Thursday, September 2, 2010
Raleigh made it to Kiplinger's top 10 cities for raising families! Check it out.. http://ping.fm/7pgXq
Tuesday, August 24, 2010
Mortgage in the Raw: Mort Rates often change in opp direction as Fed changes due to the dynamics within the financial mkts.
Monday, August 16, 2010
Monday Mortgage in the Raw: Promissory Note is the legal evidence of the debt b/t the lender & you. It states terms, promise and signature.
Friday, August 13, 2010
Mortgage in the Raw... Simple Interest is interest computed on the balance of the outstanding principal only.
Wednesday, August 11, 2010
Embrace Life and Embrace the Low Mortgage Rates
Thinking about life there are many inventions that go uninvented and many ideas that pass by us. In passing I have heard that the average person thinks of a million dollar idea at least once a day. Did you know that the common Mayfly has the shortest life? They live only one day with only one goal. This goal is to mate and reproduce. In fact; the whole Mayfly population is counting on this for survival. This just shows you how we need to embrace life because time is precious.
Let’s take a moment and think about this in relation to your life. What is the message you need to reproduce? How are you leaving your financial picture? Do you know what your financial picture looks like with the change in economy? Have you written down to call about a refinance and haven’t done it? There are lots of questions to ask yourself. Change and uncertainty are the main reasons why most people let ideas pass. Don’t let uncertainty be one of the reasons that why you didn’t check it off your ‘honey-do-list.’
Listen to your mortgage conscience; take the time to answer these questions. The mortgage rates are at all time low. This is the lowest they have been since the 1950’s. Change and uncertainty are the main reasons why most people let ideas pass. Don’t let uncertainity be one of the reasons that why you didn’t check it off your ‘honey-do-list.’ Mortgage originators are there as your advisor and your teacher. Many mortgage companies offer free mortgage check ups to assist with this issue. You owe yourself and your family to hear any options that evaluate your current situation. This might not be life or death decision; but it is one that could affect your financial picture. You can help your family to save money for other life goals.
Remember: Successful people buy stock in themselves and it begins with knowledge
Friday, July 30, 2010
AS You and Me (Assume)
AS You and Me (Assume)
The mortgage industry teaches me on a daily basis that I shouldn’t; and cannot assume anything. The industry has gotten burned because we believed everybody was truthful. Now, underwriting requires documentation, documentation, documentation and more documentation for every scenario. I watched another lesson learned yesterday in my own office. It was one of those simple scenarios that as a person of the industry caught all of us off guard. I found out that you do need to let everyone know to come to the home closing.
A loan officer came out of his office with a completely flabbergasted look late yesterday afternoon. He proceeded to tell me a story that literally shocked the pants off me. He had worked diligently on a file with a team of army men about as long as a classical piano concert. He had just gotten to the place where it is time to give the client some relief. This is the time when underwriting is officially done collecting documentation from them. As you might know from being on any side of one of these transactions; it brings a sigh of relief to everyone. Just at that moment he got a phone call from an agent that smacked him right in the face. It was the real estate agent letting him know that the borrower had left the state. It was due to close the next morning at 9am. Working on transactions everyday I thought to myself; why would you leave town without telling anyone? It is usually the very exciting part for the buyer.
I had to know how the story ended as I arriving in the office today. I was told that she thought that it would close on that preset closing date without her; and we would call her after a couple days to move in. She had a PLANNED vacation that she knew about for over a year. This is where I wondered was it our fault for assuming that she knew, or her fault for not letting someone know she had a vacation planned. My insider secret to avoid this Mortgage Manifesto is to let you know that North Carolina requires you to be at closing. It applies to both purchase and refinance transactions. If not, you will need a power of attorney, change the closing date, or plan for a mail away closing.
The mortgage industry teaches me on a daily basis that I shouldn’t; and cannot assume anything. The industry has gotten burned because we believed everybody was truthful. Now, underwriting requires documentation, documentation, documentation and more documentation for every scenario. I watched another lesson learned yesterday in my own office. It was one of those simple scenarios that as a person of the industry caught all of us off guard. I found out that you do need to let everyone know to come to the home closing.
A loan officer came out of his office with a completely flabbergasted look late yesterday afternoon. He proceeded to tell me a story that literally shocked the pants off me. He had worked diligently on a file with a team of army men about as long as a classical piano concert. He had just gotten to the place where it is time to give the client some relief. This is the time when underwriting is officially done collecting documentation from them. As you might know from being on any side of one of these transactions; it brings a sigh of relief to everyone. Just at that moment he got a phone call from an agent that smacked him right in the face. It was the real estate agent letting him know that the borrower had left the state. It was due to close the next morning at 9am. Working on transactions everyday I thought to myself; why would you leave town without telling anyone? It is usually the very exciting part for the buyer.
I had to know how the story ended as I arriving in the office today. I was told that she thought that it would close on that preset closing date without her; and we would call her after a couple days to move in. She had a PLANNED vacation that she knew about for over a year. This is where I wondered was it our fault for assuming that she knew, or her fault for not letting someone know she had a vacation planned. My insider secret to avoid this Mortgage Manifesto is to let you know that North Carolina requires you to be at closing. It applies to both purchase and refinance transactions. If not, you will need a power of attorney, change the closing date, or plan for a mail away closing.
Friday, July 16, 2010
True Confessions
We all know what needs to be done in life; but, we find all sorts of reasons to put it off. Do you know what needs to be done to sell your house? If you are trying to sell your house in today’s market then you are going to have to go that extra mile. There isn’t any more time for putting off the inevitable. The fact is that there are more sellers than buyers; so, for most people it will take at least 60 days to sell. If you have hired a real estate agent then use them as a resource. They hold valuable statistics, experience and advice.
Clean out the clutter! Removing the clutter will make rooms look bigger and brighter; leaving room for imagination. Buyers want to visualize themselves creating their own memories. This means packing up those knickknacks, family photos and trophies. Take down fixtures that you want to keep. If a buyer sees it then they might want it. It might even be time to rent a storage unit. Buyers will open every cabinet and door; so, don’t over stuff them. In most situations a house has shown better with furniture; so, don’t pack up everything. You know are ready to begin touching up the paint, pressure washing and fixing those minor repairs.
Renovations: If you decided to renovate then keep in mind the neighborhood, style and price point. You want your renovates to stay in the middle to low price range. You don’t want to over improve for the neighborhood. Spend your money on the important items before you spend money on the design projects. Talk with your agent before making any upgrades. They will know what type of décor has been selling in your neighborhood. This keeps you on track and away from risky renovations that may not be attractive to your buyers. You want to concentrate on what gives you the most bang for your buck. The term that is used most is return of investment ( ROI.) (http://www.demesne.info/Improve-Your-Home/Improvement-ROI.htm) The areas like kitchen and bathrooms have proven to have the highest ROI. Removing the vinyl floors and countertops from your bathroom has been show to give you back over 100% ROI. Kitchens usually need to be updated to compete with others in that same price bracket. A good rule of thumb is to keep the upgrades under 15%. The other areas to think about are any unfinished areas, roofs, decks, windows and siding.
Home Staging: This is the act of preparing a home to sell with emphasis on presentation. It is just as important as the other processes because it touches on the buyer’s emotional side. This step is necessary if you want to sell your house quickly and for the highest possible price. Staging has proven to sell your house about 32% faster. You can choose to stage the house yourself or hire a professional stager. (http://stagingdivadirectoryofhomestagers.com/). A staged home benefits in every marketing, justifies your price and photographs better. Photography has become especially important with almost 95% of buyers using the Internet as the first impression. The first part of your house that the buyer will see when they arrive is the exterior. If the curb appeal makes a bad impression then your prospective buyer will carry that negativity throughout the house. Make sure the entrance way gives them a nice, bright welcome including a new welcome mat. It isn’t necessary to stage every room of the house but pay attention to the bigger ones. Family rooms and kitchen can have a lot to do with the resale value. Let the room breathe so buyers can envision themselves entertaining and spending time with the family. If there is a fireplace then make it the focal point. Use neutral colors with hints of color to draw the eye. This doesn’t have to be an expensive project. You can change the visual look of a room by an artful placement of mirrors, lighting, arrangement and colors. Another way to spruce up a room is wit simple upgrades like staining cabinets, knobs, changing out faucets, adding plush towels and slipcovers.
Good Luck!!
Maritz Research Staging Polls says: “63% of home buyers are willing to pay more for a house that is move-in ready.”It is time to begin thinking like a buyer to ensure your house stands out in from the competition. Start by jotting down what you really liked about the house when you bought it. What are the items that you still love about the house? What are the first items that you notice? What is just okay and what is fabulous? What do you know needs to be repaired? Decide if there are renovations that need to be done before the staging or remodeling.
Clean out the clutter! Removing the clutter will make rooms look bigger and brighter; leaving room for imagination. Buyers want to visualize themselves creating their own memories. This means packing up those knickknacks, family photos and trophies. Take down fixtures that you want to keep. If a buyer sees it then they might want it. It might even be time to rent a storage unit. Buyers will open every cabinet and door; so, don’t over stuff them. In most situations a house has shown better with furniture; so, don’t pack up everything. You know are ready to begin touching up the paint, pressure washing and fixing those minor repairs.
Renovations: If you decided to renovate then keep in mind the neighborhood, style and price point. You want your renovates to stay in the middle to low price range. You don’t want to over improve for the neighborhood. Spend your money on the important items before you spend money on the design projects. Talk with your agent before making any upgrades. They will know what type of décor has been selling in your neighborhood. This keeps you on track and away from risky renovations that may not be attractive to your buyers. You want to concentrate on what gives you the most bang for your buck. The term that is used most is return of investment ( ROI.) (http://www.demesne.info/Improve-Your-Home/Improvement-ROI.htm) The areas like kitchen and bathrooms have proven to have the highest ROI. Removing the vinyl floors and countertops from your bathroom has been show to give you back over 100% ROI. Kitchens usually need to be updated to compete with others in that same price bracket. A good rule of thumb is to keep the upgrades under 15%. The other areas to think about are any unfinished areas, roofs, decks, windows and siding.
Home Staging: This is the act of preparing a home to sell with emphasis on presentation. It is just as important as the other processes because it touches on the buyer’s emotional side. This step is necessary if you want to sell your house quickly and for the highest possible price. Staging has proven to sell your house about 32% faster. You can choose to stage the house yourself or hire a professional stager. (http://stagingdivadirectoryofhomestagers.com/). A staged home benefits in every marketing, justifies your price and photographs better. Photography has become especially important with almost 95% of buyers using the Internet as the first impression. The first part of your house that the buyer will see when they arrive is the exterior. If the curb appeal makes a bad impression then your prospective buyer will carry that negativity throughout the house. Make sure the entrance way gives them a nice, bright welcome including a new welcome mat. It isn’t necessary to stage every room of the house but pay attention to the bigger ones. Family rooms and kitchen can have a lot to do with the resale value. Let the room breathe so buyers can envision themselves entertaining and spending time with the family. If there is a fireplace then make it the focal point. Use neutral colors with hints of color to draw the eye. This doesn’t have to be an expensive project. You can change the visual look of a room by an artful placement of mirrors, lighting, arrangement and colors. Another way to spruce up a room is wit simple upgrades like staining cabinets, knobs, changing out faucets, adding plush towels and slipcovers.
Good Luck!!
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