Listeners,
This week we will have old Friend and Investor’s Trust Mortgage verteran, Harry Coffee. He’ll be bringing you the latest in lending issues and answer all your questions in this regard. Call in number for Harry and the show: 707-636-1350. Tune him in, This Sunday, 9 to 10am, KSRO, 1350AM–The Voice of Sonoma County!
Questions and Answers over Property Foreclosures
by Nicolla Moore
In today’s real estate marketplace, the number of property owners who are behind in their mortgage payments has dramatically increased. The number of default notices and foreclosures is also rising. Unfortunately, a significant number of property owners who are in danger of losing their homes instinctively take actions which are detrimental to maintaining their property. Property owners need to be educated about the financing options available to them. Implementing the proper strategies early on is the key to helping property owners preserve their investment and protect their credit. Read the rest of this entry »
INSPIRATION FOR TODAY:
“I was angry with my friend:
I told my wrath, my wrath did end.
I was angry with my foe:
I told it not, my wrath did grow.”
~ From “A Poison Tree” by William Blake
BITTER FRUIT!
Here’s an interesting lesson in anger management. A bar in eastern China has developed a novel way of attracting clients - allowing customers to beat up the staff! The Rising Sun Anger Release Bar encourages its patrons to smash glasses, rant out loud, and actually punch specially trained workers. Read the rest of this entry »
The “National Association of Home Builders (NAHB) recently came out with some startling Housing Opportunity Index (HOI) numbers which they jointly compile with Wells Fargo banking services. THE most affordable area? Indianapolis with 89% of home sold in the fourth quarter being affordable to families earning the area’s medium household income of $65,110. Conversely, Sonoma County is about 10% in the HOI! Or, 9 out of 10 folks could afford to buy with their area’s medium income in Indi and 1 out of 10 can afford to buy in our area!! The medium priced home in Indi? $113,000 (down from a high of $122,000!!). Actually, in our area you would have to earn something like $100,000 to afford the medium home price of $$542,000. But you probably KNOW THAT DON’T YOU!!
Rates as of 2/23/07
Ask me about the Buyer’s Advantage – Up to 6 months with No Mortgage Payment!
Conforming fully amortized interest only
30 year fixed 6.25% 6.375%
3/1 ARM 6.25% 6.5%
5/1 ARM 6.25% 6.375%
7/1 ARM 6.25% 6.375%
10/1 ARM 6.25% 6.5%
fully amortized interest only
JUMBO – up to $650,000; add .25 point for loans up to $1mil
30 year fixed 6.375% 6.5%
3/1 ARM 6.375% 6.5%
5/1 ARM 6.375% 6.5%
7/1 ARM 6.5% 6.625%
10/1 ARM 6.625% 6.75%
100% financing 1st 2nd
6.625% (30 year fixed) 10.375% (HELOC)
(Based on conforming limits for the 1st – up to 80% LTV; up to 100% CLTV for 2nd
Blend 100% 7. 75% (NO Mortgage Insurance)
30 year fixed 660-679 FICO score – better FICO, better Rate
(Interest only and Adjustable rates available)
Here’s the fine print:
Conforming limit is $417,000.00. Rates assume impound account set up and except for 100% financing, assumes loan to value (LTV) no more than 80%. Funds to be used for purchase. Cash out refinances may incur higher rates. Rats quoted with a 30 day lock. Subject to qualifying borrowers and properties. Rates quoted for fully documented loans. Rates are as of 2/2/07 and are subject to change. Rates are quoted WITHOUT points. Borrowers may buy down the rate. Each application is evaluated on an individual basis. There may be better suited programs for borrowers the may offer better rates/terms as well as options for non-qualifying borrowers.
Alicia Hodenfield
Investors Trust Mortgage
(707) 284-2718 direct line
alicia@investorstrust.com
Updated 2/4/2007 11:57 PM ET
By Noelle Knox, USA TODAY
Renters be warned: Landlords are expected to raise apartment rents for a third-straight year in 2007, forcing tenants to turn over a growing chunk of their pay and making it harder to save for a home, a report to be issued today by Marcus & Millichap finds. Read the rest of this entry »
The time when escrow is opened does not pertain to acceptance of the contract. You can have an offer accepted on a Friday evening but not OPEN escrow until Monday. The “escrow period” as per the contract begins upon acceptance, or in this case, Friday night. Opening an escrow with a title company is NOT the acceptance date or the time frame for any contractual obligations.
We discussed a Senior scam (actually it’s for all ages of folks who own real estate) and related the story of a letter being sent to homeowners warning they should have a verified Trust Deed for their property. If you own your property Free and Clear you no doubt have it filed away in a strongbox somewhere. If you don’t–just call the County of Sonoma Assessor’s office and they’ll get you a copy for $10.00. The letter making the round of mailboxes wants a “mere” $80.00 for this!! Save your money!
But for any scams and to help a Senior we want you to keep the Council On Aging telephone number nearby. If you have a lonely senior in your neighborhood, drop in on them and see how they are doing. Query them as to any finance pitches, handyman scams, etc, they might have been approached to use. The Council on Aging numbers are: 707-525-0143 and 800-675-0143. Hope this helps. Also, adopt a lonely senior in your neighborhood. Invite them to dinner, check on their diet, health. Do they knowledge of “Meals on Wheels” which is provided by the Council? Many fail to eat or excersize. Take them out for a walk! It’ll do you both good.
INSPIRATION FOR TODAY:
“Many people avoid risk when it is really fortune’s accomplice.”
~ Sting
SPIN THE WHEEL OF FORTUNE!
When Captain Meriwether Lewis & William Clark led the Corps of Discovery in 1804, what were the risks? Grizzlies? Attack by unfriendly natives? The unknown? In the masterpiece book “Undaunted Courage,” it is clear that Lewis & Clark faced those and many other unexpected challenges to their intrusion into the great Northwest via the Missouri River. Without their courage, their tenacity, and their curiosity, much of the northwest corner of our country would likely not be a part of the United States.
On a different level, a five-year-old mounts her bicycle and pushes off from the curb. Fear grips her tender heart, yet she makes the effort. Her reward? She has learned to succeed by trying - by taking measure of the risk of a bruised knee vs. the thrill of achievement.
So what risks have you taken lately? Have you dared take a new direction in anticipation of some hitherto unknown fortune? Have you dreamed “outside the box” and then taken steps to bring your dream to fruition? If not - why not?
Perhaps you want to expand your career objectives. You may need to risk capital, effort, and even ridicule from your business associates. When you succeed, you risk standing out from the crowd - an uncomfortable position to some.
Maybe you want to communicate more fully with your children, but dread the risk of alienating them through frank discussions of sensitive issues.
Common expressions like “nothing ventured - nothing gained” are not words from some Caspar Milquetoast. They are sound advice from someone who has taken the risk and gained the fortune. No matter what fortune you desire, it is available to you only when you are willing to take that all-important “first step.” Not a single good in life comes by staying in bed with the covers pulled over your head. Go ahead - seek your fortune - and step out from the crowd.
Friends,
Our opening session of our annual “Family Reunion” or Keller Williams Realty convention, featured our two leaders of the company, Dave Jenks and Founder Gary Keller. They gave an interesting, ramlbing synopsis of last years real estate market and where we might be headed for the upcoming year. Here are some notes: Read the rest of this entry »
If you’re listening anywhere in the nation call 877-636-1350—We want to hear from you!”
