The Phoenix Arizona Mortgage & Real Estate Blog

Exterior Home Improvements To Make Your Home More Attractive

Tue, 2 Jul 2013 12:23:00 -0700

The Phoenix real estate market has shown definite signs of growth over the past year. The combination of record low interest rates and rock bottom pricing got buyers moving, and the market has once again shifted from a seller’s market to a buyer’s market. With an emerging seller’s market materializing, it’s best to capitalize by giving your home the edge over the competition. Here are some exterior home improvements you can make to ensure that you get top dollar for your house.

Repair your Roof. One of the first things a buyer will notice on the outside is a roof that looks like it is damaged. A damaged roof, after all, means potential leakage any time there is rain and you don't want to wait until the next haboob to find out the hard way. Whatever type of roof you have, make sure it is in good repair so your house is not seen as a ‘fixer upper.’

Improve the Landscaping. What does your home look like when people first see it? A big factor in this equation is how the landscaping blends in with the style of the home. It may be that you have a nicely landscaped exterior. On the other hand, there may be room for improvement in this area. Ask your realtor how your home’s landscaping compares to the competition, and take measures within your budget to improve it.

Maintain the Exterior. While your home is on the market, you need to have your exterior in tip-top shape at all times. This means keeping the lawn mowed, trees trimmed, or if you live in a cold weather climate, the ice and snow removed from driveways and sidewalks. If you don’t have the time to do this yourself, consider hiring a professional.

First impressions are key, and the first place your prospective buyers will lay eyes on is the exterior. For this reason, it is critical to give your home as much ‘curb appeal’ as possible.

Happy Home Selling!

About the Author

This is a guest blog post from Richard Simon, Co-Founder of AZ Lending Experts.AZ Lending Experts is a full service mortgage company specializing in Conventional, VA, FHA, USDA, and Jumbo residential mortgages. The firm is led by Richard Simon, whose family has a legacy in the Phoenix real estate market dating back to 1913 when his grandfather came to Phoenix and developed the tract of land known today as Arcadia Park. Learn more about AZ Lending Experts at: www.azlendingexperts.com.

Have You Used a Short Sale Calculator?

Wed, 20 Mar 2013 22:22:00 -0700

Did you know that there is an online tool that can help you determine if your home is under water or not? Perhaps you aren't ready to talk to a real estate agent, and just want to know where you stand. This is just the tool for you. All you need to do is enter your property address and your contact info (so you can get the report) and you will know within 20 minutes where you stand.

Once you have this information, you can the decide if you want to take the next step and talk to a real estate professional. Go ahead and check out the Short Sale Calculator and see where you stand. The good news is that being under water with your home does not mean you can't sell it. There are lots of short sale experts that can help you and you will also find them listed on the ShortorStay.com website.

The 2013 Best of the Best Realtors in Phoenix. Who Made the Cut?

Wed, 6 Mar 2013 10:43:00 -0700

Realty AZ Central recently announced their Best of the Best Realtor selections for 2013, but what does this mean? Well, according to company founder Richard Simon, these agents were not just chosen for production numbers, but were selected based on several criteria including length of time in the business, customer service history, and most of all, a recommendation by their clients and other industry professionals. You can read all about the Realtor certification process on their website. These agents are backed by a $1,000 performance guarantee which is pretty strong.

Here are the agent that were selected, along with their city listing:

- Brent Hammonds, Solutions Real Estate (Ahwatukee)
- Bob & Sherry Richards, HomeSmart Real Estate (Anthem)
- Barb Smolenski, Prudential Arizona Properties (Carefree)
- Greg Smolenski, Prudential Arizona Properties (Cave Creek)
- Colleen Rosenthal, West USA Realty Revelation (Chandler)
- Eric Crane, DPR Realty LLC (Gilbert)
- Robert Luce, Luce Signature Properties (Goodyear)
- Dan Frank, Pathway Real Estate (SW Maricopa)
- Tiffany J Haynes, RE/MAX Achievers (Mesa)
- Lisa Ross, Realty One Group (Paradise Valley)
- Joan Kreutz, Arizona Premier Realty (Peoria)
- Eliot Tomaszewski, Keller Williams (Phoenix)
- Allison Bourn, West USA Realty Revelation (Queen Creek)
- Slava Kostadinova, Exclusive Real Estate (Scottsdale)
- Brooke Jordan, RE/MAX Professionals (Surprise)
- Paul Yontz, West USA Realty Revelation (Tempe)

Also, don't miss the March promotion by Realty AZ Central. If you work with one of their certified agents, you also will get a free home inspection. Check it out!

Bicycle Safety and Security

Mon, 17 Sep 2012 09:24:00 -0700

Bicycles are enjoying a rebirth as a popular and practical choice of transport. Whether you live in an area poorly served by public buses and trains, or you live in the heart of city where traffic jams are a nightmare, or even if you’re trying to embrace the race to become green; bicycles are likely a big part of your life. They can also be a very expensive part and you should consider looking into something like swiftcover house insurance so that you’re covered in any incident. But good home cover doesn’t mean we should become lax with our bike security. Keeping them safe is your responsibility.

1.) Locking Your Bike
This should go without saying; you should always lock your bike when you’re leaving it unattended. Whether it’s just outside the shop for thirty seconds, or it’s in your closed and secured garage; bikes are inherently easy to steal and escape with. Modern bikes are a lot lighter than their predecessors and pulling one into a van or car is simple for even the smallest of burglars, failing that they’re built to be ridden! Lock your bike at all times to an unmovable object, lampposts, fences etc.

2.) Choosing The Right Lock
Locking isn’t always enough, unfortunately. Bikes are stolen every day that were “secured” and thieves are becoming increasingly familiar with how to disable this protection. Chains can now be pulled apart or even cut with smaller and smaller power tools. Your best option is to opt for a solid U-Lock design which has no engineered weak points and offers no stretches or changing of position, it cannot be manipulated into an easily breakable form.

3.) In Amongst The Crowd
This sounds a little defeatist, but you should try and lock your bike in an area where there are other bikes too. You can be fairly confident that there will be another bike nearby that will be less securely protected than yours will. Thieves are opportunistic and they will follow the path of least resistance.

4.) Change Your Routine
Try not to lock your bicycle in the same place, at the same time every day. Thieves will notice a pattern and know exactly when it is likely to be left unattended, and how long for. Switching it up every so often will likely put off any wrong doers waiting in the wings.

5.) Where Not To Lock
Don’t lock your bike to anything illegal. There are a lot of people who find their bikes being taken away by the police or the local authorities because they’ve been secured to private property. You’ll likely find it easier to get your bike back from these organizations, but you’ll find yourself paying a fine for its return.

Home Affordable Refinance Program Extended

Fri, 10 Jun 2011 15:30:00 -0700

The FHA has decided to once again extend the Home Affordable Refinance Program (aka HARP.) Perhaps now is the time to look into whether or not this is an option for you. It is a program created to help the millions of Americans who have had trouble refinancing due to decreased home values. When it is successful, it has similarities to a loan modification, but you actually get new mortgage with new terms (lower interest and lower monthly payments.)

HARP may be an option if:

You are current on your mortgage payments (no 30 day late payments over the past year)
Your home is worth less than what you paid for it.
Your first mortgage is not greater than 125% of your home's current market value.
Your loan is owned by Fannie Mae or Freddie Mac.

The best way to find out if you qualify for a Home Affordable Refinance Program loan, is to contact a HARP lender. Not every lender is equipped to assist you. Here is a way to check and see if you quality for a HARP loan through a trusted HARP mortgage lender. Simply complete this mini-application online.

The Best Bank to Get Your Home Mortgage From

Wed, 25 Aug 2010 12:58:00 -0700

This article is not about how banks, credit unions, or lending institutions stack up. It is about a paradigm shift that is taking place with or without you.

Can you imagine what it would be like to not have to provide all of your information to a bank loan officer only to have them ask you for more paperwork? It has been said that a traditional bank will lend you money if you can prove you don't need it. So, why not put yourself in a position where you really don't need it? Think it's impossible? Think again.

There is a financial strategy that you may or may not have heard of called the Infinite Banking Concept. Through the Infinite Banking Concept, you actually learn how to become your own banker and solve your need for financing - no matter what the need is - and that includes your mortgage.

I strongly advise you to take some time and learn about this financial strategy by visiting the Infinite Banking Concept website. You will be glad you did as you will be on your way to becoming your own banker. I am and I am loving it!

Ways to Save Money on a Mortgage After You Retire

Sun, 1 Aug 2010 13:34:00 -0700

For many seniors it’s essential to save money wherever they can after retiring, especially on a mortgage. Once you’ve decided to retire, you need to be certain that you have enough income and have reduced your expenses enough to live as comfortably as you wish. Now for most families, their mortgage is probably their biggest monthly expense.

When you actually retire, unless you have a side business that generates income, your income will come from your pension (if you have one, and it’s increasingly rare commodity these days), your Social Security check (that is if there’s any money left in the Social Security system when you retire, which is another unknown), and then of course, whatever savings and investments you have, including rental properties.

So, unless you have unlimited savings or a substantial income from your investments, it’s of paramount importance to lower your monthly expenses.

One way you can get your expenses down is by paying off your mortgage before you retire. If you can do that, you have lightened your monthly burden by hundreds, maybe even thousands of dollars every month. Depending upon how large your mortgage is, it may seem like an almost insurmountable task to pay it off early. But, there are a few tricks you can try to get your mortgage paid off before you retire.

For one thing, you can make at least one extra mortgage payment a year to pay down your principal. The lower the principal, the less interest you’ll have to pay on it.

Another way to lower your mortgage payment is to look at the rates you’re currently paying. If you got your mortgage a decade or more ago and you’ve been making your payments steadily ever since, then it’s probably a good idea to check out refinancing your mortgage now since mortgage rates are lower than they have been in a long, long time. Once you’ve gotten your monthly mortgage payment down lower you can look at either making an extra mortgage payment every year or making slightly larger mortgage payments every month to pay it off faster. Every little bit helps.

If you’re nearing retirement and it’s just you and your spouse living in a four bedroom house, think about how much house you really need. Perhaps you should sell your house, pay off your mortgage, and relocate to a smaller place that’s more in tune with your current housing needs, and perhaps still have some money left for a down payment. You may still have a mortgage to pay off, but housing prices have really dropped in the last three years, and mortgage rates are lower than ever. If you can lower your monthly outflow of cash, that’s more money in your pockets for investments, travel, or that big-screen TV you’ve been lusting after.

One thing you shouldn’t do, however, is to dip into your 401K account or IRA to pay off your mortgage early. It would be nice to get rid of your mortgage payment entirely, but you need to keep a balance between owning a home, having investments, and having enough cash on hand for emergencies.

The thing is, everyone’s situation is unique, so tailor your approach to your needs and your current situation. The longer you can put off retirement and dipping into your savings, the more money you’ll have in the future. The way the economy is going now, you should probably work as long as possible and work on paying off that mortgage while you still have a monthly paycheck to count on.

About the Author:

Vern is a student learning about all aspects of finance to pass his New York mortgage test this fall.

What is a Mortgage Principal Reduction?

Wed, 27 Jan 2010 06:32:00 -0700

You may have heard this term recently and not be fully aware of what it is. First, it is not a loan modification. In a loan modification, you have to meet certain criteria and negotiate with the stubborn banks and hopefully in the end get some relief in the form of a lower payment or forgiveness for some of your outstanding mortgage. Second, it is not a short sale. In a short sale, you have to sell your home (with the banks approval), move and and start the process of finding a new home. Who wants to do that?

A mortgage principal reduction is a new form of relief for homeowners who owe more than 25% of their homes current value. In states such as Arizona, California, Florida, and Nevada, this represents a significant population.

This new service is made possible due to the negotiating power that institutional investors have with the banks. It is far more than what you could do or your real estate agent by him or herself for that matter. In the end, you will have a principal reduction that gives you 10% equity in your home, which for some is something they thought they would never see after the market dropped as it did.

Qualifying is even simpler than qualifying for a loan modification or a short sale which is even better news. The basics are that you need to owe at least 25% more than the homes current value, and not have a debt load of greater than 50% with the new lower mortgage payment.

My advice is to be very cautious of paying high fees to have someone help you with a principal reduction. For a while it seemed to be a solution, but one trusted advisor that I spoke with said that the banks are not as excited about doing these as folks had initially thought.

In the end, you might be better off trying to do your own loan modification.

Get a Home Loan and Get Paid for it?

Fri, 22 Jan 2010 15:06:00 -0700

Yes, as odd as it seems, one company has put together an amazing model that allows customers to get paid for referring home mortgage customers - including themselves. This means you can get paid for your own loan! Loan Home, Inc. is the company and all you have to do is register as a free affiliate then submit your loan; it's that simple. The company provides you with a link to share with others as well so you can profit from their loans as well.

The company even serves businesses by allowing employers to offer this amazing service as a company benefit and serves non-profit organizations, allowing the non-profit to generate much needed revenues by sharing a great service with their constituents.

To learn more, visit www.theloanthatpays.com Today!

FTC Disclosure - This post was written by an affiliate of Loan Home, Inc who is compensated for successful referrals.

Do You Really Need a Home Warranty?

Wed, 15 Apr 2009 22:48:00 -0700

If you are buying a new home it should come with a builders warranty so you shouldn't have to purchase a home warranty insurance plan. If you are not buying a brand new home, I would strongly recommend making a home warranty a part of the transaction. Often a real estate agent with convince the seller to offer a home warranty as an incentive, but even if they don't offer one, you can write it into the contract. Sometimes (depending on the size of the transaction) the agent may even offer to purchase one for the purchaser as a settlement gift.

Even if you have to pay out of pocket, the cost is relatively inexpensive with most plans running between $250 and $600 per year. Many people don't realize that you can renew the home warranty after the first year.

But What Does it Cover?
Please know that a home warranty does not cover anything that could go wrong with your home. Typically, a home warrany covers major systems and applicances, but you will want to read the fine print to know exactly what is covered on the plan you are considering. Also, keep in mind that often there are deductibles or service charges in conjunction with claims.

The goal of the home warranty is not to eliminate every possible expense, but to help a new homeowner not have any costly surprise expenses after spending most of their savings on closing costs to get into their home.

For more information or to purchase a home warranty, visit American Home Shield.

Record Foreclosures Lead to Record Bankruptcies in 2008

Sat, 28 Mar 2009 22:27:00 -0700

2008 saw the greatest increase in personal bankruptcy since the bankruptcy laws were reformed in 2005 (33% according to MSN Money). Given the increase in the number of foreclosures, it was to be expected in that a bankruptcy is often a homeowners only option when faced with overwhelming debts, a mortgage shortage, or job loss. A confirmation of the connection of record foreclosures to record bankruptcies is the fact that 3 of the top 4 states for increased bankruptcies are also in the top 4 states affected by foreclosures; California, Florida, and Nevada.

Bankruptcy is not the end of the world. In fact, for many filing bankruptcy can be a relief. It means an end to outstanding debts, no more collection calls, reduced stress, and a chance to start over. I am not encouraging you to go our and file for bankruptcy to get rid of your problems. It is a huge decision and requires serious thought because it is certainly a mark that will stick with you forever even though it will eventually come off of your credit report.

Many ask the question "if they will ever be able to buy a home again?" and the answer is absolutely. It won't be the next day or even the next month or the next few years before a bank will underwrite their loan, but there are several options for those that have filed for bankruptcy to get into a home. A great resource for bankruptcy recovery is The Bankruptcy Mortgage Book, which is an A to Z guide to getting a mortgage after bankruptcy.

If you have not filed for bankruptcy yet, I strongly encourage you to do research some bankruptcy information resources online before you do.

These are challenging times indeed, but I have full confidence that as a nation we will weather this storm as we have in times past. My only hope is that we all learn from this and become better at saving and not living on credit or beyond our means.

MORTGAGE SCANDAL - Mortgage Company Giving Insider Info to Consumers!

Fri, 29 Aug 2008 12:59:00 -0700

We have always been committed to educating consumers and what we are now sharing with customers does not sit well with the big mortgage companies. We are sharing with consumers how to pay off their mortgages WITHOUT REFINANCING and in many cases WITHOUT SPENDING ANY MORE MONEY OUT OF POCKET.

The mortgage companies don't want you to know this stuff because the sooner you pay off your mortgage, the sooner they lose their monthly revenue stream AND they realize that you may never need them again! They are afraid that this will ultimately take MILLIONS of dollars out of their coffers.

If you are interested in learning what the mortgage companies have been keeping from you and specifically how you can use this information to pay off your mortgage in 1/3 to 1/2 of the time, please call Consumers Advantage Mortgage at 800-757-9704.

For those that are wondering, this is NOT a bi-weekly mortgage program.

Wishing you financial freedom!

Getting a Home After a Bankruptcy or Foreclosure

Thu, 26 Jun 2008 13:13:00 -0700

While the rules have changed drastically with regard to mortgage lending, it is still possible to get a home after a bankruptcy or foreclosure. The three keys to this are:

1. Credit Restoration. Goes without saying.

2. Documentation of what caused you to have the bankruptcy or foreclosure.

3. A new positive house payment history. Before you get a mortgage, the best thing to do is find a home with creative financing to re-establish yourself. Save all of your cancelled checks as this will be your new "alternative" credit.

A few great creative financing options are:

1. Owner Financing. If the owner has equity, and a heart, you might land a deal here. The best about this is that you will likely have equity when you go to refinance, and a refinance loan is scrutinized less than a purchase loan.

2. Renting With the Option to Buy. You will likely pay slightly above market rent with a rent credit going towards your down payment. Ideal for those who need to save towards a down payment.

3. Lease-Purchase. Similar to a rent with option, in a lease-purchase, you normally establish the price up front, and you become responsible for the property as if you owned it. The key to success here is having enough time to get your credit cleared up to get approved for a traditional mortgage at the end of the lease term.

These deals exist, especially now that there are so many sellers trying to unload investment properties. Just make sure you do your homework so you know you are dealing with the owner and not a "contract owner" as this could cause you more trouble than it's worth - including the loss of your money and the house.

For the A to Z guide to financial recovery after a bankruptcy or foreclosure, I recommend getting a copy of The Bankruptcy Mortgage Book.

Government Aids Investors and Struggling HomeOwners in One Move

Fri, 13 Jun 2008 15:27:00 -0700

Today the Bush Administration announced a suspension of an "anti-flipping" rule as a means of helping those facing foreclosure proceed with quick sales.

This is good news for both investors and homeowners facing foreclosure.

Read the full story at Yahoo News

How to Buy a Home After a Foreclosure

Mon, 2 Jun 2008 18:05:00 -0700

This seems to be a very hot topic these days given the massive numbers of people that have been forced into foreclosure. First, let me say, you are not alone. Please don't let this get you down or get depressed - you can recover.

You need to ask yourself if you are ready to jump back into the market anyway. Renting can be a big relief in that you will spend less money out of pocket on repairs and maintenance, so while you are recovering this will keep your expenses down. Also, the market is still volatile; the worst thing you could do is put good money down on a home that once again loses value - that would be discouraging. Make sure you work with a trusted local real estate agent, that know what the market is doing in your area.

Do not attempt to purchase a home if you are buried in debt, have poor credit (middle score below 620), or don't have any money to put down. These are the kind of situations that led to the foreclosure crisis as we know it. There are hard money lenders out there that might seem to be helping you, but trust me the high fees and high monthly payments will make you wish you never bought another home. Take this time to repair your credit, so that when you are ready, you will have the best possible terms.

Perhaps you had a setback and you have recovered, but you don't want to wait the required 36 months following your foreclosure? Here are a few options:

1. If you are married and bought your home in only one spouses name, then congrats you are much closer than you thought. Simply work with a mortgage lender that will help you know what you need to do to obtain a loan with your spouses credit profile.

2. Find a Lease-Purchase home. This is a deal where the owner credits you some of your monthly rent towards the future down payment. Make sure they know that you need how every many months to recover from your foreclosure and don't let them sell you on the fact that they can "help you get a loan". The sad story is they may not care because if you can't buy the property after the lease term, you will lose all of the option money. Also, find a way to make sure they are current on their mortgage. You may want to write it into the agreement that they have to send you their monthly mortgage statement. There are too many cases of rental homes being foreclosed out from under the tenants. This is also a good reason to work with a realtor at a property management firm because they will make sure the rent is paid.

3. Owner Financing. Provided you can find an owner that doesn't need to get the equity out of their home and isn't going to take advantage of you, you can do a transaction where you pay them until you can qualify for a traditional mortgage. Document EVERYTHING including your payments (with canceled checks ONLY).

Before you know it, you'll be back on track just make sure not to buy above your means and get yourself in trouble a second time.

How to Get Rid of Private Mortgage Insurance (PMI)

Fri, 30 May 2008 17:57:00 -0700

PMI, or private mortgage insurance is required on any 1st mortgage with a loan to value of 80% or greater. Contrary to what many believe, its purpose is to protect the lender (not the mortgage holder) in the event of a default on the mortgage. As you pay down your mortgage to below 80% LTV (most require you to pay down to 78%), you should consider what your options are for getting rid of this extra payment.

1. Keep up with homes are selling for in your neighborhood. If you are at 78% loan to value based on what comparable homes are selling for, then simply call your lender to discuss this with them. Personally, I would call even at 80%. They may require you to put your request in writing and they may require an appraisal which you will need to pay for.

2. Refinance. If you know that your home would appraise for at least 20% more than you owe, then perhaps a refinance should be considered. This can accomplish many goals such as reducing your rate or converting an adjustable rate to a fixed rate at the same time. Just know that you will incur fees so make sure there is room for those fees within the 80% loan to value ratio.

3. Pay Down Your Mortgage aggressively. If you aren't close to being at the 80% LTV, then you need to look at how you get their as quickly as possible. You can pre-pay principal to make this happen, but the absolute best way to pay down your principal in the fastest amount of time is with a Money Merge Account. The Money Merge Account is a new system being used by thousands of homeowners across America to reduce their mortgage by 1/3 to 1/2 with out refinancing. It's not for everyone, but currently, you can get a FREE Mortgage Savings Analysis from MortgageZapper.com. I highly recommend the Money Merge Account as a valuable financial planning tool. It will not only help you reach your goal of paying down your mortgage to reduce PMI, but will help you achieve the seemingly unattainable goal if paying off your mortgage completely.

Once you get that extra $50 - $200+ in your pocket every month, I strongly recommend speaking with an investment advisor to discuss the best way to make it grow even further.

What Lenders Could Have Done to Avert the Foreclosure Crisis

Tue, 13 May 2008 12:43:00 -0700

I was chatting with a friend yesterday about her upcoming balloon payment on her mortgage. Like many, she owes more than what the house is worth and we talked about options such as contacting the lender to modify the loan, or paying down enough principal over the next few years to get back to an equity position.

She asked why the banks don't want to work with customers to avoid the losses of foreclosure and that is a very good question. In fact, as I chatted with her, I told her that the lenders really could have avoided their own fate in some ways. I think that extending the fixed periods on ARM's would have been a far better solution that taking back homes, then going out of business - but I guess they didn't. Looking even further back, I guess they could have not made so many "dead man" loans (i.e. loans to anyone with a pulse). As with every other debacle of the banking industry, the government is stepping in to try and right their wrongs with the Foreclosure Prevention Act of 2008.

Two Words That Will Make you Millions in Real Estate Investing

Mon, 12 May 2008 08:50:00 -0700

I have been involved in the real estate industry in some form since 1992. As I came through the ranks, I learned from several seasoned real estate veterans that has made lots of money in the business. I went on to use many of their strategies and made plenty of money in real estate myself.

Years ago (probably around 1995) a real estate "guru" shared with me two words that he said would be the key to my success in real estate investing. Do you know what those two words are? "Make Offers" He went on to say "to get deals, you've got to make offers". Just imagine how much money you'd make on one real estate transaction (buying low and selling high). If it was conservatively $10,000 and you have to make 20 offers to get that one deal, would you do it? Considering an offer doesn't take that long to make, that would be $500 per offer you made - not too shabby.

The big question of course, is where to find properties to make offers on. Here are a few ideas:

1. Check the classifieds. This has worked forever, and still does. Try Craigslist.com and backpage.com for online ads.

2. Here is a free publication you might enjoy this. It's called "How to Buy a Home at a Discount". It is a free download (no registration, no email required):
http://www.bankownedassets.com/dl/discounted-homes.pdf

3. Finding pre-foreclosure properties. There is much to learn regarding pre-foreclosures, but the profit margins are almost always higher:
For more info check out: http://www.bankownedassets.com/pre-foreclosure

4. Banks often list their properties for sale. You can find a free list of banks here: http://www.bankownedassets.com/

5. Do you want to have periodic emails sent to you with homes that come available in your area which saves you time of looking through all of the bank lists, then you can visit the BankOwnedAssets.com Nationwide Foreclosure Center and subscribe. There is a small fee for this, but you can unsubscribe at any time.

6. Would you rather just call a local real estate agent that works with foreclosures in your area? You can request that by filling out this form:
http://www.atozlender.com/real-estate-agent-referral.cfm

7. Do you need to be pre-qualified for a home mortgage? If so,
visit: http://www.atozlender.com

8. Unsure about your credit rating? Check it here: Credit.com

9. Does your credit rating need improvement? Check out these professional and do-it-yourself credit repair resources:
http://www.bankruptcymortgagebook.com/credit-repair.htm

I think that covers it. If you have any other questions, please do not hesitate to contact me.

How your credit will affect your mortgage terms

Wed, 7 May 2008 18:00:00 -0700

Do you know your credit score? Well you should, especially if you are trying to get a home mortgage. Lenders will look at your credit scores from all 3 credit reporting agencies and based on the middle of three credit scores, sometimes referred to as FICO scores, here is how you will do:

> 720 - You can basically write your own ticket and just about get a signature loan based on the fact that you have proven that you know how to handle credit and have made keeping a strong credit score a priority. It also probably means that you are blessed to have not had any unforeseeable losses such as job losses, divorce, illness, etc which often ruins the credit of hard-working people. Trust me, I know this first hand.

680 - 719 - This is an ideal credit score range for getting a home mortgage with a minimal down payment, minimal fees, and optimal loan rates.

620-679 - This is where many borrowers fall, and most borrowers won't have trouble getting a loan here as long as they are not trying to use alternative loan documentation .

560-619 - These borrowers may have trouble getting traditional loans with minimal down payments. Options are sub prime loans or government loans (FHA).

500-559 - Borrowers here will have VERY limited options, due to their poor credit histories and most will not qualify for a loan. I strongly recommend getting the credit issues fixed, rather than over paying for a home loan. See below for info on getting your credit fixed.

< 500 - The only loan options available to people with less than 500 credit are hard money lenders, and I do not endorse them. If you have less than a 500 credit score, we are not able to assist you as we do not want to be associated with hard money loans. Also, you have to think about whether or not it is the right time for you to get a loan. If you get into a home and can't afford it, you really haven't accomplished anything for the long haul.

If you don't know your credit scores, visit credit.com to get your scores and get on your way to home ownership.

If you need credit repair assistance, the only company I can recommend is Lexington Law , a nationwide law firm specializing in credit repair.

I hope this is helpful in your journey to become a homeowner. Please contact Consumers Advantage Mortgage to apply for a home loan when you are ready.

Using A Home Equity Loan to Pay off your Mortgage?

Wed, 30 Apr 2008 17:10:00 -0700

So the Fed's are continuing to bring the short term interest rates down, this is good news. Some will say it doesn't matter, but lets take a look at what it really means.

Short term interest rates that are tied to the Prime are now a bit lower. Granted most people won't notice because many people choose to live on credit card debt. If you are looking to make a difference in your personal finances, now is a time to aggressively attack those credit cards.

How, you ask? Well, now Home Equity Loans are much lower as well. Back in 2004 Home Equity Loans (a.k.a. HELOC's) were all the buzz. As a loan officer, I think I did at least a few every week. They were like super sizing a loan "would you like a home equity loan with that? There is no additional cost and no extra closing costs as long as you keep it open for 3 years, and you never have to use it". It worked like magic and it was what people wanted. The savvy consumers took advantage of them and converted high interest credit card payments into lower interest, partially tax-deductible payments.

Well, it's 2008. and again, it's a great time to get a Home Equity loan, but this time, I don't just recommend paying off debts with it, I recommend paying off your mortgage with it. WHAT? Yes, you heard me right - I am recommending that you payoff your first mortgage with a Home Equity Loan. Before running out and doing this on your own, I will tell you that you have to work with a financial expert to make this work otherwise, you will be in lots of trouble. There is a special software that will take into account all of your debts including your first mortgage and show you how to leverage short term interest and its payment cycles to pay off all of your debts, mortgage included, in the shortest amount of time - usually less than 10 years.

If you want more information on how to get this done, you can visit UFirst, or call me at 800-453-9290

Until next time,

Anthony

Looking to relocate? Check out these 2008 stats on US Cities and States

Fri, 28 Mar 2008 15:05:00 -0700

Where to find great foreclosure deals

Tue, 26 Feb 2008 15:40:00 -0700

Unless you've been sleeping under a rock, you know that foreclosures are at their all time high since the turn of the century. If you live in one of the top 10 foreclosure states (as I do), there is a chance you might be able to find a great deal on a house to live in or an investment property. According to an Associate Press article today, here are the top 10 states for foreclosures:

1. Nevada
2. California
3. Florida
4. Arizona (my home state)
5. Colorado
6. Massachusetts
7. Georgia
8. Connecticut
9. Ohio
10. Michigan

Here are two takeaways from this list:

1. If you are looking to buy or invest and live in once of these states - now is a good time to make your move. The market will definitely come back, and those who are able to take advantage now will do well.

2. If you are looking to move, you may want to consider one of these places if you want to start over a pick up a good deal on a home, which will likely be your largest investment.

A great resource for finding foreclosures is http://www.freeforeclosurelistingsonline.com/.

Stay tuned for my next posting on the mechanics of how to buy foreclosures. You can subscribe to the blog by using the form in the upper right column and entering your email address. You will receive my next blog post in your email.

Until next time,

Anthony

The Housing Bubble Explained (in music)

Tue, 19 Feb 2008 16:39:00 -0700

What should be done about mortgage fraud

Thu, 14 Feb 2008 14:25:00 -0700

The other day, I spoke with a retired gentleman who was inquiring about a home mortgage. As I went through his scenario, it came to my attention that he had just refinanced a few months prior at 11.25% on a loan of over $700,000 (not a typo). Incidentally, he said his loan officer hadn't called him back but had assured him that after the refinance he could get a new appraisal and get the rate lowered. Here is where the bigger problem came in. I asked him how he qualified for the loan (fully documented, stated or other). His comment was "I'm not sure... we don't even make $6,800 per month" referring to his new mortgage payment that he was dipping into his retirement funds for every month to make his payment. To make matters worse, there was still no equity in the property.

So who is really at fault here? Is it the loan officer for trying to make a quick buck and being the alleged professional who very poorly advised this customer? Or is it the customer for signing loan documentation knowing that he could not make a $6,800 payment?

I fault the lender for even putting someone in a position to have to make the decision of whether or not to sign the papers. Granted, no one should ever sign loan paperwork that shows an income that they don't actually have, or a payment they can't actually make. In the end, it's the homeowner that has to live with their foolish decision, but what recourse do these customers have against the lenders?

I referred him to the attorney general in his state as there was nothing I could do for him.

Tell us what you think?

A Review of LifeLock ID Theft Protection (and a special offer)

Sat, 19 Jan 2008 10:16:00 -0700

I am sure that by now you have heard of Lifelock, the new ID Theft Protection company whose CEO is blitzing the media with his real Social Security Number. My first thought was "that's stupid", but then I figured that it has to work. I don't know if I would do that regardless, because I just feel it's something private; heck, I wouldn't publish my home phone number, so why would I give someone my Social Security Number.

Anyhow, I have spoken with several people, including the company that has done their multi media PR blitz at well as a Lifelock company rep who helped me understand more about what they do as compared to the other services out there. I found them to be a pretty amazing company and very likely will be a huge part in stopping ID Theft from occurring.

There are two types of Identity Theft protection plans:

The first is an insurance like product that will go to bat for you in the event of your identity being stolen. One such product is Identity Theft Shield sold through Pre-Paid Legal Services. I have been an ID Theft Shield customer for years and fortunately I have not had to use the service, however I do know of a few people who have used it and it has worked well for them.

The second type of service is the kind that actually prevents ID Theft from happening by being proactive rather than reactive. That is the kind of service that LifeLock offers. Another difference is that they cover children as well. Why is this a big deal? ID Theft in children is a fast becoming an issue as thieves know that if they steal the identity of a 10 year old, they have at least 8 years before that person will attempt to apply for their own credit.

In the end it boils down to whether or not you want to be proactive or reactive with your ID Theft protection. It's like the difference in having a good diet to stay healthy or have a great cardiac surgeon to do a bypass surgery; I think we all know which one we would prefer.

Because I was so impressed with LifeLock and wanted to share it, I have arranged for a special offer from LifeLock to my clients; and I am extending this to you as well. For just $9 per month (or $99 for the year), you can have full protection against ID theft. I don't recommend publishing your Social Security Number to test it, but I am sure it will give you and your family piece of mind.

To redeem this offer, simply visit: http://www.lifelock.com and use promo code CAMTG1

Here are a few facts about Identity Theft:

FACT: ID Theft occurs every 70 seconds.

FACT: The average ID Theft incident has a financial impact of roughly $90,000

FACT: It takes roughly 600 hours to clear up an ID Theft incident.

Don't wait - Enroll TODAY!

To redeem this offer, simply visit: http://www.lifelock.com and use promo code CAMTG1