Will we survive come April 1st?

If you are an experienced loan officer or new to the industry, new would be quantified as in the last 4 years, there have been a significant transformation of the mortgage industry. We have been through several underwriting guideline changes, documentation changes such as the infamous GFE 2010 (good faith estimate) and of course the appraisal ordering system better known as the HVCC (home valuation code of conduct).

Well hold on to your mental bearings as the world of loan officer compensation comes to an end as we know it. Make room for the new and improved Frank-Dodd rendition of how the government feels industry advisors, us, experienced and ethical loan officers, will be compensated going forward. As I understand it the end result is supposed to give the consumer, the exact same rate and fee schedule to obtain that rate. The amount of precision that is required to achieve these results as I see it ultimately cost the consumer in the form of fewer choices and very possibly higher mortgage rates than are currently available.

The details are still very much being worked out and may not even be ready to go by April 1st, 2011, however there will be changes and those of us in the industry who understand the changes will be prepared to guide our clients once again in the direction that will be best for them. The wonderful thing about my company, Premier Mortgage Group, is that we will continue to do it right, morally, ethically, and always in our clients best interest as we always have.

If you have any questions, please feel free to contact me at mfriedman@pmglending.com

Enjoy the day.

Mortgage or Home Loan?

Mortgage or home loan? Are they really the same animal? Well they really aren’t an animal but they are worth knowing the differences. A mortgage is a financial term which a “lender” offers a loan and in return attaches it to real estate as collateral.

A home loan is money that “you” choose to borrower that fits “your” budget and provides you with piece of mind when buying a home.

Is there really a difference? Well is there a difference between you getting to choose the loan that fits your budget and lifestyle and a mortgage lender telling you what mortgage you need?

For more information about meeting your needs please send me a comment.

Mitch

Should you know more before buying your first home?

Hi,
Well I know that question is a bit rhetorical, however you would be surprised how many first time homebuyers I work with who say that their monthly payment is the most important aspect of buying their first home. I can’t say I don’t disagree that your monthly payment is extremely important but so is how much money you need to spend towards your down payment and/or closing costs. Your loan program selection is probably the most important and this could be different for each individual new homebuyer.

You are in luck. This Tuesday, March 30th from 7-7:30pm I am holding my next weekly Webinar. There is no cost and you will gain invaluable knowledge about how to finance your first home. Please RSVP at mfriedman@pmglending.com and I will email you the login information.

“See” you Tuesday and have a great weekend.

Mitch

First Free Webinar for 1st Time Homebuyers

Are you getting tired of hearing about this 1st time hombuyer tax credit? Are you thinking to yourself, “Hey I am a first timer but what does that mean to me?” If this is a thought of yours or someone you know, then you won’t want to miss out on this first Free webinar to learn more about what your rights are as a first time homebuyer.

Free First Time Homebuyer Webinar

Come and join me for 30 minutes from the comfort of anywhere you want to be. You only need to have your laptop and your cell/land line phone available to listen in. When is it you ask? Below is all of the information you need to get started. Please RSVP to reserve your spot by contacting me:
(c) 720-434-4784
(o) 303-650-7427.

“See” you on Tuesday night.

To Join: https://www1.gotomeeting.com/join/198863488

Use your microphone and speakers (VoIP) – a headset is recommended. Or, call in using your telephone:

Dial 218-844-4928
Access Code: 198-863-488
Audio PIN: Shown after joining the meeting
Meeting ID: 198-863-488

Mitch

Minute with Mitch

Hi FTHBer’s

This week so far has been crazy.  The mortgage industry is really getting it’s head handed to it.  The Government is once again setting new standards for how we disclose information to all of us consumers.  Great idea, however the goal of this new disclosing system was to simplify the presentation of closing costs.  The unfortunate side effect is that the new form is actually more confusing as to what they charges are for buying  a new home.

The good news is that I can explain this information so that it becomes understandable, PRIOR to you making an offer on buying a home.  The most frustrating part of my industry is that I hear about buyers who go out and buy their first home and did not even know what happened and how they got to the closing table.

Let me help you make a difference and arm you with information to know exactly how and why you bought your first home.

check out the video at http://www.youtube.com/watch?v=6NpsoT6mDPc

Also don’t forget about my first time home buyer classes which are free.  www.cfthb.org or www.denverfirsttimebuyers.com

$$MwM$$

www.pmglending.com/mfriedman

Minute with Mitch

Hi FTHB’ers

What a great week we had in the mortgage arena.  I have seen many of your 1st time homebuyers getting out there and taking advantage of your potential tax credit, low mortgage rates, and excellent property values.  This week we closed 14 transactions where 50% of the buyers were just like you, first timers. 

I wanted to let you in on a little secret-On Tuesday, December 15th at 6:30pm I am giving a presentation on how to finance your first home and how to begin the process to buy your first home.  Please click www.denverfirsttimebuyers.com to RSVP.  The really cool part about this get together is we are holding it at a local coffee shop, Taza De Cafe.  

You can also check out a recent video at http://www.youtube.com/watch?v=PSelccIykC8

Have a great weekend.

$$MwM$$

Minute with Mitch

Hi FTHB’ers,

Yes I know today is Wednesday and I usually post on Friday’s but I had a meeting about how the revised tax credit is going to work today and I thought I would share a very important yet minor detail.

Most people still think that once you buy your home, you can file an amendment to your 2008 Federal Tax return and then get your $8000 tax refund immediately. There has been a date change, if you closed on your new home purchase by November 7, 2009 then you would have been able to apply an amendment to your 2008 however if your closing date was after November 7, 2009 then you must wait until you file your 2009 tax returns.

                                                 

Just a tid bit that may save you a big surprise when you try to file for your money and Uncle Sam, the tax man tells you, you will have to wait a few months.

Have a great day!

$$MwM$$

www.pmglending.com/mfriedman

www.cfthb.org

Mortgage Minute with Mitch

Hi FTHBer’s,

By now you have probably slept off your Thanksgiving meal and are ready to take in just a  bit more  about buying your first home.

    

Last we spoke about what types of monthly debts are included in qualifying for a home loan but today I wanted to provide you with other expenses that are associated with owning your own home to take into consideration.

1.  Utility Bills-Electric, Gas and Water

2.  Sprinkler Systems-Winter blow out, Spring turning on

3.  Tree trimming, lawn mowing, Weed pulling, Flower grooming, Mulch replacement

4.  Roof repairs, furnace filter replacement, Water heater check ups

This list is not to scare you away but to encourage you to think about what else you will be pulling your wallet out for when owning your own home.

Enjoy the 4 day holiday and happy black Friday.

$$MwM$$

www.pmglending.com/mfriedman

www.cfthb.org

Classes Resume

Hi FTHBer’s,

Please see the link below for our next class and most recent press release about it.  I am looking forward to seeing many of you there.  Before you attend please visits www.pmglending.com/mfriedman or www.cfthb.org to learn more about the team.  Have a great Sunday. 

http://www.prweb.com/releases/firsttimehomebuyer/taxcredit/prweb3240574.htm

$$MwM$$

Learn More

Hi FTHBer’s,

There is so much to know about how to buy your first home and how to finance it to meet your budget.  I am here to provide you with just that information.  You have so many mortgage options to choose from it can make your head spin. 

                                                                                    

Let me be your resource to answer any questions you may have about why to choose a mortgage program that meets your financial criteria.  I look forward to hearing from you!!

$$MwM$$