Monday, September 27, 2010
Sunday, September 26, 2010
Treasury Moves to Revise RESPA Forms and Simplify TILA Disclosures-Newly appointed Assistant t..http://tinyurl.com/33a6bdg
Friday, September 24, 2010
-Fannie Mae announced a seller assistance incentive on Fannie Mae-owned properties listed on the company’s REO website, www.HomePath.com, and expands the initiative to offer an incentive to real estate agents and brokers. Qualified homebuyers who will be owner-occupants can receive up to 3.5 percent of the final sales price that can be used toward closing cost assistance, including a home warranty, if desired and available. In addition, selling agents representing owner-occupants will receive a $1,500 bonus. Eligible offers must be submitted on or after September 23, 2010, and must close by December 31, 2010. The sale must close within 60 days of the offer being accepted.
NJAR
A podcast discussing the top Issues in New Jersey Real Estate is now available: http://ping.fm/SihNT
A podcast discussing the top Issues in New Jersey Real Estate is now available: http://ping.fm/SihNT
One of the reasons people opt not to buy a home is a straight home mortgage versus renting comparison. In many cases, people evaluate their rental and buying options, and decide that they pay less in rent than they would in buying a home and continue to rent. Unfortunately, you’ll pay more in rent in the long run, and you’ll miss out on valuable opportunities to build a financial future for yourself.
Rent and House Payments are Not Equal
Don’t make the mistake of assuming that rent and home payments are equal. When you own a home, you’re eligible for tax deductions and other potential savings that add up versus making a rent payment. If you currently pay $800 per month in rent, you may be able to afford a home payment of $1,000 or $1,100 after tax deductions and other cost differentials. Don’t assume that mortgage payments and rent payments are the same thing, because they aren’t – you typically have more buying power with a mortgage payment.
Rent Increases will Cost You More
When you evaluate renting versus buying, you’ve got to look at the long-term picture. Buying may cost you more today, but your rent payment isn’t fixed. Typically, rent goes up at a rate of 4 to 8 percent, depending on where you live. Assuming you live in a high-inflation area, a rent payment that costs you $1,000 per month will cost you nearly $2,000 in 10 years. In 20 years, you’ll be paying over $3,000.
Contrast that with a home mortgage. If you get a home mortgage with a fixed interest rate, you know what your payments will be for the next 30 years. You may be paying $1,200 on your mortgage, but you’ll still be paying $1,200 in 20 years when your rent would be over $3,000. Renting may seem cheaper up front, but it certainly isn’t cheaper when you do the long-term math.
Rent and House Payments are Not Equal
Don’t make the mistake of assuming that rent and home payments are equal. When you own a home, you’re eligible for tax deductions and other potential savings that add up versus making a rent payment. If you currently pay $800 per month in rent, you may be able to afford a home payment of $1,000 or $1,100 after tax deductions and other cost differentials. Don’t assume that mortgage payments and rent payments are the same thing, because they aren’t – you typically have more buying power with a mortgage payment.
Rent Increases will Cost You More
When you evaluate renting versus buying, you’ve got to look at the long-term picture. Buying may cost you more today, but your rent payment isn’t fixed. Typically, rent goes up at a rate of 4 to 8 percent, depending on where you live. Assuming you live in a high-inflation area, a rent payment that costs you $1,000 per month will cost you nearly $2,000 in 10 years. In 20 years, you’ll be paying over $3,000.
Contrast that with a home mortgage. If you get a home mortgage with a fixed interest rate, you know what your payments will be for the next 30 years. You may be paying $1,200 on your mortgage, but you’ll still be paying $1,200 in 20 years when your rent would be over $3,000. Renting may seem cheaper up front, but it certainly isn’t cheaper when you do the long-term math.
Wednesday, September 22, 2010
There are many ways to lose your real estate clients, but the most important is through communication – or the lack thereof. I have a list of 10 helpful tips to aid you in your efforts to get rid of clients and make sure they don't recommend you to any of their friends or family. I will give it to anyone who posts one of their own.
Here is the website for the online TODO list that many people have requested on my FAN page.
www.toodledo.com
Try it out and if you like it please post a comment on my fan page.
Also why wouldnt you interested in my 5 year free follow up program? No cost to you. I do a co-branding with you and send out regular follow ups to any and all people that you send contact information for. Following up is probably the weakest link in most realtors chain. I do it for you. Think about it. You send me every monday names of people you have met; prospects; open house people; old customers etc ....the possibilities are endless. I put them into YOUR database and begin a co-branded drip email campaign on your behalf with all good stuff related to real estate. Remember the saying: out of sight out of mind. How many deals have you never gotten just due to that one factor.
Lets get it started and you can see for yourself.
Jerry www.facebook.com/freetipsfornjrealestateagents
jschragen@silverfincapital.com
1-201-637-1126
www.toodledo.com
Try it out and if you like it please post a comment on my fan page.
Also why wouldnt you interested in my 5 year free follow up program? No cost to you. I do a co-branding with you and send out regular follow ups to any and all people that you send contact information for. Following up is probably the weakest link in most realtors chain. I do it for you. Think about it. You send me every monday names of people you have met; prospects; open house people; old customers etc ....the possibilities are endless. I put them into YOUR database and begin a co-branded drip email campaign on your behalf with all good stuff related to real estate. Remember the saying: out of sight out of mind. How many deals have you never gotten just due to that one factor.
Lets get it started and you can see for yourself.
Jerry www.facebook.com/freetipsfornjrealestateagents
jschragen@silverfincapital.com
1-201-637-1126
Tuesday, September 21, 2010
Monday, September 20, 2010
Saturday, September 18, 2010
MORTGAGE Shopping Tips.
Itemized fee worksheets (aka the old good faith estimate) Get all cost sheets with interest rates the same day from everyone that you speak to. If you find someone new a few days later, you need to go back and ask them all for updates. Same if one tells you that rates have changed, good or bad. Note: It’s not mandatory that a loan officer give you any type of fee sheet, cost sheet, or GFE (good faith estimate). Don’t say yes to anyone until they can show you all costs and rate spelled out on a piece of paper. Just be aware that it’s often not worth the paper that it’s written on.
Lock vs Float – Make sure the loan officer explains the different procedures to you upfront. Make sure the loan officer understands your closing/settlement date. If you don’t have one, make sure you ask all the loan officers how long that rate would be good for when shopping. The longer the lock period, the more expensive the interest rate.
Credit scores – If you won’t allow the loan officer to pull your credit, make sure each one has a copy of your credit report. There is more to it than just your credit score and your total debts.
Be leery of specific ads or individuals that use such terms as “best interest ratesâ€, “cheapest ratesâ€, “lowest rates than anywhere elseâ€, etc, etc
Be leery of those that state, “I guaranteeâ€, “I promiseâ€, “no problemâ€, “I am very honestâ€, “to be honest with youâ€, etc, etc. – Not that these are bad phrases all of the time, but if used often in a short period of time, could be a red flag.
Additional Tips : Don’t focus strictly on interest rate. And don’t shop based on the APR, because the APR has it’s own rules, and lenders can manipulate the APR. Just a fact. Mostly shop interest rate and total lender’s fees when just comparing “cost sheet sheetsâ€, “itemized fee worksheetsâ€, “good faith estimatesâ€. And never hesitate to ask a question. It’s not a cliche, there really are no dumb questions. A good loan officer will encourage you at the onset of your relationship to ask questions and be available as much as possible.
Itemized fee worksheets (aka the old good faith estimate) Get all cost sheets with interest rates the same day from everyone that you speak to. If you find someone new a few days later, you need to go back and ask them all for updates. Same if one tells you that rates have changed, good or bad. Note: It’s not mandatory that a loan officer give you any type of fee sheet, cost sheet, or GFE (good faith estimate). Don’t say yes to anyone until they can show you all costs and rate spelled out on a piece of paper. Just be aware that it’s often not worth the paper that it’s written on.
Lock vs Float – Make sure the loan officer explains the different procedures to you upfront. Make sure the loan officer understands your closing/settlement date. If you don’t have one, make sure you ask all the loan officers how long that rate would be good for when shopping. The longer the lock period, the more expensive the interest rate.
Credit scores – If you won’t allow the loan officer to pull your credit, make sure each one has a copy of your credit report. There is more to it than just your credit score and your total debts.
Be leery of specific ads or individuals that use such terms as “best interest ratesâ€, “cheapest ratesâ€, “lowest rates than anywhere elseâ€, etc, etc
Be leery of those that state, “I guaranteeâ€, “I promiseâ€, “no problemâ€, “I am very honestâ€, “to be honest with youâ€, etc, etc. – Not that these are bad phrases all of the time, but if used often in a short period of time, could be a red flag.
Additional Tips : Don’t focus strictly on interest rate. And don’t shop based on the APR, because the APR has it’s own rules, and lenders can manipulate the APR. Just a fact. Mostly shop interest rate and total lender’s fees when just comparing “cost sheet sheetsâ€, “itemized fee worksheetsâ€, “good faith estimatesâ€. And never hesitate to ask a question. It’s not a cliche, there really are no dumb questions. A good loan officer will encourage you at the onset of your relationship to ask questions and be available as much as possible.
Mortgae Shopping Tips
Itemized fee worksheets (aka the old good faith estimate) Get all cost sheets with interest rates the same day from everyone that you speak to. If you find someone new a few days later, you need to go back and ask them all for updates. Same if one tells you that rates have changed, good or bad. Note: It’s not mandatory that a loan officer give you any type of fee sheet, cost sheet, or GFE (good faith estimate). Don’t say yes to anyone until they can show you all costs and rate spelled out on a piece of paper. Just be aware that it’s often not worth the paper that it’s written on.
Lock vs Float – Make sure the loan officer explains the different procedures to you upfront. Make sure the loan officer understands your closing/settlement date. If you don’t have one, make sure you ask all the loan officers how long that rate would be good for when shopping. The longer the lock period, the more expensive the interest rate.
Credit scores – If you won’t allow the loan officer to pull your credit, make sure each one has a copy of your credit report. There is more to it than just your credit score and your total debts.
Be leery of specific ads or individuals that use such terms as “best interest ratesâ€, “cheapest ratesâ€, “lowest rates than anywhere elseâ€, etc, etc
Be leery of those that state, “I guaranteeâ€, “I promiseâ€, “no problemâ€, “I am very honestâ€, “to be honest with youâ€, etc, etc. – Not that these are bad phrases all of the time, but if used often in a short period of time, could be a red flag.
Additional Tips : Don’t focus strictly on interest rate. And don’t shop based on the APR, because the APR has it’s own rules, and lenders can manipulate the APR. Just a fact. Mostly shop interest rate and total lender’s fees when just comparing “cost sheet sheetsâ€, “itemized fee worksheetsâ€, “good faith estimatesâ€. And never hesitate to ask a question. It’s not a cliche, there really are no dumb questions. A good loan officer will encourage you at the onset of your relationship to ask questions and be available as much as possible.
Itemized fee worksheets (aka the old good faith estimate) Get all cost sheets with interest rates the same day from everyone that you speak to. If you find someone new a few days later, you need to go back and ask them all for updates. Same if one tells you that rates have changed, good or bad. Note: It’s not mandatory that a loan officer give you any type of fee sheet, cost sheet, or GFE (good faith estimate). Don’t say yes to anyone until they can show you all costs and rate spelled out on a piece of paper. Just be aware that it’s often not worth the paper that it’s written on.
Lock vs Float – Make sure the loan officer explains the different procedures to you upfront. Make sure the loan officer understands your closing/settlement date. If you don’t have one, make sure you ask all the loan officers how long that rate would be good for when shopping. The longer the lock period, the more expensive the interest rate.
Credit scores – If you won’t allow the loan officer to pull your credit, make sure each one has a copy of your credit report. There is more to it than just your credit score and your total debts.
Be leery of specific ads or individuals that use such terms as “best interest ratesâ€, “cheapest ratesâ€, “lowest rates than anywhere elseâ€, etc, etc
Be leery of those that state, “I guaranteeâ€, “I promiseâ€, “no problemâ€, “I am very honestâ€, “to be honest with youâ€, etc, etc. – Not that these are bad phrases all of the time, but if used often in a short period of time, could be a red flag.
Additional Tips : Don’t focus strictly on interest rate. And don’t shop based on the APR, because the APR has it’s own rules, and lenders can manipulate the APR. Just a fact. Mostly shop interest rate and total lender’s fees when just comparing “cost sheet sheetsâ€, “itemized fee worksheetsâ€, “good faith estimatesâ€. And never hesitate to ask a question. It’s not a cliche, there really are no dumb questions. A good loan officer will encourage you at the onset of your relationship to ask questions and be available as much as possible.
Subscribe to:
Posts (Atom)