Home Loan Blog

2006-01-22T18:43:00.000-08:00

Publisher’s Directions: This article may be freely distributed so long as the copyright, author’s information, disclaimer, and an active link (where possible) are included.
The author will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.
About the Author
Steve Hoogenakker
ATM Home Loan - MrHomeLoan
Phone: 763-213-2410
Fax: 763-546-1812
steve@MrHomeLoan.com
http://www.MrHomeLoan.com www.loantoolbox.com

2006-01-10T07:48:00.000-08:00

Why Refinance Back into a 30-Year Loan?
Refinance Your Mortgage for Rate and Payment Reductions
By Steve Hoogenakker – President
ATM Financial Services – MrHomeLoan.com
Minneapolis, Minnesota – One of the biggest reasons homeowners refinance their mortgage is to obtain a lower interest rate and lower monthly payments. By refinancing, the borrower pays off their existing mortgage and replaces it with a new one. This can often be accomplished with a no-points no-fees loan program, which essentially means at “no cost” to the borrower.
In the no-points no-fees scenario, the mortgage consultant uses rebate monies paid by the lender to pay off non-recurring closing costs for the borrower. These are “one time” fees such as escrow or attorney fees, title insurance, document preparation, tax service, flood certification, processing and underwriting fees, etc. The borrower is still responsible for recurring fees such as interim insurance, property taxes or insurance policy payments.
Refinancing typically occurs when mortgage interest rates drop significantly, but borrowers with recently improved credit scores (from paying off credit card debt, making mortgage payments on time, etc.) are often candidates for better interest rates as well. If you haven’t checked your credit score in a while, it’s a good time to call a mortgage consultant.
The question most asked is, “But why should I go back into a 30-year loan?”
There are two schools of thought on this subject, and the mortgage consultant should work hand-in-hand with the borrower’s financial planner to determine what works best for their mutual client.
One option is to take the route of the “same payment” refinance, and actually pay off the loan faster and save money on interest fees in the long-run. If refinancing results in a lower monthly payment, the borrower can still continue making the same payment they made in the original loan, and the extra money will be applied to the principal balance.

For example: Let’s say you have 25 years remaining in your current loan, and you refinance back to a 30-year loan with a slightly lower interest rate, resulting in a payment reduction of $200 per month. (Note: This is just an example. The actual amount could vary.) You could then take that extra $200 per month and apply it toward the principal on the new loan. At this rate, the loan will be paid off in 22 years and 4 months, which is 2 years and 8 months less than the original loan.

On the other hand, if the borrower’s financial planner is a proponent of best-selling author and investment guru Douglas Andrew’s philosophies (see Missed Fortune), he or she may suggest investing the extra money in a side-fund that could earn a better rate of return and grow to the amount of the mortgage (and beyond) in even less time. This method provides excellent liquidity, but having more direct access to this money may be too tempting for some homeowners.

Regardless of the reason for the refinance, the mortgage consultant will need to know what the existing loan scenario entails, review the homeowner’s long-term goals, and provide a comprehensive spreadsheet that compares and contrasts the various loan programs available.
Bear in mind, refinancing to obtain a lower interest payment could also result in a lower deduction at tax time. The homeowner’s mortgage consultant and financial planner should work hand-in-hand with their mutual client’s best interest in mind.

Steve Hoogenakker is affiliated with ATM Financial, a Licensed Broker, Minnesota Department Commerce. Hoogenakker hosts Home Buyer’s Seminars which are open to the public on the 3rd Tuesday of the month at the Plymouth office. from 7:00 p.m. to 8:30 p.m. Seating is limited. To reserve your seat at the next event, call [763-213-2410 to RSVP and obtain a free copy of Steve Hoogenakker’s Home Buyer Handbook.

# # #

SUBMITTED BY:
Steve Hoogenakker
Phone 763-213.2410
Fax 763-479-0433
E-MAIL steve@MrHomeLoan.com
Website www.MrHomeLoan.com

2006-01-09T11:23:00.000-08:00

Keep More of what you make in Real Estate
Steve Hoogenakker ATM Mortgage - MrHomeLoan Phone: 763-213-2410Fax: 763-546-1812 steve@MrHomeLoan.com http://www.MrHomeLoan.com
Keep More of What You Make in Real Estate
Practically all investment property has appreciated over the last few years. If you're planning on selling yours, keep more of your profit by using a 1031 exchange. It allows you to defer taxes due on the money you've made by rolling your proceeds into property of equal or greater value within 135 days. You can't do this with your primary home, but you can utilize it for that investment condo that you're going to rent out.The key is hiring a "qualified intermediary," a Q.I. to deal with the money until it is reinvested. If you handle the yield yourself, you'll lose the tax advantages. Choose a Q.I. who is bonded and insured for negligence and fraud. You can find one by visiting www.1031.org or by consulting your accountant. Your CPA can also assist you with sidestepping tricky depreciation issues.
Consider a Fixed Rate Mortgage
The recent real estate boom was fueled by low interest rates. Many homebuyers took advantage of the Federal Reserve's aggressive monetary policy by getting variable rate mortgages at very low interest. These borrowers are now watching with dismay as the inflation worried Fed continues to raise its federal funds rate with no end in sight. However, an opportunity for mortgage holders is developing.In 2005, the Dow Jones Average finished the year with a loss. As investors turned their backs on stocks and moved into bonds, securities yields dropped in the face of increased demand. This has led to an unusual situation. The interest on adjustable rate mortgages, dependent on the rate set by the Federal Reserve, has risen, while interest on fixed rate mortgages, backed by mortgage-backed securities, has fallen. This paradox is called an inverted yield curve. For many mortgage holders it makes sense to lock in a guaranteed payment on a fixed mortgage instead of coping with the uncertainty of an adjustable rate loan. Call us to review your current mortgage program and discuss potential refinancing opportunities.
Conforming Loan Limit Raised
Since Fannie Mae and Freddie Mac dominate the market, they have a major hand in setting mortgage rates. Specifically, they determine the ceilings for what they consider to be conforming loans. Because Fannie Mae and Freddie Mac only buy conforming loans to repackage into the secondary market, the demand for larger loans is far less. As a result, these jumbo loans typically have a higher interest rate.Each year the conforming loan limits are raised, reflecting the rise in the median cost of housing in the US. For 2006, in the contiguous 48 states, the new cut off has been set at $417,000 for a single unit home. Fanny Mae predicts that nearly half a million additional homeowners can now save on their mortgages with the redefined loan ceiling. This is more than good news for new home buyers. This is a great opportunity to see how much interest you can now save by consolidating previously borrowed "piggy back" or home equity loans.
Rely on a Solid Team
It has become more important than ever to depend upon reputable mortgage professionals. The booming real estate market has led to a dramatic increase in the volume of loans, enabling an increasing number of loan professionals to assist consumers with their financing needs. Unfortunately, not all of these individuals are scrupulous, which ultimately results in higher costs for everyone. Half of all defaulted loans and 25% of all foreclosures are thought to have been obtained through misrepresentation.State regulators are planning to create a national registry of mortgage officers who play fast and loose. Also, Digital Risk is developing a computerized database search system to accurately profile applicant income. With the FBI's financial crimes investigation team increasingly on the prowl, it's important to rely upon quality financial advisors who will provide you with the best possible options and steer you clear of any whiff of fraud.If you or someone you know is in need of financing assistance, please be sure to contact us. We’ll be sure that you obtain the guidance you need.

This newsletter is published quarterly by Steve Hoogenakker at ATM Mortgage - MrHomeLoan . Feel free to share it with your family, friends, and coworkers. If you did not receive this newsletter directly, and would like to be added to my distribution list, please send an email to steve@MrHomeLoan.com with "ADD" as the subject

Steve Hoogenakker ATM Mortgage - MrHomeLoan Phone: 763-213-2410Fax: 763-546-1812 steve@MrHomeLoan.com http://www.MrHomeLoan.com

2006-01-05T07:46:00.000-08:00

Understanding Credit Scoring &Credit Repair
By Steven Hoogenakker, President
Mr Home Loan - ATM Financial Services
Seek a Qualified Mortgage Consultant to Ensure the Best Results

Mineapolis, Minnesota – Credit remediation is a subject consumers often face with fear and trepidation, and for good reason. With the exception of recognizing that the best score wins, the average home shopper knows very little about the whole credit scoring process. Sub-prime borrowers who are eager to move into A-Paper territory often find themselves at a loss when trying to find ways to upgrade their credit history. The good news is there are ways to improve less-than-perfect credit scores and obtain a loan for the home you really want.

The first step in the process is making sure that you have a current copy of your credit report. Congress recently amended the Fair Credit Reporting Act so that consumers may now receive one free credit report annually. There are three major credit bureaus: Equifax, Experian, and Transunion. Since entries can vary across bureaus, you’ll want to request a free report from each of the three companies. (Go to www.annualcreditreport.com)

It's also important to know just what a good credit score is. Most A-Paper scores generally begin around 680, although this number may differ slightly among lenders. Don't despair if you come up shy, there is always room for improvement. Increasing your score just 5 points can save a significant amount of money. For example, if your score is 698 and you increase it to 703, then you could save yourself thousands of dollars over time as a result of a slight improvement to your loan’s interest rate.

While credit repair is necessary for some, it's not the only way to increase your credit score. Even if you have stellar credit, you can enhance your score through these steps:

· Evenly distribute your credit card debt to change the ratio of debt to available credit. Let's say you have a credit score of 665. If you have debt on only one card, and four additional credit cards with zero balances, evenly distributing the debt of the first card could move you closer, and possibly into, that ideal bracket.

· Keep your existing accounts open and active. The average consumer is usually anxious to close credit card accounts that have zero balances, but doing this can cause them to lose the benefits of a long-term credit history and increase their ratio of debt-to-available credit. The bottom line is don't close those old accounts!

· Keep credit inquiries to a minimum. Each inquiry into your credit history can impact your score anywhere from 2-50 points. When it comes to mortgage and auto loans, even though you're only looking for one loan, multiple lenders may request your credit report. To compensate for this, the score counts multiple auto or mortgage inquiries in any 14-day period as just one inquiry, so try and stay within that time frame.
Remember, credit scores don't change overnight. Improving them requires time and diligent effort on your part, so it's a good idea to get the ball rolling at least three to six months prior to submitting your application for home financing.

If credit repair is what you need, you can either begin the process yourself or seek out a repair service. If you decide to make your own improvements, visit as many websites as possible to get information regarding credit laws and consumer rights. Diligently search through them and educate yourself to ensure that you don’t sustain any self-inflicted wounds. A good place to start would be the Federal Trade Commission's website, which contains a wealth of helpful literature.

If you’re facing severe or complicated credit issues, then you’ll probably want to enlist the assistance of a professional credit repair company. Before you do, be sure to familiarize yourself with the FTC's regulations on credit repair. With over 1100 credit repair companies to choose from, it's important to be certain you are dealing with a reputable firm. Examine the FTC's information on fraudulent practices to avoid falling prey to credit repair scams.

Addressing credit issues can be uncomfortable to say the least. But by taking these steps now, you’ll be that much closer to obtaining the home of your dreams.

Additional Resources:

To order your free credit report, go to:
www.annualcreditreport.com

To read the Fair Credit Reporting Act, go to:
www.ftc.gov/os/statutes/frca.htm

For the Federal Trade Commission's information on consumer credit, go to:
www.ftc.gov/bcp/conline/edcams/credit/index.html

Robert Carver is affiliated with ATM Financial, a Licensed Broker, Minnesota Department of Commerce. Carver hosts Home Buyer’s Seminars which are open to the public on the 3rd Tuesday of the month at the Plymouth office. from 7:00 p.m. to 8:30 p.m. Seating is limited. To reserve your seat at the next event, call [763-213-2410 to RSVP and obtain a free copy of Robert Carver’s Home Buyer Handbook.

# # #

SUBMITTED BY:
Robert Carver
Phone 763-546-1414
Fax 763-546-1812
E-MAIL bobcarverus@yahoo.com
Website www.MyFinancialSolution.com

2006-01-02T18:26:00.000-08:00

Credit Tips That Will Score Lower Interest Rates
A good credit score translates into lower interest rates for home-shopping borrowers. In a mortgage lender's eyes, the higher your score is, the less risk you are, and the more likely it is you will pay off your debt. For this reason, borrowers with lower scores usually end up paying higher interest rates on their loans.If this is you, don't panic. There are a number of things you can do to adjust your credit score to receive a favorable review from the underwriter. Here are a few suggestions:Should I pay off all my past due balances and charge-offs?
This is usually a good idea, but you only need to worry about the past due balances and charge-offs that have occurred in the last two years. Items more than two years old have little effect on your current credit score. In fact, if you pay off delinquent items over two years old, it can actually bring your credit score down - something you don't want to do. Bringing that score up means you'll get a better interest rate on your loan.
Should I close existing credit card accounts that I don't use?No. Part of your credit score is based upon credit history. If you have old credit cards that you don't use very much, you still have the benefit of the credit history they represent.Rather than trying to pay off all your credit cards, you can move part of the debt from one card to another to even out the distribution of debt. Try to keep balances as close to zero as possible, and definitely below 30% of the available credit limit when trying to purchase a home. Also, if your credit provider will increase your line of credit, the ratio of debt to available credit is automatically reduced.When married couples have separate credit card accounts, the debt can be transferred from one spouse to another to clear up credit issues for the other spouse. That spouse with clean credit can be designated as the sole borrower on the loan, but ownership of the home can still go in both names.What about errors on my credit report?If you have items that are showing up on your credit report that you know you have already paid, request that these items be removed by the credit bureau. They are obligated to rectify this within 30 days.If there are items on your credit report that are less than two years old, send in your payment if possible and mark the back of the check with the following notation: "Accepting this check is evidence that the transaction is complete and this charge will be deleted from my credit record." If necessary, the cancelled check will be proof that this should be promptly removed from your credit report if it interferes with the closing of your loan.
Call me directly for a free consultation.

Steve Hoogenakker ATM Home Loan - MrHomeLoan Phone: 763-213-2410 Fax: 763-546-1812 steve@MrHomeLoan.com http://www.mrhomeloan.com/
Publisher’s Directions: This article may be freely distributed so long as the copyright, author’s information, disclaimer, and an active link (where possible) are included. Disclaimer: Statements and opinions expressed in the articles, reviews and other materials herein are those of the authors. While every care has been taken in the compilation of this information and every attempt made to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. The author will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.About the Author

2006-01-02T18:12:00.000-08:00

2006-01-01T10:00:00.000-08:00

Stop Paying Your Landlord's Mortgage!
It's staggering when you think about the cost of living, especially if you're a renter and not a home owner. If you are currently paying $1,000 a month for rented housing, then over the next three years, your property management company will effectively have reaped $36,000 of your hard earned cash! You're paying their mortgage when you could be building equity in your own property.

What if I don't have the money to buy a home right now?

There are many loan programs available that offer low and no down payment options. Some programs permit gift money as a down payment, and often sellers are willing to make a contribution to your purchase if they want to sell the home quickly.

There are many benefits of home ownership to consider, most of all, tax deductions. Let's take a look at how advantageous this can be as a homeowner:

How much is tax deductible?

Tax deductions vary, but the IRS has laid out solid rules. They also have several tax publications full of helpful information worth taking the time to read. Publication 530, Tax Information for First-Time Homeowners, is very thorough, as is Publication 936, Home Mortgage Interest Deduction. For quick reference, you can refer to Tax Topics 505, Interest Expense, and 504, Home Mortgage Points.

These publications often refer to local and state guidelines, so you may want to consult a CPA to answer all the questions that arise from reading these materials. Here are a few tips you should know up front:

Real Estate taxes are deductible on a primary residence. Real Estate taxes are paid at settlement or closing, or through an escrow account.

Mortgage interest is deductible on a loan to purchase, build or improve your home. Your lender will provide you with a Mortgage Interest Statement (Form 1098) to list the total interest paid during the year. This should include any deductible points paid for that year.

Pre-paid interest is deductible in the year it is paid. At the close of a real estate transaction, borrowers usually pay for the interest on their loan that falls between the closing period and the first of the next month. Mortgage payments are made "in arrears" so when a loan is closed mid-month, there is interest due to the new lender which must be paid in advance.

If you are building a home, the interest on the construction loan is deductible. The construction period cannot exceed 24 months prior to the date that you move in if you claim this as your primary residence.

Call me to discuss your specific needs and we'll find the program that's right for you.
We have a variety of low down payment and no down payment programs available

Publisher’s Directions: This article may be freely distributed so long as the copyright, author’s information, disclaimer, and an active link (where possible) are included. Disclaimer: Statements and opinions expressed in the articles, reviews and other materials herein are those of the authors. While every care has been taken in the compilation of this information and every attempt made to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. The author will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.About the Author
Steve Hoogenakker provides a solid, common sense approach to solving problems and answering questions relating to consumer loan products. His website seeks to provide free online resources for the consumer, including rate-watch, tips and articles, financial communication, news, and links to products and services. Visit: www.MrHomeLoan.com, or you can email Steve at Steve@MrHomeLoan.com
Steve Hoogenakker 5820 74th Avenue N. #100 Brooklyn Park, MN 55443 763-546-1414

2005-12-28T10:29:00.000-08:00

A Qualified Mortgage Consultant Can Outline Your Options
Renters Have Much to Gain by Pursuing Home Ownership
By Steve Hoogenakker, President ATM Financial - MrHomeLoan

Minneapolis, Minnesota – Buying a home vs. renting is a big decision that takes careful consideration, as most mortgage consultants will agree. But the rewards of home ownership are great. For many years, purchasing real estate has been considered an extremely profitable investment. It is an achievement that offers a sense of pride, financial stability and potential tax advantages.

Yes, there are certain responsibilities associated with owning a home. Landlords will often argue the benefits of renting, and for obvious reason. If you are renting, you’re helping them make their mortgage payment.

The numbers are staggering if you look at it this way. If you are paying $1,000 per month for an apartment, and you know your rent will increase 5% every year, then over the next five years you will pay your landlord $66,309. If you are currently renting a house, you may be paying much more than that each month. Either way, you gain no equity by shelling out this monthly housing expense and you certainly won’t benefit when the property value goes up!

However, if you were to purchase your own home or condominium, you would be well on your way toward building equity within that same five-year period. By choosing a fixed-rate loan program, you can have the comfort of knowing that your monthly mortgage payment will never go up. In fact, you would have the option of refinancing to a lower interest rate at some point in the future should interest rates drop, and this would cause your monthly mortgage commitment to go down.

In addition to building equity, there are tax advantages that come into play with home ownership. Depending on your tax bracket, owning a home is often less expensive than renting after taxes. Interest payments on a mortgage below $1 million are tax-deductible, and your mortgage consultant should help you evaluate the tax advantages of various loan scenarios, and share this information with your tax consultant to glean feedback on your behalf.

To find the loan program that is right for you, your mortgage consultant will need to evaluate your monthly household income, current assets and savings, as well as any monthly obligations you may have for credit card payments, car payments, child support, etc. These prequalification factors, along with the report of your credit score, will determine how much house you can afford and what interest rate you will pay for financing. It is also important to let your mortgage consultant know what your future goals are, because this will help narrow down which loan option is the best fit for your long-term needs.

There are many different types of loan programs available, including “low” and “no” down payment mortgage programs. These types of programs require the borrower to provide less than 3 percent of the loan amount as down payment. FHA lenders rule that the mortgage payment, including principal, interest, taxes and insurance (PITI) should not exceed 31 percent of your gross income, and the PITI plus other long-term debt (car payments, etc.) should not exceed 43 percent of your gross income.

Housing is an expense that takes a big bite out of the monthly budget. If you are a renter and feel that “home” is more than just someplace to hang your hat, think about the advantages of purchasing real estate. It may be time to take the step into building your personal net worth as a home owner.

Steve Hoogenakker is affiliated with ATM Financial, a Licensed Broker, Minnesota Department Commerce. Hoogenakker hosts Home Buyer’s Seminars which are open to the public on the 3rd Tuesday of the month at the Plymouth office. from 7:00 p.m. to 8:30 p.m. Seating is limited. To reserve your seat at the next event, call [763-213-2410 to RSVP and obtain a free copy of Steve Hoogenakker’s Home Buyer Handbook.

# # #

SUBMITTED BY:
Steve Hoogenakker
Phone 763-213.2410
Fax 763-479-0433
E-MAIL steve@MrHomeLoan.com
Website http://www.mrhomeloan.com/

2005-12-26T19:17:00.001-08:00

Steer Clear of FHA Financing:
Dealing with Investors Who Seek Quick Profits
In a recent article, top mortgage originator and national trainer Greg Frost
noted that hyper−appreciation of property values in Albuquerque, NM had
drawn attention from many out−of−state investors in the last year. The
area saw an influx of savvy investors ready to bid on HUD Repos and
other affordably priced single−family dwellings.
Frost warned mortgage originators and Realtors® to be wary of investors
who try to represent themselves as owner occupants in this type of
situation. They may seek to obtain 97% FHA financing, even though their
real mission is to turn around and sell for a quick profit. Not only does the
lender lose their investment due to the rapid pre−pay in this type of
transaction −− The Government National Mortgage Association−backed
security loses value as well!
This practice is called "flipping," which the United States Department of Housing and Urban Development (HUD) defines
as "...a predatory lending practice whereby a property that was acquired is quickly resold for a considerable profit with an
artificially inflated value, often abetted by a mortgagee's collusion with the property appraiser and others involved in the
mortgage loan transaction."*
Flipping is not good for FHA, GINNIE MAE, or the affected lenders. Moreover, the negative effect dominoes to those
earnest purchasers who end up bearing a harsh increase in interest rates as lenders seek to recoup their losses.
HUD established time restriction guidelines in 2003 in an effort to crack down and prohibit the use of FHA loans to support
property flipping. The rule forbids a sale within 90 days of purchase, and requires increased documentation by the lender if
an FHA−financed home is flipped within 180 days. However, HUD's Prohibition of Property Flipping in HUD's Single
Family Mortgage Insurance Programs; Additional Exceptions to Time Restrictions on Sales; Interim Rule was published in
December 2004 to broaden and clarify certain exceptions to the existing regulation.
The interim rule, which became effective on January 24, 2005, now permits federal agencies that acquire properties [i.e.,
HUD's Real Estate−Owned (REO) properties] as a result of a function of their programs, to quickly market and sell those
acquired properties.
Additionally, the interim rule provides that time restrictions on sales do not apply to inherited property. The purpose of time
restrictions is to curb fraudulent property flips, whereby a property is deliberately acquired for the purposes of reselling
quickly and at an inflated value. While an Heir may turn a property quickly and at a profit, HUD now acknowledges that the
sale of an inherited property falls outside the intended scope of the regulation.
The interim rule also establishes that time restrictions do not apply to the sale of properties acquired by an employer or
relocation agency in connection with the relocation of an employee.
With the exception of an Heir selling a home or a person who is forced to relocate due to a job transfer, the HUD definition
of flipping applies to all transactions by individuals (non−agencies) who purchase or refinance using FHA funds. Greg
Frost advises that if you determine that a potential buyer is really an investor looking for a quick turnaround, steer away
from FHA financing entirely and seek to place the buyer in a conventional loan.
* See http://www.hudclips.org/sub_nonhud/cgi/pdf/28050.pdf
Professional Strategies to make Realtors more successful. Paid by Steve Hoogenakker for Realtor partners.
My way of saying Thank You for your business.

From the desk of:
Steve Hoogenakker
President
ATM Home Loan − MrHomeLoan
Tel: 763−213−2410
Fax: 763−546−1812
steve@MrHomeLoan.com

Publisher’s Directions: This article may be freely distributed so long as the copyright, author’s information, disclaimer, and an active link (where possible) are included.

The author will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.
About the Author
Steve Hoogenakker provides a solid, common sense approach to solving problems and answering questions relating to consumer loan products. His website seeks to provide free online resources for the consumer, including rate-watch, tips and articles, financial communication, news, and links to products and services. Visit: www.MrHomeLoan.com, or you can email Steve at Steve@MrHomeLoan.com
Steve Hoogenakker 5820 74th Avenue N. #100 Brooklyn Park, MN 55443 763-546-1414

2005-12-26T19:17:00.000-08:00

2005-12-25T17:36:00.000-08:00

Avoid Changes to Your Financial Profile
During the Loan Process
Once your loan package has been sent to the lender, there are a number of things you should avoid doing that will change your financial picture. Remember, the lender is looking for stability and consistency. If you want the best interest rate, keep that in mind. Here are a few things to consider:

The lender is looking to see what your source of down payment is.

Your lender will most likely ask you to provide proof of your liquid assets. This includes bank statements for checking and savings accounts, verification of investments, and any other liquid assets. Some of the things they ask for may seem trivial, but keep in mind, if you are planning a move to a new home, it's important to have all documentation readily available. If the lender asks for cancelled checks or deposit receipts to meet certain conditions, you want to be able to find these things quickly to avoid delaying the closing of your loan. Make sure your paper trail is easy to document, and don't move money from one account to another.

Major purchases tip the scales against your favor.

Avoid making any major purchases. You might be thinking about purchasing new appliances for the new home. This is not the time to do it. Avoid making any major purchases on jewelry, appliances, furniture, vacations, or anything with a significant price tag.

Buying or leasing a car can make a negative impact on the way the lender views your financial status. This is a big ticket item that dramatically affects your debt-to-income ratio. You may feel you have room in your budget to purchase a new car, and think this is a worthy investment if you are looking for a home that will mean a longer commute for you on a daily basis. But by tacking a car payment onto your existing debt, you reduce the amount that you will qualify for in a home loan. A $400 a month car payment can reduce your approved loan limit by as much as $50,000. Think about doing this after your loan is approved if you really need it.

If you have to change jobs, you may be asked to document why this change occurred.

If you are changing jobs to increase your income, that's a no-brainer for the lender. If you have an erratic work history to start with, another job change may make it look worse for you.

If you are an hourly wage employee, most likely a job change will have no effect on your ability to qualify for a loan. If you have a track record of a consistent amount of overtime or consistent bonuses over the last two years, the lender views this favorably. If you change jobs, there is no way of knowing if the new employer will pay overtime. Many do not! If you work on a salary + commission or straight commission basis, it has a dramatic effect on your stability. If you are considering starting your own business, again, this is something to consider after your loan is funded.

Publisher’s Directions: This article may be freely distributed so long as the copyright, author’s information, disclaimer, and an active link (where possible) are included.

Disclaimer: Statements and opinions expressed in the articles, reviews and other materials herein are those of the authors. While every care has been taken in the compilation of this information and every attempt made to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. The author will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.
About the Author
Steve Hoogenakker provides a solid, common sense approach to solving problems and answering questions relating to consumer loan products. His website seeks to provide free online resources for the consumer, including rate-watch, tips and articles, financial communication, news, and links to products and services.

Visit: www.MrHomeLoan.com, or you can email Steve at Steve@MrHomeLoan.com
Steve Hoogenakker 5820 74th Avenue N. #100 Brooklyn Park, MN 55443 763-546-1414

2005-12-24T20:18:00.000-08:00

TIPS TO GET YOUR LOAN APPROVED

What is important to lenders?
MR HOME LOAN wants to help you understand what is important to lenders, and why. These tips will help you better manage some key aspects of your finances so that you can get your loan approved.

Not every applicant is approved for a home loan the first time he or she applies. For a variety of reasons, even after a lot of hard work, sometimes a loan just can’t be approved. It may have to do with the applicant’s credit or savings history, employment stability, debt structure, or the value of the home. The good news is that a denial is merely a detour, not a roadblock. Purchasing a home takes planning, discipline and hard work! Follow these tips and with our assistance, homeownership is not out of reach.

Establish a consistent record of paying bills on time.
Before making a loan the size of a home loan, most lenders will want to review how you have handled your credit in the past. This includes all credit accounts, including utilities, revolving debt (credit cards, etc.), and installment debt (car loans, student loans, etc.). It is critical for you to bring all overdue bills up to date immediately and begin paying them on time in a consistent manner.

Establish a consistent record of steady employment.
Lenders are more likely to look favorably on an applicant who has been in the same (or similar) line of work for generally two or more years. If you have been working steadily for less than two or more years, expect the lender to ask why. There are many acceptable reasons, including:

• You recently finished school, vocational training, or left the military;
• Your work is typically seasonal and gaps in employment are customary to the industry;
• You may have been laid off from your job; or
• Frequent employment changes are normal in your line of work (sales, contract work, etc.), but you have been consistently employed and maintained a consistent level of income over the past 2 years.

You may want to pay off some debt to lower your debt-to-income ratio.
This step will make it easier to qualify for a mortgage loan if your debt ratio is high. Chances are good that if you’re already paying rent, making a mortgage payment will be a smooth transition. Along with the mortgage payment, you’re also responsible for real estate taxes and insurance, and if required, mortgage insurance and homeowners dues. Work with us to determine the monthly payment you can afford based on your income and the standard debt-to-income ratio guidelines.

Establish a consistent savings pattern.
Saving money for a down payment, and still having enough reserves left over to cover two months of expenses in the event of an emergency, is typically the most challenging part of buying a home. While sometimes it is difficult, this is a necessary step to ensure you are financially ready to take the plunge into homeownership. Our goal is to help you meet your short-term and long-term financial objectives. We’ll help you evaluate exactly when the right time is for you to buy, in order to help you build a secure financial future.

2005-12-24T19:41:00.000-08:00

Credit: Know the Score

A good credit history is more important than ever. Solid credit keeps down the cost of consumer financing, and it can be the deciding factor in whether an auto or home loan application is approved.

In today’s fast-paced, high-tech age, your credit history will be reviewed more often by artificial intelligence than human intelligence. This computerization has made the loan process much more efficient. That’s a good thing. But computers take all the subjectivity out of credit evaluation, and that means you have to take ownership of your own credit standing to make sure you’re not blindsided by any stain on your record.

It is important that everyone know his or her credit score. Everyone is entitled to one free credit report a year. Various companies, including Experian Consumer Relations (888-397-3742), can show you your credit profile. Fairly frequently, erroneous information appears on a credit report. This can take a few months to correct, which might mean the difference between being able to purchase your dream home or not.

Credit scores usually range between 400 on the low side to 800 on the high side. On rare occasions these ranges can be exceeded. Sometimes a score cannot be obtained for factors like lack of credit history or too few lines of credit.

If you know your score, then you can see what the creditors see and have the ability to get a jump-start. Here is a quick breakdown of what a score means to a creditor:

720 and over Wonderful, you are at the top. Best rates and terms.
700 – 719 Excellent score. You are a very desirable borrower.
680 – 699 Good credit. You should be in strong shape to buy.
660 – 679 Okay credit. Don’t look for other exceptions.
640 – 659 Borderline. Okay if everything else is strong.
620 – 639 Weak. The rest or your file must be perfect.
600 – 619 Difficult. Needs some work or a special program.
Below 600 Trouble. Try to fix up your credit.

2005-12-21T07:48:00.000-08:00

Short-Term Interest Rates on the Rise
Adjustable Rate Mortgage Holders Prepare for Increase in Interest Rates
By Steve Hoogenakker
ATM Financial - MrHomeLoan

Minneapolis, Minnesota – Interest rates are on the rise and many home owners who have adjustable rate mortgages may see increases in their forthcoming annual adjustments.

Federal Reserve Chairman Alan Greenspan made it clear in 2004 that the Federal Reserve would be increasing short-term interest rates at a “measured pace.” With the US Dollar at its weakest point in seven years, oil prices unstable and the evaluation of other economic indicators, the Fed Funds Rate was hiked seven times from 1.0% to 2.75% since June 2004 in an effort to curb inflation. Some economists believe it won’t stop until the Fed Fund Rate hits 4.0%.

Consumers with revolving debt accounts tied to the prime rate have seen the effect through rising interest rate charges, as the prime rate always rides 3% above the current Fed Funds Rate.

Mortgage interest rates are affected indirectly by these changes. An increase in the Fed Funds Rate has an impact on financial markets as a whole, but mortgage rates may go up or down based on the perception investors have of current economic statistics and their reaction to the Federal Reserve’s after-meeting statements.

In general, when economic data indicates we have a slow-down occurring in our economy, investors tend to sell off stocks and reallocate that money to the safe haven of bonds and mortgage-backed securities. The purchase of mortgage-backed securities drives interest rates down. When economic data says there is growth in the economy, the stock market typically rallies and mortgage-backed securities sell off to fuel that stock market rally. This drives mortgage interest rates up.

Our current market reflects the reaction of investors reading between the lines on comments made by the Fed, and mortgage interest rates are going up. This will have an affect on home owners with adjustable rate mortgages (ARMs) tied to indexes that are based on short-term interest rates. This includes the 11th District Cost of Funds, 12-Month Treasury Average (MTA), London Inter Bank Offering Rates (LIBOR) and others.

This doesn’t mean that everyone with an adjustable mortgage is in trouble right away. Some indexes are more volatile than others. COFI moves much slower than other adjustable rate indexes, while the LIBOR fluctuates with more volatility. But remember, when an ARM adjusts, the new interest rate is a sum of the borrower’s fixed margin plus the current rate of the index the mortgage is tied to.

Consumers who foresee paying an interest rate that is significantly higher may want to consider refinancing to take advantage of the stability of a fixed rate mortgage.

This is also a good time for borrowers who started out in an adjustable rate loan due to a poor credit score to transition into a fixed rate loan if they can. Once a track record of making mortgage payments on time and in full has been established, this should have a positive effect on the credit score and there’s a good chance the borrower may now qualify for a loan with a lower interest rate.

As with any decision to refinance, it is important to take the terms of the existing loan, the cost of the new loan, and the borrower’s long-term needs into consideration. A qualified mortgage professional should help weigh out the options by providing a clear assessment of available loan programs for the consumer.

Steve Hoogenakker is affiliated with ATM Financial, a Licensed Broker, Minnesota Department Commerce. Hoogenakker hosts Home Buyer’s Seminars which are open to the public on the 3rd Tuesday of the month at the Plymouth office. from 7:00 p.m. to 8:30 p.m. Seating is limited. To reserve your seat at the next event, call [763-213-2410 to RSVP and obtain a free copy of Steve Hoogenakker’s Home Buyer Handbook.

# # #

SUBMITTED BY:
Steve Hoogenakker
Phone 763-213.2410
Fax 763-479-0433
E-MAIL steve@MrHomeLoan.com
Website www.MrHomeLoan.com

2005-12-15T07:39:00.000-08:00

Getting the Best Interest Rate on Your Home Loan?
A Qualified Mortgage Consultant Can Help Boost Credit Scores
By Steve Hoogenakker, President
ATM Financial - MrHomeLoan

Minneapolis, Minnesota – Consumers interested in purchasing or refinancing a home will pay an interest rate based on current market conditions and their ability to pay back the loan. The borrower’s income and debt ratios are taken into consideration by the lender, as well as the predictability factor provided by credit scoring. It’s important to have a mortgage professional in your corner that has a keen eye for solutions to improving credit scores in an effort to get the best interest rate possible.

Interest rates associated with various loan programs are broken down into schedules based on credit score ratings. While each lender has its own guidelines, it’s safe to assume that as the consumer’s credit score goes down, interest rates will go up.

A borrower with an outstanding credit rating will get what is called an A-paper loan. This type of borrower is rewarded with a lower interest rate because they have a proven track record of using credit sensibly and paying their bills on time.

Loans designed for consumers with less-than-perfect credit – sometimes referred to as “sub-prime” – can range anywhere from A-minus, B-paper, C-paper or D-paper loans.

If you have already taken out a mortgage loan with a higher interest rate because your credit score was a little under par, you will really appreciate the value in doing a little work to improve your credit score. Refinancing from a D-paper loan to a B-paper classification can save literally thousands of dollars in financing fees over time, even though the B-paper loan is still considered sub-prime.

A qualified mortgage consultant will guide you through the nuances of the process of improving your credit score to refinance and save money. First and foremost, he or she will want to review the terms of the existing mortgage loan to determine if you have a pre-payment penalty clause written into your contract. In general terms, that means that if you sell the home or try to refinance before the pre-payment penalty expires and you have not already paid off 20 percent of the original loan amount, you will most likely have to pay a 3 percent fee back to the lender to compensate for the high risk and high costs incurred to provide that financing.

Next, you should obtain free copies of your credit reports from www.annualcreditreport.com and start working on improving the credit score six months prior to the expiration date on your existing pre-payment penalty.

There are five factors that make up the credit score and your mortgage consultant can coach you through some basic strategies to improve your credit score. This means very conservative use of credit cards, paying off debt as much as possible and not applying for additional credit cards unless you will benefit from such action. You will want to verify that negative items you have paid off are being removed from your credit report, and that good credit history is being reported to all three bureaus. You’ll also want to dispute any errors that appear on your credit reports and seek to have those removed entirely.

Once your credit score improves, it’s time to refinance at a better interest rate. Your mortgage professional should look for a program that carries no more than a two-year prepayment penalty so you can continue to refinance as your credit score increases. You can repeat this process until you reach A-paper status and secure the best interest rate available.

This is a strategy that also works well for first time home buyers who do not have enough credit history under their belt to get an A-paper loan at the time of purchase. The important thing is to work with a mortgage consultant who can give you a roadmap to follow and a strategy for success in building personal wealth.

Steve Hoogenakker is affiliated with ATM Home Mortgage + MrHomeLoan, a Licensed Broker, Minnesota Department Commerce. Hoogenakker hosts Home Buyer’s Seminars which are open to the public on the 3rd Tuesday of the month at the Plymouth office. from 7:00 p.m. to 8:30 p.m. Seating is limited. To reserve your seat at the next event, call [763-213-2410 to RSVP and obtain a free copy of Steve Hoogenakker’s Home Buyer Handbook.

# # #

SUBMITTED BY:
Steve Hoogenakker
Phone 763-213.2410
Fax 763-479-0433
E-MAIL steve@MrHomeLoan.com
Website www.MrHomeLoan.com

2005-12-13T07:41:00.000-08:00

Getting the Best Interest Rate on Your Home Loan?
A Qualified Mortgage Consultant Can Help Boost Credit Scores
By Steve Hoogenakker, President
ATM Financial - MrHomeLoan

Minneapolis, Minnesota – Consumers interested in purchasing or refinancing a home will pay an interest rate based on current market conditions and their ability to pay back the loan. The borrower’s income and debt ratios are taken into consideration by the lender, as well as the predictability factor provided by credit scoring. It’s important to have a mortgage professional in your corner that has a keen eye for solutions to improving credit scores in an effort to get the best interest rate possible.

Interest rates associated with various loan programs are broken down into schedules based on credit score ratings. While each lender has its own guidelines, it’s safe to assume that as the consumer’s credit score goes down, interest rates will go up.

A borrower with an outstanding credit rating will get what is called an A-paper loan. This type of borrower is rewarded with a lower interest rate because they have a proven track record of using credit sensibly and paying their bills on time.

Loans designed for consumers with less-than-perfect credit – sometimes referred to as “sub-prime” – can range anywhere from A-minus, B-paper, C-paper or D-paper loans.

If you have already taken out a mortgage loan with a higher interest rate because your credit score was a little under par, you will really appreciate the value in doing a little work to improve your credit score. Refinancing from a D-paper loan to a B-paper classification can save literally thousands of dollars in financing fees over time, even though the B-paper loan is still considered sub-prime.

A qualified mortgage consultant will guide you through the nuances of the process of improving your credit score to refinance and save money. First and foremost, he or she will want to review the terms of the existing mortgage loan to determine if you have a pre-payment penalty clause written into your contract. In general terms, that means that if you sell the home or try to refinance before the pre-payment penalty expires and you have not already paid off 20 percent of the original loan amount, you will most likely have to pay a 3 percent fee back to the lender to compensate for the high risk and high costs incurred to provide that financing.

Next, you should obtain free copies of your credit reports from www.annualcreditreport.com and start working on improving the credit score six months prior to the expiration date on your existing pre-payment penalty.

There are five factors that make up the credit score and your mortgage consultant can coach you through some basic strategies to improve your credit score. This means very conservative use of credit cards, paying off debt as much as possible and not applying for additional credit cards unless you will benefit from such action. You will want to verify that negative items you have paid off are being removed from your credit report, and that good credit history is being reported to all three bureaus. You’ll also want to dispute any errors that appear on your credit reports and seek to have those removed entirely.

Once your credit score improves, it’s time to refinance at a better interest rate. Your mortgage professional should look for a program that carries no more than a two-year prepayment penalty so you can continue to refinance as your credit score increases. You can repeat this process until you reach A-paper status and secure the best interest rate available.

This is a strategy that also works well for first time home buyers who do not have enough credit history under their belt to get an A-paper loan at the time of purchase. The important thing is to work with a mortgage consultant who can give you a roadmap to follow and a strategy for success in building personal wealth.

Steve Hoogenakker is affiliated with ATM Financial, a Licensed Broker, Minnesota Department Commerce. Hoogenakker hosts Home Buyer’s Seminars which are open to the public on the 3rd Tuesday of the month at the Plymouth office. from 7:00 p.m. to 8:30 p.m. Seating is limited. To reserve your seat at the next event, call [763-213-2410 to RSVP and obtain a free copy of Steve Hoogenakker’s Home Buyer Handbook.

# # #

SUBMITTED BY:
Steve Hoogenakker
Phone 763-213.2410
Fax 763-479-0433
E-MAIL steve@MrHomeLoan.com
Website www.MrHomeLoan.com

2005-11-30T07:37:00.000-08:00

Understanding Credit Scoring &Credit Repair
By Steven Hoogenakker, President
Mr Home Loan - ATM Financial Services

Seek a Qualified Mortgage Consultant to Ensure the Best Results

Mineapolis, Minnesota – Credit remediation is a subject consumers often face with fear and trepidation, and for good reason. With the exception of recognizing that the best score wins, the average home shopper knows very little about the whole credit scoring process. Sub-prime borrowers who are eager to move into A-Paper territory often find themselves at a loss when trying to find ways to upgrade their credit history. The good news is there are ways to improve less-than-perfect credit scores and obtain a loan for the home you really want.

The first step in the process is making sure that you have a current copy of your credit report. Congress recently amended the Fair Credit Reporting Act so that consumers may now receive one free credit report annually. There are three major credit bureaus: Equifax, Experian, and Transunion. Since entries can vary across bureaus, you’ll want to request a free report from each of the three companies. (Go to www.annualcreditreport.com)

It's also important to know just what a good credit score is. Most A-Paper scores generally begin around 680, although this number may differ slightly among lenders. Don't despair if you come up shy, there is always room for improvement. Increasing your score just 5 points can save a significant amount of money. For example, if your score is 698 and you increase it to 703, then you could save yourself thousands of dollars over time as a result of a slight improvement to your loan’s interest rate.

While credit repair is necessary for some, it's not the only way to increase your credit score. Even if you have stellar credit, you can enhance your score through these steps:

· Evenly distribute your credit card debt to change the ratio of debt to available credit. Let's say you have a credit score of 665. If you have debt on only one card, and four additional credit cards with zero balances, evenly distributing the debt of the first card could move you closer, and possibly into, that ideal bracket.

· Keep your existing accounts open and active. The average consumer is usually anxious to close credit card accounts that have zero balances, but doing this can cause them to lose the benefits of a long-term credit history and increase their ratio of debt-to-available credit. The bottom line is don't close those old accounts!

· Keep credit inquiries to a minimum. Each inquiry into your credit history can impact your score anywhere from 2-50 points. When it comes to mortgage and auto loans, even though you're only looking for one loan, multiple lenders may request your credit report. To compensate for this, the score counts multiple auto or mortgage inquiries in any 14-day period as just one inquiry, so try and stay within that time frame.
Remember, credit scores don't change overnight. Improving them requires time and diligent effort on your part, so it's a good idea to get the ball rolling at least three to six months prior to submitting your application for home financing.

If credit repair is what you need, you can either begin the process yourself or seek out a repair service. If you decide to make your own improvements, visit as many websites as possible to get information regarding credit laws and consumer rights. Diligently search through them and educate yourself to ensure that you don’t sustain any self-inflicted wounds. A good place to start would be the Federal Trade Commission's website, which contains a wealth of helpful literature.

If you’re facing severe or complicated credit issues, then you’ll probably want to enlist the assistance of a professional credit repair company. Before you do, be sure to familiarize yourself with the FTC's regulations on credit repair. With over 1100 credit repair companies to choose from, it's important to be certain you are dealing with a reputable firm. Examine the FTC's information on fraudulent practices to avoid falling prey to credit repair scams.

Addressing credit issues can be uncomfortable to say the least. But by taking these steps now, you’ll be that much closer to obtaining the home of your dreams.

Additional Resources:

To order your free credit report, go to:
http://www.annualcreditreport.com/

To read the Fair Credit Reporting Act, go to:
www.ftc.gov/os/statutes/frca.htm

For the Federal Trade Commission's information on consumer credit, go to:
www.ftc.gov/bcp/conline/edcams/credit/index.html

Robert Carver is affiliated with ATM Financial, a Licensed Broker, Minnesota Department of Commerce. Carver hosts Home Buyer’s Seminars which are open to the public on the 3rd Tuesday of the month at the Plymouth office. from 7:00 p.m. to 8:30 p.m. Seating is limited. To reserve your seat at the next event, call [763-213-2410 to RSVP and obtain a free copy of Steve Hoogenakker's Home Buyer Handbook.

# # #

SUBMITTED BY:
Steven Hoogenakker
Phone 763-213-2410
Fax 763-479-0433
E-MAIL bobcarverus@yahoo.com
Website http://www.myfinancialsolution.com/

2005-11-15T07:35:00.000-08:00

Reverse Mortgages: Financing the Golden Years
For immediate release
Seek a Qualified Mortgage Consultant to Ensure the Best Results
February 26th, 2006
By Steve Hoogenakker, President
ATM Financial Services – MrHomeLoan.com

Minneapolis, Minnesota – Until recently, seniors 62 years of age and older have not had the best choices when it came to getting cash from their homes. Traditional home loans only offered the option of either selling one’s house or borrowing against its equity.

With reverse mortgages coming on the scene, seniors now have some additional cash-flow alternatives. This type of loan allows mature borrowers to convert their home equity into tax-free income without leaving their current home or making mortgage payments - and they do not need an existing income to qualify. How a Reverse Mortgage WorksReverse mortgages are probably best understood when compared side-by-side with traditional home mortgages, otherwise known as "forward" mortgages. The following table shows the differences between the two:
FORWARD MORTGAGE
REVERSE MORTGAGE
Uses income to pay debt
Uses home equity to get cash or credit
Monthly mortgage payments
No payments; debt is due whenthe borrower(s) pass away or relocate.
Falling debt, rising equity
Rising debt, falling equity
Both loans incur debt against your home, and both affect equity, but they do so in different ways. Traditional home mortgages require making monthly payments to a lender. With a Reverse Mortgage, payments are made to you.

What a Reverse Mortgage Involves
Here are some important points to know when considering a reverse mortgage:

Eligibility: To qualify for a reverse mortgage, you must be at least 62 years of age. All owners who are on the title deed must meet this age requirement. You must also have paid off all, or most, of your home mortgage. Lastly, the home you reside in must remain your principal place of residence.

Mandatory Counsel: In order to ensure that homeowners are fully aware of the financial ramifications of obtaining a reverse mortgage, you must undergo counseling with an unbiased third party before completing a loan. HUD and AARP oversee a network of counselors who can provide this service, and it should be offered for either a nominal fee or at no charge.
Tax-Free Income: One of the advantages of a reverse mortgage is that the money you receive will not be taxed. The amount you’ll obtain depends on several factors including the plan you select, the type of cash advances you choose, your age, and the value of your home. Typically, the older you are the larger the loan, as you will have more equity in the house.

Cost: The cost of a reverse mortgage varies considerably from one type to the next. However, you can typically use the money you receive to offset the loan fees. The costs will be added to the loan balance and must be repaid with interest once the loan terminates.

Repayment: Reverse mortgages do not require any payment as long as the borrower(s) remain in the home. Should the borrower(s) pass away, sell the home, or permanently relocate, then the loan would be due in full, along with interest and additional costs. If two borrowers are on the loan and one dies, the loan would not be due since one of them still occupies the home.

Home Equity Conversion Mortgage - The Federally Insured Loan
The most common type of reverse mortgage is the Home Equity Conversion Mortgage, otherwise known as a HECM mortgage. This is the only reverse mortgage program that’s federally insured and backed by the U. S. Department of Housing and Urban Development (HUD). This type of reverse mortgage is popular for a few reasons:

Ability to choose your own interest rate. You can select one that changes annually or one that changes every month.
You have several payment options. You may receive monthly loan advances for a fixed term or for as long as you live in the home. You may also choose to receive a line of credit or combine monthly loan advances with a line of credit.
The loan can be used for any purpose. With a HECM, you don't have to designate the loan to a specific use; you can apply the funds to anything you choose.
Protection. This is one of the most attractive features of a HECM. This plan protects you by guaranteeing continued loan advances even if your lender defaults.

Sell or Stay?
The main reason people choose a reverse mortgage is to gain financial independence and maintain an adequate standard of living without leaving their current home. The best way to decide if a reverse mortgage is right for you is to compare it to the other option of selling your house. To do this, ask yourself these three questions:

How much cash can I get by selling my home?
How much will it cost to buy or rent a new place?
Is it worth my moving now, or do I prefer to do something else with the money?

Perhaps you'll confirm what you knew all along, where you now live is the best place to be.

Steve Hoogenakker is affiliated with ATM Financial, a Licensed Broker, Minnesota Department Commerce. Hoogenakker hosts Home Buyer’s Seminars which are open to the public on the 3rd Tuesday of the month at the Plymouth office. from 7:00 p.m. to 8:30 p.m. Seating is limited. To reserve your seat at the next event, call [763-213-2410 to RSVP and obtain a free copy of Steve Hoogenakker’s Home Buyer Handbook.

# # #

SUBMITTED BY:
Steve Hoogenakker
Phone 763-213.2410
Fax 763-479-0433
E-MAIL steve@MrHomeLoan.com
Website www.MrHomeLoan.com