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Real Estate Financing – FHA Mortgage and First Time Home Buyers – RealEstateMarketingThisWeek.com

admin — Mon, 16 Aug 2010 11:25:08 +0000

http://realestatemarketingthisweek.com/real-estate/the-old-rules-of-real-estate-financing-no-longer-apply-and-suze-ormond-should-know-that/ – The old rules no longer apply and Suze Ormond should know that. –

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

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FHA Prequalification Program and Buying vs Renting Program

admin — Fri, 28 May 2010 10:09:10 +0000

http://www.realpro.la FHA Prequalification and Buying vs Renting and the buyer’s closing costs. The REALPRO for Windows program will accurately calculate these details for you, the real estate or mortgage loan professional, and your client. http://www.realpro.la/blog The down payment, loan, total payment and closing costs are calculated, including the APR

REALPRO is the only computer/software made exclusively for the Real Estate/Lending Industry to give you exact figures – anywhere you need them! Throw away your pencils, papers, calculators and charts!! REALPRO answers your client’s financing questions in a matter of moments … and prints them out, too!

The REALPRO System is preprogrammed to calculate these important functions and is the best way of plugging into the information that keeps you at the cutting edge of the Real Estate/Lending Industry.

Loan Rep Advantages

Calling on Real Estate Offices

* Prequalify borrowers in seconds whether in your office, the real estate office, or out in the field
* Quote in print – any loan, FHA, VA, Conventional, whether fixed, adjustable or graduated payment – in seconds, along with a buyers cost sheet, without ever looking up a chart
* Amortize your various loans when asked, without complicated charts
* Prequalify homes for your real estate agents so they know what income to look for when holding an open house
* Enhance your professional image so that agents have enough confidence in you to involve you in the transaction
* Show the type of instant service and professionalism you can offer
* Be more impressive than your competition and have Realtors choose you!

Working With Borrowers

* Print financing options & PITI (& PMI, if applicable) on any loan in moments
* Buyers costs itemized & printed with automatic title, escrow, credit report, appraisal & recording fees and more
* Prequalify clients so you know what properties you can show them
* Impress them with your professionalism so more choose you to be their agent
* Prequalify your borrowers under several loan options in moments and allow the client to pick the best loan for themselves
* Show first-time borrowers a Buy vs. Rent justification so that they understand the value of home ownership after monthly tax savings, principle paydown and appreciation

Refinancing

* Show clients their refinancing options in seconds, whether theyre interested in cash back or break-even terms
* Prequalify clients in seconds so that you know you have a viable transaction

Working With For Sale By Owner Clients

* A great way to pick up additional business is to show For Sale By Owner sellers that you can be a valuable asset in determining if their borrower is qualified.

YOU can do what they cant!

Duration : 0:7:0

Technorati Tags: 203b, 203k, a.p.r., appraisal, apr, back ratio, break even, buyers costs, buying vs renting, cash back, conventional lending, down payment, downpayment, fha financing, front ratio, gfe, good faith estimate, Interest Rate, Loan, loan amount, loan to value, ltv, Mortgage, mortgage bankers, mortgage brokers, mortgage lenders, mortgage software, prequal, prequalification, real estate, real estate software, Refinance, seller assistance, seller's net, Streamline, va financing

FHA Financing, Buyers Costs, Seller assistance, APR

admin — Sun, 16 May 2010 01:44:09 +0000

http://www.realpro.la FHA Financing allows the seller to assist with up to 6% of the buyer’s closing costs. The REALPRO for Windows program will accurately calculate these details for you, the real estate or mortgage loan professional, and your client. http://www.realpro.la/blog The down payment, loan, total payment and closing costs are calculated, including the APR

The REALPRO System is preprogrammed to calculate these important functions and is the best way of plugging into the information that keeps you at the cutting edge of the Real Estate/Lending Industry.

Real Estate Agent Advantages

Listing Presentations

* Sellers net proceeds figured and printed in moments- all without looking up any charts
* You can show value of owner carry-backs in seconds
* Prequalify the house to determine income required to buy
* Prequalify the seller to determine what price range he can move up to
* Discuss all available financing options to show seller which is best for him
* Design flyers with finance options for other agents and their clients

Working With Buyers

First Time Buyers

* Show tax advantages of home ownership
* Good Faith estimates in seconds
* Develop an Agent-Client rapport by offering important information and service

Open Houses

* Prequalify the house so that you know what income isrequired buy
* Prequalify the people who stop by to determine what properties you should show them
* Quote all financial options in seconds
* Moving-in costs are figured in minutes
* Turn customers into clients by offering the service and information necessary to make a Real Estate decision

For Sale By Owner (FSBO)

* Show why youre worth a full commission because you are professionally equipped and knowledgeable in ALL the ways to sell their home more quickly and with less hassle.
* Show them you can do what they cant: Financing Options ? Prequalifying ? Sellers Net ? Buying vs. Renting

Floor Time/Up Desk Book

* Answer any financing questions
* Prequalify clients over the phone
* Be able to quote closing costs right at the up desk without ever looking up a chart
* Add finance options to upbook for your office agents or other agents who call in

Farming

* Show net proceeds to the seller in seconds
* Prequalify folks who may not have known what they could afford (Property Owners and Renters)
* Impress potential clients by being Different and Better than your competition
* Compare refinancing and selling in seconds, and asking which is best for you?

Duration : 0:8:30

Conventional Financing and Good Faith Estimate

admin — Tue, 06 Apr 2010 08:28:23 +0000

http://www.realpro.la Conventional Financing and the buyer’s closing costs. The REALPRO for Windows program will accurately calculate these details for you, the real estate or mortgage loan professional, and your client. http://www.realpro.la/blog The down payment, loan, total payment and closing costs are calculated, including the APR

The REALPRO System is preprogrammed to calculate these important functions and is the best way of plugging into the information that keeps you at the cutting edge of the Real Estate/Lending Industry.

Real Estate Agent Advantages

Listing Presentations

Working With Buyers

First Time Buyers

* Show tax advantages of home ownership
* Good Faith estimates in seconds
* Develop an Agent-Client rapport by offering important information and service

Open Houses

For Sale By Owner (FSBO)

Floor Time/Up Desk Book

Farming

Duration : 0:3:27

Technorati Tags: 203b, 203k, a.p.r., apr, back ratio, break even, buyers costs, buying vs renting, cash back, conventional lending, down payment, downpayment, fha financing, front ratio, gfe, good faith estimate, Interest Rate, Loan, loan amount, loan to value, ltv, Mortgage, mortgage bankers, mortgage brokers, mortgage lenders, mortgage software, prequal, prequalification, real estate, real estate software, Refinance, seller assistance, seller's net, Streamline, va financing

Eden Prairie MN| Eden Prairie Minnesota Mortgage|Eden Prairie Refinance

admin — Mon, 22 Mar 2010 06:30:23 +0000

http://ventureloanapp.com Refinance your Eden Prairie home, Fannie, Freddie, Refi, FHA, VA, Conventional, Making Home Affordable, HARP. Home loan programs, Real Estate, First Time Home Buyer loans. Call Venture Development for the program that will help you refinance your Eden Prairie home in this deteriorating market. Declining values are making it hard to refinance. There are new programs that will help the home owner who is on time with their payments. More programs will be coming soon for Subprime and JUMBO.

Duration : 0:2:42

Technorati Tags: Eden Prairie MN, Eden Prairie Refinance, Fannie Refinance, FHA, Freddie Refinance, HARP, Help for Homeowners, Home Loan Refinance, Interest Rate, Interest Rate Reduction, IRRL, Making Home Affordable, Minnesota Mortgage, Mortgage, Streamline, Twin Cities Mortgage, VA, Venture Development Inc.

Burnsville MN|Burnsville Minnesota Refinance|Burnsville Mortgage

admin — Thu, 18 Mar 2010 04:35:11 +0000

http://ventureloanapp.com Refinance your Burnsville home, Fannie, Freddie, Refi, FHA, VA, Conventional, Making Home Affordable, HARP. Home loan programs, Real Estate, First Time Home Buyer loans. Call Venture Development for the program that will help you refinance your Burnsville home in this deteriorating market. Declining values are making it hard to refinance. There are new programs that will help the home owner who is on time with their payments. More programs will be coming soon for Subprime and JUMBO.

Duration : 0:3:13

Technorati Tags: Burnsville MN, Burnsville Mortgage, Fannie Refinance, FHA, Freddie Refinance, HARP, Help for Homeowners, Home Loan Refinance, Interest Rate, Interest Rate Reduction, IRRL, Making Home Affordable, Minnesota Mortgage, Mortgage, Streamline, Twin Cities Mortgage, VA, Venture Development Inc.

Minneapolis MN Mortgage|Mpls Financing|Minneapolis Minnesota|Minneapolis Refinance

admin — Mon, 15 Mar 2010 22:26:37 +0000

http://ventureloanapp.com Refinance your Minneapolis home, Fannie, Freddie, Refi, FHA, VA, Conventional, Making Home Affordable, HARP. Home loan programs, Real Estate, First Time Home Buyer loans. Call Venture Development for the program that will help you refinance your Mpls home in this deteriorating market. Declining values are making it hard to refinance. There are new programs that will help the home owner who is on time with their payments. More programs will be coming soon for Subprime and JUMBO.

Duration : 0:2:57

Technorati Tags: Fannie Refinance, FHA, Freddie Refinance, HARP, Help for Homeowners, Home Loan Refinance, Interest Rate, Interest Rate Reduction, IRRL, Making Home Affordable, Minneapolis Minnesota, Minneapolis MN Mortgage, Minneapolis Refinance, Minnesota Mortgage, Mpls Financing, Streamline, Twin Cities Mortgage, VA, Venture Development Inc.

Conventional Refinance Break Even (No Cash Out)

admin — Sat, 06 Mar 2010 23:29:09 +0000

http://www.realpro.la Conventional Refinancing, No Cash Out, and the borrower’s closing costs. The REALPRO for Windows program will accurately calculate these details for you, the real estate or mortgage loan professional, and your client. http://www.realpro.la/blog The down payment, loan, total payment and closing costs are calculated, including the APR

The REALPRO System is preprogrammed to calculate these important functions and is the best way of plugging into the information that keeps you at the cutting edge of the Real Estate/Lending Industry.

Loan Rep Advantages

Calling on Real Estate Offices

Working With Borrowers

Refinancing

* Show clients their refinancing options in seconds, whether theyre interested in cash back or break-even terms
* Prequalify clients in seconds so that you know you have a viable transaction

Working With For Sale By Owner Clients

* A great way to pick up additional business is to show For Sale By Owner sellers that you can be a valuable asset in determining if their borrower is qualified.

YOU can do what they cant!

Duration : 0:6:1

Technorati Tags: 203b, 203k, a.p.r., apr, back ratio, break even, buyers costs, buying vs renting, cash back, conventional lending, down payment, downpayment, fha financing, front ratio, gfe, good faith estimate, Interest Rate, Loan, loan amount, loan to value, ltv, Mortgage, mortgage bankers, mortgage brokers, mortgage lenders, mortgage software, no cash out, prequal, prequalification, real estate, real estate software, Refinance, seller assistance, seller's net, Streamline, va financing

FHA Financing and Buyers Costs – Good Faith Estimate

admin — Thu, 04 Mar 2010 22:32:08 +0000

http://www.realpro.la FHA Financing and the buyer’s closing costs. The REALPRO for Windows program will accurately calculate these details for you, the real estate or mortgage loan professional, and your client. http://www.realpro.la/blog The down payment, loan, total payment and closing costs are calculated, including the APR

The REALPRO System is preprogrammed to calculate these important functions and is the best way of plugging into the information that keeps you at the cutting edge of the Real Estate/Lending Industry.

Loan Rep Advantages

Calling on Real Estate Offices

Working With Borrowers

Refinancing

* Show clients their refinancing options in seconds, whether theyre interested in cash back or break-even terms
* Prequalify clients in seconds so that you know you have a viable transaction

Working With For Sale By Owner Clients

* A great way to pick up additional business is to show For Sale By Owner sellers that you can be a valuable asset in determining if their borrower is qualified.

YOU can do what they cant!

Duration : 0:9:58

Inver Grove Heights MN|Inver Grove Heights Minnesota Mortgage| Inver Grove Heights Refinance

admin — Wed, 03 Mar 2010 23:18:16 +0000

http://ventureloanapp.com Refinance your Inver Grove Heights home, Fannie, Freddie, Refi, FHA, VA, Conventional, Making Home Affordable, HARP. Home loan programs, Real Estate, First Time Home Buyer loans. Call Venture Development for the program that will help you refinance your Inver Grove Heights home in this deteriorating market. Declining values are making it hard to refinance. There are new programs that will help the home owner who is on time with their payments. More programs will be coming soon for Subprime and JUMBO.

Duration : 0:3:2

Technorati Tags: Fannie Refinance, FHA, Freddie Refinance, HARP, Help for Homeowners, Home Loan Refinance, Interest Rate, Interest Rate Reduction, Inver Grove Heights MN, IRRL, Making Home Affordable, Minnesota Mortgage, Mortgage, Streamline, Twin Cities Mortgage, VA, Venture Development Inc.