinets and stainless steel appliances. The counter tops are granite tile and the floors are marble in the kitchen and dining area. The kitchen and dining area have decorative stone on the walls to complement the marble flooring. The lighting has also been updated and the ceiling is vaulted with a skylight to give the room a very light and airy feel. The large windows in the dining area overlook the back yard with the flagstone patio and fire pit. The sliding glass doors leads to the screened lanai.

The great room is large and has triple sliders leading to the lanai. The ceilings are vaulted and there is a new Hunter ceiling fan with light. Berber carpeting covers the floor in this room. As you enter the home thru the double door front entry, the foyer has marble tile and overlooks the great room.

The screened lanai is large and is the perfect place to entertain your family and friends. There is plenty of room in the fenced back yard for children to play. There is also room for a vegetable or flower garden in addition to the flagstone patio with the fire pit. The fire pit will allow you to enjoy the evenings outside when the weather gets cooler. Great for parties and B-B-Q’s.

The split bedroom floor plan in this home make it perfect for families or guests. The entry to the master bedroom is off the great room and the Berber carpeting continues into this room from the great room. The master bedroom has a large walk-in closet, ceiling fan and a beautifully updated master bath with tiled flooring and matching accent tile on the walls. There are beautifully decorated his and her vanities and they are separate from the shower area.

The second bedroom and bath are at the far end of the hallway. The bedroom is average in size with Berber carpeting and has a great view of the back yard and flagstone patio from the window. The guest bath is wonderfully decorated with Japanese accents and the flooring is non-slip stone tile.

The laundry room has a washer/dryer and a laundry sink. There are cabinets for storage and the flooring is non-slip stone tile.

This home sits on a corner lot that is approximately ¼ acre and the back yard is completely fenced with privacy fencing. There are large trees in the yard to provide shade and beauty, and to help keep the utility cost down and a sprinkler system to keep every thing well watered. There is an attached two-car garage, with plenty of storage.

Duration : 0:2:25

Technorati Tags: Estate, for, Hill, Home, karlhosp, khosp, Real, sale, Spring

Duration : 0:0:35

Technorati Tags: Area, Estate, for, Home, metro, oregon, portland, Real, sale, search

At http://ModificationHotline.com You Can Claim Your FREE Copy of My Latest Report:
“THE FORECLOSURE SHARKS: A Look At The Rampant Theft Of Americans’ Homes Through Foreclosure ‘Rescue’ Scams”, and While There Also Sign Up For a FREE Consultation With Our Approved Foreclosure Prevention Specialists.

Go To http://ModificationHotline.com and Complete Our Easy Form – It Takes 2 Minutes and Can Help You Save Your Home.

http://realestatemarketingthisweek.com

Duration : 0:10:38

Technorati Tags: Alternative, assistance, Attorney, Avoid, bailout, Bankruptcy, crisis, Estate, expert, foreclosure, Fraud, help, Home, info, information, Loan, loss, Meltdown, mess, mitigation, mod, Modification, Mortgage, news, prevention, process, Real, sale, Scam, service, short, specialist, survive