A full refinance may be a good idea right now

Posted by daltonsbriefs / Category:

Second mortgages are being messed with, you may be better refinancing the entire thing. Take cash out if you want a fall back, but equity lines are getting messy
clipped from activerain.com

Many of us use obtain an equity line of credit to have as an emergency fund.  Why tie up cash if you can write yourself a check when you need it.  Isn't this one of the ways the banks market the equity line?

Yesterday I received a panic call from a past client that had obtained the line of credit in November 2006 when his home appraised for $675,000.  His equity line bank reviewed his file, ran an AVM to determine a current value that was 19% lower.  This dropped the loan to value below what was necessary to qualify for the equity loan so the bank notified them that the line of credit was being cancelled.

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Thoughts on Down Payment Assistance Programs

Posted by daltonsbriefs / Category:

Down Payment assistance is not down and out. FHA is still letting sellers assist the buyer by way of a gift through an authorized not for profit.

Call today for quick counsel on whether you should use this program to purchase a home for zero down.
clipped from activerain.com
Too good to be true?
There are some excellent down-payment
assistant programs. There are also some dubious ones. It's important to confirm
that the nonprofit organization with which you're dealing is of the former
variety before making any commitments.

A good first step is to restrict
your dealings to nonprofits that belong to the Home Gift Providers Association
(HGPA). The HGPA members are required to adhere to a prescribed set of best
practices and a code of ethics. Its website includes a list of member companies.
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Sales Tip that matters

Posted by daltonsbriefs / Category:

There are lots of sales tips on the internet, but I've used this one for years, and it works. Why? Because it's not a scam, it's not manipulative, it's about finding out who the client is and helping them reach their goals.

Uncover the influencer..... and your sales will soar.
from ActiveRain Blogs by Alan Taylor, CRSS - Willoughbys (Willoughbys)
With many sales, it appears there is only one person involved in the decision making process. Yet, more often than not, another person is behind the scenes influencing the decision.

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Finally some commnon sense Fannie Mae

Posted by daltonsbriefs / Category:

I was saying back three years ago that I though mortgage loan rates should be set by relating to credit score. If you have a 720, then great you get the best rate available in the market with very little need to verify things. If you have a lower credit score, then an increased rate, with those under 600 getting the highest rates in the market.



Fannie Mae also announced yesterday to all lenders that they really only want credits over 580 and want more time since foreclosure, increased by a year.



Again, the key is predictability. If we meet a customer who has been out of foreclosure for 9 months and has a 550 credit. Then we can advise them to wait at least 3 more months, and work with credit repair and improvement consultant to get above 580 at a minimum. There is no reason for this customer to be out making offers on homes, thus hindering a sellers marketing by tying up a house for 30 or 60 days.



Will loan officers and lenders be willing to be this honest, and use stronger consulting skills? At First Financial Trust Mortgage, this is exactly what we will do. Call today 219-762-7200 and ask for President James Snyder.

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