Thursday, November 29, 2012

‘Master of Motivation’ Passes at 86 Zig Ziglar

Master of Motivation’ Passes at 86

What a guy made a big difference in my life.

Sure he did for many of you!
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HARD Money loans are changing in 2013

Things are to change: We do not do hard money any longer and boy am I glad! With the Dodd Frank bill having no chance for repeal, it appears their new purposed rule changes will be enforced. Most of these new rules affecting our industry revolve around Owner Occupied residential consumer loans. These changes will begin in January 2013!!! We only have one more month to close Owner Occupied Hard Money loans before the hard money world is turned upside down. Some of the changes that will greatly impact the “Hard money” space are listed below. -NO financing any lender or broker points within the loan! Yes, this means the borrower will have to pay the origination fees out of their savings or finance it on a credit card……..no joke! -NO Prepay protection will be allowed to the lender! This will eliminate Athas Capital’s ability to offer ZERO points for our residential product, a feature that has allowed the majority/total of points to go to the broker! -No Balloon payments will be allowed! This will likely force the vast majority of lenders to exit the O/O Hard money arena because they are use to short term commitments. Forcing these lenders into 30 year fully amortized loans goes against the Hard Money principal of a short-term hold! All Hard Money brokers that use private investor money will not be able to talk their investors into a 30 year loan. -All borrowers that do still want to get Hard Money/Alternative lending loans on their home will be FORCED to attend Consumer counseling set up by HUD. This will create another barrier to obtaining financing on their home! These pending changes will wildly affect the cost of capital to the consumer in a negative way. If you have a borrower considering alternative lending in order to get them into their dream home, or simply getting the capital they need… We are still Here for your Conforming, FHA, VA, USDA and Jumbo financing.

Wednesday, November 28, 2012

FHA is going to go up in costs

For more information
Earlier today from My friend Rob Christen: And no one should be surprised if the FHA raises its annual mortgage premium to possibly 2.05% - it can do that now. In 2013, HUD will once again raise mortgage insurance premium charges an additional 10 basis points, which will result in a $13 per month increase for the average FHA borrower. New borrowers early next year are likely to be charged slightly higher annual mortgage insurance premiums: 1.35% of the loan balance rather than 1.25% at present. This also is a reason to see about the current PMI/MI coverages as an alternative to the FHA. See some examples here

Monday, November 26, 2012

Just one more thing.

Earlier today a super quote from Dan. “The difference between ordinary and extraordinary is often, one more thing” Thanks Dan Rawich Mortgage Coach commentator with Prime lending Think of us when you can

Monday, November 12, 2012

We know that rates and prices of homes will change. Here is an example. What if prices go up and Mortgage rate also What if prices go up and Mortgage rate also http://mcedge.tv/16elfy
Google Mr. Will from Jacksonville