30 easy ways to become a Money Magnet Starting TODAY!

 Learn to be a Money Magnet starting TODAY!

Worried about your lack of income, maxed out credit cards or extreme debt? The average American household carries over $10,000  in credit card debt, and that doesn't include student loans or home mortgages. It all starts with this moment and how you feel and relate to money. Respecting money and appreciating it can help bring more to you.

  

 

Here are 30 ways to save or make money starting today:

1. Talk about what you want to have versus what you haven't gotten. 
2. Take a potential mentor or advisor to coffee or lunch. But, don't overuse their time.
3. Read about finances and investing.
4. Ask for discounts every time you buy something. 
5. Use credit cards with the best rewards and switch to low interest cards.
6. Create clear financial goals.
7. Save 10 percent of everything you earn. Put it is a separate account.
8. Clean out your closet and donate used clothing.
9. Give money to a homeless person without expectation.
10. Write a thank you note to an organization, or person you appreciate and respect.
11. Start planning for the vacation you keep dreaming about.
12. Hang around financially abundant folks. 
13. Don't spend money to feel good. Learn to feel good about NOT spending money.
14. Put all your energy into faith that more money is on its way to you. 
15. Be grateful. 
16. Collect change from around the house. 
17. Sell stuff on Craigslist or eBay. 
18. Create products to sell online.
19. Switch phone providers. Or call your current one and ask for a discount.
20. Get rid of cable and use Netflix's or other similar services. 
21. Take advantage of rebates and coupons.
22. Ask for a raise.
23. Sell your old mobile phone and tech products. 
24. Freelance your talent and skills. 
25. House, baby or pet sit.
26. Let go of attachment to the outcome of your actions.
27. Focus on feeling secure in this moment.
28. Learn and forgive your past money mistakes.
29. Visualize yourself with financial abundance.
30.  Have faith more abundance is on its way.

Owing money can be frustrating, especially when you are worried about a steady income stream, but taking your attention off what's not working and focusing on an action plan can bring in money today.
Thanks for listening. To get more information on gaining wealth and success, email us for our comprehensive book on "How To Become a Money Magnet TODAY!"  Finances On Fire - eBooks

Please visit our sponsor at www.ePrequal.com. Get preapproved to buy a home in minutes online FREE. No Waiting and No Sales Hassle.

Is now the time to Refinance your Home Loan?

With rising mortgage rates looming on the horizon, is now the
time to refinance to lower your payment, or take cash out for
improvements or investing? Call Western Realty Finance,
Dave Van Waldick, Carlsbad Ca. 92011. 760-599-1261.

Visit My Website Here for more Information

NMLS# 345616 / Ca BRE# 01065844

The Effect of Rising Interest Rates in 2015.

The drum beats of rising interest rates is everywhere...

It is widely assumed by financial market pundits and economists that interest rates will rise in 2015. Based on economic growth indicators and comments made by the Federal Reserve, they suggest the inevitable need to raise rates. The unknown is the timing. Many say as early as 1st quarter, some suggest it will be delayed as international markets in Europe and Asia have been slowing and this could transfer to a slowdown in US markets which could prompt the fed to hold back a few quarters.

Of course we need to identify what "increased interest rates" means to the current homeowner or potential buyer. At the start of interest rate yield curve, short term rates are more directly effected by the federal reserve actions in short order. For the past few years, the fed has tried to keep the shortest term rates or "Discount Rate" close to zero. With an expected increase of this target rate to 1% initially, that will have the effect of increasing rates further out the "yield/rate curve". While short and long term rates do not move in a 1:1 ratio, they do tend to move together over time. So, the rate that we care about at Housing Matters is of course the transfer to mortgage rates. Nationally mortgage rates have been hovering around 4% for conforming, conventional, owner occupied, 30 year fixed 1st mortgages. The scuttlebutt being discussed is that these rates would rise  about 1% as the year progresses and the fed continues along their anticipated trajectory towards 1% or higher depending on inflation and continued economic growth.

       Homes | Loans | Financial Advisors

Of course, keep in mind that there have been a few notable contrarians on interest rates rising even as many thought 2014 was the year to increase.  Since it looks like 2014 will end with rates a little lower than the start, it shows that even when there’s consensus, there is contention among experts.

Therefore, barring any major economic upheaval, yes, mortgage interest rates will be gradually climbing. Given that, let's discuss a few points that will effect current homeowners and buyers.

1. Mortgage rates will increase!

Interest rates can't stay bound at such low levels. Assuming the current median California loan size of $450,000, and that loan with a rate/payment at 4% of $1,912 vs. a rate/payment at 5% of 2,218 for a difference of $305/mo. Does not seem like a lot, but if we look at the increase in terms of the underwriting effect using a 43% industry standard total debt to income ratio that 1% rate increase now requires an income increase of approximately $8,500 additional yearly income. Assuming this to be roughly 7-10% of the median income of potential home buyers, this means effectively, that a 1% increase in income in Ca. has the effect of reducing the pool of homebuyers by as much as 10% of those eligible at 4% rates.  

Following this line of analysis as rates continue up, one can easily see where if the fed continues to increase rates over a period of 2-3 years as they have in the past, this will significantly effect homeowners and prevent a large portion of potential buyers from entering the housing market until rates come back down or incomes increase significantly. Historically, the only two factors that most significantly increased home ownership are falling rates or falling home prices. And so the 10 year housing cycle in Ca. goes. If you are considering refinancing to lower a rate, convert from FHA to conventional loan type, or buying a home, the near future seems to be the best time to contact your mortgage lender and begin the process or get prequalified to be ready. 



Go to www.1californiahomes.com and view homes for sale in Carlsbad Ca. 92009

 2. Housing prices could stagnate or come down!

As interest rates rise, affordabilitly naturally declines in the short run. Short of a re-make of the loose lending guidelines and creative financing that partially supported the recent housing crisis, the main effect of higher financing costs is a slowdown in home price increases or potentially a decrease in prices. As buyers get skittish about housing costs and rate increases, they are less willing to continue to pay higher and higher prices for homes. Since housing like most consumer markets tend to actualize consumer concerns over time, the likely outcome is a decrease in prices should interest rates increase 2% or higher. This always of course begs the question of timing. Since home buying is such a personal decision based on many factors, Housing Matters suggests contacting your local realtor and asking about market conditions, financing, and their insight into local housing trends.

3. The cost of home buying and obtaining a mortgage is rising, and spooks buyers!

Dave Van Waldick, a 25 year Mortgage and Real Estate broker in Carlsbad Ca. says the cost of buying and owning a home, and obtaining a mortgage has increase significantly in the past seen years. He mainly attributes this to the huge new costs associated with new national and state regulatory requirements. The massive amounts of administrative and punitive actions placed on mortgage lenders and support services by the current administration and aggressive state regulators has increased closing costs over $1,000 per closed escrow whether a purchase or refinance. Mr. Van Waldick adds, "in addition to these direct and visible costs to consumers, the behind the scenes raising of Government Fee increases in the form of Guarantee Fees by both FHA and FNMA, as well as smaller fees by state regulators and licensing agencies, has placed a large and hidden burden on lenders which pass them on to borrowers in the form of higher rates and fees."  

These hidden fees likely add .25 to .50 percent to the typical mortgage rate from 5 years ago. Mr. Van Waldick feels these fees to be a form of hidden taxes not agreed to by the consuming public, voters in general, or even the bulk of elected representatives most of which don't have a clue as to the actions going on to raise these fees and costs to their constituents.   

The upshot of these three points being that, as interest rates look to be going up, and prices continuing upwards in the short run, these enormous fee increases to boot, the cost of home ownership to new buyers or refinance candidates is increasing at a fairly rapid clip.  Home buyers or refinance borrowers might want to contact their favorite broker or lender to discuss these matters and plan accordingly.

California Home Sales in September still 15% below average

An estimated 36,316 new and resale houses and condos sold statewide in September. That was down 2.4 percent from 37,228 in August, and up 0.8 percent from 36,027 sales in September 2013, according to CoreLogic DataQuick data.


Ocean view, 3 bedroom, 2 bath, 2,500 sq ft.

Last month’s slight year-over-year sales increase was the first in a year, and sales were the highest for the month of September in five years. September sales have varied from a low of 24,460 in 2007 to a high of 69,304 in 2003. Last month's sales were 15.5 percent below the average of 42,996 sales for all the months of September since 1988, when Irvine-based CoreLogic DataQuick's statistics begin.

California sales haven’t been above average for any particular month in more than eight years.  The median price paid for a home in California last month was $389,000, down 1.0 percent from $393,000 in August and up 9.6 percent from $355,000 in September 2013. Last month was the 31st consecutive month in which the state's median sale price rose year-over-year. In March/April/May 2007 the median peaked at $484,000. The post-peak trough was $221,000 in April 2009. Of the existing homes sold last month, 5.3 percent were properties that had been foreclosed on during the past year. That was down from a revised 5.4 percent in August and down from 7.1 percent a year earlier. Foreclosure resales peaked at 58.8 percent in February 2009.

Short sales - transactions where the sale price fell short of what was owed on the property - made up an estimated 5.9 percent of the homes that resold last month. That was the same as in August and down from 10.8 percent a year earlier. 


           Homes | Loans | Investment Advisors

The typical monthly mortgage payment that California buyers committed themselves to paying last month was $1,507, down from $1,523 the month before and up from $1,437 a year earlier. Adjusted for inflation, last month's payment was 36.0 percent below the typical payment in spring 1989, the peak of the prior real estate cycle.

It was 48.1 percent below the current cycle's peak in June 2006. It was 60.5 percent above the January 2012 bottom of the current cycle. 
Indicators of market distress continue to decline. Foreclosure activity remains well below year-ago and peak levels reached in the last five years. Financing with multiple mortgages is low, while down payment sizes are stable, CoreLogic DataQuick reported.

Source: CoreLogic DataQuick; DQNews.com
Copyright DataQuick. All rights reserved.

Buy a Home in Palm Springs / Palm Desert and be warm all winter!

Are you freezing out another snowy winter in a cold weather state?

Buy a winter vacation or permanent home in Palm Springs/Palm Desert areas.  Fly directly to Palm Springs International airport with convenient daily flight schedules from most major cities . We will meet you at the airport or your hotel and take you on a tour of the many lovely golf course and desert style homes. Get your little bit of paradise before the prices get too high again.





Go to www.1californiahomes.com and view hundreds of homes for sale in Palm Springs.



Real Estate Broker Dave Van Waldick discusses Golf Course living in So. Cal. 

Get a comfortable one story home on the golf course, or on a private desert lot. With beautiful hardwood or cool tile floors, spacious kitchens with breakfast nooks, granite counter tops & lots of cabinetry, and spacious master and guest bedrooms. All with plenty of outdoor cooking and living area for those warm days and balmy evenings.

Palm Springs, Palm Desert, La Quinta, and the Coachella Valley are beautiful vibrant communities close to the exciting points of interest along California's magnificent coastline. Visit San Diego and Mexico to the south, and Orange County and Los Angeles to the North. Go from the desert to the ocean, or the mountains above to fill years of spectacular viewing and easy travel.

There is wonderful dining, shopping, sightseeing, hiking trails, road and mountain biking, on and of course many world famous golf courses.  Don't spend another winter in the freezing cold and snow, when you could be laying by the pool and golfing from November thru June in temperatures that range from 70-90 degrees and warm dry desert breezes. All at affordable prices.

Email or call today and let us work for you to find the home you want. We can also get you loan preapproved in minutes online 24/7, through our free, easy to use, proprietary mortgage preapproval system at www.ePrequal.com. We will have you submitting offers in minutes with our eHomePurchase quick offer system.

Ask about our Total Buyer Solutions and get up to $10,000 in commission rebates.

Contact Dave Van Waldick
Managing Broker/Realtor®
Western Realty Associates
Ca DRE# 01065844 / NMLS#345616
(888) 930-4223

A Veteran Owned Brokerage

Why use Western Realty to buy or sell a home!

Western Realty Associates has been a locally owned brokerage for over 20 years. Our experienced agents will find you the right home in the La Costa - Carlsbad areas, and guide you through changing lifestyle choices. And if you are seeing todays market as a great income opportunity, we can help identify and analyze income property options that generate stable and predictable rents, and potential value appreciation through moderate remodelling activity all at the right price!



Another SOLD Home by Western Realty Associates!
Spacious 4 Bedroom on Aviara Golf Course.

At Western Realty, our lengthy experience in North San Diego county housing and financing, and deep understanding of real estate goes past the sales process. We look beyond the house and neighborhood and into the potential to make it your HOME. We use this knowledge to show our buyers how to measure the value of the home and it's features and benefits that meet your needs. Basically, how to change someone else's old home into your happy new home.

This knowledge, combined with our 10 point service guarantee (ask us!), is why to choose Western Realty Associates. It's a promise to always be there when you need us, to be hands-on at every stage of the process, and to constantly communicate what is happening. We are committed to helping you make smart and well-informed decisions.

In a complex real estate market, Western Realty Associates is up to the challenge.
Call us today to discuss your home buying, selling, or financing needs.

Get up to $10,000 in commission rebates! Ask about our Total Home Ownership Solution.

Dave Van Waldick
Managing Broker / REALTOR®
Western Realty Associates
Off/Cell: 760-672-0145
Sales | Financing | Investments | Consulting
CA DRE# 01065844 / NMLS# 345616

"As Real Estate Experts, we provide an integrated suite of strategic home ownership solutions."
"A Veteran Owned Company"

Instant Online Mortgage PreApproval Service for Home Buyers and Real Estate Agents

Irvine Ca. based mortgage and real estate tech company, Western Realty Finance Co "WRFCO", has released their updated Automated Underwriting System "ePrequal.com" to provide instant online mortgage preapproval for home buyers anywhere in the US.

 

Home Buyers  Mortgage Lenders, Real Estate Agents, and Affinity Groups, will now have Internet access to powerful loan preapproval and bundled closing services options.

Carlsbad, Ca. --WRFCO, Interactive an innovative leader of internet based mortgage and real estate business development tools and technology, and provider of mortgage and real estate brokerage services, announced the updated release of their leading edge Internet based service ePrequal.com. www.ePrequal.com ePrequal’s Automated Underwriting and Loan Offer System “AUTOLUS” is a quick and easy to use mortgage pre-approval and home buying transaction analysis tool. Designed by professionals for home buyers and professionals. Developed by field experienced experts for today’s fast paced E-commerce real estate and lending environment. It is for closing agents (realtors, loan officers, attorneys, financial advisors, etc.) to provide home buyers immediate knowledge on how to how to get to the closing table and what to expect when they get there.

ePrequal.com is an Internet delivered, interactive service that provides consumers and their sales agents immediate answers when considering mortgage options and buying decisions. "It’s like having immediate access to an experienced loan officer, an underwriter, at your fingertips". The agent and consumer are afforded an opportunity to make early informed decisions, in a low stress environment with no sales or closing pressure, either at their home or the agent’s office where questions can be asked and answered in short order.


Your New Home is Waiting! www.ePrequal.com


The service analyzes the buyer’s loan needs and attempts to match then with the best overall loan options from multiple available direct lenders nationwide. The exclusive service will extend ePrequal.com’s unique mortgage and real estate related services to consumer and business subscribers.

Sales Agents or consumers fill out an easy, secure, online interview form and their secure profiles are analyzed for prequalification and loan choices, and the results are returned to them immediately for further action. It also offers an industry unique warranty for re-imbursement of up to $1,000 to the home buyers for out of pocket expenses such as appraisals, inspections, credit reports, etc., in the event they are unable to obtain credit within 90 days.

ePrequal.com was developed by WRFCO, Interactive, an Internet marketing company dedicated to empowering home buyers and real estate and mortgage industry professionals in identifying, negotiating, financing, and closing the residential real estate transaction. ePrequal.com offers an integrated suite of Web-based tools, including SmartAnalyzer, RealCert, SureClose, QuikUDW, SmartQualifyer, SmartCloose, SmartCloseStatements, and QuikApprove. These tools combine to make ePrequal.com a valuable service for consumers as well as real estate and mortgage industry professionals nationwide.

ePrequal.com: "Home Ownership Solutions"

For more information on this instant online preapproval service and how
to get it added on real estate based websites visit www.ePrequal.com

For more information: Add an instant home loan prequalification service to your real estate website and sell homes fast contact Dave Van Waldick at dave@eprequal.com or toll free
at (888) 930-4223

# # # # #

ePrequal.com is a web based company that provides instant home loan approval through an internet based processing system allowing home owners and real estate agents to become qualified for a mortgage loan within minutes and not days. The system can be implemented by home buyers anywhere in the USA and real estate agents are able to add the tools on their websites for perspective buyers to make the process fast and easy. ePrequal.com, LLC works with dozens of mortgage investors and lenders including FNMA, FHLMC, FHA, VA, as well as top national banks and mortgage bankers, to assure clients the best possible rates on home loans.

If you are a home buyer or a real estate agent who needs fast online home loan approval visit http://www.eprequal.com

 

email: dave@ePrequal.com

The Quick Sale Listing Strategy - Close in 15 days!

 Preapproving your home for a 15 day sale!

Western Realty Associates, a California based residential real estate brokerage for 20 years, has addressed the fast paced Ca. housing market conditions with low inventory, multiple offers, and shortened time lines. "We have come up with a listing and sale strategy that will shorten the listing and sale to close cycle to as low as 15 days, with no problem." The strategy is to make the seller’s home data as transparent as possible to perspective buyers so they have little or no unanswered questions about the condition, terms, or closing considerations when first making the offer.

The traditional listing, offer, and due diligence periods are just out dated, slow, and in most cases cause the seller additional negotiations and frustrations, as well as leave both parties in limbo for extended periods as long as 17 days or more due to a back loaded process.



Sold in 21 Days!

Our new strategy and process accomplishes exactly the opposite and by providing 100% upfront transparency. Before the home even gets placed in the local MLS as for sale, we front load the process so we have all seller disclosures, inspections, reports, and lenders appraisal in hand, so that any buyer and agent can review them entirely BEFORE submitting their offer. This front loaded process, ensures all information necessary to make an informed offer is immediately available. And reduces the contingency requirements down to as little as zero days, and no more than 5 days. This efficient and complete upfront process also gives our office the ability to handle listings in any market location even far from our main office as ALL the pricing, disclosures, and due diligence is done ahead of the home coning to market. At the time of listing, we are as informed about the property and local market conditions as any local agent and probably better.

Below is the outline and explanation of how each step of the pre-listing, report ordering, property pre-approval, are completed before placing listing in the local MLS for buyer offers.

 

a.       Property listing preparation: (15-60 days)

·         Property is viewed by Listing Agent “LA” to determine general condition.

·         LA determines closest possible actual selling price and sets that with sellers.

·         LA and seller discuss general strategy for repairs, clean up, staging, etc.

·   Can be none, some, or all, depending on home and desired outcome.

·         LA lines up all vendor affiliates who will assist in preparing home for market

·   Determines vendor, service prices, budget for any repairs, and how to be billed.

·   Inspections, reports, repairs, staging should be billed to escrow when possible. Some billing premium may be experienced due to deferring payment for provider.

·         LA and seller sign Quick Sale Listing Agreement with above items agreed.

b.      Pre-listing Disclosure, inspections, reports:

·         Seller disclosures drawn and signed

·         Lock Box placed

·         Pest Inspection ordered and completed. – Results reviewed for work or no?

·         Home Inspection ordered and completed – Reviewed with seller for repairs or no?*

·         Escrow opened – Estimated HUD requested with assumed terms at list price 10% down payment, conventional loan at market rate, zero points, $1500 in buyer costs, no seller credits, close in 21 days.
(*Seller to pay thru escrow home inspection cost, and any agreed on repairs.)

·         Preliminary title report ordered.

·         Appraisal ordered by lender affiliate and review for acceptance.

    ·   Lender to set up assumed buyer profile for “pre-approving buyers”

c.       Listing  - Listing Agreement with Price is prepared and Signed

·         As per LA and seller prior discussion, the listing agreement with signed pre-listing plan attached as addendum, is drawn and signed.

d.      Offer  - Offer review and acceptance guidelines:

·         Offer to be within $5,000 of list price to be acceptable for review.

·   Buyers to review all reports BEFORE submitting offer. Sign as reviewed.

·   Buyer confirmation of acceptance within 24 hours of receipt.

·   All contingencies except loan within 2 days of accepted offer.

·   Appraisal and Loan contingency removal within 7 days of accepted offer.

·         Loan - If buyer lender cannot perform, buyer is offered our lender (optional to remain within RESPA). Our lender will give 72 hour approval and 7 day contingency removal.

·         Close of Escrow to be 15-21 days from date of accepted offer.

Reports, Inspections, and terms of offers will be posted online and viewable by all buyers/or agents with a code for viewing. Transaction / Loan Processing Team to handle document posting and viewing duties as “property preapproval” Listing Coordination upfront service.

II. Service Affiliates Checklist: (complete list and order service before placing home in MLS).

            Listing Agency: 

            Lender:  

            Escrow Company:  

            Title Company:

            Home Inspection Firm:

            Pest Inspection: 

            Appraisal Firm: 

            Home Insurance:
            Home Warranty:

To list your home for sale, or to learn about the revolutionary No Haggle Listing process, email sales@wrfco.com, or call their Carlsbad office at 760-599-1261, or just visit www.1Californiahomes.com.

How Important is getting Pre-approved for a Home Loan

How important is a mortgage pre-approval when trying to buy a home? The short answer is "very important". Read further to understand the process and importance so you won't be disappointed later by not having done so.  If you take the time to be pre-approved for a home loan, it can give you an edge over other buyers who may be interested in the same home or condo who perhaps aren't financially stable, or are just not ready. If you do therefore take the large step of being pre-approved for a mortgage loan, it's an indication to the home owner that you are serious about buying his / her home and not just bargaining to find a steal!

What you need to do to get a pre-approval for a Mortgage Loan?
The first step is an honest evaluation of your financial situation. Add up a list of all your assets comprising your cash, stocks, mutual funds, bonds, savings, IRAs, and any other investment and then deduct all the loans and payments that you have to make. This amount will indicate what kind of house you can afford.

Remember - there are additional expenses while buying a house. This will give you a realistic picture of just how much you can comfortably borrow and how much you will qualify to borrow. Once you know how much mortgage loan you can afford, you can make offers and when you have an accepted offer in hand, you can revisit the lender and complete the final underwriting process. This will include updating data already provided such as recent pay stubs, bank statements, tax returns, etc. In addition, at this time the lender will order an appraisal, which in most cases you the buyer will pay for. When all the underwriting documents and the appraisal have been reviewed and approved by the underwriter, the lender will allow you to get loan documents for signing which they typically send to the escrow company for you to come in and sign.




ePrequal.com - Home Buying Solutions

ePrequal.com's Automated Underwriting and Loan Offer System "AUTOLUS',  is popular because you pre-approve yourself for the loan you need to buy the home you want. In minutes you have all the answers you need including; A personalized Preapproval Letter with the amount and terms you requested, A Financial Analysis of the transaction showing the assumed purchase terms, the new loan payments, interest rates, detailed closing costs, and the debt to income qualifying ratio analysis exactly as the underwriter will use. You also receive up to 4 loan offers based on your qualifying criteria. AND, ePrequal.com provides a Home Approval Warranty Statement that assures you of getting a loan or any out of pocket expenses up to $1,000 will be reimbursed upon submitting a claim. ePrequal.com is like having an experienced Loan Officer and Underwriter at your fingertips 24/7! All FREE. No waiting and No sales pressure.
That makes it easier for you narrow down the loan and terms you need quickly.

Pre-approved means a commitment from a mortgage lender once you have filled out an application for a home mortgage loan and your details have been verified. These details will include credit report from the three largest credit reporting agencies - Equifax, Experian and Trans Union Corp. Most online applications go through this pre-approval process.

If your credit score is below 640, that does not necessarily mean you will not be pre-approved for a home loan. All lenders will now ask for additional details like your salary statement, bank statements, W2 etc. Also, a willing lender will ask questions about the reasons why the credit score is low and why there collection records in your credit report. Higher down payments or a co-borrower with good credit can often provide the final push to get you to the finish line and be loan approved.


Being pre-approved puts you in a better position as serious buyer and your negotiations maybe considered more seriously than other potential buyer who is not pre-approved for a home mortgage. Usually the pre-approval letter has an expiry date. A lot of times the expiry date for the pre-approval letter could be 3 months.

In conclusion, it is best to be pre-approved for a mortgage loan. Be realistic about the amount of home loan you can afford. It is better to live a little below your means than to borrow more than you can afford. There are additional expenses involved while buying a home so you need to factor that into your house loan. So, be prepared when you apply for home mortgage loan pre-approval.



Your New Home is Waiting for You!

 

The author David Van Waldick, is CEO of ePrequal.com.
He is a 25 year experienced mortgage broker, real estate broker, and home buying expert with over 1,000 successfully closed transactions  nationwide.To discover more about home loan approval, mortgages, home buying solutions, home equity, mortgage rates, mortgage calculator etc. visit www.ePrequal.com.

 

Top things that make mortgage deals very difficult!

Periodically I see patterns of loans that just are not getting done and are too difficult to work on. This is just the tip of the iceberg of loan problems. To ensure you are getting the best mortgage advice from an experienced professional, I higly recommend working with a mortgage broker with minimum 5 recent years in the business and having done at least 100 loans of more. That ensures they have are knowledgeable and focused on the details that kill deals.

Currently, these issues are making some loans not worth trying. I highly recommend not working on them. In addition, t ties up processors and takes up excessive time and worse, do not close. If you see any of these indicators, please be very careful about originating them.

Problems:

1. Credit scores on ANY loans less than 640. That is Conventional, FHA, or VA. In know lenders they can do them. We have tried repeatedly and they can not deliver or the time lines are so long the deals die on their own.

2.       Manufactured homes. Forget it. They don’t get approved with most of the lenders today we have.

3.       One off deals. You know the type; 2^nd home, owned by a corporation, that assumed the note from the prior borrower and now grants it to the employee as a bonus.

4.      Commercial loans – While these can be done, the unique nature of each loan and difficulty of finding the right lender, precludes most mortgage brokers from being effective in this area. If you need a commercial loan, find an expert in that area. It will save you time, and increase the chances of a successful funding and satisfied client. 

5.       Hard Money loans – We can do them but they are expensive, and I have yet to have a borrower agree to the terms. Unless the borrower is a bona-fied short term investor, it is typically not worth the time pursuing these. Having said that, there are times when private party funds are exactly they right thing. Read my blog article here: http://www.mortgagedave.blogspot.com/2011/03/private-party-financing-ppf-when-to-use.html

6.       Broken income, non reported income, non-occupant co-borrowers, second homes in the same city to get owner occupied rates, etc. Forget all these. They are far too difficult and most of them end up dead. Waste of your time, and more importantly distracts our processors from deals that can close.

7.      Non ARMS length short sale transactions – IF you become aware of one of these in your deal, don’t do it. The short sale lenders and new investors are getting very good a detecting these and fraud now under NMLS and/or FHA is a federal offense “felony”. Not worth it for you or the company for a  few thousand dollars.

8.       Loan Amounts under $100,000 – Not enough “juice” in most of these. If they are out of state through don’t even try.

9.   High LTV refis – Most of the lender guidelines pretty much kill refinances where the LTV is over 90% except FHA/VA streamline refis.

10.   Be careful of condos. Be sure the project is FNMA or FHA/VA approved. No more spot approvals. Now some lenders will not do high rise (over 7 stories) or mixed use.


Rate Locks: In addition to these difficult deal killers, the other issue we fneed to be aware of keenly as I have mentioned before is rate locks. Rate locks generally should be ollow some general rules to insure they are likely to lead to a completed loan and satisfied client:

• Have a completed, signed application, and signed full set of disclosures and accepted GFE.
• Complete package of documents from borrower in the office (pay stubs, tax returns, bank statements, etc). You know the list.
• At least a preliminary DU / AUS approval from the lender where the loan is going. No sense locking a loan that is not getting approved.
• Borrower has paid for appraisal and it has been ordered it.
• Minimum 30 day locks. Due to unknown issues that often extended underwriting and close times, I would give everything and extra 10-15 days.

Lenders all track pull through and are not happy when brokers or Loan Officers fail to deliver on locks. If you work with good lenders and can not afford to be cut off.

Yes, I know there are many variations on all these issues. But, taking the time to analyze deals and properly pre-package them makes the financing move much better.  In addition, cances of sucessful transactions increase exponentially when we stick to what we know and are good at.

Dave Van Waldick
Mortgage Broker - 22 years and growing
Western Realty Finance
Home Ownership Financing ExpertsOff/Cell: 760-599-1261
NMLS#345616 / CA DRE# 01065844

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