Archive for April, 2012

True or False: Social Media Marketing is a simple and effective means to generate sales.

April 30th, 2012
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“The misconception is that because Social Media marketing is so tangible, it’s also easy.  The fact is that it can become one of the most time consuming distractions of your business plan.  And what you’re doing may not even be the most effective method to achieve the desired results.” I paraphrased a little but so says Jorgy Jorgensen who is the Owner of Local Likes-A Social Media Company, when we sat down to discuss the subject a couple of weeks ago.  Read the rest of this entry »

We had some near misses this week. The Picture Changed.

April 23rd, 2012
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We had a borrower who changed jobs and didn’t tell us until we discovered it a couple of days before closing.  A couple who applied on line and didn’t tell us they were expecting a child prior to closing that would eliminate one of the incomes that we relied upon for approval.  A final credit report was pulled 24 hours before closing and a credit card with a small balance at application now had a large balance.   Fortunately, we were able to fix all of these situations but anyone of them could have derailed the closing permanently. Read the rest of this entry »

Calculating the right mortgage for someone is a complex math story problem and it requires knowledge and expertise to get it right.

April 16th, 2012
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In my search for a good financial planner years ago, a friend of mine gave me some sage advice.  She said that one of her criteria for deciding who she’d use was based on a simple premise.  “You show me yours and I’ll show you mine.”  What she meant to say was that she wasn’t going to trust her financial future to someone without the experience or know how to get her to the finish line safely and successfully.

Serial Refinancing is a bad idea

I had the pleasure of a visit from Dan Mitchell of the Commerce Department last week.  We went through a standard audit.  During the exit interview, it was suggested that we ask our borrowers to write down their reasons for wanting to refinance.  I agree.  Many people are enamored of the low rates available today and are rushing the doors of mortgage companies to refinance.  There are all kinds of cheesy advertisements on the radio and my mailbox is inundated with offers on a weekly basis. Read the rest of this entry »

Time has run out on the old FHA MIP rates

April 9th, 2012
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For FHA case numbers issued on or after April 9th, the new mortgage insurance premiums take effect.  By the time you receive this, time will have virtually run out to take advantage of the old rates.Today is the last day to get one and you must have a fully executed purchase agreement for that.

 Beginning Monday, the new MIP on a 30 year FHA loan will be 1.75% in upfront premium and 1.25% for the annual amount.  For those borrowers with excellent credit and 5% of their own money for the down payment, it’s worth comparing the mortgage insurance on a conventional loan with an FHA loan.  Read the rest of this entry »

“Don’t judge each day by the harvest you reap but by the seeds that you plant.”-Robert Louis Stevenson

April 2nd, 2012
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This week, a young couple, who had immigrated to this country a few years ago, closed on their new home. They had given up a great deal to come and live here. The educational credentials they had in their homeland didn’t transfer to the US and in possession of limited English language skills when they arrived, they were unable to go back to school to get them. He had been a doctor in his country and in this country, he works as a carpenter. As they signed the final papers they stood up and hugged each other with tears in their eyes. They were very kind people and so very grateful. The thing she was looking forward to the most was to have a place to plant tomatoes in her own yard. I needed the gift of gratitude that these people gave me this week.  Read the rest of this entry »