2013 begins with near record low mortgage rates!

2013 starting off GREAT with LOW Rates!

"How long can rates stay this low?", you ask yourself.  We continue to have favorable refinance opportunities for both 15 and 30 years rates and purchase business is off to a record start in January! 

Here's more good news from Freddie Mac today:
"Mortgage rates started the year near record lows which should continue to aid the ongoing housing recovery," said Frank Nothaft, vice president and chief economist for Freddie Mac. "New home sales rose in November to a two-year high and were up 15.3 percent from the previous November. Similarly, pending sales on existing homes increased for the third month in November to the strongest pace since April 2010."

Watch out for approval "landmines"!

For all the talk of how tough it is to be "mortgage approved", the basics of mortgages haven't changed. Mortgage approvals are still the 3-legged stool of income, equity, and credit.
Sometimes, though, it's not getting approved that's hard -- it's staying approved.
You have to watch out for landmines.

During the process, things can go wrong

Because mortgage approvals (the approval to loan closing time frame) take time, there is plenty of time for "things" to happen to you and unqualify you or unapprove your approval.  :(   In a typical home loan market, it's about 3 weeks from start-to-finish.
Approvals can take longer, however, depending on market conditions. For example, if rates are low and there's a refi boom on-going, a refinance can take 4 weeks to close.

Some things you just don't have any control over: For example, if lose your job, become ill, or see your home damaged by storms (refinance), you may lose your mortgage approval -- even if you were previously cleared-to-close.
Unfortunately, these are all events that are beyond your control. You can't control sickness any more than you can control Mother Nature. But you can control yourself during those extra few weeks.

Making sure that you don't do something that you do have control over to cause your loan to be "unapproved" is what I wanted to mention here.  Good behavior matters in mortgage.

Bad Decisions during the Mortgage Application Process

Keeping "good behavior" in mind, here are 8 things you should absolutely not do between your date of application and your date of funding. I have seen each of these things derail a closing:

1. Don't buy a new car or trade-up to a bigger lease or car payment
2. Don't quit your job, changing industries or start a new company
3. Don't switch from a salaried job to a heavily-commissioned or large bonus in place of salary, job
4. Don't transfer large sums of money between bank accounts
5. Don't forget to pay your bills -- even the ones in dispute
6. Don't open new credit cards -- even if you're getting 20% off
7. Don't accept a cash gift without filing the proper "gift" paperwork
8. Don't make random, undocumented deposits into your bank account

There are a plenty of other items to beware of during the mortgage loan application to closing process, but this is a good "first list" to pay particular attention to.  

Building for success in 2013!

Opening a new chapter in our lives!

As we write the story of our lives, just as we write our business life story, we come to the end of a year or chapter and look ahead.  We know what things, what ideas, what relationships worked in the chapter we are closing. 

As we contemplate this next year, or our next chapter, it's important to take with us the things that worked, and keep building on these.  What do we do with the things that didn't work? Leave them, they didn't work, let them stay behind, close out the old chapter.   Move ahead.  Add new ideas to things which you WERE successful with. 

I wish all of my clients and fellow business professionals a most successful and prosperous 2013!

FHA to continue offering Reverse Mortgages

The Federal Housing Administration will likely continue to offer reverse mortgages despite talk of program changes due to FHA’s financial position, writes a Sterne Agee research note published last week.
“We do not believe Congress is going to let the [FHA] kill reverse mortgages and incur the rage of the AARP,” the report states in response to the announcement by FHA that it will make changes to its reverse mortgage program including putting a hold on the fixed-rate full-draw product.

Pending home sales rise for 19th consecutive month!

Pending home sales increased in November, 2012 for the third consecutive month and reached the highest level in two-and-a-half years, according to the National Association of Realtors (NAR).

“Even with market frictions related to the mortgage process, home contract activity continues to improve," said Lawrence Yun, NAR chief economist. "Home sales are recovering now based solely on fundamental demand and favorable affordability conditions.”

On a year-over-year basis, pending home sales have risen for 19 consecutive months. The upward momentum means existing-home sales should rise eight to nine percent in 2013 to approximately 5.1 million, following a 10 percent gain expected for all of 2012. The median existing-home price is projected to rise just over 4 percent in 2013, after rising more than seven percent in 2012.

Marty, you were spot on with details and you know your job! Loan Closing Testimonial December 13, 2012

"Marty, I have already referred you twice"

Marty, when I was working with you, I always knew that I was being told the truth and that you knew your job.   

 I have already shared my story about the other mortgage company who didn't do such a good job in this area and disgusted me to the point I wasn't going to refinance my home until Lindy Fuller encouraged me to call you.  She sure was right about what a great job you would do for me!  

You were spot on with details of the loan process and very quick with approval and closing.  I can tell that you care for your clients and I sure appreciated the confident and professional way that you helped me with my questions.

I have already referred you twice and will be sure and refer you again whenever I can. Thanks Marty!

Damon Long
Closing December 13, 2012  

We had a really good experience! Closing testimonial December 13, 2012

"We could always get hold of you to ask questions."

Marty, thank you again for your help with getting us qualified and closed so that we could buy our first home!  We had a  really good experience.  

You were always willing to be flexible and work around our crazy work schedules!

We were glad that Jon DeYoung recommended you because you were accessible and available when we needed your help-just as he told us that you would be.  :)

Your processing team did a wonderful job pushing our file to an earlier closing time when we moved up our moving date.  You and your company really helped us by taking stress out of a stressful situation!

Thank you again for all of your help and we will be sure and recommend you when we can to our friends and family!

Wes and Tanisha Rash
Closing December 13, 2012

You always called us back immediately and there were no surprises! Loan Closing 12-11-12

You and your staff were speedy and on top of things

Marty, you were Fantastic to work with! 

There were many things we loved about working with you, but here are just a few:

• You ALWAYS called us back immediately!
• You and your staff were speedy and on top of things, 
• you explained all the aspects of mortgages to us, programs, benefits and these were explained thoroughly-we appreciated this as first time home buyer's!
• There were no surprises!
• Because you are so friendly we always felt comfortable with you! 

At the closing we told you we were so grateful that Jon DeYoung recommended you to us because of our terrible experience with another mortgage company where we suffered through repeated phone calls to them that were never returned, getting passed off to another person again and again, more phone calls that never got returned and in the end, we realized that they just didn't care about working with us.

You and Jon were always there to help us with our questions and to help us through this homebuying process!

Thanks again!  We have and will refer you and Jon again and again!

Skyler and Tressie Kearl
Closing 12/11/12

Home prices rise 5% year over year: Septmeber 2012

Buy now with awesome home prices and interest rates!

CoreLogic has announced the release of its September Home Price Index (HPI) report, which found that home prices nationwide, including distressed sales, increased on a year-over-year basis by five percent in September 2012 compared to September 2011.

This change represents the biggest increase since July 2006 and the seventh consecutive increase in home prices nationally on a year-over-year basis.

Marty, you were really great at explaining things! Testimonial at closing: November 5, 2012

"Thanks for the great job you did of explaining things to us!"

Marty, we appreciated that you were always available, even when it was late in the night you took our phone calls! When I needed help and you were there to answer my questions whenever I needed you! 

As first time home buyer's you answered our many questions and you were really good at explaining things to us on a level that we could understand because this was our first time doing this. You never talked over our heads and you helped us to be comfortable with the whole mortgage process, even as stressful as some of it becomes.  :)

Our waiting time for our offer acceptance was a LONG time (because it was a short sale offer) and you kept in really good contact with us during the past 5 months.  We felt we couldn't have had a better team to help us with you and Jon DeYoung!

We will refer you to our friends and family when ever we can, you can be sure of that!  Thank you!!!!

Adam and Amber Garrison, November 5, 2012

Don't hire an inferior Real Estate Agent

No one wants to hire an inferior Real Estate Agent, but how do you spot one?

Here's 5 Tips from money guru Dave Ramsey that will let you know you are working with the wrong agent, or if you haven't hired one yet, how to find a great agent to work with.

If you don't like to take chances, I can refer you to one of my Realtor Business Partners who will help you meet your needs! 

How to Spot an Inferior Real Estate Agent:

Your real estate agent is a marketing consultant with just one goal: getting your home sold. And since you'll pay thousands of dollars whether the agent does a poor job or an outstanding job, it just makes sense to hire the best agent you can find.

Most home buyer's hire the first agent they interview. That's a great way to hire a terrible agent. Here are five signs you're working with an inferior agent:

Interview an agent who is recommended by someone you trust!

• They sell the "average" number of properties. The top 10–15% of agents handle nearly all real estate transactions. If you're not working with one of those top agents, you're going to be disappointed. And don't be fooled by how many millions of dollars worth of homes they sold last year. In an average market, $1 million of real estate represents just eight homes.
  
  
• They're a part-time or discount agent. You want a high-octane, high-energy agent who knows what needs to be done and is willing to do the work to get your home sold. Part-time and discount agents won't have the time or marketing dollars to devote to selling your home.
  
  
• They don't have a knack for selling. If your agent can't sell you on what a great agent they are, they won't be any good at selling your home either. Selling is an art—and you're looking for a natural.
  
  
• They're too nice to tell you the truth. Ask potential agents to give you suggestions on what to change in your home to help it sell. You want an agent to give a tough critique of your home without worrying that their honesty might lose you as a client.
  
  
• They haven't gotten the job done. The latest numbers show that half of all homes sell in 70 days or less. Click here for my previous blog post Homes sales stronger for more information on where our Real Estate market is and is going.  If your home has been on the market more than three months with few showings and no offers, it's time for a serious talk with your agent. The longer your home stays on the market, the tougher it will be to sell for the price you want.