Monday, August 18, 2008

THE REVERSE MORTGAGE "MISCONCEPTION PROBLEM

Many reverse mortgage “experts” will tell you that the amount of people obtaining reverse mortgages will continue to grow at an extraordinary pace. Conflating the industry’s claim of 100 per cent growth in prior years, with the fact that the oldest baby boomers will reach their 62nd birthday at a rate of 10,000 per day, provides all the proof needed to suggest that this industry will continue to enjoy exponential future growth. Those of us that love this industry must continue to fight this complacency to think this way.

It is time to wake up somnambulant reverse mortgage companies that believe incredible growth will continue as a matter of right. The sophomoric reasons proffered ignore the "misconception" barrier that needs to be overcome. Those of us that love this industry must continue to support and get involved with the colossal efforts of the NRMLA (National Reverse Mortgage Lenders Association - the industry trade group).

It has been 19 years since the first FHA/HECM reverse mortgage closed. Yet there still remains an aggregation of misconceptions that continue to be repeated as if they were concrete facts. I have heard these statements from clients, prospective clients, family members and professionals. The power of the internet provides the Petri dish for spreading & cultivating these falsehoods.

As a student of this loan program, I confess that I am dismayed by this constant stream of misconceptions that, like the proverbial stop sign, halts seniors dead in their tracks. Sadly it is often this program that provides the solution (too often ignored) that solves the seniors’ problems.

All of us in this industry must work together to give our elders the best information available. This means telling the client who has better options, to pursue those options. It means telling the client that you do not know the answer, instead of making one up. It means abiding by the industry’s code of conduct. It means caring a lot about honesty and integrity. And it means challenging yourself each and every day to be a little bit smarter and better than you were the day before. This partly means being an ambassador for the industry. If you haven’t published an article-start writing. If you do not have public speaking experience, do it. A Chinese proverb says, “The best time to plant a tree was 20 years ago. The second best time is TODAY”.

For all your reverse mortgage information, go to www.secureseniorliving.org

A message from a Las Vegas, Nevada Home Loan Consultant

As a Mortgage Home Loan Consultant in Las Vegas, Nevada, I understand that our market has plenty of bumps and bruises. I firmly believe that the Las Vegas Market will soon rebound and continue to be a city that the rest of the country uses as a benchmark. When that time comes I will still be originating home loans ethically and with integrity! Las Vegas, NV has many advantages that a majority of the country could only hope for. As a long time resident of Henderson, NV since 1996 I have seen Las Vegas grow leaps and bounds over the last 11 years and will continue to serve the Las Vegas valley.

The current trend in Las Vegas and the entire country seems to be moving back to government loans. Specifically, FHA Loans and VA Loans . It is important that any lender that you are dealing with is approved to these type of loans. I have several years experience in the FHA and VA arena and can help guide you through successfully.

A majority of the Mortgage Loans I close come from past client referrals. I treat each client with respect, honesty and integrity. When they walk away from a Mortgage Loan transaction, they walk away confident and informed about their Las Vegas or Henderson home loan! I will work hard for you from mortgage loan quote, to pre-approval , to Online Mortgage Application or In-Person Application, to Underwriting Approval to attending your first BBQ!

My Home Loan commitment to you and the entire Las Vegas Valley:

It is important to me that every person I work with know they can expect the following:

Excellent Customer Service - Purchasing a Las Vegas or Henderson home is the single largest investment most people will ever make. It is important that everyone involved knows where we are at in the process at all times.
Accessibility - I want you to know what's going on with your home loan! My direct line is accesible to people so that they can get their questions answered!
Flexibility/Perseverance - I WILL find the best loan program for you and I rarely accept no for an answer when dealing with Las Vegas mortgage lenders.
Honesty/Integrity - I will NEVER promise a mortgage loan program that cannot be delivered! In every home loan scenario you will have knowledge of each and every item that may affect you.
No Surprises! - For you as a homeowner, potential homeowner or your new home buyer. You will not be surprised one week from the mortgage or transaction closing! If I have knowledge of something, so do you!

As a Henderson, Summerlin, and Las Vegas, Home Loan Consultant, I handle all types of loans: Conventional, Jumbo, Non-Prime, FHA, and VA, as well as every type of loan program.

Please visit the site to learn more about buying a home, refinancing your current mortgage, and the loan process. Call me today for your fast Las Vegas, Nevada Mortgage Quote.

The bottom line is:

I get the job done!

Las Vegas FHA Loans and VA Loans:

Las Vegas FHA Loans

There are many good reasons to choose an FHA loan, especially if one or more of the following apply to you:

You're a first-time homebuyer (You don't have to be)
You don't have a lot of money to put down on a house
You want to keep your monthly payments as low as possible
You're worried about your monthly payments going up
You're worried about qualifying for a loan
You don't have perfect credit
You're worried about what will happen if you fall behind on your payments
You need to refinance but you owe MORE than you home is worth

Want to know more about Las Vegas FHA Loans? Visit my FHA Loan Home Page

at www.fhastreamlineonline.com

www.fhastreamlineonline.com

or for

Las Vegas VA Loans

go to www.vastreamlineonline.com

The VA Zero Down Home Loan is one of the best kept secrets in lending. In the past, many 100% Financing options have over shadowed this home loan but recently we have seen a tremendous resurgence especially in the Henderson and Las Vegas, NV area. This loan is quite simple to understand and qualify for.

No Down Payment
No Income limit
The Loan is Guaranteed by the Government (This is the banks reassurance that in case of default they may still be able to recoup their money)
No upfront or monthly Mortgage Insurance
This loan may be assumed by a qualifying person

Want to know more about Las Vegas VA Loans? Visit my VA Home Page at

www.vastreamlineonline.com

Refinance VA Loans in Las Vegas

I have always been a big fan of VA Loans. In the Las Vegas area, VA Loans have become extremely popular for many reasons. First, the VA has not instituted a 5% Soft Market Policy in Distressed markets. What that means is that it is becoming increasingly more difficult to buy a home with no money down. Unfortunately, Fannie Mae AND Freddie Mac have put Las Vegas into this category.

However, with your VA Loan benefit you can still use a purchase a property with NO Down Payment. This is exciting for the Men and Women that have served our country.

So many people know about buying a home with your VA Benefit BUT most people don't know that they can refinance their home into a VA Loan weather or not their current loan is through the VA. Some outstanding key options for a VA Refinance are:

100% Rate and Term Refinance available if you currently have a Non VA Loan
90% Cash Out Refinance Available
Interest Rate Reduction Refinance Loan (IRRRL) available that will lower the rate of your current VA Loan with very little qualifying

I have been a huge advocate of government loans for Las Vegas properties in recent months. If you have any questions please feel free to contact us as www.vastreamlineonline.com.

www.vastreamlineonline.com
www.vastreamlineonline.com
www.vastreamlineonline.com
www.vastreamlineonline.com
www.vastreamlineonline.com

Friday, June 20, 2008

Removing MIP from FHA loans

Removing MIP from FHA Loans is one of the happiest moments for most borrowers in FHA Loans. However, I am continually asked by loan officers how and when these payments end. The misunderstanding of this is almost pandemic.

Mortgage Insurance Premiums on FHA Loans are not the same as Private Mortgage Insurance on conventional loans. Additionally, they differ in how and when they are removed from the loan. For those of you that have questions about how and when MIP does come off FHA Loans, please CLICK HERE to get more information.

Tuesday, May 13, 2008

US AIR FORCE BASES - MILITARY PERSONNEL

For all our military personnel, the following is a list of Air Force Bases in the United States.
If your looking to purchase a home within the location of any of these bases, go to www.Vastreamlineonline.com to get all you Va Loan information. If your an existing home owner who lives near any of these bases throughout the US, maybe you want to consider a VA streamline Refinance or VA Cash-out Refinance. Va Streamline loans are quick, painless and simple. Just go to the above mentioned website for all you information on va streamline loans.

US Air Force Bases

Monday, May 12, 2008

Why VA Loans are Easier to Qualify for than Traditional Loans

Veterans know that if they plan to use the VA Home Loan Guarantee Program to purchase a home that they are taking advantage of a valuable benefit that they earned from their service. This benefit allows veterans who are eligible to purchase a home with easier qualifying guidelines that traditional lenders.

Some of the reasons it is easier for a veteran to purchase a home through the VA Home Loan Guarantee Program include:

• The VA guarantees the loan. When a lender sees that a portion of the loan is guaranteed by the VA, they know they have a low risk investment. Even if the veteran does not pay the loan, the lender will still get some of their loan money back and the property to sell. This makes the loan more secure that traditional borrower’s loans and is one of the reasons why it makes it easier to qualify for applicants.

• Their eligibility can be determined within minutes. All a veteran needs to do is go into a VA approved lender and they can determine through the ACE system on the computer if the veteran is eligible to use the VA home loan guarantee program.

• The VA helps veterans who are in jeopardy of losing their homes. Lenders feel more secure knowing that the VA is behind these borrowers because the VA will help find solutions to problems in the case a veteran has financial difficulties. As a result of this, the borrower is less likely to default on their loan and the lender is more confident that they will be repaid by the terms of the mortgage contract.

• If you are still active in the service, then your employment is easily verifiable. One road block many people face is proof of income and employment. If you are an active service member then your income and employment are verified by the Federal Government.

• You are purchasing a home with no down payment, but it is treated as if you have a down payment. Even if you have $0 down, the lender considers the VA guarantee to be similar to a down payment. All a down payment does is ensures the lender that you are invested in the home purchase and will not walk away without paying back the loan. It also allows them to have some equity in your home in the case they need to sell it so that they can make their money back. With the VA guarantee the lender is already certain they will get their money back, so a down payment is not necessary.

If you are a veteran considering a near future home purchase, you should take advantage of the VA Home Loan Guarantee Program in order to have an easier time qualifying for a loan. For more information on the VA Home Loan Guarantee Program go to www.VaStreamlineOnline.com

Still Under a Mortgage? Try an FHA Refinance Plan

The Federal Housing Administration offers home loans to first time homeowners as well as people looking to purchase a second or third or fourth home. However, in addition to these services helping people to get into a home in the first place, the Administration also offers the opportunity to enter into an FHA refinance plan which allows homeowners to save money in the long run. If your mortgage still has a considerable number of years before it will be paid off and your interest rate is higher than you would like it to be, you might consider rethinking your repayment plan for your home.

Sometimes people get rates on mortgages that are not ideal at all. If you bought your house a number of years ago, especially if you were young with a less than perfect credit history, your interest rate is probably at a rate much higher than it could be. If your mortgage will be paid off in two years, it might not be worth it for you to spend the time reworking your paperwork in order to get a lower interest rate, but if you still have 10-20 years left on your mortgage, a new plan might be worth the time.

When it comes to an FHA refinance plan, you will be able to get a lower interest rate than the one you were initially given if you borrowed from a bank or other lender. Since the Federal Housing Administration is backed by the government, you can be sure that this refinancing is a legitimate thing. In the 21st century, there are too many lenders out there with so much fine print that nobody understands all of it even if they take the time to read all of it. When it comes to working with the Federal Housing Administration, you can be sure that the services you are getting are the top of the line.

Perhaps it is time to start thinking about putting money into an account for your children to go to college, or perhaps you are getting ready to make some other large financial commitment. These are very good reasons to think about finding out if an FHA refinance plan could help you to put some of the money that you are currently putting into your mortgage into some other account, such as a college fund. The interest rates offered by the Federal Housing Administration are generally around 6%, which might be lower or higher than your current interest rate.

In order to find out if reworking your current mortgage would mean saving you some money, you will have to take a look at your current mortgage and interest rate. It is not true in all cases that going ahead with an FHA refinance plan will mean getting a lower interest rate.

In order to find out how you can rework your particular situation, visit www.FhaStreamlineOnline.com and get a free loan quote and all your fha loan information. Visit today to learn more.

Government loans