tag:blogger.com,1999:blog-10619095725445932302024-03-13T13:02:38.439-04:00Embrace DougInformation for consumers about home loans, refinancing, purchase and sale of real property, lending regulations and much more. Also included from time to time are posts about my personal life as a husband, father, friend, and Loan Officer for Embrace Home Loans.Douglas Benner, Senior Loan Office/NMLS# 179159http://www.blogger.com/profile/12347215342739270455noreply@blogger.comBlogger34125tag:blogger.com,1999:blog-1061909572544593230.post-61147335151811123332011-02-02T14:14:00.000-05:002011-02-02T14:14:31.111-05:00FAQ's<div class="MsoNormal" style="margin: 0in 0in 0pt;"><b><span style="font-family: 'Times New Roman','serif'; font-size: 18pt; mso-fareast-font-family: 'Times New Roman';">What is a rate lock? Why would I need one?</span></b><span style="font-family: 'Times New Roman','serif'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman';"> </span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: 'Times New Roman','serif'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman';">Interest rates change hour to hour, day to day, week to week...you get the picture. If you're somewhere between the application and the closing process, that can be nerve-wracking!</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: 'Times New Roman','serif'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman';">Locking in your rate means your lender will guarantee that rate for a specific period of time, between 15 and 90 days, which means you don't pay more if the rates go up. There is usually a fee involved with this, and it gets more expensive the longer you want the lock for. </span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><b><span style="font-family: 'Times New Roman','serif'; font-size: 18pt; mso-fareast-font-family: 'Times New Roman';">What is PMI, and do I need it?</span></b><span style="font-family: 'Times New Roman','serif'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman';"></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: 'Times New Roman','serif'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman';">PMI, or private mortgage insurance, is an insurance policy to protect your lender in case you default on your mortgage. Your bank may require that you purchase it, especially if you plan to make a down payment of less than 20% of your home's purchase price, which means you have a loan-to-value ratio (LTV) greater than 80%. You purchase PMI through a third-party insurance company, and pay it through your monthly mortgage payments. How much it costs depends on several factors, such as:</span></div><ul type="disc"><li class="MsoNormal" style="margin: 0in 0in 0pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: 'Times New Roman','serif'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman';">Your credit score </span></li>
<li class="MsoNormal" style="margin: 0in 0in 0pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: 'Times New Roman','serif'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman';">How much you're borrowing </span></li>
<li class="MsoNormal" style="margin: 0in 0in 0pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: 'Times New Roman','serif'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman';">How much your down payment is </span></li>
<li class="MsoNormal" style="margin: 0in 0in 0pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: 'Times New Roman','serif'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman';">The term, or length, of your loan </span></li>
<li class="MsoNormal" style="margin: 0in 0in 0pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: 'Times New Roman','serif'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman';">Whether your mortgage is fixed rate or variable </span></li>
</ul><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: 'Times New Roman','serif'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman';">Once your LTV is below 80%, you can refinance your mortgage to get rid of the PMI.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><b><span style="font-family: 'Times New Roman','serif'; font-size: 18pt; mso-fareast-font-family: 'Times New Roman';">What is the loan-to-value ratio? Why do I need to know that?</span></b><span style="font-family: 'Times New Roman','serif'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman';"></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: 'Times New Roman','serif'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman';">Loan-to-value (LTV) tells you how much equity you have in your home relative to how much you owe on it and what the house is worth. You can figure it out using simple math. </span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: 'Times New Roman','serif'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman';">First, determine your equity: If your home value is $300,000 and you owe $200,000 on your mortgage, you have $100,000 in equity. Next, divide your equity by the value of your home. If you have $100,000 in equity, and your home is worth $300,000, your LTV is 66%.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: 'Times New Roman','serif'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman';">LTV is important to know when you plan to refinance your existing mortgage. If you have high LTV-over 80%-you have lower equity, and may only qualify for mortgages with higher interest rates. You probably will need to purchase PMI as well. If you have lower LTV, you have higher equity, and may qualify for better mortgage rates. </span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><b><span style="font-family: 'Times New Roman','serif'; font-size: 18pt; mso-fareast-font-family: 'Times New Roman';">Is the interest rate and the annual percent rate (APR) the same thing?</span></b><span style="font-family: 'Times New Roman','serif'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman';"></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: 'Times New Roman','serif'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman';">No, but they are very close. The interest rate is how much it costs to borrow the money from your lender. The APR is the total cost of your mortgage for the life of it, and accounts for additional fees like closing costs, origination charges, lender points, and private mortgage insurance (PMI). </span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><b><span style="font-family: 'Times New Roman','serif'; font-size: 18pt; mso-fareast-font-family: 'Times New Roman';">What are points?</span></b><span style="font-family: 'Times New Roman','serif'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman';"></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: 'Times New Roman','serif'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman';">Points are percents. One point equals one percent. In the mortgage world, paying your lender points upfront is a way to get a lower interest rate on your mortgage or refinance so you can pay less over the life of your loan. </span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><b><span style="font-family: 'Times New Roman','serif'; font-size: 18pt; mso-fareast-font-family: 'Times New Roman';">Is Embrace Home Loans a brokerage or a direct lender?</span></b><span style="font-family: 'Times New Roman','serif'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman';"></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: 'Times New Roman','serif'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman';">We're a direct lender for Fannie Mae, Freddie Mac, and an approved Ginnie Mae issuer for FHA insured mortgages. At Embrace Home Loans, you can get the loan you need. As a direct lender, you deal with us, and only us. We'll lend you the money you need, whether it's for a new home, a home renovation, a college education, or to get ahead on your high-interest debt. And we can do it in as little as 21 days. Don't put off your brighter tomorrow. Click the <a href="https://www.embracehomeloans.com/Application/ApplicationRedirect.aspx?LO=861&Code=2&Msc=ZA29"><b><span style="color: blue;">apply now</span></b></a> link and fill out our quick, no-obligation, and confidential form. You may call me direct at <b>(301) 354-8251</b> or <b><a href="mailto:dbenner@embracehomeloans.com"><span style="color: blue;">email</span></a></b> me and I will get back to you as soon as possible.</span></div><br />
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<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiT-QvNnLLj8ANDdyV-zLz0ScvD9X333WNwLEuHljy0fIaqtf0ZNF4MMgnWYoP52TEnHb4xmA2UCFDyO8LOiB3UdujwaMQlB514HOPFNui6CfcuhyHB9CNI02TvBEeBCrQdJNQwHRc72HgP/s1600/embrace_banner256x143.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" s5="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiT-QvNnLLj8ANDdyV-zLz0ScvD9X333WNwLEuHljy0fIaqtf0ZNF4MMgnWYoP52TEnHb4xmA2UCFDyO8LOiB3UdujwaMQlB514HOPFNui6CfcuhyHB9CNI02TvBEeBCrQdJNQwHRc72HgP/s1600/embrace_banner256x143.png" /></a></div>Douglas Benner, Senior Loan Office/NMLS# 179159http://www.blogger.com/profile/12347215342739270455noreply@blogger.comtag:blogger.com,1999:blog-1061909572544593230.post-42956868331525380952011-01-27T17:38:00.000-05:002011-01-27T17:38:43.433-05:00And then there was snow! <table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhdZ4D16oe2Y7T3MYdBgsueXJBSXLgh84cX0iarUyG6wcXs48jCxlgggs3m5HBYHEvStS0pnS1hSbGI94tWvQcpjdhySrlezbgbGBaK0ZexkqRhH51OAikoFngF2_6XqIWob0MQM_ZOtZ7s/s1600/Snow+collage.jpg" imageanchor="1" style="clear: left; cssfloat: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="320" s5="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhdZ4D16oe2Y7T3MYdBgsueXJBSXLgh84cX0iarUyG6wcXs48jCxlgggs3m5HBYHEvStS0pnS1hSbGI94tWvQcpjdhySrlezbgbGBaK0ZexkqRhH51OAikoFngF2_6XqIWob0MQM_ZOtZ7s/s320/Snow+collage.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Photos taken January 26, 2011 in Frederick, MD</td></tr>
</tbody></table> <br />
<div style="text-align: justify;"><span style="font-family: 'Calibri','sans-serif'; font-size: 11pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: 'Times New Roman'; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Rush hour on January 26<sup>th</sup> 2011 was a evening many of us will remember for a long time to come. The National Weather Service called for 4-8” of snow to fall during rush hour and this time they were spot on. </span></div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"><span style="font-family: 'Calibri','sans-serif'; font-size: 11pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: 'Times New Roman'; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The snow wreaked havoc on so many people trying to make it home ahead of the storm. People were stranded for over ten hours and others gave up and slept in their cars. </span></div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"><span style="font-family: 'Calibri','sans-serif'; font-size: 11pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: 'Times New Roman'; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">I played chicken with the storm and this time I won! Had I left a few minutes later from the office I would have been sleeping on the side of the road too, sphew!<span style="mso-spacerun: yes;"> </span>Next time I won’t cut it so close because eventually my luck will run out! </span></div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"><span style="font-family: 'Calibri','sans-serif'; font-size: 11pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: 'Times New Roman'; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">I hope everyone who was stuck for hours has now made it home safe and sound. Now it’s time to go outside and make a snowman with my kids and enjoy the weather! </span></div>Douglas Benner, Senior Loan Office/NMLS# 179159http://www.blogger.com/profile/12347215342739270455noreply@blogger.comtag:blogger.com,1999:blog-1061909572544593230.post-13132081265392702172011-01-24T16:16:00.002-05:002011-02-01T23:09:13.441-05:00Domino Effect & the Mortgage Fiasco<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0ga0C-MixIYXwj1WFQrB3S2pulamjbKNuHU5a69x_wXl0bAe0kTlCnoT048vTux1gGos-36X12rbPw2i78dBFeZVZnc2gIw7y47ao-c0Wz0pKEu5gM1YqosD4kMyXF8TjZ3ckLas17GPt/s1600/Dominos.jpg" imageanchor="1" style="clear: right; cssfloat: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="320" s5="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0ga0C-MixIYXwj1WFQrB3S2pulamjbKNuHU5a69x_wXl0bAe0kTlCnoT048vTux1gGos-36X12rbPw2i78dBFeZVZnc2gIw7y47ao-c0Wz0pKEu5gM1YqosD4kMyXF8TjZ3ckLas17GPt/s320/Dominos.jpg" width="225" /></a></div><div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;">It hardly requires a crystal ball to foretell that this sparkling New Year will soon be sullied by the ongoing mortgage mess. Joining last year's headline-grabbing robosogners and rocket dockets will be this year's new players: the title insurance companies.<br />
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As New York Times columnist Ron Lieber recently wrote, title insurance companies will likely be the next institution to have their mettle tested by the mortgage fiasco, which is feeling more like a chronic condition than a crisis by now.<br />
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When we think of title insurance, if we bother to think of it at all, it's as the largest fee on our home settlement statement at closing. Unless we're buying the home outright, our mortgage lender requires us to purchase title insurance in case someone should turn up claiming to be the rightful owner of the property. Warning: spoiler alert.<br />
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The previously placid title insurance industry received a major wakeup call last fall when the mortgage giants put foreclosures on pause in light of some seriously sloppy paperwork being jammed through the courts by the foreclosure mills. They've all started up again, of course, but for title insurers, the nail-biting has just begun.<br />
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"What would happen if scores of people who had lost their homes to foreclosure somehow persuaded a judge to overturn the proceedings?" Lieber wonders. "Could they somehow win back their rights to their homes, free and clear of any mortgage?"<br />
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From kicked to the curb to full ownership? The thought fairly boggles the mind.<br />
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To make that billion-dollar question even more chilling is the fact that, in many cases, the banks have already sold said homes to new buyers -- new buyers with title insurance of their own. If the average title search is anywhere near as flawed as the document checks of the robosigners, we're in for some wild court cases.<br />
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Talk about a house of mirrors. Now don't you wish you'd taken Mama's advice and earned that law degree?<br />
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Although big mortgage managed to quickly sweep robogate under the rug chances are the court cases smoldering beneath it are just now sparking up across the land.<br />
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Are you caught up in this mess, either due to foreclosure or because you bought one that's being challenged? If so, has your title insurance come into play? </div><div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><br />
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</div><div id="blog-post-byline" pmo_$="DIV" pmo_clas$="element" pmo_id$="PMO_ID$_209">Article Written By <a href="http://www.bankrate.com/financing/author/JayMacDonald/" pmo_$="A" pmo_clas$="element" pmo_id$="PMO_ID$_497" pmo_id$_449_click="null" rel="nofollow">Jay MacDonald</a> · Bankrate.com</div><br />
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<div class="separator" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; clear: both; text-align: center;"></div>Douglas Benner, Senior Loan Office/NMLS# 179159http://www.blogger.com/profile/12347215342739270455noreply@blogger.comtag:blogger.com,1999:blog-1061909572544593230.post-74771174464597154172011-01-18T21:49:00.000-05:002011-01-18T21:49:28.316-05:00What a trip!<div class="separator" style="clear: both; text-align: center;"></div><br />
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<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiVuHP3crsgOxgxpnxaLDCfLxeZXhyphenhyphenuINmBj-JSe26LLnUWN1RG68hnzxp5uKAsmrZrrAMKpK7OKYdPjg_lxehEfmIkK9KAuYyi1GXsXf9n-xV7dS1nyR74IouvMP95joleBjss7pIr5UL/s1600/doug+and+kids+utah.jpg" imageanchor="1" style="clear: left; cssfloat: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="320" n4="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiVuHP3crsgOxgxpnxaLDCfLxeZXhyphenhyphenuINmBj-JSe26LLnUWN1RG68hnzxp5uKAsmrZrrAMKpK7OKYdPjg_lxehEfmIkK9KAuYyi1GXsXf9n-xV7dS1nyR74IouvMP95joleBjss7pIr5UL/s320/doug+and+kids+utah.jpg" width="180" /></a></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">I have had a wonderful break from the hustle and bustle of the mortgage industry. We have been planning a trip to Park City, Utah for months now; today is our last day here, time flies when you are having fun! Although I have visited Park City before, this is the kid’s first time. We had been skiing as much as possible prior to our trip here and as luck would have it my oldest son broke his collar bone two days before we were to leave Maryland. Since we had booked the trip so far in advance and we were meeting many of our friends out here we couldn’t reschedule. Unfortunately, my wife and my son Brian had to stay back home, but with any luck next time we will all be healthy at the same time and be able to return together; I can’t wait! </span></div>Douglas Benner, Senior Loan Office/NMLS# 179159http://www.blogger.com/profile/12347215342739270455noreply@blogger.comtag:blogger.com,1999:blog-1061909572544593230.post-87283225845427285912011-01-12T16:33:00.003-05:002011-02-01T23:06:21.916-05:00Dump the Junk and Stop Unwanted Solicitations<span style="font-size: large;"></span><br />
<div align="center" class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt; text-align: center;"><em><span style="font-family: 'Calibri','sans-serif'; font-size: large;">"Stop Unwanted Communications from Marketers and Spammers"</span></em></div><div align="center" class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3qlF5hrRXpVyzpQwTIxaKCmFzB6vwDG91C-nuvK5zCU_8zVXZ6Z-1Vd-UIpzl0SQUGfNi0gPLnL-FDZNPcI4m7FYfw7jrQQN4_K7MQryTcTdyuNmbNfXD24PFSO0FX-H4ZNxDk3EH7nFm/s1600/man+at+computer.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: large;"><img border="0" n4="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3qlF5hrRXpVyzpQwTIxaKCmFzB6vwDG91C-nuvK5zCU_8zVXZ6Z-1Vd-UIpzl0SQUGfNi0gPLnL-FDZNPcI4m7FYfw7jrQQN4_K7MQryTcTdyuNmbNfXD24PFSO0FX-H4ZNxDk3EH7nFm/s1600/man+at+computer.JPG" /></span></a></div><div class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">Most of us already know about the Federal Trade Commission’s national 'Do Not Call List' which will help stop telemarketing calls, but there are other resources you can utilize to help dump the junk.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div align="center" class="MsoNormal" style="margin: 0in 0in 0pt; text-align: center;"><b style="mso-bidi-font-weight: normal;"><a href="http://www.donotcall.gov/"><span style="color: blue; font-family: Calibri; font-size: large;">www.DoNotCall.gov</span></a></b></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">Federal Trade Commission’s Do Not Call List: Don’t forget to add your cell phone and fax numbers too.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div align="center" class="MsoNormal" style="margin: 0in 0in 0pt; text-align: center;"><b style="mso-bidi-font-weight: normal;"><a href="http://www.dmachoice.org/"><span style="color: blue; font-family: Calibri; font-size: large;">www.DmaChoice.org</span></a></b></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">DMAchoice™ is an online tool developed by the Direct Marketing Association to help you manage your mail. Direct mail is divided into four categories: Credit Offers, Catalogs, Magazine Offers and Other Mail Offers. By visiting the DMAchoice™ website you can request to start or stop receiving mail from individual companies within each category—or from an entire category at once.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">DMAchoice's™ email Preference Service (eMPS) can help you control the number of commercial emails you receive.<span style="mso-spacerun: yes;"> </span>You can register with the eMPS removal file online and the registration is good for five years. </span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div align="center" class="MsoNormal" style="margin: 0in 0in 0pt; text-align: center;"><b style="mso-bidi-font-weight: normal;"><a href="http://www.optoutprescreen.com/"><span style="color: blue; font-family: Calibri; font-size: large;">www.OptOutPrescreen.com</span></a></b></div><div align="center" class="MsoNormal" style="margin: 0in 0in 0pt; text-align: center;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">OptOutPrescreen.com is the official consumer credit reporting industry website which to accept and process requests from consumers to opt-in or opt-out of firm offers of credit or insurance. </span></div><div class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">Under the Fair Credit Reporting Act (FCRA), Consumer Credit Reporting Companies are permitted to include your name on lists used by creditors or insurers to make firm offers of credit or insurance which were not initiated by the consumer. The FCRA also provided you the right to “Opt-Out”, which prevents Consumer Credit Reporting Companies from providing your credit file information for Firm Offers. Through this website, you may request to Opt-Out from receiving Firm Offers for either 5 years or permanently.</span></div><div class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt;"><br />
</div><div align="center" class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt; text-align: center;"><a name='more'></a><br />
</div><div align="center" class="MsoNormal" style="margin: 0in 0in 0pt; text-align: center;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: Calibri;"><span style="font-size: large;">Stop Email Spam</span></span></u></b></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: center;"><span style="font-family: Calibri; font-size: large;">Monitor your incoming email by following these 4 basic rules:</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><ol style="margin-top: 0in;" type="1"><li class="MsoNormal" style="margin: 0in 0in 0pt; mso-list: l1 level1 lfo1; tab-stops: list .5in;"><span style="font-family: Calibri; font-size: large;">Never open an email unless you are CERTAIN you know the sender. Be careful; spammers sometimes make the sender sound like someone you might know. If you don’t know the sender, DELETE the email before opening it.</span></li>
</ol><div class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt;"><br />
</div><ol start="2" style="margin-top: 0in;" type="1"><li class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt; mso-list: l1 level1 lfo1; tab-stops: list .5in;"><span style="font-family: Calibri; font-size: large;">Don’t fall for enticing subject lines. Use your common sense; if it sounds too good to be true, it is! There is no secret way to win the lottery; there is no fountain of youth – REGARDLESS of what the email says. Once again, DELETE the email BEFORE opening it.</span></li>
</ol><div class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt;"><br />
</div><ol start="3" style="margin-top: 0in;" type="1"><li class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt; mso-list: l1 level1 lfo1; tab-stops: list .5in;"><span style="font-family: Calibri; font-size: large;">If you make a mistake and open an email from a spammer, NEVER open any attachments. Attachments are often used to spread viruses that could be fatal to your computer. Close the email and DELETE it.</span></li>
</ol><div class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt;"><br />
</div><ol start="4" style="margin-top: 0in;" type="1"><li class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt; mso-list: l1 level1 lfo1; tab-stops: list .5in;"><span style="font-family: Calibri; font-size: large;">Spammers send emails to millions of email addresses randomly generated by a computer, without knowing whether any particular address is real. You’ve probably received them without realizing it. If you do make a mistake and open an email from someone you don’t recognize, NEVER follow the instructions at the bottom of the email to “remove me from your mailing list.” If you do, you will simply verify your email address is real, and it will be added to even more spam lists. Protect yourself; close the email and DELETE it without responding, regardless of how sincere it sounds. </span></li>
</ol><div class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt;"><br />
</div><div align="center" class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt; text-align: center;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: Calibri;"><span style="font-size: large;">Stop Resident or Occupant Mail</span></span></u></b></div><div class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt; text-align: center;"><span style="font-family: Calibri; font-size: large;">To stop receiving packets of coupons, ads and product samples addressed to “Resident” or “Occupant,” contact the following companies and request removal from their mailing lists.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><ul style="margin-top: 0in;" type="disc"><li class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt; mso-list: l0 level1 lfo2; tab-stops: list .5in;"><span style="font-family: Calibri; font-size: large;">ADVO, Inc., List Service, <address w:st="on"><street w:st="on">239 West Service Road</street>, <city w:st="on">Hartford</city>, <state w:st="on">CT</state> <postalcode w:st="on">06120</postalcode></address>; or call (860) 520-3361.</span></li>
<li class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt; mso-list: l0 level1 lfo2; tab-stops: list .5in;"><span style="font-family: Calibri; font-size: large;">Carol Wright Gifts, Customer Service, <address w:st="on"><street w:st="on">100 Nixon Lane, P.O. Box 7823</street>, <city w:st="on">Edison</city>, <state w:st="on">NY</state> <postalcode w:st="on">08818</postalcode></address>; or call (732) 287-8811.</span></li>
<li class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt; mso-list: l0 level1 lfo2; tab-stops: list .5in;"><span style="font-family: Calibri; font-size: large;">Harte Hanks Data Services, List Maintenance, 6701 Baymeadow Dr., Suite D, Glen Burnie, MD 21060-6401; or call (800) 456-9748</span></li>
<li class="MsoNormal" style="margin: 0in 0in 0pt; mso-list: l0 level1 lfo2; tab-stops: list .5in;"><span style="font-family: Calibri; font-size: large;">Cox Target Media (Val-Pak), <address w:st="on"><street w:st="on">P.O. Box 13428</street>, <city w:st="on">St. Petersburg</city>, <state w:st="on">FL</state>, <postalcode w:st="on">33733</postalcode></address>; or call (888) 797-1896. </span></li>
</ul><div class="separator" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; clear: both; text-align: center;"><br />
</div>Douglas Benner, Senior Loan Office/NMLS# 179159http://www.blogger.com/profile/12347215342739270455noreply@blogger.comtag:blogger.com,1999:blog-1061909572544593230.post-10195813453321977172011-01-10T12:55:00.001-05:002011-01-14T13:33:56.119-05:00D.C. Region Poised for Nation's Biggest Housing Gains<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh9a0M3-xMYO51Z5whndhAvzREx2jDvZn9Kw8ReZFmASCw31mdSwdwM5NXXlPoTFkxIkE6twq0QSA9MF8gLhPlE6IP_g5qdovfXnGX87KhVsR2PlJHmelxu9gv_jj6bMqTeDbz3ucZ60-Mb/s1600/Homes+for+sale+pic.jpg" imageanchor="1" style="clear: right; cssfloat: right; float: right; height: 214px; margin-bottom: 1em; margin-left: 1em; width: 301px;"><img border="0" n4="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh9a0M3-xMYO51Z5whndhAvzREx2jDvZn9Kw8ReZFmASCw31mdSwdwM5NXXlPoTFkxIkE6twq0QSA9MF8gLhPlE6IP_g5qdovfXnGX87KhVsR2PlJHmelxu9gv_jj6bMqTeDbz3ucZ60-Mb/s1600/Homes+for+sale+pic.jpg" /></a></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Calibri;"><span style="font-size: large;">Homeowners in the Washington area can uncross their fingers -- 2011 is expected to be the best year for home prices the region has witnessed since the recession, with experts saying the area's market recovery will be tops in the nation. </span></span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt; tab-stops: 53.65pt;"><span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Calibri;"><span style="font-size: large;"><span style="mso-tab-count: 1;"> </span></span></span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Calibri;"><span style="font-size: large;">The region's relatively strong uptick in prices over the last year -- second in the nation -- gives analysts reason to believe the Washington market could see a 6.5 percent increase in home prices over the next 12 months, according to a new report by Clear Capital, which tracks real estate trends. It's the biggest increase the firm is predicting across the country.</span></span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Calibri;"><span style="font-size: large;">"D.C. prices are already going up for all homeowners who have purchased a home in last two years," said Alex Villacorta, senior statistician at Clear Capital. "So they are likely to see positive equity in that purchase."</span></span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><a name='more'></a><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Calibri;"><span style="font-size: large;">It's a different story, however, for those who bought a home at the height of the housing boom in the summer of 2006. The area's home prices on average are back to their 2004 levels, while houses in the rest of the nation are averaging prices closer to 2001 levels.</span></span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Calibri;"><span style="font-size: large;">Strong employment and the relatively low percentage of bank-owned foreclosures on the market are two big factors that have contributed to the Washington area's ability to stay ahead of the curve, experts said. Roughly 15 percent of properties on the market in the region are bank-owned compared with more than 40 percent in other major markets, according to Clear Capital. Unemployment is a little more than half the national average of 9.8 percent.</span></span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Calibri;"><span style="font-size: large;">That helped propel Washington-area home prices in 2010 to a 5.3 percent increase, second only to Honolulu, where prices increased by 7.2 percent, according to the report. </span></span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Calibri;"><span style="font-size: large;">Meanwhile neighboring markets suffered significant declines. Prices in Richmond fell last year by more than 10 percent and Baltimore-area prices fell by more than 8 percent. Clear Capital expects both markets to see losses again this year.</span></span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Calibri;"><span style="font-size: large;">Nationally, prices fell by 4.1 percent in 2010. Much of it was because of the false boost the federal homebuyer tax credits gave the market during the first half of the year, which created a highly volatile atmosphere.</span></span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Calibri;"><span style="font-size: large;">"They probably did as much harm as they did good because the dramatic falloff of purchases ... seems to have had the effect of further depressing prices," Rick Sharga, executive vice president of foreclosure-tracking firm RealtyTrac, said last month.</span></span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Calibri; font-size: large;">Real estate agents say it's a relief to hear the positive prediction for Washington -- but it's not surprising.</span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Calibri;"><span style="font-size: large;">"The average length of time a property stayed on the market once we got through the tax credit [has been] declining," said Joanne Darling, president of the Prince George's County Association of Realtors. "Properties are actually staying on market less than 90 days ... [whereas] at its worst, it was longer than six months."</span></span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Calibri; font-size: large;">But location is key and real estate is highly local. Darling said she's seeing multiple offers on homes in places like Capitol Hill, Northwest D.C., Bethesda and Chevy Chase. But towns farther away from the city -- and where residents have to be more reliant on cars -- have been slow to come back, she said.</span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Calibri;"><span style="font-size: large;">The market volatility in 2010 created a shift toward rental properties, with potential buyers in the region being afraid to invest in a home that might continue to drop in value. But Villacorta said 2011 may see a shift back toward homeownership.</span></span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Calibri;"><span style="font-size: large;">"As rents start to increase, that could provide an opportunity for investors to come in and ... rent those properties back," he said. "That would drive prices up and that can swing the tide back into the favor of 'maybe it's a good time to buy.'"</span></span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Calibri;"><span style="font-size: large;"><span lang="EN" style="font-family: 'Calibri','sans-serif'; font-size: 11pt; mso-ansi-language: EN; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: 'Times New Roman'; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">By: <a href="http://washingtonexaminer.com/people/liz-farmer"><span style="color: blue;">Liz Farmer</span></a> 01/06/11 12:05 AM <br />
<i>Examiner Staff Writer</i></span></span></span></span></div>Douglas Benner, Senior Loan Office/NMLS# 179159http://www.blogger.com/profile/12347215342739270455noreply@blogger.comtag:blogger.com,1999:blog-1061909572544593230.post-88752654283111222312011-01-04T08:00:00.002-05:002011-01-04T08:00:06.598-05:00Preparing Your House for the Market<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhRk_TfqqZ9VASteDVZxm7bHT6zufR3nFzDfm2MpFCoh2GKqnz4lKOmz9TH2NxliLNX4kXsSPdAvhlrb2n5wfMxxNNDNEVFrqq7MrhwpDlBVxylGnjvjwQbILIAHgd6UysYGgonYkk1GgTA/s1600/preparingyourhouseforthemarket.jpg" imageanchor="1" style="clear: right; cssfloat: right; float: right; margin-bottom: 1em; margin-left: 1em;"><span style="font-size: large;"><img border="0" height="213" n4="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhRk_TfqqZ9VASteDVZxm7bHT6zufR3nFzDfm2MpFCoh2GKqnz4lKOmz9TH2NxliLNX4kXsSPdAvhlrb2n5wfMxxNNDNEVFrqq7MrhwpDlBVxylGnjvjwQbILIAHgd6UysYGgonYkk1GgTA/s320/preparingyourhouseforthemarket.jpg" width="320" /></span></a></div>If you're selling your home, make sure your home has "curb appeal." Remember, you can't change a first impression. If your home looks like a diamond in the rough, think about putting a small investment into cleaning up the outward appearance.<br />
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Imagine that you are seeing the property as a potential buyer. You'll want to do a little yard work - clear away dead shrubbery, and trim your trees and lawn. Weed the flower beds or plant some flowers that will bloom in season. Make sure the driveway is not stained, and if you can't afford to paint the home entirely, at least make sure the front door and immediate entryway is immaculate.<br />
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Fresh and clean are still the keywords to making a good first impression once the potential buyer walks through the door. Unless a particular window is facing an eyesore or a neighboring building, open the drapes and let the sunshine in! Put your dog in the back yard or garage so he's not jumping on the new people who just walked in.... they might have allergies! There is much you can do to improve the look of your home, without investing a great deal of money.<br />
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Call me to get a copy of my pamphlet, "33 Ways to Sell Your Home Fast." I'd be happy to share more tips with you and assist you in obtaining financing for your next home as well.Douglas Benner, Senior Loan Office/NMLS# 179159http://www.blogger.com/profile/12347215342739270455noreply@blogger.comtag:blogger.com,1999:blog-1061909572544593230.post-15371739728592950742011-01-03T08:15:00.007-05:002011-01-03T08:15:00.182-05:00Why Pay Private Mortgage Insurance?<div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"></div><div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgsRoiLSFhY97Cpwq_FygF6z0dH9kX0EcPi-Gn-xacyY49paB_HIjum1c9lqGhaNdSE9C7631XqCKIELagG9hfFQpSA9I9pvZm6aeGBmEee-QHNrsgNeVd8sJ4nFxoxDDfZJlDI67hguUwP/s1600/whypaypmi.jpg" imageanchor="1" style="clear: right; cssfloat: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="200" n4="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgsRoiLSFhY97Cpwq_FygF6z0dH9kX0EcPi-Gn-xacyY49paB_HIjum1c9lqGhaNdSE9C7631XqCKIELagG9hfFQpSA9I9pvZm6aeGBmEee-QHNrsgNeVd8sJ4nFxoxDDfZJlDI67hguUwP/s200/whypaypmi.jpg" width="133" /></a></div>Private Mortgage Insurance (PMI) is required by most lenders when a borrower puts less than 20% down on a purchase loan. Paid for by the borrower, PMI not only protects the lender from foreclosure, it also enables many buyers to qualify for loans and purchase real estate when they couldn't have otherwise. On January 1st, 2007, legislation went into effect making PMI tax deductible for new borrowers whose personal adjusted gross income is $100,000 or less. This has created additional opportunities for many buyers to finance a more expensive home or, in some cases, to obtain a lower monthly payment, while reducing annual income taxes. <br />
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An alternative financing option that borrowers may also consider involves taking out two home loans concurrently. The second loan, commonly referred to as a "piggyback loan", can take the form of a traditional home loan or a Home Equity Line of Credit (HELOC). It supplements the borrower's funds to help them achieve a 20% down payment, eliminating the need for PMI. However, in most cases PMI can be cancelled once the accumulated equity has reached 20% of the home's value, while a second home loan will have to be paid back in full regardless. Factor in the new PMI tax benefit, and a borrower's monthly payment may actually be lower with PMI versus a piggyback loan scenario. </div>Douglas Benner, Senior Loan Office/NMLS# 179159http://www.blogger.com/profile/12347215342739270455noreply@blogger.comtag:blogger.com,1999:blog-1061909572544593230.post-38045133435307839922010-12-23T11:45:00.000-05:002010-12-23T11:45:07.531-05:00It's that time of year again...<div class="separator" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; clear: both; text-align: center;"> <table cellpadding="0" cellspacing="0" class="tr-caption-container" style="clear: right; cssfloat: right; float: right; margin-bottom: 1em; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjp6jAQZwatmuGpquSQ9MrYOAKKNll85L-GigmYTlxIK8riSll8oag5AgoVllcLvC39dqFX6Mx7V01J0a94PuR8HmT1Wos0WfqXm9Q2dq9mex1pIcA6CcZyqOSensjmS8AEtEN09N-hOkdX/s1600/Doug%2527s+kids+skiing.jpg" imageanchor="1" style="clear: right; cssfloat: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="200" n4="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjp6jAQZwatmuGpquSQ9MrYOAKKNll85L-GigmYTlxIK8riSll8oag5AgoVllcLvC39dqFX6Mx7V01J0a94PuR8HmT1Wos0WfqXm9Q2dq9mex1pIcA6CcZyqOSensjmS8AEtEN09N-hOkdX/s200/Doug%2527s+kids+skiing.jpg" width="112" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Hitting the slopes!</td></tr>
</tbody></table></div><span style="font-size: large;"><span style="font-family: Calibri;">Around this time each year I try to line things up so I will have some breathing room around the holidays to free up extra time to spend with family and friends and every year my plan fails!! No matter how sure you are these last few loans of the year will be seamless there is always a hiccup.</span></span> <div class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt;"><br />
</div> <div class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">As frustrating as it can sometimes be; I enjoy the challenges and enjoy knowing that I am helping people to buy their 1st home or save money in a tough economy when every penny counts. These are the reasons I love what I do and I would love to help you buy your next home or save you money with a <a href="http://www.embracehomeloans.com/Purchase/Find-a-loan-Officer/douglas-benner.aspx">lower interest rate</a>. In case there is confusion Embrace Home Loans is not a brokerage, we are a direct lender offering extremely competitive rates and superior service, if I do say so myself!</span></div> <div class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">THANK YOU to all my loyal customers and referral partners, I couldn't do it without you!</span></div><div class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">I am looking forward to the holidays as I recognize how fortunate I am to have a happy healthy family, good friends, caring colleagues and a fantastic, first-rate <a href="http://www.embracehomeloans.com/">company</a> to work for! </span></div><div class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt; text-align: center;"><span style="font-family: Calibri; font-size: x-large;"><strong>Happy Holidays!!!</strong></span></div><div class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt; text-align: center;"><br />
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</div>Douglas Benner, Senior Loan Office/NMLS# 179159http://www.blogger.com/profile/12347215342739270455noreply@blogger.comtag:blogger.com,1999:blog-1061909572544593230.post-32915416926068381292010-12-13T10:11:00.001-05:002010-12-15T12:18:13.606-05:00Social Media, Gen Y, Already Leading Online Banking Interactions<div class="byline"></div><div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: left;"><br />
</div><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUGb7CDrE8cVu5c84c1OIaaVH-7GFg3GGln38cnnuvRUXm13JASgQuA_pF6sDG1LmXHGBB4-jtsRkJuOvNHoRaDqUYvMlbY3-GOH3Sfy1K-b4yxcH_XgWTryiyAJ0oWohvQDYLGdKUraQQ/s1600/Great+Falls+National+Park+005.JPG" imageanchor="1" style="clear: right; cssfloat: right; float: right; height: 115px; margin-bottom: 1em; margin-left: 1em; width: 201px;"><img border="0" height="131" n4="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUGb7CDrE8cVu5c84c1OIaaVH-7GFg3GGln38cnnuvRUXm13JASgQuA_pF6sDG1LmXHGBB4-jtsRkJuOvNHoRaDqUYvMlbY3-GOH3Sfy1K-b4yxcH_XgWTryiyAJ0oWohvQDYLGdKUraQQ/s200/Great+Falls+National+Park+005.JPG" width="200" /></a>Most people tend to agree that the future of financial service exchanges is in a virtual marketplace. What has never been very clear so far is how fast it will happen and who will turn out to be the primary drivers of that switch: the banks or the customers they serve.</div><div class="byline"><br />
</div><div class="byline">A survey conducted by Fiserv Inc. showed 11% of online consumers are currently connected with their bank or credit union through a social site while up to 36% of those not yet connected through those sites expressed interest in doing just that.</div><div class="byline"><br />
</div><div class="byline">The Brookfield, Wis.-based technology provider found that connected consumers use social media primarily “to receive information about financial services” and to engage in relational activities.</div><div class="byline"><br />
</div><div class="byline">Gen Y is the demographic most interested in the convenience of online banking and social media-based interactions, which also means the number of online banking customers is on track for a fast geometric progression type of growth.</div><div class="byline"><br />
</div><div class="byline">Fiserv reports that that 45% of Gen Y consumers expressed the highest interest in communicating with their bank through social media. (Conducted in August 2010 the survey obtained responses from 3,000 consumers representative of the U.S. online population.)</div><div class="byline"><br />
</div><div class="byline">Clearly, Fiserv executives said, “a sizable segment of consumers” are interested in these types of interactions.<br />
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</div><div class="byline">Fiserv findings add to other research data showing that as Generation Y--those born from 1982 to 2000—enter the financial marketplace, including the housing market, they will generate demand that is expected to surpass that of previous generations.</div><div class="byline"><br />
</div><div class="byline">For example, according to online marketing expert Kelly Mooney who estimates Gen Y at about 82 million people, 13- to 21-year-olds within this group already influence 81% of their families' apparel purchases and 52% of car choices.</div><div class="byline"><br />
</div><div class="byline">Mooney sees Gen Y as one of the most influential generations for retailers and bankers because it is larger in size and spending power capability even when compared to the baby boomer generation.</div><div class="byline"><br />
</div><div class="byline">Interest for expanded online banking interactions means lenders and servicers need to actively empower their online social media presence and use it to maintain and grow their customer relationships, says Fiserv’s vice president of online banking and consumer insights, Geoff Knapp, because “customers are visiting branches less” and going online more.</div><div class="byline"><br />
</div><div class="byline">More specifically, according to Fiserv, up to 66% of current users of financial institutions’ social media sites engage in receiving information about financial services, 32% use it to retrieve information about offers or promotions and 30% to conduct customer service related activities.</div><div class="byline"><br />
</div><div class="byline">Another 31% of online customers use social media to review other consumers' feedback.</div><div class="byline"><br />
</div><div class="byline">The Fiserv survey reveals that existing customers tend to be more curious and/or inclined to get connected to social media sites of the financial institutions they receive their services—indicating that marketing campaigns of banks and credit unions “should focus on retention and loyalty” first before they target new customers.<br />
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</div><div class="byline">Such retention efforts may cater to both consumers who are connected to their financial institution via social media and bill payments, and those who are interested in social media interactions, since they already are “deeply engaged.”</div><div class="byline"><br />
</div><div class="byline">Fiserv found these bank or credit union consumers already use an average of 5.4 services as compared to an average of 4.3 for consumers who have little or no interest in connecting.</div><div class="byline"><br />
</div><div class="byline">Consumers who are not yet connected through social media indicated they would be “more likely to connect to their bank or credit union” through community-building activities such as the ability to read reviews from other customers. Furthermore, about 31% of these customers describe as a barrier to connecting “a lack of awareness,” indicating banks need to improve their marketing and customer outreach efforts to improve the service quality for their online customers.</div><div class="byline"><br />
</div><div class="byline">Lack of awareness was not the only stumbling factor among Gen Y consumers, 45% of which indicated they did not know they could. Fiserv also found that “a preference for using the financial institution's website and privacy and security concerns” was another barrier to connecting.</div><div class="byline"><br />
</div><div class="byline">By Amilda Dymi at <a href="http://www.mortgageservicingnews.com/">http://www.mortgageservicingnews.com/</a></div><div class="byline"><br />
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</div>Douglas Benner, Senior Loan Office/NMLS# 179159http://www.blogger.com/profile/12347215342739270455noreply@blogger.comtag:blogger.com,1999:blog-1061909572544593230.post-81662544287844007922010-12-06T09:27:00.000-05:002010-12-06T09:27:46.621-05:00Urban Legends and Internet Scams<h2 align="center"><span style="color: #ff7800;">Sorting Fact from Fiction</span></h2><div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><span style="clear: right; cssfloat: right; float: right; font-size: small; margin-bottom: 1em; margin-left: 1em;"></span><span style="font-family: Helvetica, sans-serif, Arial;"><span style="font-family: Arial;">Urban legends have been a part of popular culture for years. We've all heard suspicious stories that supposedly happened to a "friend of a friend" but which couldn't be verified. Remember the story about Mikey, the Life® cereal spokes child, whose stomach allegedly exploded from mixing Pop Rocks and soda?*<br />
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The Internet has added a new twist to the urban legend phenomenon by making these stories easy to spread to a large audience over a short amount of time. What's worse, these stories are often distributed in the form of a plea for help from an unfortunate victim who could be saved if you just contributed a few dollars.<br />
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After the tsunami disaster, several fraudulent emails were circulated, some of which contained links to phony charity websites. The same problem occurred after September 11th. Whether it's a plea for money, an email containing false links, or a virus alert that isn't true, these scams have made it difficult to trust anything you hear via email. Here are some resources that can assist you with discerning what's real and what's not!<br />
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<b>Emails -</b> The next time you receive a dire virus warning or a chain email promising great wealth, visit <a href="http://hoaxbusters.org/" target="_blank">http://hoaxbusters.org/</a>. This website contains information about over a dozen different categories of hoaxes, ranging from virus warnings to scam chains. If you receive an email that looks suspect, chances are this site will have a listing about it.<br />
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<b>Charity Websites -</b> If you are unsure about whether to give to a particular charity, visit <a href="http://www.charitynavigator.org/" target="_blank">http://www.charitynavigator.org/</a>. This website examines over 4,300 charities and evaluates how well they are using your donations. It also contains tips to assist you in choosing where to give and how to document your donations for tax purposes. Once you've selected your charities, you can usually make your contributions online. Just be sure to visit the organization's official website, rather than using a link in an email. This will ensure that your contribution is going where it should rather than into a scammer's pocket.<br />
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<b>Urban Legends -</b> Is there an urban legend that you've been wondering about for years? Visit <a href="http://www.snopes.com/" target="_blank">http://www.snopes.com/</a> and find out once and for all if it's true. They have urban legends categorized by subject matter and even provide a bibliography at the end of their listings to reflect their research! The Discovery Channel is also exploring urban legends through their television show, MythBusters. To learn more about the show and the myths they have pursued, visit the Discovery Channel website at <a href="http://www.dsc.discovery.com/" target="_blank">http://www.dsc.discovery.com/</a> and click on MythBusters.<br />
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*Mikey was played by an actor named John Gilchrist. He is alive and well and is currently working as an advertising executive!</span> </span></div><div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><span style="font-family: Helvetica, sans-serif, Arial;"><br />
</span></div><div align="center"><div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><strong><span style="font-family: Arial; font-size: large;"><span style="font-size: small;">Do you have a favorite Internet resource that you'd like to share?<br />
Please tell me all about it</span>!</span></strong></div><div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><br />
</div><div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><span style="font-size: large;"><span><span style="font-size: xx-small;">Licensed as Embrace Home Loans, Inc. in: AL (#MC20954), AR, AZ (#BKBR-0107867), CA, CO, CT, DC, DE, FL, GA (#12848), IA, ID, IL, IN (#10918 & #6034), KS (#SL.0000625), KY, LA, MA (#MC0195), MD, ME, MI, MN, MO, MS, NC, ND, NE, NH (#5985MB), NJ, NM, NY, OH, OK, OR (#ML3228), PA, RI, SC, TN, TX, UT, VA (#MC761), WA (#520-CL-26259), WI, WV (NMLS) #2184</span><span style="font-size: x-small;"> </span></span></span></div></div><div class="separator" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXWtT33dhqWpFsm_BkdUVMFIVJgaFrIJJVRAWOsShEZpJQVrWPv-csFm4If01_Ur3JfWvNbk26TQWOcMqIYgpranQywgLySGLMuWk5saRU3xldJqqTo6d89x6EcEflfKJUYBDVmkw0Mq4q/s1600/QT_urbanlegend.jpg" imageanchor="1" style="clear: right; cssfloat: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a></div>Douglas Benner, Senior Loan Office/NMLS# 179159http://www.blogger.com/profile/12347215342739270455noreply@blogger.comtag:blogger.com,1999:blog-1061909572544593230.post-88512166793465362010-11-30T11:04:00.000-05:002010-11-30T11:04:58.344-05:00The Art of Home Purchase Negotiation<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTaOi6Hxg451dUxbr4iqKQn0XXW-sQfsOL8dBgHUlG6knsENoOhQ7SODnfMwLECOh_v_-MOn8cFDyBDGbm0GnKZs7mCpLC0xmBn5H3fCtUm7_Qar2szYyp1W3GuOP5iIRR2JSzntCE3ID6/s1600/LFU_negotiatingpropertypurchase.jpg" imageanchor="1" style="clear: right; cssfloat: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" ox="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTaOi6Hxg451dUxbr4iqKQn0XXW-sQfsOL8dBgHUlG6knsENoOhQ7SODnfMwLECOh_v_-MOn8cFDyBDGbm0GnKZs7mCpLC0xmBn5H3fCtUm7_Qar2szYyp1W3GuOP5iIRR2JSzntCE3ID6/s1600/LFU_negotiatingpropertypurchase.jpg" /></a></div>There is much give and take involved in negotiating a property purchase. That's why it's important to have a checklist of what you want to get out of the deal as a buyer. Bear in mind, the home must be appraised and the lender will be looking at the fair market value on a given property. Since property values fluctuate, your Real Estate Agent should do a comparative market analysis so you are aware of what the trends are for the area in which you are shopping. This will give you an idea as to whether the seller's asking price is realistic. You will also want to know how long the property has been on the market, and if any price reductions have occurred during that time.<br />
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Make sure your Real Estate Agent is on the same page with you so he/she is able to represent you properly. You also want to know that you are working with an agent that is experienced in representing the buyer. Not all agents have the ability to provide strong representation for both a buyer and a seller. If you have not yet selected a Real Estate Agent to represent you, my team and I can provide you with contacts that have a proven track record of success with our clientele.<br />
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<b>Remember a good deal is mutually beneficial.</b><br />
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The seller will also have a wish list of what they want out of the negotiation. Listen attentively to determine what their hot buttons are. You can use this information to leverage what you want out of the deal at some point along the way.<br />
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Find out if the seller has a deadline. Perhaps they have already purchased their new home, or have to relocate because of a commitment to a new employer. Find out what the seller's current mortgage balance is and use this to your advantage.<br />
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On the other hand, if the seller wants to move because they can't manage upkeep on the home, or don't want to invest in repairs, these problems will be passed on to you. If you are prepared to go into a deal that involves a fixer-upper, there is an FHA financing program designed to provide funds for both purchase and repair. My team and I can provide you with more information on FHA loan programs and secondary financing.<br />
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You would also want to know if the seller is planning this move because there are problems in the neighborhood. Take a walking tour of the area and ask the residents what the neighborhood is like. You can also ask the local police department about the crime rate, or check the local newspaper for crime listings. Don't be afraid to ask questions.<br />
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When the seller is intent on getting their way on a certain point, make sure you are getting something in return. Typically the built-in amenities such as the dishwasher and garbage disposal will stay with the home. You can negotiate other items in exchange for something that ranks high on the seller's wish list. Be prepared to split the difference so everyone involved is satisfied with the negotiation. A win-win situation for both the buyer and the seller is critical to a smooth close.<br />
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Keep it simple and be direct, but above all, know that my team and I are here to assist you.Douglas Benner, Senior Loan Office/NMLS# 179159http://www.blogger.com/profile/12347215342739270455noreply@blogger.comtag:blogger.com,1999:blog-1061909572544593230.post-45680641408354737632010-11-25T12:09:00.001-05:002011-01-03T00:13:42.022-05:00Happy Thanksgiving!!!<div xmlns="http://www.w3.org/1999/xhtml"><div class="separator" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVceXCxLnzR7TSpJbGFFciKQC1rwMNNlcjcZ-lA77zrEgUvkh9dm-QJYqn5PAKjNl67vA6nq6aE8Bybu1Smmn8gNugg8nQPOdAes3ce40p8tyIVSTRj4tmxUfm7ekqd71_IkcCMkcT4tc7/s1600/Tree.jpg" imageanchor="1" style="clear: left; cssfloat: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="150" ox="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVceXCxLnzR7TSpJbGFFciKQC1rwMNNlcjcZ-lA77zrEgUvkh9dm-QJYqn5PAKjNl67vA6nq6aE8Bybu1Smmn8gNugg8nQPOdAes3ce40p8tyIVSTRj4tmxUfm7ekqd71_IkcCMkcT4tc7/s200/Tree.jpg" width="200" /></a></div><div class="MsoNormal" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0in 0in 0pt;"><span style="font-size: 12pt;"><span style="font-family: Calibri;">Thanksgiving, for me, has always been a time to reflect on my life and evaluate the things I am most thankful for. Every year at the dinner table we give thanks for our family, friends, and good fortune yet, for some reason I feel this is just the fast and easy answer that allows us to get to the meat (turkey!) of the holiday in the quickest way possible. Holidays are rushed and chaotic like most days are in America, which is why I am happy to have a moment to analyze my past and contemplate my future. In doing so I have realized what seems to be important today may not be important tomorrow; and what seems insignificant in the moment may be the very thing that changes your entire direction in life. I am thankful for the journey in life; the good fortune in my past, the mystery of tomorrow and the significance of today. </span></span><br />
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<span style="font-family: Calibri;">Thank you to all of the wonderful people (family, friends, colleagues, customers, referral partners) who have helped me succeed in this business and kept me going through all the rough patches, I couldn't have made it without you all.</span></div><div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><span style="font-family: "Calibri", "sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: 'Times New Roman'; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Have a wonderful and very happy Thanksgiving!</span></div><span id="BB_SIGN_BEGIN"><img alt="BlogBooster-The most productive way for mobile blogging. BlogBooster is a multi-service blog editor for iPhone, Android, WebOs and your desktop" src="http://theblogbooster.com/pixel.gif" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;" /> </span></div>Douglas Benner, Senior Loan Office/NMLS# 179159http://www.blogger.com/profile/12347215342739270455noreply@blogger.comtag:blogger.com,1999:blog-1061909572544593230.post-62869655554599520302010-11-23T10:38:00.000-05:002010-11-23T10:38:09.344-05:00Five Tax Breaks Every Homeowner Should NowBenjamin Franklin once said, "In this world nothing can be said to be certain, except death and taxes." More than 200 years later, this certainly holds true. And while being a homeowner won't add years to your life, the modern tax code has a number of benefits certain to make your tax bill lower. The following are a few ways your CPA or Tax Preparer can help you save:<br />
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<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVq2ontvz79_AAW5CepmD3GrNPNbcjRVcxvBjjoxNfzK791tasrjSP2tYdBLRVnBH-ayCJcLBdqqgOTYgnSNirsW-8wPdIGi_fEtyq9hJojZu9oBeDsxeAhAlpGuSEmWS6OBQV25b8LX00/s1600/House+and+tax+bill+image.jpg" imageanchor="1" style="clear: right; cssfloat: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="200" ox="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVq2ontvz79_AAW5CepmD3GrNPNbcjRVcxvBjjoxNfzK791tasrjSP2tYdBLRVnBH-ayCJcLBdqqgOTYgnSNirsW-8wPdIGi_fEtyq9hJojZu9oBeDsxeAhAlpGuSEmWS6OBQV25b8LX00/s200/House+and+tax+bill+image.jpg" width="200" /></a></div><strong>Take an interest in your mortgage interest</strong> – Statistics show that only about half of homeowners claim this valuable deduction. Make sure you're one of them. On average, qualified American homeowners save about $2,000 per return by deducting mortgage interest. And when added up over the life of the loan, this can make a big difference in your retirement savings. This is a huge break that renters don't get! So take advantage of it. <br />
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<b>Don't forget about the points</b> – Points paid to refinance your home are also fully deductible throughout the life of the loan. For example, let's say in February of this year you refinanced your home for a new 20-year loan (or 240 months) and you paid $3,000 in points. By the end of this year, you can write off $125.00 for those 10 months (March through December). Beginning next year, of course, and each year thereafter, you can write off the full $150.00 until the points have been fully deducted. It's important to note that buyers can also deduct mortgage points that are paid by the seller, as long as the cost basis of the property is reduced by the amount of the seller-paid points. <br />
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<b>Old points are as good as new</b> – Unamortized points from old refinancing are deductible in the year of a new refinance. Using the above example, let's say rates dropped again and you refinanced again in February of the next year and paid $2,400 in points. The remaining balance of the points on the old loan, $2,875, is fully deductible – plus the money you could deduct for any qualifying mortgage payments made toward the new points. <br />
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<b>Sell Your House</b> – While points are not deductible for sellers, you can exclude as much as $250,000 in gain ($500,000 on a joint return) when you sell your primary home (your principal residence for two of the last five years). If you don't qualify for the two-year rule, you can get a partial exclusion if the sale of your home is the result of either qualifying changes of employment, health reasons, or other unforeseen circumstances. <br />
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<b>Casualty deductions</b> – Floods, forest fires, hurricanes, earthquakes and other natural disasters can be devastating, especially to homeowners. Ask your CPA how you can take deductions on casualty losses, even if you collected insurance. In addition, if the President declares your area a disaster area, you have even more options. <br />
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There are, of course, income limits to qualify for this incentive, and other important details, but give us a call, and we'll see if you can take advantage of a tax gift that even Ben Franklin could appreciate. <br />
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Remember, this, or any article you might read on your own, should never serve as tax advice. Always consult with a qualified CPA or Tax Preparer before making any tax decisions. If you need a referral, give us a call, and we'll be glad to give you the names of the reliable professionals we work with on a regular basis. <br />
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<span style="font-size: x-small;">Licensed as Embrace Home Loans, Inc. in: AL (#MC20954), AR, AZ (#BKBR-0107867), CA, CO, CT, DC, DE, FL, GA (#12848), IA, ID, IL, IN (#10918 & #6034), KS (#SL.0000625), KY, LA, MA (#MC0195), MD, ME, MI, MN, MO, MS, NC, ND, NE, NH (#5985MB), NJ, NM, NY, OH, OK, OR (#ML3228), PA, RI, SC, TN, TX, UT, VA (#MC761), WA (#520-CL-26259), WI, WV (NMLS) #2184 </span>Douglas Benner, Senior Loan Office/NMLS# 179159http://www.blogger.com/profile/12347215342739270455noreply@blogger.comtag:blogger.com,1999:blog-1061909572544593230.post-87903165651736354822010-11-17T12:29:00.000-05:002010-11-17T12:29:30.294-05:00What is the Velocity of Money and How Does it Impact Home Loan Rates?<div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="color: black;">If you’ve been watching the economic news, you’ve probably noticed that market experts and traders have been keeping a close eye on the Commerce Department’s Personal Spending and Personal Income reports. Obviously, those reports provide insight into the health of our economy, but did you know they also influence home loan rates? That’s right, personal spending can actually influence the interest rates that are available when you purchase or refinance a home.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="color: black;">Here's why. It has to do with something called the velocity of money. Even though the government keeps pumping money into the system, nothing happens until that money is spent or lent – and passes from one hand to another or one business to another. The speed at which this money passes between parties is called the velocity of money. <br />
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With the job market still very sluggish, consumers aren't spending much money these days, and businesses are still reluctant to spend money to make investments in their business. With the present velocity at low levels, inflation remains subdued and that's good for home loan rates. That's because rates are tied to Mortgage Bonds and inflation is the archenemy of Bonds, so low inflation is good for Bonds and rates. However, once velocity increases, the excess money in the system will cause inflation – which is bad for rates, since even the slightest scent of inflation can cause home loan rates to worsen. <br />
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While we certainly want to see better economic recovery news in the near future, we have to remember that there's an inverse relationship between good economic news and Bonds and home loan rates. Weak economic news normally causes money to flow out of Stocks and into Bonds, which helps Bonds and home loan rates improve. Strong economic news, on the other hand, normally has the opposite result. </span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="color: black;">Currently, home loan rates are at a historically low level, but that situation won’t last forever. That means now is an ideal time to purchase a home or refinance before the velocity of money – and rates – change. If you or anyone you know would like to learn more about the current economic situation and how to take advantage of historically low home loan rates, then please contact me directly at 301.354.8251 or email at <a href="http://www.blogger.com/DBenner@embracehomeloans.com"><span style="color: blue;">DBenner@embracehomeloans.com</span></a>.</span></div>Douglas Benner, Senior Loan Office/NMLS# 179159http://www.blogger.com/profile/12347215342739270455noreply@blogger.comtag:blogger.com,1999:blog-1061909572544593230.post-31810097038743598232010-11-15T13:10:00.005-05:002010-11-15T14:07:08.806-05:00Change is Good<div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;"><span lang="EN" style="font-family: Arial, Helvetica, sans-serif; mso-ansi-language: EN; mso-bidi-font-weight: bold;"></span><span style="font-size: large;"></span><br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh311DfGtYN8_oB9lXro7caDt3IvvgcfIWYUaWQNA4bC6JNW_gVeEgyF3p_4_dluvVXcY1QueQ7rzElwJzidmDMbesgGfryanb5ZK3rwsmAWhRwOEyWiX8ma_ERUJiz3KzbdFQueEAVIUnr/s1600/Blake+and+Bentley.jpg" imageanchor="1" style="clear: left; cssfloat: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" px="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh311DfGtYN8_oB9lXro7caDt3IvvgcfIWYUaWQNA4bC6JNW_gVeEgyF3p_4_dluvVXcY1QueQ7rzElwJzidmDMbesgGfryanb5ZK3rwsmAWhRwOEyWiX8ma_ERUJiz3KzbdFQueEAVIUnr/s200/Blake+and+Bentley.jpg" width="150" /></a></div><span style="font-size: large;">It was a great weekend with good friends, great kids, and some fall fresh air. The fall season is the best in my opinion simply because you see the changes every day. Fall is a process with a destination, a purpose and an outcome; these are things I can relate to. </span></div><div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;"><span style="font-family: Arial, Helvetica, sans-serif;"><br />
<span style="font-size: large;"></span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;"><span lang="EN" style="font-family: Arial, Helvetica, sans-serif; font-size: large; mso-ansi-language: EN; mso-bidi-font-weight: bold;">Although I believe there is a grey area in many aspects of our lives, I tend to prefer responsive processes. As with the fall season, I can see change every day in my line of work: customer’s needs change the interest rate changes, the market changes, the technology changes, the guidelines change, I could go on forever but the point is there is a process which inherently encompasses change forcing me to analyze from a new and different prospective each time.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;"><span style="font-family: Arial, Helvetica, sans-serif;"><br />
<span style="font-size: large;"></span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;"><span lang="EN" style="mso-ansi-language: EN; mso-bidi-font-weight: bold;"><span style="font-family: Arial, Helvetica, sans-serif;"><span style="font-size: large;">When there is a process, which there is for most things in life, you have a choice; work hard with purpose to quickly arrive at a quality outcome or allow yourself to give little effort and drag your feet the whole way with no regard. <span style="mso-spacerun: yes;"> </span></span></span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;"><span style="font-family: Arial, Helvetica, sans-serif;"><br />
<span style="font-size: large;"></span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;"><span lang="EN" style="mso-ansi-language: EN; mso-bidi-font-weight: bold;"><span style="mso-spacerun: yes;"></span><span style="font-family: Arial, Helvetica, sans-serif; font-size: large;">I choose to work hard with the purpose of helping people live better lives, whether through analyzing customer’s credit, helping a first time home buyer make educated decisions, finding the best product for my customer or simply by helping people save their money.</span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;"><span style="font-family: Arial, Helvetica, sans-serif;"><br />
<span style="font-size: large;"></span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;"><span lang="EN" style="font-family: Arial, Helvetica, sans-serif; font-size: large; mso-ansi-language: EN; mso-bidi-font-weight: bold;">It is very apropos that I work for a company called Embrace because that is what I strive to do with all aspects of my life; simply embrace the process of your life with a purpose, knowing your destination and influencing your outcome. </span></div><div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;"><span style="font-family: Arial, Helvetica, sans-serif;"><br />
<span style="font-size: large;"></span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;"><span lang="EN" style="font-family: Arial, Helvetica, sans-serif; font-size: large; mso-ansi-language: EN; mso-bidi-font-weight: bold;">What motivates you and for what purpose? Until next time...take care.</span></div><div align="left"></div>Douglas Benner, Senior Loan Office/NMLS# 179159http://www.blogger.com/profile/12347215342739270455noreply@blogger.comtag:blogger.com,1999:blog-1061909572544593230.post-61154083782742778902010-11-12T14:59:00.000-05:002010-11-12T14:59:31.030-05:00Applying for loan is 'like a second job'<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">By Michele Lerner</span></span> <div class="MsoNormal" style="margin: 0in 0in 0pt;"><span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">The Washington Times</span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">11:11 a.m., Thursday, November 11, 2010</span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">Media reports of the difficulty of obtaining a mortgage may have left a lot of consumers wary of lenders, but mortgage brokers and bankers say they have money to lend and can help most borrowers obtain a loan.</span></span><br />
<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">They also say, however, that consumers should anticipate a much more rigorous experience when applying for a mortgage than in the past.</span></span><br />
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<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">Beyond expecting a somewhat more arduous process, mortgage loan applicants should be realistic in their attitude about what a lender can and cannot do for them. They also should be prepared to meet their lender's expectations so the transaction can proceed as smoothly as possible.</span></span><br />
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<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">"So many people are unrealistic about the loan process," says <strong>Douglas Benner</strong>, a senior loan officer with <strong>Embrace Home Loans</strong> in Rockville. "It goes both ways. Some people think they cannot get a loan when they can, and others still think they can get a loan without providing any documentation. People need to realize that they will need to jump through a lot of hoops to get a loan now, especially compared to five years ago, when all you needed was a heartbeat to qualify."</span></span><br />
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<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">Mortgage applicants should anticipate having a detailed conversation over the phone or in person when they first contact a lender for loan information. This initial consultation is free. In fact, if a mortgage broker or banker attempts to collect a fee, that should be a red flag to stay away. Collecting an upfront fee for a loan consultation is illegal.</span></span><br />
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<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">"The most important expectation that should be met on both sides of a mortgage transaction is honesty," says Marv Stanger, a senior loan officer at Primary Residential Mortgage Inc. in Springfield, Va. "The lender needs to be completely honest about whether they can help someone qualify for a loan, and the borrower needs to be completely honest and open about everything."</span></span><br />
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<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">Brent Mendelson, a senior loan officer with Monarch Mortgage in Rockville, Md., agrees that honesty should be the No. 1 priority for both borrower and lender.</span></span><br />
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<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">"Lenders need to educate the borrowers about what it takes to get a loan these days in terms of credit and debt-to-income ratios and realistically describe the timeline from application to settlement," Mr. Mendelson says. "On the borrowers' side, it is vital not to hide anything.</span></span><br />
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<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">"Sometimes people don't bother to mention some extra income from a side business or the fact that they declared bankruptcy a few years ago. No matter what it is, we will find out, because everything needs to be documented now. It is better to be open from the beginning because a preliminary disclosure can go a long way toward saving everyone time."</span></span><br />
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<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">Borrowers should expect a seemingly endless stream of questions from the lender. The better prepared the borrowers are from the beginning, with items such as recent pay stubs, bank statements and tax returns, the easier the loan application process will be. Some lenders quote a minimum of 30 days to process a loan, but many take 60 to 90 days to reach closing because of the volume of loan applications and the depth of documentation required.</span></span><br />
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<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">"The lender needs to ask enough questions at that first meeting to find out if the borrower has the ability to repay their obligations and good enough credit to qualify for a loan," says Peg Partlow, a loan officer assistant with <strong>Embrace</strong> <strong>Home Loans</strong> in Rockville. "After that initial fact-finding discussion, borrowers should be educated on the fact that the loan approval depends on a variety of factors, including property type, debt-to-income ratios, the credit score and documentation of everything. A lot of borrowers are unprepared for the level of documentation they will need to provide."</span></span><br />
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<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">Borrowers also need to realize that sometimes they will not qualify for a mortgage.</span></span><br />
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<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">"Sometimes a loan simply will not fit into the guidelines for a particular program, and it can be frustrating for people," Mr. Stanger says. "For example, even if someone has good credit and good income, if they own too many investment properties, they might not be able to get another mortgage for a new one. Sometimes the appraisal will not show enough value in a property to allow the loan to go through. This can be frustrating for consumers, but the lenders have to stick to the guidelines."</span></span><br />
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<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">Mr. Stanger says some borrowers think lenders are being intrusive when they ask for information about things like alimony or child support, but they need to be prepared to answer all these questions, even if they seem personal.</span></span><br />
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<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">"Borrowers need to to jump in and make a commitment when they apply for a loan," Ms. Partlow says. "They should really treat the application process almost like a second job because if they are not timely in their responses to the lender they can delay the loan.</span></span><br />
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<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">"Consumers need to commit to timeliness and they need a sense of humor, too. It helps everyone if we recognize that there is a lot of paperwork required, so loan applicants should not get offended by the loan officer's requests."</span></span><br />
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<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;"><strong>Mr.</strong> <strong>Benner</strong> says borrowers today need to keep careful track of their funds as they go through the loan process.</span></span><br />
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<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">"Everyone needs to show a 30-to-60-day paper trail of where the money is coming from when they apply for a loan," <strong>Mr.</strong> <strong>Benner</strong> says. "A lot of people do all their transactions online now and may move money around in order to prepare for their down payment and closing costs, but they need to be able to give us printed statements that show where the assets are coming from."</span></span><br />
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<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">While borrowers must provide most of the documentation in the loan transaction, lenders are required to provide borrowers with a good-faith estimate within three days of the loan application. The estimate details anticipated closing costs along with the loan details so borrowers can compare loans with what other potential lenders offer.</span></span><br />
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<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">Once borrowers understand they will need to be responsive to lender requests for documents and information, they also should be comfortable enough to ask for financial advice from their lender.</span></span><br />
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<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">"We definitely provide advice to our borrowers, but not all lenders do that," Mr. Stanger says. "We think it's important that we are not just qualifying someone for a loan, but we also discuss the borrowers' overall comfort level with their mortgage payment.</span></span><br />
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<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">"I think lenders have a valuable role to play in terms of discussing the pros and cons of various loan options. For instance, if someone calls to check on interest rates for refinancing, it is better to discuss their overall financial goals and their current loan before focusing solely on rates. People need to understand the implications of their loan choices."</span></span><br />
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<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">Mr. Mendelson explains to his customers the option of wrapping closing costs into the loan or of paying a slightly higher interest rate to eliminate closing costs. He says his job is to educate borrowers on the pros and cons of different loan products.</span></span><br />
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<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">"I can also help people with credit problems improve their score," Mr. Mendelson says. "Not all lenders have this expertise, but some can help their customers by giving them advice about fixing errors, settling debt or shifting debt in order to improve their score. We have a computer program we can use that can help us evaluate what will improve someone's score the fastest."</span></span><br />
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<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">Ms. Partlow says the credit bureaus have software that lenders can use to anticipate potential improvements in the score depending on various steps a consumer takes.</span></span><br />
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<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">"We can't physically take over and fix someone's credit, but we can give them advice on things like paying down their credit card balance to keep it under 50 percent [of the credit limit]," Ms. Partlow says.</span></span><br />
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<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">Communication is key to a smooth mortgage transaction, and borrowers should establish how they want to communicate - by phone or e-mail, for example - as soon as they choose a lender.</span></span><br />
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<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">"If you are not hearing from your lender for a little while, you should definitely get in touch and make sure everything is going smoothly," Ms. Partlow says.</span></span><span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;"> "There are some lulls in the process sometimes, but you should expect to hear frequently from your lender about what is happening."</span></span><br />
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<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">Mr. Mendelson and Mr. Stanger say they send e-mails about once per week during the loan process and are immediately responsive if a client has a question.</span></span><br />
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<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">"Keeping people in the loop is an important part of good customer service," Mr. Mendelson says. "Customers should feel comfortable enough to ask questions or to discuss potential issues. I've had people quit their job just before settlement, which, of course, derailed the whole loan process. If they had just talked to me about it first, I would have told them to wait until after settlement."</span></span><br />
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<div class="MsoNormal" style="margin: 0in 0in 0pt;"><span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Verdana, sans-serif;">Mr. Mendelson says borrowers should be careful while waiting on their loan not to buy a new car, apply for new credit cards, overspend on their current credit cards or co-sign a loan for someone else, because each of these situations could cause the loan approval to be rescinded because of a lower credit score or a higher debt-to-income ratio.</span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
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</div><span style="font-family: Verdana, sans-serif;"></span>Douglas Benner, Senior Loan Office/NMLS# 179159http://www.blogger.com/profile/12347215342739270455noreply@blogger.comtag:blogger.com,1999:blog-1061909572544593230.post-2211367172690568132010-11-08T20:40:00.000-05:002010-11-08T20:40:28.032-05:00Preparing for Tomorrow<div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhniTq52qvNwdeX6flagZWlelc7bYzI9OfdO1GXBO3YzzjyACOQl-oUjQ88lnxdshCQgIBDoIf5zBTYaTP9PaCz4zr_6MDIlVtXnEOJgqcuQy0ym-NWqsKqAWDLAMV2kRAUu_kWneFbiMln/s1600/Clip+art+man+and+compass.JPG" imageanchor="1" style="clear: right; cssfloat: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" px="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhniTq52qvNwdeX6flagZWlelc7bYzI9OfdO1GXBO3YzzjyACOQl-oUjQ88lnxdshCQgIBDoIf5zBTYaTP9PaCz4zr_6MDIlVtXnEOJgqcuQy0ym-NWqsKqAWDLAMV2kRAUu_kWneFbiMln/s1600/Clip+art+man+and+compass.JPG" /></a>Monday, November 8, 2010 <br />
By Brad Finkelstein</div><div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><br />
Doug Benner, whose 2010 volume has already surpassed last year’s, is taking steps to source where his business will come from in the future.</div><br />
There are plenty of quotes and clichés about those who fail to adapt and change being left in the dust. Doug Benner, senior loan officer with Embrace Home Loans, knows that by being willing to adopt the latest marketing trends, he will stay ahead of the game.<br />
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Benner has been in the mortgage business approximately 13 years, starting at the now-defunct Federal Funding Mortgage. He has been with Embrace Home Loans’ Rockville, Md., office for the past three and a half years.<br />
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Embrace, he notes, has the best technology he has seen from a loan officer and compliance standpoint.<br />
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Prior to entering the mortgage business, for 13 years he traveled the world working for a government contractor. He was a looking for an opportunity where if he put the effort in, he would get compensated fairly for it.<br />
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Benner spoke with people in the industry and figured he would give this a shot. Furthermore, he adds, he liked real estate (he has been a long-time purchaser of investment properties) and he liked math and doing calculations.<br />
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In his time in the business, he has ridden the up-and-down waves, and right now he is in “a very big upturn right now.”<br />
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For the year so far, Benner has loan production volume of $54 million, with many more loans in the pipeline. So he will far surpass his 2009 volume of $52 million.<br />
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Having been through the cycles, Benner has learned a few lessons he has applied to his business, one of which is “don’t let an opportunity go when you have an opportunity like” today’s market. He and a few of his colleagues are working as much as they can to take advantage of what is happening, doing the things to keep the funnel full on the front end and keep them flowing through the system on the back end.<br />
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Benner is one of the top purchase loan originators at his company, although the bulk of his business by market share is refinance, approximately 70% to 30%.<br />
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His business is all referral-based. “I’m lucky enough to have a lot of A-paper professional clients, attorney, doctors and such. I would say I do a lot more conforming products, in the large loan amounts, $400,000 plus.<br />
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“Being in the D.C. metropolitan marketplace, there are FHA loans, VA loans, rural housing loans and these other niche products. But I find the referrals I get are for conforming, conventional financing, purchase and/or refinance clients.<br />
“So my loan sizes are larger than the average,” Benner said. Given that client base, he also originates traditional jumbo mortgages as well.<br />
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Approximately 80% of his business comes from Montgomery County, Md., Washington and northern Virginia. He does some loans in Delaware. One recent application was for a USDA Rural Development loan in western Maryland.<br />
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His clients come from three sources: Realtor referrals for purchase loans, financial planner, typically (but not always for) refis and current and past client referrals.<br />
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Benner does very little in the way of co-branding with his Realtor referral sources. Rather he relies on his reputation for attracting this business source—that he has good rates, he will take care of the loan through the process and that he and his team will make sure the loan closes on time, without hiccups.<br />
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Benner says he might provide open house financing sheets but for the most part he does not spend marketing dollars on co-branding efforts. The logic behind this: If a real estate office has 50 brokers and he only co-brands with only one, the other 49 in the office might not refer their clients to him.<br />
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He also does a blog, which he said his assistants helped him develop. The blog provides mortgage news and trends as well as occasional personal information as well.<br />
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For example, the week of Oct. 11, the blog had entries on the effect of the foreclosure crisis on buyers and sellers, short sales and pictures from an open house Embrace had.<br />
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To keep in touch with his database of past clients, Benner utilizes the marketing campaigns provided by Loan Toolbox. He called it “the best follow-up system in the country.”<br />
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Helping Benner is a production assistant who helps him do things like ordering title, appraisals, and subordinations and helping get the loan set up in the system. When this assistant is done with it, the loan then goes to his processing staff.<br />
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He takes 80% of the applications over the telephone himself. There is also an online link for some of his more tech savvy clients.<br />
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Still, he said he could take an application over the telephone himself in less than 10 minutes. He likes to have some communication with the client on the front end to help personalize their dialog. It lets him get a feel for the client, what they are looking to do and what their concerns are and what they are trying to achieve.<br />
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Plus, some real estate agents that he works with insist that he meets face-to-face with the client at the agent’s office, “and develop the bond between the three of us, the agent, the client and myself.” Benner added, while he does do this in some cases, but if it is done too much, he (and any other sales person) won’t have time to take their sales to the next level.<br />
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“When I started out 13 years ago I would drive anywhere to get a deal, anywhere to get a document, to get a loan closed. But that is just the way we were,” he said.<br />
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In addition, Benner has a marketing assistant that helps him update his client database, get the information to Loan Toolbox and also help his social media marketing efforts.<br />
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In fact, he continued the use of things like Facebook, LinkedIn, Twitter and the like (including his blog) are “the most critical going forward” in terms of mortgage marketing, especially with the upcoming generation of potential homebuyers.<br />
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In fact, he calls this type of marketing better than being part of a Business Network International B2B referral group. “Putting yourself out there like that is exponentially more powerful,” Benner said. He has pages on both Facebook and LinkedIn.</div><div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><br />
Most people who are starting the home buying process today are first going to real estate websites. In the same vein, going forward, there will be a large group of those under the age of 30 using social media to find a loan officer and/or seek referrals about those originators, he said.</div><div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><br />
So he hired his marketing assistant “to help me develop that part of the business model that I never even explored before. So that is a new piece of the business.”</div><div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><br />
Benner adds there are only so many referrals that can be gotten from past clients and business partners. “If you can grow that and find even more business on the front end through these other mediums, there is nothing wrong with that.</div><div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><br />
“I would love to get to the point (where he is so busy) where I can’t take loans,” he continued, noting one should not do more loans than either he or she and/or their company can handle.</div><div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><br />
Part of that is having enough people to handle the workload. Even though he is a W-2 employee, Benner said he can still help employ people by growing his business. But that business is not going to grow if he stays static.</div><div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><br />
</div><div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; text-align: center;"><span style="font-size: xx-small;">©2010 National Mortgage News and Source Media, Inc. SourceMedia is an Investcorp company. All rights reserved.<br />
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For reprints call Denise Petratos at 212-803-6557.</span><a href="http://www.originationnews.com/aboutus/privacy_policy.html"><span style="font-size: xx-small;">Privacy Policy</span></a></div>Douglas Benner, Senior Loan Office/NMLS# 179159http://www.blogger.com/profile/12347215342739270455noreply@blogger.comtag:blogger.com,1999:blog-1061909572544593230.post-13412810915615887202010-11-03T13:03:00.001-04:002010-11-03T17:26:16.220-04:00Do Lenders Even Want to Close Deals?I can't tell you how many emails and phone calls I receive asking me why I need so much more information than the last time they purchased or refinanced their home.<br />
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The answer is two-fold, It is not only the credit crisis which has tightened guidelines considerably but also Freddie Mac and Fannie Mae are sitting on mountains of bad loans and losses. So what are they doing? They are requiring lenders to buy back loans with any flaw they can find. <br />
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<strong>So what do the lenders do?</strong> Well, they make sure there are no flaws, period. You are just at the end of the chain here. I recently spoke to an underwriter who works for a major national lender and he said he can now only underwrite two loans per day compared to ten loans per day just a short time ago because of all the checks and balances now required by the lenders. The time and cost of properly underwriting is increasing the cost of the entire process. <br />
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<strong>Will this get better?</strong> The pendulum swings both ways but I do not think it will swing all the way back to where it was. Let's hope it doesn't because we all know the damage it can do to our nation as a whole when we don't require strict enough guidelines. We will all suffer for some time to come and improvements will come gradually, just like the housing and employment markets. In the meantime, we must document your loans accordingly. It is important that all originators have a thorough understanding of what documentation will be required from the lender so they can properly advise their clients on what to expect during the underwriting process.Douglas Benner, Senior Loan Office/NMLS# 179159http://www.blogger.com/profile/12347215342739270455noreply@blogger.comtag:blogger.com,1999:blog-1061909572544593230.post-10877821948175449622010-10-28T10:32:00.001-04:002010-10-29T11:19:34.277-04:00Meet My Newest Assistant, Bentley! <br />
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<div style="text-align: right;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj2e4BHzPd1U6NrDaHj7WAxeChwMXANDpv24EEMT-4LcX0RSfpbt1e6mI1kmDDkUAYnRgB8rkutFEOfTsYIjG52TMQw9rSKHAx0G5CtPzxXfwonjckVZS_uSqJt_w-cWuKwja1oR56x-jbL/s1600/BENTLEY+and+DOUG.jpg" imageanchor="1" style="clear: right; cssfloat: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="400" nx="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj2e4BHzPd1U6NrDaHj7WAxeChwMXANDpv24EEMT-4LcX0RSfpbt1e6mI1kmDDkUAYnRgB8rkutFEOfTsYIjG52TMQw9rSKHAx0G5CtPzxXfwonjckVZS_uSqJt_w-cWuKwja1oR56x-jbL/s400/BENTLEY+and+DOUG.jpg" width="240" /></a></div>Last weekend my family and I picked up this little guy from the Humane Society. My daughter named him Bentley which suits him well. Bentley is 14 weeks old and was brought to Maryland from Kentucky where he and his brothers and sisters were going to be euthanized because of the lack of funding and support in these shelters. There are so many animals that need rescued in this country, why someone would rather pay for a dog that comes with a fancy pedigree rather than save a dog from an early demise is beyond me. The best pets I have ever had were rescues because they actually appreciate the life and love you give them and in return they work hard to please and typically are very affectionate. If you are looking to bring home a pet, PLEASE at the very least visit your local Humane Society or animal shelter and just see if you don't fall in love with a pet that will be loyal and grateful to you for years to come. Another great resource for finding adoptable pets that desperately need homes is <a href="http://www.petfinder.com/">http://www.petfinder.com/</a>. You can define your search criteria by breed, gender, age, and location. Check it out, you will be glad you did, I know Bentley is!Douglas Benner, Senior Loan Office/NMLS# 179159http://www.blogger.com/profile/12347215342739270455noreply@blogger.comtag:blogger.com,1999:blog-1061909572544593230.post-65411671490634127562010-10-19T17:28:00.001-04:002010-10-22T09:29:46.696-04:006 Questions to Ask Before You Refinance<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDTbkujo6_ep7EqriWfKiMumrMrQHIxmFQQ2wzLgHApZKMMZ-VfTHEyzIOuDC2lWaoltJAxYtFPLgi2y5sgYHlSG-L7-dnuPekJ51Va4nUjLy3Zk3BaMImbkLAwHTLbOSO6jA-5uGm6Rsl/s1600/dollar+bill+house+flower+pot.JPG" imageanchor="1" style="clear: left; cssfloat: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" ex="true" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDTbkujo6_ep7EqriWfKiMumrMrQHIxmFQQ2wzLgHApZKMMZ-VfTHEyzIOuDC2lWaoltJAxYtFPLgi2y5sgYHlSG-L7-dnuPekJ51Va4nUjLy3Zk3BaMImbkLAwHTLbOSO6jA-5uGm6Rsl/s320/dollar+bill+house+flower+pot.JPG" width="320" /></a></div><br />
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<div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">To refinance or not to refinance...That is the question?</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">Before taking the leap and opting to refinance, homeowners should ask themselves the following six questions.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: x-large;"><strong><u>Do I have equity in my home?</u></strong></span></div><span style="font-family: Calibri;"></span><span style="font-family: Calibri; font-size: large;"></span><br />
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<span style="font-size: large;">Homeowners need to have at least 20 percent equity in their home to qualify for a new loan without paying </span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">Today, many homeowners are underwater -- meaning they owe more on their mortgages than the house is worth. However, being underwater or having little equity does not necessarily rule out a refi.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">"Homeowners should still apply for a refinance even if they have low equity, because there are some Fannie Mae and Freddie Mac programs and<span style="color: black;"> </span></span><span style="color: black; font-family: Calibri; font-size: large;">FHA loans</span><span style="font-family: Calibri; font-size: large;"> that may accept them," Hsieh says. "The best way to find out if you fit into a program is to go to a lender."</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">Roy Meshel, district vice president for W.J. Bradley Mortgage in Phoenix, recommends homeowners refinance quickly in case the housing slump deepens, causing values to depreciate even more.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">Patrick Cunningham, vice president of Home Savings & Trust Mortgage based in Fairfax, Va., recommends an increasingly popular approach -- the so-called </span><span style="color: black; font-family: Calibri; font-size: large;">"cash-in" refinance</span><span style="font-family: Calibri; font-size: large;">.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">"Some people are opting to bring cash to the settlement in order to pay down their loan balance to qualify for a refinance," he says.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: x-large;"><strong><u>Do I have good enough credit?</u></strong></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">Borrower credit scores play a big role in securing a good </span><span style="color: black; font-family: Calibri; font-size: large;">mortgage rate</span><span style="font-family: Calibri; font-size: large;">. In fact, you'll need a good credit score to qualify for any type of mortgage at all.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">Mortgage rates operate on a sliding scale, with the lowest rates going to applicants with the highest credit scores of 720 or higher.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">Borrowers with scores below 620 will have trouble qualifying for a mortgage at any rate.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
<span style="font-family: Calibri; font-size: x-large;"><strong><u>What are my financial goals?</u></strong></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">Many homeowners refinance to lower their monthly payments. A </span><span style="color: black; font-family: Calibri; font-size: large;">mortgage calculator</span><span style="font-family: Calibri; font-size: large;"> can give borrowers a sense of what their new payment would be after a refi.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">Others choose a shorter-term loan with higher monthly payments so they can reduce overall interest payments and own their homes faster.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">"Some people are restructuring their loans to a 20-, 15- or 10-year mortgage, which works well for people with plenty of disposable income," Cunningham says. "But I worry that people are too focused on paying off their mortgage and not integrating this decision with their overall financial plan."</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">Cunningham urges borrowers to make sure they contribute to </span><span style="color: black; font-family: Calibri; font-size: large;">retirement</span><span style="font-family: Calibri; font-size: large;"> savings and college savings, pay off high-interest debt, and save six to 12 months of expenses "before opting for a shorter, more expensive mortgage."</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">Meshel says people should consider whether they want to retire without a mortgage before opting for a new 30-year loan. Those who have employment concerns may want to refinance into the lowest possible payment in case they experience a job loss.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: x-large;"><strong><u>How long do I plan to stay in this home?</u></strong></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">Mortgage professionals generally tell borrowers to expect a home refinance to cost 3 percent to 6 percent of the loan amount. A simple calculation shows how long it will take to reach the break-even point when the </span><span style="color: black; font-family: Calibri; font-size: large;">savings</span><span style="font-family: Calibri; font-size: large;"> outweigh the costs.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">"If the breakeven is at 15 months and you plan to stay in the home for five years or longer, it is probably worth it to refinance," Cunningham says. "But if you plan to move in two years, it may not make sense."</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">Meshel says long-term homeowners who are close to paying off their mortgages might not want to refinance because of the costs incurred.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
<span style="font-family: Calibri; font-size: x-large;"><strong><u>What are the terms of my current loan?</u></strong></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">Borrowers with </span><span style="color: black; font-family: Calibri; font-size: large;">adjustable-rate mortgages</span><span style="font-family: Calibri; font-size: large;"> or interest-only loans should consider the potential benefit of switching to a fixed-rate loan. Hsieh says all borrowers with ARMs should switch to a fixed-rate loan unless they intend to move within one year.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">However, Cunningham says some borrowers can benefit by sticking with their current ARM.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">"Consumers with a subprime ARM should definitely switch to a new loan," Cunningham says. "But some with conventional ARMs may find that they are in a good loan and that their rates are actually dropping."</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">While new loans today rarely have a prepayment penalty, many homeowners still have loans with that restriction, which could reduce the financial gain of a refinance, Meshel says.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
<span style="font-family: Calibri; font-size: x-large;"><strong><u>Do I have a second mortgage or line of credit?</u></strong></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">Cunningham says borrowers with a second </span><span style="font-family: Calibri; font-size: large;">mortgage</span><span style="font-family: Calibri; font-size: large;"> will face additional complexity when refinancing.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Calibri; font-size: large;">"Borrowers can either pay off the second loan or combine the two loans into a larger first mortgage," Cunningham says. "Otherwise, the lender holding that second loan must agree to stay in second position behind the lender of the first mortgage, which the lender may or may not be willing to do."</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size: large;">Article written by: Michele Lerner, Bankrate.com</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br style="mso-special-character: line-break;" /></div>Douglas Benner, Senior Loan Office/NMLS# 179159http://www.blogger.com/profile/12347215342739270455noreply@blogger.comtag:blogger.com,1999:blog-1061909572544593230.post-13151540524834886932010-10-15T17:11:00.001-04:002010-10-16T15:53:35.329-04:00What does the foreclosure mess mean to buyers and sellers?<div class="separator" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQ-ooByp436f4jyx-qczNEPnENH6YNfSayrA7m9Blq6TKsBjRxG0augDGismfDg3Y26cWR7klLo5ATd8HcX9M6SrKPJLUlhj31TtM8Y0Woueo9sh2U0S6OGRNjCFtGInTUKMnqIO9HMKjY/s1600/foreclosure_sign_closeup.jpg" imageanchor="1" style="clear: right; cssfloat: right; float: right; margin-bottom: 1em; margin-left: 1em;"><span style="font-family: inherit;"><img border="0" ex="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQ-ooByp436f4jyx-qczNEPnENH6YNfSayrA7m9Blq6TKsBjRxG0augDGismfDg3Y26cWR7klLo5ATd8HcX9M6SrKPJLUlhj31TtM8Y0Woueo9sh2U0S6OGRNjCFtGInTUKMnqIO9HMKjY/s1600/foreclosure_sign_closeup.jpg" /></span></a></div><span style="font-family: inherit;">You've probably seen the headlines about the fast-spreading </span><a href="http://www.washingtonpost.com/wp-srv/business/foreclosure-freeze/index.html" target=""><span style="color: #0c4790; font-family: inherit;">foreclosure mess</span></a><span style="font-family: inherit;"> - moratoriums on home sales, calls for congressional investigations, and state and federal litigation in the wings. </span><br />
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<span style="font-family: inherit;">But what could all of this mean to you as a homeowner, buyer or seller? Potentially more than you might assume. It all depends on your situation. </span><br />
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<span style="font-family: inherit;">For example, although you might not be delinquent on your mortgage, the bank-owned house down the street that hasn't gone to foreclosure sale - and has been sitting vacant and in disrepair for months - might not be resold for an extended period to new owners who would make needed repairs and capital improvements. If the house becomes a long-term eyesore, it could negatively affect neighborhood property values. </span><br />
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<span style="font-family: inherit;">In fact, it's possible that the evicted former owners are hiring a lawyer to look through documents for evidence of irregularities in processing by the bank that could throw the entire foreclosure into question and stall any resale for months. </span><br />
<br />
<span style="font-family: inherit;">"The phones are ringing off the hook," said Ronald Scott Kaniuk, a foreclosure and bankruptcy law specialist in Boca Raton, Fla. "People know that the banks haven't been playing fair" on foreclosures and have cut corners through mass "robosignings" of documents rather than proper reviews, he said. The coming tidal wave of private and public litigation against banks could stall foreclosures indefinitely, he said. </span><br />
<br />
<span style="font-family: inherit;">The sheer numbers of houses and families potentially affected are huge. According to data researcher RealtyTrac, lenders filed for foreclosure on approximately 339,000 homes nationwide during August alone. During the same month, banks took back about 95,000 homes for eventual resale. Roughly 5 million households are somewhere in the foreclosure process, according to industry estimates; they've received notices of default and are on the conveyor belt to foreclosure and eviction. </span><br />
<br />
<span style="font-family: inherit;">Even without mass litigation gumming up past and future foreclosures, the process is often not a speedy one, especially in the 23 states where courts must approve each foreclosure. In the slowest states, the full cycle can take more than 500 days from the first filing to the actual sale. </span><br />
<br />
<span style="font-family: inherit;">Based on conversations with legal, banking and real estate experts, here are some of the potential scenarios and issues emerging from the national foreclosure mess. Say you fit into one of these categories: </span><br />
<br />
<span style="font-family: inherit;"><i>Recent buyer of a foreclosed home.</i> There's a chance that the bank's foreclosure processing could be found to have been improper or that the bank did not adequately document its legal title to the house. What does this mean for you? The first question to ask is: Did I take out title insurance that protects me? If you financed the purchase, it's virtually certain the mortgage company required at least a lender's policy that covers title issues affecting its collateral. The title insurance underwriter will go to court, if necessary, to defend the lender's interest and compensate it for any legitimate losses. But if you did not take out an owner's policy, or bought for all cash, you could find yourself defending your investment on your own. </span><br />
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<span style="font-family: inherit;"><i>Financially distressed homeowner who recently received notice of a foreclosure filing from the bank.</i> What to do? Peter J. Henning, a professor at Wayne State University Law School, says now more than ever it is crucial to ask a lawyer to review all documents you receive. Henning says that banks have been sloppy in their high-volume processing of foreclosures. "They often seem to have sort of a 'good enough for government work' approach," he said, "because they assumed nobody was watching." The foreclosure crisis, which Henning calls "Hydra-headed" in its wide-ranging effects, should force banks to be more careful in foreclosures, he said. </span><br />
<br />
<span style="font-family: inherit;"><i>Homeowner is behind on payments but has not received a foreclosure notice.</i> Ira Rheingold, executive director of the National Association of Consumer Advocates, which provides support to foreclosure legal-assistance programs, says this may be a propitious time to demand a loan modification - even a substantial principal reduction - from your loan servicer. The nationwide foreclosure mess "might shake up the banks enough to convince them to finally become real partners" in devising workable solutions for distressed borrowers, "forcing them to deal with the reality they've created." </span><br />
<br />
<span style="font-family: inherit;">For their part, some of the country's largest banks insist that their foreclosures have been proper and that foreclosed borrowers typically are severely delinquent. </span><a href="http://financial.washingtonpost.com/custom/wpost/html-qcn.asp?dispnav=business&mwpage=qcn&symb=BAC&nav=el" target=""><span style="color: #0c4790; font-family: inherit;">Bank of America</span></a><span style="font-family: inherit;"> says that its average customer who goes to foreclosure has not made mortgage payments for 18 months. </span><br />
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<span style="font-size: x-small;">Written by: </span><br />
<div id="byline"><span style="font-size: x-small;">Ken Harney</span></div><span style="font-size: x-small;">Friday, October 15, 2010; </span><br />
<div class="separator" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEicBFEJRDoDSUlopVbg63Bc_IcZ-0NkHeWg0HzTpvs1SSYmb0CnIBxIwWZlxdpDGwqHyBydEFeu8Nah4qVG9mGy9Bj6GipxwW12iLK_MkZeMI8tMgeQ9jPdK2D7vhh1uFzuO5ByKOcu29fC/s1600/foreclosure_sign_closeup.jpg" imageanchor="1" style="clear: left; cssfloat: left; float: left; margin-bottom: 1em; margin-right: 1em;"><span style="font-family: inherit;"></span></a></div>Douglas Benner, Senior Loan Office/NMLS# 179159http://www.blogger.com/profile/12347215342739270455noreply@blogger.comtag:blogger.com,1999:blog-1061909572544593230.post-47597906890338910222010-10-13T14:04:00.000-04:002010-10-13T14:04:03.346-04:00The Short Sale<div style="text-align: center;"><em><span style="color: #ff7800; font-size: large;">A Unique Selling Proposition for Real Estate Agents</span></em></div><div style="text-align: center;"><br />
</div><div style="text-align: left;"><span style="font-family: Verdana, sans-serif;">While a short sale may be a last resort for many homeowners facing foreclosure, it also represents a great opportunity for potential home buyers and real estate investors. This article is designed to help answer a few basic questions about the substantial risk and reward involved in this extremely complex and often drawn out process. <br />
<br />
<b>What is a Short Sale?</b> <br />
<br />
A short sale is a legally-binding agreement to allow a home to be sold for less than the amount that is owed. And, while short sales are not by any means common or easy, because of increasing inventory levels and foreclosures in some parts of the country, lenders are much more eager to negotiate with borrowers who are having trouble paying their mortgages. For potential home buyers and real estate investors, a short sale also offers a great opportunity to purchase property at a significant discount. <br />
<br />
However, don't expect a lot of help from the lender without first providing a sales contract from a qualified buyer and all the information required by the lender's loss mitigation department. <br />
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Of course, lenders are not looking to bail out "flippers" or other borrowers who simply overextended themselves. In most cases, a borrower must have suffered a serious financial hardship that directly caused him or her to default on the mortgage: the loss of a job, a serious illness, or the death of a loved one. <br />
<br />
A written declaration and supporting documentation demonstrating financial hardship will definitely be required by the lender. This may include pay stubs, tax returns, and liquid asset statements, among other documentation. <br />
<br />
<b>Key Considerations to Keep in Mind</b> <br />
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It's important to note that the difference between what is owed on a mortgage and the final amount the lender collects after the costs of the sale, including real estate commissions and possibly other charges don't simply disappear in a short sale. In the past, this deficiency or "canceled mortgage debt" was considered taxable income to the borrower. However, thanks to the Mortgage Forgiveness Act of 2007, the tax burden for qualifying canceled mortgage debt (as high as 35%) for primary residences only has been temporarily waived. The federal timeline has been extended to 2012 although states are not required to follow it for state income.<br />
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If there are multiple liens against the property, all lien holders will have to be involved in the negotiation process, not just the first lien holder. Therefore, communication and patience are essential components of any short sale. This is why an experienced real estate agent and mortgage professional become so valuable to this process.</span></div>Douglas Benner, Senior Loan Office/NMLS# 179159http://www.blogger.com/profile/12347215342739270455noreply@blogger.comtag:blogger.com,1999:blog-1061909572544593230.post-27058952215589361872010-10-11T14:59:00.000-04:002010-10-11T14:59:58.983-04:00Embrace Open House 2010 <table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXV9jI7l4PyrGgrEaXMLOrgV8RtJZ_FWdb_zKUSmg88b9CrLPwEtQ8KSUjGXKOQ3W1EcZdGXbfbaLg3ja08ukSCsoWYBEDmPd3goQncvjp6enaK9KBVo_ZaUSqrAtDJMCvjUn9rOc-2Bc8/s1600/Embrace+Open+House+Crew+blog.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" ex="true" height="173" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXV9jI7l4PyrGgrEaXMLOrgV8RtJZ_FWdb_zKUSmg88b9CrLPwEtQ8KSUjGXKOQ3W1EcZdGXbfbaLg3ja08ukSCsoWYBEDmPd3goQncvjp6enaK9KBVo_ZaUSqrAtDJMCvjUn9rOc-2Bc8/s400/Embrace+Open+House+Crew+blog.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The Embrace Family</td></tr>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGwcch0XfqDxqI7DQM583uCqr9I3ujT0SAznDODgdMQF1Vfj3ptOT_zLEkoaoqA0MoTCwdTJcrLDDMLbHOP9xAiP9wEezgCtaaLd60Hx8r_ll4zcC5SqW-gIf6Q13d-2sHU2XwS_vySV3b/s1600/openhouse+collage.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" ex="true" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGwcch0XfqDxqI7DQM583uCqr9I3ujT0SAznDODgdMQF1Vfj3ptOT_zLEkoaoqA0MoTCwdTJcrLDDMLbHOP9xAiP9wEezgCtaaLd60Hx8r_ll4zcC5SqW-gIf6Q13d-2sHU2XwS_vySV3b/s400/openhouse+collage.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">A great evening with great people!</td></tr>
</tbody></table>Douglas Benner, Senior Loan Office/NMLS# 179159http://www.blogger.com/profile/12347215342739270455noreply@blogger.comtag:blogger.com,1999:blog-1061909572544593230.post-73208321612064721582010-10-07T12:28:00.000-04:002010-10-07T12:28:48.160-04:00Embrace Home Loans- OPEN HOUSE TONIGHT!!! <table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgRHm0Tbw_N9s7dJ_3XdzJ_hPmkj9xCkSxtDBCGgfiALL83V8Zoka3d1Dvl4IoYQ2gMl3tJWie200oVygAMcsjvTc75pUjdrZV1ZXoRUdZesYv1UUsYsebHSqWdZMggHrzLMud2exaAjUf/s1600/Embrace_Openhouse_Invite.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" ex="true" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgRHm0Tbw_N9s7dJ_3XdzJ_hPmkj9xCkSxtDBCGgfiALL83V8Zoka3d1Dvl4IoYQ2gMl3tJWie200oVygAMcsjvTc75pUjdrZV1ZXoRUdZesYv1UUsYsebHSqWdZMggHrzLMud2exaAjUf/s640/Embrace_Openhouse_Invite.png" width="443" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"></td></tr>
</tbody></table> <div style="text-align: justify;"><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif; font-size: large;">Please join us tonight at our Open House, it is shaping up to be a great event and you'll even get a gift bag! Just send me an email and I will add you to our guest list or comment directly on this post. See you there!</span></div>Douglas Benner, Senior Loan Office/NMLS# 179159http://www.blogger.com/profile/12347215342739270455noreply@blogger.com