Mortgage & Money Matters

Indiana Amber Alert

2010-03-03T15:24:00.001-05:00

This alert was just issued. Call the police if you can help!

NAME: Naomi Primos
ALIAS/NICKNAME:
LOCATION LAST SEEN: 311 Roosevelt , Gary Indiana
DESCRIPTION: Naomi Primos is a 4 year old, black female, 3 foot 4 inches tall, 48 pounds. Naomi was last seen wearing tan pants with a green long sleeve undershirt with a white polo shirt with green crest that says Midwest Elite.
CONTACT:
Detective Russell

Gary Police Department
555 Polk Street, Gary, IN 46402
1-219-881-1229
case # 10-13971
ALERT STATUS: Alert
DATE OF ALERT: 03/03/2010
TIME OF ALERT:
PAGE UPDATED: 03/03/10
BROADCAST SCRIPT:
* Read exactly as written
Download Script:
The Gary Police Department is investigating an abducted child from Gary, Indiana, Naomi Primos, a Black/Female/4 years old/3foot 4inches tall/48 pounds/Brown shoulder length hair/brown eyes/scar on the lower back left side waist. Naomi Primos was last seen at 11:30 AM on March 2, 2010 at 311 Roosevelt St., Gary, Indiana, and is believed to be in extreme danger. Naomi Primos was wearing tan pants with a green long sleeve undershirt under a white polo shirt with a green crest that says Midwest Elite. Gary Police Department says Naomi Primos was likely abducted by Nelson Chew a Black/Male/44 years old/6foot 2 inches/200 pounds/short brown hair/brown eyes. The suspect vehicle is 2004 Taupe in color Cadillac SRT SUV Wagon Indiana license plate MW3473. If you have any information on Naomi Primos, please contact the Gary Police Department at 1-888-58AMBER.
UPDATE:
1 2 3 4 5

http://www.amberalertindiana.com/index.php

Man Arrested for Stealing Real Estate From Rightful Owners

2010-03-02T12:56:00.000-05:00

Hey Folks!

Here is another twist with Real Estate fraud. Norris Fisher, 62, from Fort Worth, Texas, has been arrested on a mail fraud charge.

Fisher filed fraudulent warranty deeds with the County Clerk’s Office. The deeds were almost always vacant lots with unpaid taxes and week liens. After forging the deed the clerk’s office would record it and mail the original deed to the name and address designated on the warranty deed. To conceal the connection Fisher filed a change-of-address form with the US post office (the mail fraud) to a PO box that he rented.

Fisher also identified properties whose owners had recently died. He forged the heirship affidavit and then forged a warranty deed. He would then file an additional fraudulent warranty deed that transferred the property from the first entity to other business entities he controlled.

After transferring the stolen properties to an entity he controlled he would lease the mineral rights or sell the property.

According to the affidavit, Fisher acquired more than 100 real properties valued at more than $1,000,000.00.

This is just another of many stories that have put our industry in peril. When the dust settles billions and maybe trillions will be lost. Now it’s important as ever to deal with a professional with your interest in mind. When you need some help I’m here for your questions.

American Bank Mortgage Group is a direct lender servicing all 50-states. I’m centrally located in Indianapolis, IN and can help answer your questions and best of all we close mortgages in 10-days or less.

At your service,
Tony Grego
Senior Mortgage Banker
American Bank - Indianapolis, IN Branch

www.getmyratequote.com
www.tonygrego.com to learn more about me

317-348-0280 direct line
317-536-3754 fax

"Bankers with vision, helping people with dreams!"

No Mail on Saturday? Will This Be A Big Change To Lending?

2010-03-02T12:52:00.001-05:00

Hey Folks!

Well now the United States Post Office is in trouble. They estimate a loss of $238,000,000,000.00 in the next ten years.

What does the post office want? More flexibility in setting delivery schedules, price increases, and labor cost.

What does this mean to us? While rumored for a long time we may now have our mail delivered 5 days a week. This will eliminate Saturday service. Current “rule of thumb” is since we have mail on Saturday, it counts as a “business day”. With the post office closed will Saturday, now be treated like Sunday, or Federal Holiday?

If so we will no longer be able to “fund” loans on Saturday. This can take an enormous toll with purchase money and even a bigger toll with folks refinancing current homes.

Now if the post office gets it way will others follow? Banks, Drug Stores, Retail Stores? Are we headed back to the old “blue laws” or will our society become a 24/7 community? Guess only time will tell.

For now everything is fine. So when you need some help I’m here on Saturday (also Sunday, nights, and holidays)

At your service,
Tony Grego
Senior Mortgage Banker
American Bank - Indianapolis, IN Branch

www.getmyratequote.com
www.tonygrego.com to learn more about me

317-348-0280 direct line
317-536-3754 fax

"Bankers with vision, helping people with dreams!"

Last Week Mortgage Rates Held Near 2010 Lows. What Will Happen This Week?

2010-03-02T10:09:00.001-05:00

Hey Folks!

Mortgage rates ended last week near the lows of 2010 as mortgage backed securities prices rallied higher in the first half of the day. This allowed most lenders to improved rates. These gains didn't make it through the day, MBS prices fell late in the afternoon which forced some lenders to reprice for the worse. After all was said and done rates were just about the same as when the week started.

This week begins with Personal Income and Spending Data. Next is consumer spending and finally is the Personal Consumption Expenditure. At the end of Monday mortgage rates were higher.

Here is this weeks reports that will affect mortgage rates:

Wednesday

MBA Applications Index(low impact)
ADP Employment Report, not as important as Friday’s Employment Situation report but gaining momentum as an early predictor of non-farm payrolls. ADP forecasts a loss of 70,000 private payroll jobs. (medium to high impact)
ISM Non-Manufacturing Index(low to medium impact)
Beige Book. This data outlines economic conditions around the United States and is used as a point of reference during FOMC meetings where our nation’s monetary policy is set. (medium impact)

Thursday

Weekly Jobless Claims (medium impact)
Productivity and Costs (medium impact)
Factory Orders(medium impact)
Pending Home Sales Index, many economists believe that until housing picks up our economic recovery will be slow which makes tracking home sales data of much more importance today than in prior years.(medium to high impact)
Treasury Announcement of size of next week’s auction of 3 year notes, 10 year notes and 30 year bonds. The additional supply of debt on the market will pressure treasury and MBS prices lower which increases yields and rates. (medium impact

Friday

Employment Situation, this is the single most important report we get on a monthly basis. Early predictions call for a loss of 50,000 jobs and the unemployment rate moving higher to 9.8%. (HIGH IMPACT)

Reports from fellow mortgage professionals indicate rate sheets to be slightly worse than the repriced rate sheets of Friday afternoon. The par 30 year conventional rate mortgage continues to hold in the 4.75% to 5.00% range for well qualified consumers. To secure a par interest rate you must have a FICO credit score of 740 or higher, a loan to value at 80% or less and pay all closing costs including an estimated one point loan origination/discount/broker fee. You may elect to pay less in closing costs, but you will have to accept a higher interest rate.

At your service,
Tony Grego
Senior Mortgage Banker
American Bank - Indianapolis, IN Branch

www.getmyratequote.com
www.tonygrego.com to learn more about me

317-348-0280 direct line
317-536-3754 fax

"Bankers with vision, helping people with dreams!"

Flying blind on mortgage terms and fees could cost you

2010-03-01T14:19:00.001-05:00

If you plan to take out a mortgage or refinance anytime soon, you might want to hear this blunt message from federal officials: Don't fly blind.

When you're shopping among competing lenders for the best loan terms and fees, make sure you know which quotes come with a guarantee, and which do not.

Depending upon how loan officers provide their quotes upfront — on an informal "work sheet" that carries no federal consumer protections, or on a new, three-page "good-faith estimate" (GFE) mortgage-shopping tool that comes with rock-hard guarantees — there could be a world of difference.

A loan officer might quote you fees that are lowballed by hundreds of dollars on an informal work sheet to get your business in the door. But if the quotes are made on a GFE, they've got to be accurate because under new federal rules that took effect Jan. 1, any significant excesses must come out of the lender's own wallet at settlement.

Recently the Department of Housing and Urban Development (HUD) brought together representatives of the highest-volume mortgage lenders — who originate a combined 80 percent-plus of all new home loans — to review the agency's reformed GFE and closing documents.

Among the issues discussed: the widespread use of informal work-sheet estimates to quote loan shoppers mortgage rates and settlement fees.

HUD does not object to lenders using work sheets to give casual shoppers a rough idea of what they'll pay. But the agency says it wants lenders and loan officers to make clear to customers that work sheets are not GFEs, and they are not guaranteed.

At the meeting, HUD Deputy Assistant Secretary Vicki Bott warned that under no circumstances can work-sheet quotes be issued to a mortgage applicant "in lieu of a GFE."

Once a consumer supplies the essential application information — Social Security number, property address and estimated value among others — lenders must issue a binding-cost GFE rather than a work sheet, according to Bott.

Also, loan officers cannot refuse to provide a GFE to an applicant who requests one, nor can they tell applicants they can only receive a GFE if they commit to moving forward with their company to obtain the mortgage.

Loan shoppers "do not have to move forward with a lender to get a GFE," said Bott after the lender meeting. "By no means can they say you are bound to me as your lender" after issuance of a cost-guaranteed GFE.

Why? Because the whole concept of the revised GFE is to enable homebuyers and refinancers to shop intelligently, with confidence in lenders' estimates. You can now get cost-guaranteed quotes on a GFE from one lender, then take them and compare them with GFE quotes from competitors.

The new form contains itemized boxes allowing comparison of up to four different lenders' quotes — from interest rates to loan fees to prepayment penalties and total settlement expenses.

The GFE also ties upfront estimates to later charges at closing, and encourages borrowers to check line by line for any discrepancies.

The form explains which fees come with zero tolerance for changes between upfront estimates and closing — generally the lender's own loan fees and local transfer taxes — and which fees allow a 10 percent tolerance for higher changes than the estimate, such as certain title and closing-related services.

How to be a smart mortgage shopper using the new federal rules to your advantage?

Tops on the list: If you are seriously looking for the best deal and are prepared to supply basic application information, ask for a GFE by name. If you're merely shopping for generic rate quotes, work sheets are fine as long as you understand their limitations.

Beware of look-alike ploys and substitutes. Bott told lenders to make sure their work sheets do not "look like a GFE" and that they "be clear (to the consumer) that they are not GFEs."

Some work sheets used by lenders since Jan. 1 resemble GFEs, but have titles such as "estimated settlement costs" at the top of the page.

Others indicate on the bottom of the form that the work sheet "is not a GFE," but the typeface is so small it's barely legible.

Finally, be aware federal law requires issuance of a GFE within three days of any application. If you don't receive one, and you signed up for a loan on the basis of a lender's work sheet, you are truly flying blind.

At your service,
Tony Grego
Senior Mortgage Banker
American Bank - Indianapolis, IN Branch

www.getmyratequote.com
www.tonygrego.com to learn more about me

317-348-0280 direct line
317-536-3754 fax

"Bankers with vision, helping people with dreams!"

HVCC – Home Value Causes Chaos

2010-03-01T10:24:00.001-05:00

Hey Folks!

Hope everyone had a great weekend? I wanted to do a little follow up on a blog I wrote that has had plenty of attention lately:

A Lender’s Appraisal Does Not Care About Your Upgrades

While many feel that it is currently a buyer’s market I feel that it is a lender’s market. This is best demonstrated by HVCC. The official definition is:

Home Valuation Code of Conduct

HVCC establishes standards for solicitation, selection, compensation, conflicts of interest and appraiser independence. It is effective May 1, 2009 for any mortgage that will be sold to Fannie Mae or Freddie Mac, Federal Housing Administration (FHA) and Federal Home Loan Bank (FHLB) mortgages are not covered in the agreement but most banks are using HVCC for all appraisals. It’s in the banks best interest. HVCC helps the banks.

How does HVCC Affect the Appraisal Process?

Realtors and mortgage brokers are prohibited from selecting appraisers. Lenders may use “in house” staff appraisers to conduct appraisals but the loan production staff is prohibited from:

Selecting, retaining, recommending, or influencing the selection of an appraiser
Conducting any substantive conversation with an appraiser or appraisal management management company regarding the assignment.

How does HVCC Affect the consumer:

The appraisal process has remained largely intact. However, consumers may find the process takes longer than and may be more costly than it has been in the past.

Today I looked up the definition of “chaos” on Wikipedia. This is what I found:

Chaos (derived from the Ancient Greek Χάος, Chaos) typically means a state lacking order or predictability. In ancient Greece, it meant the initial state of the universe, and, by extension, space, darkness, or an abyss^[1] (the antithetical concept was cosmos). In modern English, it is used in classical studies with this original meaning; in mathematics and science to refer to a very specific kind of unpredictability; and informally to mean a state of confusion. In popular culture, the word can occur with all three meanings.

So Chaos is lacking order or predictability. For this (and many other reasons) I feel that HVCC should be:

Home Value Causes Chaos

At your service,
Tony Grego
Senior Mortgage Banker
American Bank - Indianapolis, IN Branch

www.getmyratequote.com
www.tonygrego.com to learn more about me

317-348-0280 direct line
317-536-3754 fax

"Bankers with vision, helping people with dreams!"

Rates on fixed-rate mortgages rise

2010-02-25T12:00:00.001-05:00

Hey Folks!

For the first time in three weeks, rates on 30-year fixed-rate mortgages rose to above 5%, according to Freddie Mac's weekly survey of conforming mortgage rates.

Rates on the 30-year fixed-rate mortgage averaged 5.05% for the week ending Feb. 25, up from 4.93% last week. They averaged 5.07% a year ago.

"Interest rates for 30-year fixed mortgages followed long-term bond yields higher and rose above 5% this week amid a mixed set of economic data reports" said Frank Nothaft, Freddie Mac vice president and chief economist, in a news release. "For instance, the January producer price index jumped well above the market consensus, but the consumer price index remained subdued and consumer confidence declined to the lowest level since April 2009, according to the Conference Board."

The 15-year fixed-rate mortgage averaged 4.40%, up from 4.33% last week. The mortgage averaged 4.68% a year ago.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.16%, up from 4.12% last week; they averaged 5.06% a year ago.

But 1-year Treasury-indexed ARMs averaged 4.15%, down from 4.23% last week and 4.81% a year ago.

To obtain the rates, the fixed-rate mortgages required payment of an average 0.7 point and the ARMs required an average 0.6 point. A point is 1% of the mortgage amount, charged as prepaid interest.

At your service,
Tony Grego
Senior Mortgage Banker
American Bank - Indianapolis, IN Branch

www.getmyratequote.com
www.tonygrego.com to learn more about me

317-348-0280 direct line
317-536-3754 fax

"Bankers with vision, helping people with dreams!"

Video of the Day – Why do some of the best always seem to include animals?

2009-01-15T06:24:00.001-05:00

Hey Folks!

Every morning I look thru dozens of videos to show you some of the newest, funniest videos that folks are posting. It amazes me that most include animals. Attached is a short video featuring some more. Now when I first uploaded the provider had a music problem. I am not sure if it is fixed but the photos are great. Enjoy!

Hope you enjoyed and if you have any mortgage questions give me a call or email. It is a great time to refinance. We have great rates and terms.

Tony Grego, Regional Sales Director at Amerisave
Your Place for Great Rates!

Video of the Day – American Idol Returns

2009-01-14T06:25:00.001-05:00

Hey Folks!

Well it is back for the eight season. The highest rated television show of all time. Three now four relative unknown celebrities (until the show) go around America looking for the next best thing.

Normally it would cost talent scouts thousands of dollars to do this but only in America could someone figure a way to make money doing this.

Attached is a short Robin Williams video from Idol Gives Back from 2008. Enjoy:

Thanks and when you need some mortgage help I have the answers and the programs.

Tony Grego, Regional Sales Director with Amerisave
Your Place with Great Rates!

Video of the Day – Tony Dungy (Thanks Coach)

2009-01-13T13:50:00.001-05:00

Hey Folks!

Sorry for the delay. Just been very busy working with clients and news around my home area of Indianapolis.

Yes, I am a football fan but I am also a fan of Tony Dungy. He has done so many great things for our team, our city, and (what I feel most important) as a role model. Please enjoy this short video. Now it talks about his book but it tells about the man.

Thanks Coach. We’ll miss you!

Tony Grego, Regional Sales Manager with Amerisave
Your Place for Great Rates! See them at www.amerisave.com/partner/agrego

Rate Watch of Monday, January 12, 2009

2009-01-12T12:48:00.001-05:00

Hey Folks!

Looks like a pretty typical Monday. No major news for any significant changes. If to guess I would say rates would get a little worse just to recover later this week. The one thing the markets don’t show is the price hits that Fannie is putting into effect on April 1st. Most investors price for a 30-day gap from close to sold so we really have to the end of March to save you the most. Now while most purchases will not be effected (except if your buying a condo) we will see major rate hits for refi’s

Thanks for looking and have a great day!
Tony Grego, Regional Sales Director for Amerisave
Your Place for Great Rates!

Video of the Day – Potty Training

2009-01-12T05:40:00.001-05:00

Hey Folks!

Well it’s Monday, and sure to be a great day. Lets get it started right by a little chuckle. I came across this video trying to find something for my kids to watch on my iphone. It became a instant hit. Hope you enjoy:

Again I hope you all have a great day and when you need help with your mortgage or just need to check rates I am the answer.

Tony Grego
Regional Sales Director with Amerisave.
Your Place for Great Rates!

Video of the Day – It’s Hite! Not Miller Lite

2009-01-10T08:03:00.001-05:00

Hey Folks!

Since I am on the Beer thing how about China? While I’m not sure what they are saying I thing you will get the idea.

Enjoy and have a great day
Tony Grego
Regional Sales Director with Amerisave
Your Place for Great Rates! see them at www.amerisave.com/partner/agrego

Video of the Day – It’s Hite! Not Miller Lite

2009-01-10T07:42:00.001-05:00

Hey Folks!

Due to schedule conflicts I didn’t post yesterday. So today you get two video’s. First one is a Korean beer commercial. While I am not sure what to say I am sure we will not see it on this years Superbowl (Along with my beloved Colts)

Enjoy and have a great day
Tony Grego
Regional Sales Director with Amerisave
Your Place for Great Rates! see them at www.amerisave.com/partner/agrego

Video of the Day - Banned Levi Commercial

2009-01-08T06:24:00.001-05:00

Hey Folks!

Well I don’t know about your area but in Central Indiana it is a little chilly. Temps in the teens and looks like that is were they will stay all day.

Take a look at the video below and maybe it will give enough sizzle to warm us up.

Have a great day and as always when you have mortgage questions I have the answers.

Tony Grego
Regional Sales Director with Amerisave Mortgage
The Place with Great Rates!

Why Amerisave - Mortgage Shopper Tips to Help You Get The Best Deal

2009-01-07T19:34:00.001-05:00

Hey Folks!

Tony here again at Amerisave. Along with live mortgage rates you can access 24/7, guarantees for fees and closing times we want to be sure you have all the information you need to make the BEST decision for YOUR needs and not our needs.

Amerisave offers valuable money saving tips when shopping for your next mortgage. Here is a example:

How to get the Best Mortgage Rates

First, make sure you are comparing current mortgage rates for the same type of mortgage. Mortgage rates and closing costs can change significantly from one day to another, so if you are comparing offers from multiple lenders it must be done on the same day. For example, if you are shopping mortgage rates and have a quote for a 30 year fixed at 5.75%, only compare it to other 30 year fixed quotes at 5.75%.
Next, compare the total of all points and lender fees for each mortgage (from section 800 to 813 on the Good Faith Estimate), that is the price of the mortgage.

The lender with the lowest cost has the best mortgage rates.

If you are refinancing, you will also need to review the cost of title insurance, closing/attorney, and appraisal. Some large national companies have negotiated excellent rates for these services on your behalf. The company with the lowest combination of points, fees and third party costs for the same rate and product has the best mortgage rates.

Things to Watch Out For

APR is not always accurate, so it should not be used. To get the best mortgage rates, compare current mortgage rates and closing costs.
Good Faith Estimates are just estimates. Many brokers and lenders will give you a low ball estimate, and then after you have paid for your appraisal, they will inform you that the mortgage rate or closing cost have gone up. Look for lenders that guarantee their closing costs up front.
There is nothing wrong with No/Zero Closing Cost Loans. Just be aware that you will be looking at higher mortgage rates in exchange or if you are refinancing, the closing costs could be included in your principal.
Paying higher points and fees will result in lower mortgage rates. For example, at 7% you may have zero points and fees, while at 6% you may have points and fees of $3000. To get the best mortgage rates, you must estimate how long you will have the mortgage. Also, make sure you are comparing current mortgage rates when doing your comparison.

You can read more tips on my web site at www.amerisave.com/partner/agrego. The place for live rates and mortgage information you need.

Thanks for reading
Tony Grego, Regional Sales Director with Amerisave
The Place with the Great Rates

Video of the Day (Sort of) – Baby Hanging Station

2009-01-07T07:17:00.001-05:00

Hey Folks!

Now I normally do a little web searching to find something fun to post in the morning. Today I am going to change this up a little bit. When I was going to meet a client I was a little early and stopped in a McDonalds. When I went to the restroom I saw this hanging on the wall and just could not pass it up.

Now I could have taken a video but my iphone 3g does not offer it (a post for another time) and could have been a little boring.

If you need any help with you mortgage questions. I have the answers.

Kind regards,
Tony Grego, Regional Sales Director with Amerisave

Video of the Day – What is more funny on a Friday but a Funny Pet Video?

2009-01-02T08:27:00.001-05:00

Hey Folks!

Well it is Friday after a long holiday schedule. So I’m thinking, what would be more enjoyable than a good pet video that has not been played a billion times?

I think I found it. Enjoy your day, weekend and guess it is time to get back to work on Monday.

Kind regards,

Tony Grego, CUML
Regional Sales Director
Amerisave Mortgage, The Place with Great Rates!
See’em at www.amerisave.com/partner/agrego

Dancing with Stars/Indy 500 Winner caught on tape

2009-01-01T20:55:00.001-05:00

Hey Folks!

Well if you live in Indy and over forty chance are you are a race fan and more specifically a fan of the Indianapolis 500. With that, I am guilty as charged.

While researching a post earlier today I came across this clip. It first aired years ago and is a blast to watch. Now while Helio may have a bunch of other problems I just thought I would share a moment from a much more fun time. Enjoy and good night.

Tony Grego, CUFL
Regional Sales Director for Amerisave
Your Place for Great Rates, see’em at www.amerisave.com/partner/agrego

Why Choose Amerisave – Part Three, Guaranteed Closing Cost in Writing

2009-01-01T20:07:00.001-05:00

Hey Folks!

Thanks reading my post. I know you have a bunch of choices and I really appreciate you spending a few minutes here.

Due to our volume of mortgages we can do them for less. After all, we have funded over $6,000,000,000, yes six billion dollars in loans and we stand behind what we say. In fact at Amerisave we are so confident that you will get the lowest combination of rates and fees that we back it up with a $500 guarantee.

Amerisave shops the rates of our competitors everyday as part of our goal to provide the best rates and lowest fees to our customers. This saves our customers time and money.

We are extremely confident in our rates and can therefore extend a guarantee that the combination of the total closing cost + the interest rate will provide you with the lowest cost mortgage possible. If not, we will pay you $500!

One of the reasons we have the ability to offer this program is Amerisave fully discloses all rates and fees associated with your loan. We also guarantee, in writing, all lender closing cost fees that we have control over. It is important to protect yourself from surprise fees presented at closing.

$500 Rate and Fee Guarantee - Details:
To qualify you will need to do the following:

Qualify with Amerisave for the rate guaranteed by the competing lender.
Notify Amerisave in writing of a competing offer (via the GFE) to be given a chance to beat the offer. If Amerisave elects to not beat the competing offer, we will notify you in writing.
After your loan is closed and funded, provide Amerisave with a HUD-1 closing statement to confirm that the loan closed at the terms quoted in the competing GFE.

The Following Terms and Conditions Apply to this Offer:

Competing offers must be for the borrowers exact loan requirements, from a national lender, and for a conforming loan program that is offered by Amerisave. In addition, the competitors' rate and closing quote must be available on the competitors' website for the borrowers' specific loan criteria.
The rate, commitment period and loan program for the competing offer must all match Amerisave's offer. Competing offers must be dated and presented to Amerisave on the day of the offer.
Borrowers who have already locked their rate with Amerisave are not eligible for this guarantee.
This guarantee is for residential purchase and refinance mortgage products only.
Third party and government fees are beyond Amerisave's control therefore are not included in this guarantee.
If Amerisave is unable to beat a competing offer and the borrower accepts that offer, Amerisave will pay the borrower $500 upon their loan closing.
* All Amerisave guarantees do not apply for customers applying for a mortgage in the state of Washington.

Tony Grego, CUML
Regional Sales Director
Your Place with Great Rates
See them at www.amerisave.com/partner/agrego

Rate Watch for Thursday, January 1, 2009

2009-01-01T15:29:00.001-05:00

Hey Folks and Happy New Year.

As you might have guess not much is happening with rates today since the worlds financial markets are closed. However I did see a little movement in one sector. The best way to get a handle on it is to see it. After you watch this short video you may agree with me that it is best to float today.

As you can see watching rates today is much like watching grass grow.

Thanks for reading.

Tony Grego, CUML with Amerisave
Your Place with Great Rates

Video of the Day - What can I say? Happy New Year

2009-01-01T14:51:00.001-05:00

Hey Folks!

Well, we made it. Welcome to January 1, 2009. Best wishes from my family and myself to your family and yourself for a happy and safe new year.

Please check back often I hope to make you giggle in the morning. Give you some rate information mid-day and some helpful mortgage tips in the afternoon. Remember that these posts are for you. Let me know what you need or what you would like to see.

Kind regards,

Tony Grego, CUML with Amerisave
Your Place for Great Rates

Video of the Day - What can I say? Happy New Year

2009-01-01T09:36:00.001-05:00

Hey Folks!

Well, we made it. Welcome to January 1, 2009. Best wishes from my family and myself to your family and yourself for a happy and safe new year.

Kind regards,

Tony Grego, CUML with Amerisave
Your Place for Great Rates

Why Choose Amerisave – Part Two, Guaranteed Closing Cost in Writing

2008-12-31T11:02:00.001-05:00

Hey Folks!

Thanks reading my post. I know you have a bunch of choices and I really appreciate you spending a few minutes here.

If you read part one you know that I am a Certified Upfront Mortgage Lender (CUML). Today I am going to post why you get the Lowest Cost Everytime when you work with me at Amerisave.

Many lenders and brokers make promises to their customers that they can not keep. The problem occurs when the customer goes to close the loan and is surprised by additional fees that were not disclosed initially by the lender.
This creates an obvious problem because many customers are not able to pay these additional funds causing them to lose the home that they have spent so much time searching for or lose the rate they had previously locked.
Amerisave guarantees in writing all closing costs that we have control over. The fees you see on our website ARE the fees you will receive at the time of application AND at closing.
There are some third party fees and government fees that are beyond the control of any lender; however, because Amerisave has closed so many loans in and around your locality we can estimate most fees with high accuracy.
* All Amerisave guarantees do not apply for customers applying for a mortgage in the state of Washington.

SureFee
Amerisave introduces a straightforward approach to home financing with our new SureFee product. SureFee provides you with the security of knowing that the lender fees on your loan are guaranteed not to change throughout the loan process.

Benefits of SureFee:

No Surprise Added Costs at the Closing Table.

Determining the True Cost of Your Loan is Easy and Straight Forward.

SureFee Makes Lender to Lender Comparisons Easy.

SureFee is one bundled fee for all lender fees.

Other mortgage companies charge a multitude of fees, some legitimate, some not. A complete list of lender fees you may find other lenders charging include:

Application Fee
Funding Fee
Administrative Fee
Transfer Fee
Origination Fee
Processing Fee
Loan Setup Fee
Wiring Fee
Discount Fee
Flood Certification Fee
Tax Service Fee
Underwriting Fee

What to Look for When Comparing Lenders:

What are the total lender fees for a like product, rate and term?
Do the third party fees look reasonable, and do all the expected third party fees appear to be listed?
Taxes, prepaid and escrow items should be excluded when comparing one lender to another as these fees will be identical among all mortgage companies.

Does the SureFee amount ever change?

No. As long as the loan program and loan parameters you applied for does not change, SureFee will not change. In some cases, your loan amount may increase. You may decide to add a signor to your loan, or the LTV of you loan may change. In these cases SureFee may change. Amerisave will send you a new good faith estimate which will include your new SureFee amount. Once you have authorized us to proceed, your SureFee will once again be fixed and will not change again (unless something material happens to your loan application).

How can Amerisave offer this program when most mortgage lenders and brokers cannot?

Easy .. Amerisave is one of the top 25 online mortgage lenders in the country. Based on our nationwide mortgage lending experience and our sophisticated technology, we are able to accurately predict most all the costs associated with closing a loan.

Why are some third party fees and taxes not guaranteed?

The costs of such things as mortgage taxes, closing fees and title insurance varies widely by state, county and even city, additionally Amerisave has a network of over 5,000 providers all of whom charge slightly different fees. Determining the exact costs of these types of fees is difficult. Amerisave does however negotiate with all our third party providers to ensure you pay the lowest price available and receive the high level of service Amerisave requires.

* All Amerisave guarantees do not apply for customers applying for a mortgage in the state of Washington.

Tony Grego, CUML with Amerisave
Your Place with Great Rates
See them at www.amerisave.com/partner/agrego

Rate Watch for Wednesday, December 31, 2008 (New Year’s Eve)

2008-12-31T10:22:00.001-05:00

Hey Folks!

Well folks it is New Year’s Eve and while I can go on about jobless claims, more Fed money for mbs and a dozen other things here is the long and short. Unless your closing on Friday it does not make much sense to lock. Wait for everyone to get back to work. Let the Fed’s pour some money in and when you see that 4.5% (or something close) that everyone is talking about, lock it.

What you need to do is get your “ducks in a row”. Place a application, get your income and asset docs to your lender (if you need one I will get the job done). Set up your appraisal and get ready to lock. We are all very busy and it is about to pick up. So help me help you. Get your application in.

Enjoy and Happy New Year

Tony Grego from Amerisave
Your Place for Great Rates!

Video of the Day - Happy New Year

2008-12-31T07:08:00.001-05:00

Hey Folks!

Well today is the day. The day we reflect on the old and dream about the new. The day when we celebrate a New Year. Now while your ringing in 2009 some of us may know some people will do some crazy things. The attached video shows some things you may want to have folks (or yourself) avoid.

Enjoy and Happy New Year

Tony Grego from Amerisave
Your Place for Great Rates!

Video of the Day - Happy New Year

2008-12-31T07:06:00.001-05:00

Hey Folks!

Enjoy and Happy New Year

Tony Grego from Amerisave
Your Place for Great Rates!

Why Choose Amerisave – Part One

2008-12-30T21:13:00.001-05:00

Hey Folks!

Thanks reading my post. I know you have a bunch of choices and I really appreciate you spending a few minutes here.

Now you know I post some fun things and some tips but my day job is that of a mortgage lender. I work with Amerisave because of the culture of low rates and fees. At Amerisave we just don’t talk the talk but we walk the walk. We do everything in writing and back everything we do with a $500 Low Cost Guarantee and a $1,000 Closing Guarantee.

So what does mean for you or your client? The job done right the first time period!

Over the next few days I will detail why you should chose Amerisave and myself for your mortgage needs. Since we put this in writing you can also read more details on my website at www.amerisave.com/partner/agrego.

Amerisave is a Certified Upfront Mortgage Lender. So what does that mean:

Amerisave has been awarded the rare Upfront Mortgage Lender (UML) designation. The UML certification assures customers fair treatment in all dealings with Amerisave. Additionally, you are assured a fair and accurate interest rate and closing cost quote.
To be certified, Amerisave has met all of the UML requirements below. Read on to learn how Amerisave is dedicated to your satisfaction:

Requirement 1: A UML Must Provide Quick Access to the Market Niches it Prices On-Line.
The home loan market in the US is divided into millions of market niches and no one lender serves them all. Customers need a quick way to determine whether a particular lender prices the niche in which that customer lives. If not, the customer can go elsewhere without wasting time.

Requirement 2: A UML discloses all lender fees, including points, origination fees, and any fixed-dollar fees, and guarantees them to closing.
This assures borrowers that price information is complete, and that new fees won't be added or existing ones increased after they have committed to working with the selected lender.

Requirement 3: A UML discloses all third party fees with the best estimates possible, indicating which if any are guaranteed by the UML.

Requirement 4: A UML Provides a Clear Explanation of its Lock Requirements.
Mortgage customers need to know when they have the discretion to lock the terms of the loan. The explanation includes any required payments, processes that must be completed, how expired locks are handled, and whether the borrower and the UML are committed.

Requirement 5: A UML discloses all the information about its ARMs needed by customers to make intelligent decisions.
Customers need information on potential ARM performance – what will happen to the interest rate and mortgage payment under assumptions about future interest rates that make sense to the customer.

Amerisave discloses the index and margin used, as well as the interest rate caps, on all ARM's we offer. Simply search rates and click on "view" under "loan details" for the loan program and interest rate in which you are interested.

Requirement 6: A UML informs borrowers if its loan officers are compensated in a way that gives them a financial incentive to overcharge the borrower.
Loan officers often benefit financially if they can induce the borrower to pay more than the prices posted by the lender or broker. Where this is the case, the borrower ought to know about it.

Tomorrow I will detail why you get the Lowest Costs Everytime.

Tony Grego with Amerisave
Your Place with Great Rates

Rate Watch for Tuesday, December 30, 2008

2008-12-30T10:34:00.001-05:00

Hey Folks!

Well the news is not all positive today. Consumer Confidence just came in at 38.0. This is a All Time Low. The consensus was for 43.8 and November’s reading was 44.7.

The good news is that rates have not changed from Monday’s close. We expect this to change. So if you are closing within the next 30 days I would recommend to lock today. With Amerisave we have a free float down program. Give me a call or email and I will give you all the details.

Thanks and have a Great Tuesday!

Tony Grego with Amerisave
Your Place for Great Rates

Video of the Day – Year End Wrap Up!

2008-12-30T07:07:00.001-05:00

Hey Folks!

Hope everyone is great as we wrap the year up? Now if you have been following my posts you know I like to get the morning going by posting something a little fun. While today’s video is titled “BANNED”, don’t worry. I’ve check it out and the source is from NBC. No language or visual challenges.

So sit back, relax, and get ready for a great new year.

As always when you need some help with your mortgage needs I am here to help. Today’s market reflect just about the lowest prices in history. I am sure I will the right program for your needs.

Kind regards,

Tony Grego with Amerisave
Your Place for Great Rates

Rate Watch for Monday, December 29, 2008 - A Short Holiday Week

2008-12-29T16:15:00.001-05:00

So far today mortgage backed securities are continuing with the direction to help consumers. They are higher for the day. Please remember that as the price of mbs moves higher, the yield or mortgage rates, moves lower.

With the New Years holiday midweek we will be light on data. On Tuesday the Consumer Confidence numbers roll in and on Wednesday we get jobless claims and the Chicago PMI. Then Friday we get the ISM index. Now since a lot of traders will be on vacation and the trade volume will continue to be low they reports should not have a major impact on the mbs price.

If your closing within the next month it should not hurt you to float but if you are happy with the rate and terms you can get lock and move on. It should not get much lower.

On a side note, if you are planning on refinancing or buying a new home, expect the loan process to take longer. We usually underwrite a loan in 24 to 48 hours, but with the increase in volume some are taking up to 12 days to underwrite. To be sure you are getting accurate information. Make sure you are locking your rates for at least 45 days.

As always thanks for reading and let me know what I can do to help with your mortgage needs.

Kind regards,
Tony Grego from Amerisave
Your Place for Great Rates!

Video of the Day – How Virus Protection Works

2008-12-29T04:17:00.001-05:00

Hey Folks!

Well we read all the stories about the nasty computer virus’s that infect our computers. We protect ourselves by not opening attachments from folks we don’t know, deleting all of those nasty emails promising money from foreign countries and all of the newest drugs for pennies on the dollar. We update our computers virus protection programs that keep our computers clean but just how do these programs work? They attached video helps explain. Enjoy!

Tony Grego
Your place for great rates!
317-714-8080

Video of the Day – How Virus Protection Works

2008-12-29T04:14:00.001-05:00

Hey Folks!

Well we hear all the stories about the nasty computer virus that infect computers. Yes we protect ourselves by not opening attachments from folks we don’t know, deleting all of those nasty emails promising money from foreign countries and all of the newest drugs for pennies on the dollar and getting virus protection programs that helps keep our computers clean but just how do these programs work? They attached video helps explain. Enjoy!

Tony Grego
Your place for great rates!
317-714-8080

$99 iphone from AT&T

2008-12-27T08:36:00.001-05:00

Well if you been looking for a iphone you may have decided to head to Walmart to save two bucks. Yes a better deal but the best deal on a iphone can be found right now at AT&T

They are selling refurbs 8 gig 3g phones for $99 (black only) and 16 gig for $199 (black or white).

I have had several telephones replaced by AT&T over the years. They always send a refurb and it is no different from the “new” product.

Good luck and good shopping

Tony
Your place for great rates

Wal-Mart may have teased us with the false $99 iPhone rumor, but AT&T has given us an after-Christmas surprise. They’re selling black refurbished 8GB iPhone 3Gs for $99 with a 2-year contract renewal, and refurbished 16GB iPhone 3Gs in black or white for $199. If Santa didn’t come through this year, head to AT&T’s site before these sell out.

Video of the Day – Shoplifter caught in the act and still on the loose!

2008-12-27T07:07:00.001-05:00

Well folks we know that during this Holiday season some will take advantage.

I just hope that everyone with a retail store will take note and make the necessary changes so it does not happen to them. I understand that the police have a few leads but no arrests have been made so far.

Have a great day. If you need some rate quotes remember you can get all you need here at Amerisave

Tony Grego
Your place for great rates

Happy Labor Day! Enjoy the Show

2008-09-01T08:55:00.000-04:00

Hey Folks! So here we are at the end of summer. While I hope it has been great for everyone I know that several areas (especially today) are having challenges. Now I want to wish the best to everyone down at the Gulf Coast. My prayers and wishes are with you. For folks that will be celebrating Labor Day today I want to also give my good wishes. This video is dedicated to the thousands that will attempt and fail when setting up a grill. Now this video may not be as famous as the Yule Log but I hope you all enjoy it the same.

Happy Labor Day!

Tony Grego - The Place with the Great Rates
Senior Mortgage Consultant Amerisave
www.amerisave.com/partner/agrego

Things not to do with your new IPhone

2008-08-26T23:24:00.001-04:00

Unless you have been living under a rock (or some other areas that AT&T does not reach you have heard and see plenty about the new Iphone.

Now I have been experimenting with my iphone for a few weeks and I will say that it is the best cell phone I have ever had (and I have had about every cell phone you can get).

What does it mean for our business? Today's mortgage market is very volatile. Rates are changing several times during the day and the rumor of the feds rate hike will happen. Remember that the election is close. After November it will all change again.

My iphone puts me in contacts with my clients right away. It's email features and speed has already paid off.

Now the iphone is not the answer to all our our problems. In fact their are many things you iphone can't do.

Please watch and enjoy this video. It will tell you a few things you should not do with your new iphone.

Kind regards,

Tony Grego - Amerisave
The place with the great rates!

Video of the Day - How to Get Wax Off Carpets

2008-07-08T10:42:00.001-04:00

Hey Folks! Well another day, another video. Here we go. Your getting your home ready for a showing and discover that the candle you lit last night dripped over your carpet. You only have a few minutes before the showing, what do you do? After watching this short clip you will learn how to remove wax off your carpets in just 5 minutes. Have fun, let's have a great day and happy selling, buying and lending to all. Kind regards, Tony Grego, Your Place for Great Rates

Skype is the Bomb!

2008-07-08T00:25:00.001-04:00

Hey Folks!

With $4.00 a gallon gas and $3.00 a gallon for milk we all must find ways to save some money. Here is a great one.

Folks with a high-speed Internet connection and the desire/need to make long distance calls you need to check out Skype.

Now many have heard and have taken advantage of this service for years many (including myself) have had a "wait and see" or have used the service on a limited basis. Why? NO CALLER ID.

I (and many others like me) spend a great amount of time with long distance calls for prospecting, selling, and closing. Unlike myself (I like talking to telemarketers) many folks spend a considerable amount of time and money to avoid calls and as a rule of thumb will never answer a "BLOCKED SENDER" or UNKNOWN CALLER. Most will not answer a call if they don't recognize the area code.

Now with SKYPE you can get caller ID. Along with this great service you can add an unlimited US and Canada calling package for only $2.95 a month and you can have up to 10 lines. Good news for sales folks like myself that serve multi-states. Another benefit for my clients is that they now can dial a local number to reach me.

Cell phone users with a unlimited Data Plan? Download a program and now free cell calls.

If it has been a while since you looked at Skype or have never looked. Now is the time. It will save you time and money. I do not work or represent Skype in any way. I just know how to find a deal.

Kind regards,
Tony Grego, Your Great Place for Great Rates

Video of the Day - How to do Nothing at Work and Still Get Paid!

2008-07-07T17:41:00.001-04:00

Well I hope everyone had a great 4th of July weekend?

Now if you're like me it has been a busy day. I am just getting around to posting my video of the day that I like to put up in the morning.

While I know that this video does not apply to Real Estate Agents and Mortgage Brokers we have all seen this co-worker in the past. You know the guy, he is just like George on Seinfeld.

So why we all maybe to busy to watch. If you get a few minutes you may get the same chuckle I did.

Have fun and hope everyone has a great July!

Kind regards,
Tony

My Independence Day! Thanks for Sharing

2008-07-04T07:39:00.001-04:00

Hey Folks!

Been way to long. After recovering from an injury, a job change and a whole heck of a lot of other things I have not posted since the end of April and I have missed it.

So today is my Independence Day to announce (to myself and I guess my kind friends that are reading this) that I am back to my routine that I have enjoyed and has helped me do what I do.

Help folks with their mortgage needs. Right or wrong, I feel the best way that I can help is to let my readers learn about me and with the power of blogging I can do this on a daily basis.

I like to get my mornings off on a positive note. To do this I will post what I call my Video of the Day.

Nothing crazy, just a little fun and as I go throughout my day I will post something that can be a little helpful with work, life, family, finance, or just something out of the blue. So thanks for reading. Please post you comments so I can make this blog helpful for all, check back soon and have a great Independence Day!

Thanks
Tony Grego @ www.ratequote.tv
A Great Place for Great Rates

Supreme Court Upholds Voter Identification Law in Indiana - New York Times

2008-04-28T14:32:00.001-04:00

Hey Folks!

Tony Grego here from Sagamore Home Mortgage in Lebanon, Indiana. Your Indiana Mortgage Company for all your home lending needs.

What a week us Hoosiers are going to have! Now only are we going to be a major player in this years presidential primary the candidates now have something of relevance to talk/debate about.

In a 6 - 3 ruling the Supreme Court rejected arguments with our law requiring voters to present a driver's license or another acceptable form of ID. Our Indiana law is the strictest in the country. The intent and design is to help prevent voter fraud.

Well now I guess we can all sit back grab the remote and watch the reactions. It is going to be a fun week. You can read all about the details here.

Supreme Court Upholds Voter Identification Law in Indiana - New York Times

Tony Grego - Indiana Mortgage Company
"Your' re Indiana Mortgage Partner for all your Home Lending Needs"

Technorati Tags: supreme court,indiana law,new york times,tony grego,sagamore home mortgage,indiana mortgage company,hoosiers

got gas?

2008-04-24T14:29:00.001-04:00

Hey Folks!

Tony Grego here from Sagamore Home Mortgage in Lebanon, Indiana. Your Indiana Mortgage Partner for all your home lending needs.

Today I discovered a big money saving tip and wanted to share the savings with my AR family (along with anyone one else looking).

Looking at the recent profit announcements of the gas companies I figure they must make all that money because of the amount of labor they save. It seems that no one really does research on pricing, they just put out a price and it seems that everyone else just follows the leader. Now this is nothing new, I am been buying gas for 30-years and it has always been the same thing until this morning.

After I dropped off the munchkin's the display came on my dash to "get gas now, dummy!" (or something like that). I do live near a Sam's Club and a Costco and the tiny voice went off in my head "get gas at Sam's, its cheaper" (it was my wife's voice). Now we have had this membership for years but today is the first day I think it was worth the money.

Here is what I learned:

- Along with Discover cards, They take all
the majors and debit cards.
- They have clean, well spaced pumps.
- You do not have to be a member to
purchase fuel.
- Different price for "debit" vs. "credit" card.
- Priced way under the corner stations.

YES, priced way under. Today most stations were priced at $364.9 (btw, whoever came up with the .9 thing?) Sam's member price $345.9, non-member price $350.9. Add two cents a gallon for credit card.

Quite impressive. I put 20-gallons in and saved almost $4.00. Remember the way to be profitable this year is not by raising prices but by controlling expenses. According to that voice (my wife), Sam's has always had a big price difference. Reading up on some articles today I also found that most gas is the same.We have high standards that must be maintained.

Now go save some money!

Tony Grego - Indiana Mortgage Company
"your Indiana Mortgage Partner for all your Home Lending Needs"

Technorati Tags: tony grego,indiana mortgage company,gas prices,mrotgage,home lending

I Expired Saturday!

2008-04-22T07:52:00.001-04:00

Hey Folks!

Tony Grego here from Sagamore Home Mortgage in Lebanon, Indiana. Your Indiana Mortgage Partner for all your home lending needs.

I share this story so you will not endure the same fate. Saturday morning around 7:00 am I am doing chores around the house and notice that I have a voice mail. (I have At&T service (formerly Cingular) and a Treo 750). I press the magic button on my "Handy Dandy Notebook," this is what my little guys call my phone. (Hint, if you have never watch Blue's Clues you have no idea what I am talking about). Just to find out that my service has been temporally disconnected.

To say the least, this is the part were I flipped out. I work for a Indiana Mortgage Company and pride myself to be available for my clients on nights and weekends. Since I pay my cell bill (along with other utilities) with one credit card for points and convince. You see instead of getting 8 different bills due at 8 different times of the month I handle them all with one account all while getting points for some really cool stuff.

So I calm down, call 800-331-0500 (At&T customer service number if you need it). Just to go to Voice Mail Hell. Every prompt leads to another only to be disconnected with the words that "our business office is now closed. Please call back after 9:00 am) OK, only two hours. I can handle that.

Well the clock strikes 9:00, I dial, go through the prompts just to get the words "our business office is now closed. Please call back on the next business day."

Now I am going nuts. BTW, I did not mention that I used my phone at 11:00 the night before making arraignments to meet a client flying in from the West Coast to look at Investor Properties. (I have obtained mortgages for 8 duplexes and he wanted to see the area. Since I am the Indiana Mortgage Professional the client has more trust in me than the owner of the properties). So now I have to meet my client and he can not even call.

I then get ready to hit the door and get to a AT&T retail location and see what I can get done. (I was in touch with my clients assistant, told him the story and let him know that I would by a disposable if needed). I try the number again. Guess what? Y E S a real person answered. I was as happy as a child on Christmas morning.

Learn to find out that my credit card had expired and the computers are programmed to disconnect regardless of time or date (great customer service, yea right). Ashley (the rep from AT&T) gets the service up within minutes, updates my information then tells me that due to the disconnect I was going to be charged $36 reconnect fee. Now I have been a client since 1998 with an excellent payment history. I object and Ashley immediately takes care of the charges.

Lesson of the story. While it is a great idea to have all bills on one, easy to see, statement be sure to check your expiration dates.

My client is happy. I will get him some great mortgages for his investment properties and plenty of Hoosier Households will have good places to live

Tony Grego - Indiana Mortgage Company
"your Indiana Mortgage Partner for all your Home Lending Needs"

Technorati Tags: tony grego,sagamore home mortgage,lebanon,mortgage,at&t. blue's clues,indiana mortgage company,credit card,investor mortgage,hoosier households

My 100th Post

2008-04-18T09:14:00.001-04:00

Hey Folks!

Tony Grego here from Sagamore Home Mortgage in Lebanon, Indiana. Your Indiana Mortgage Partner for all your home lending needs.

WOW! January 23, 2008 at 11:34 am Post #1 until today, April 18, 2008, number 100. I have tried many different forms and styles, Some good and most bad (kidding I hope). Anyway I do want to thank all of my friends and associates I have met. I am involved in this great community and just hope to give back one day as much information and knowledge that I have learned. I guess now it is time to list 100 things. I chose to list 100 things that I am thankful for since January 23rd.

First and foremost, my wife Yovonne, my son's Anthony Jr. and William Alexander, and my dogs win.ini and beta.
My Father's successful quad by-pass about six weeks ago.
My Mother-in-Law's successful knee operation.
I am thankful that my recent injuries were not more serious (enough medical crap. Don't know about you but it is getting depressing for me).
My friend Daniel "forcing" me to join Active Rain and start blogging.
My retail referrals from Active Rain.
My associates that seem to grow everyday.
The dozens of questions I get from the community about changes in the mortgage industry.
Aaron Byers, President and owner of Sagamore Home Mortgage for putting up with me.
My co-workers for the same reason.
My friend Mike for saving my hard drive after I did not back up in a year and had a system crash.
The New York Giants for beating the Patriots in the Superbowl.
Watching the Superbowl with my neighbor who is a Patriots fan.
My friend Mike (again) for putting back together my laptop when I dropped it going into the office after he recovered my hard drive.
The Indiana Pacers for not having a MAJOR arrest in the last month.
Mitch Daniels stepping up the Indiana Property tax issue.
The Spring market and a pick up of Indiana Home Sales.
Being able to do FHA loans to help Hoosier Households.
Understanding how to structure a conforming deal rather than throwing them up on the subprime wall and seeing what sticks.
Pay Option Arms finally addressed for the mortgage they are (I love them for the right person in the right situation)
Being able to share the lowest fixed rates in 45-years.
Setting up my website.
Setting up my blog.
Setting up a website and blog for my wife.
The ground hog giving us six more weeks of winter which seems like it may continue until about June.
The boys making Mommy a real special Valentine for February 14th.
Still having mortgage programs for folks with credit problems.
Learning about Frank and the gang at TBWS.
Slingbox for my Treo
Ania's (our AA) successful birth of her daughter, Lidia.
Aaron dumping purchase leads and hiring on site telemarketers.
Did I say the New York Giants beating the Patriots in the Superbowl?
Television writers ending the strike and bringing back fresh Letterman shows.
Family Guy (yea it is sick but I love it).
Reading to my sons bedtime stories in bed.
My referral market growing and growing.
In a weird kind of way the 250+ lenders that have gone out of business and have made us mortgage brokers more accountable.
Giving up beer for Lent (yep, that was a tuff one).
Mobile DVD players with headphones. One more Barney or Doddleboops and I am going to lose it.
Disney releasing all 200 models from the CARS movie (yea right, at $2.97 a pop it is getting expensive).
CART is no more and IRL is the king of US open wheel racing.
Indy Blue Crew. The official fan club of the Colts and were you will find us at home games. www.indybluecrew.com.
Bret Fare finally retires. Or does he?
Great new seats with the same old friends at the new Lucas Stadium.
The New York Yankees.
With my arm injury and such I now have a great excuse for a lousy golf game.
Bluetooth and wireless technology.
The boys finally behaving for Easter pictures.
The boys not making to much of a mess with Easter Chocolate.
Hendrick Racing not winning any races yet this year.
My Friend Aaron Gregory purchasing his first home (O yea, his girlfriend used a different broker. No, I'm not bitter).
Sam's Club, Costco, Walmart, Aldi, Krogger for having some great sales and deals.
Congratulations to my wife Yovonne and her major effort to better her health and get in shape. She has lost 40 pounds in the last 6 months and is looking great!
Google rankings. activerain.com/tgrego is ranked 8th. First page when searching Indiana Mortgage Company (most searched Indiana mortgage term).
Video blogging (still working on it but it is going to be great. What do you think of this domain - www.ratequote.tv?
Windows Live Writer
Gas at $3.50 a gallon is really helping families stick together.
Anthony Jr. and William dressed up as leprechauns for St. Patrick's Day. Still did not find me lucky charms.
Craigslist.org to buy stuff.
The American Legion Post #500 across from IMS.
Tom-Tom GPS for my Treo.
The new Marion County Library. Should be great for a billion dollars.
Hilbert House finally sold. Offered at $20M. Still have not seen sales price.
Did I mention about the New York Giants beating the Patriots in the Superbowl?
Last game in the RCA Dome. Bring on the wider seats.
XM Radio
Raise in FHA Limits.
Cellular Connection Cards for laptops to provide instant quotes and approvals.
Consumers learning more and more that zero fees equals higher rates.
I am smarter than a 5th grader.
Never play air hockey at my friend Eric's house until you learn the rules (if not you will need to call a cab to get home).
Attending Anthony Jr.'s first Soccer practice this week.
Still have stated options for NOO mortgages.
William is left handed, like to throw a baseball, looks great in Yankee pinstripes.
Torn between Explorer and Firefox. Which one should I use and why?
With Rural Housing you can finance up to 102% of the purchase price.
My gift to you. If you get a refer/eligible on a 30-yr FHA, if the deal looks good, try running on a 15-yr.
Blue Ray DVD players.
Skype VOIP service.
Yuengling Lager tastes much better after Lent
Youtube.com is a great site.
Sending a text message gets easier with time.
With a good camera you don't have to be a good photographer.
I have stopped blogging and driving at the same time.
I am really thankful for Widgets.
Second mortgages are still alive and well along with some HELOC's
While our lender list has shrank, the folks we have done business with has not.
Fannie Mae and Freddie Mac.
Down Payment Assistance Programs.
IU may finally found a good replacement for the General.
Joe Pa really needs to pass the touch before his kid retires.
Notre Dame may get to a 500 season this year.
Have I mentioned how thankful I am that the New York Giants beat the New England Patriots?
Craftsman tools.
Wide Screen Television with HD and AT&T U-verse including DVR. I can finally watch grass grow.
Having a Mac and a PC in my same home office.
Cordless telephones.
Helping Hoosier Households save money and in many cases save homes.
99 bottles of beer on the wall, 99 bottles of ........ never mind, how shared cellular minutes.
#100 and the most important to me. This one is easy. Family and friends.

Thanks everyone for stopping by and reading my 100th post. I am very proud to be a member of this great community. Happy Selling to all!

Tony Grego - Indiana Mortgage Company
"your Indiana Mortgage Partner for all your Home Lending Needs"

Technorati Tags: tony grego,indiana,indiana mortgage company,active rain,bad credit,fha,mac,pc,explorer,firefox,patriots,giants

Video of The Day - How To Pick a Lock

2008-04-18T02:09:00.001-04:00

Hey Folks!

Tony Grego here from Sagamore Home Mortgage in Lebanon, Indiana. Your partner with all your home lending needs.

Well I'm starting to feel much better and need to get back to my regular routine. One thing I have missed is the posting a video of the day.

Now I am not saying that I support or have tried what you are about to watch but this might be the trick when you can't get the lock box open or the keys are missing. Who knows? Could be the difference to make a sale or going to jail.

The one thing that is great about living in America is that we all have a choice. Now sometimes that choice may have consequences. Only you can decide.

Hope you enjoyed and maybe picked up a point or two. Seems to work just like the movies or maybe your favorite video game.

Until next time have a great day and let me know how I can help with any of your lending needs.

Tony Grego - Indiana Mortgage Company
"your partner for all your Indiana Home Lending Needs"

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Unlimited Outgoing Calls, Nationwide for Three Bucks a Month

2008-04-17T23:24:00.001-04:00

Hey Folks!

Tony Grego here from Sagamore Home Mortgage in Lebanon, Indiana. Your partner with all your home lending needs.

Back in the 1990, I was a proud team member for Saturn of Indianapolis. Now I am not going to get into Saturn vehicles and dealers being good or bad just that much of my Customer First philosophy can be tracked to Saturn. I learned plenty back in those days but I must take my hat off to Skip La Fauve, Saturn's former president, for this valuable lesson:

"Profit can only be achieved by controlling expenses, NOT raising prices. The market determines the price of our product."

So if you believe this then you must find ways to control and minimize your cost. In fact, you will find many great current and past post that is about saving money. I have found a "big name" service that does just this. It is SKYPE PRO. Now I am not talking about the full blown service. With Skype Pro at $3 bucks a month (5-month minimum). Here is what you get:

Unlimited local and long distance calling anywhere in the USA
No running up cell telephone minutes
Great sound quality (need high-speed access)
Works with wired and wireless systems
Compatible with cellular connection cards
No hidden taxes or fees
Identifies caller ID as blocked or unknown (not overseas number)
Skype Soft Phone

I have been testing this product for the last three days and I am blown away with the ease of use and the clarity of calls. The only downside I have found that while driving and using a cellular connection card you will lose calls when bouncing cell towers.

For reference I use a Sony Vaio VGN-T350P mini laptop with a built in AT&T cellular connection card and the Microsoft LifeChat ZX-6000 headset.

Please note that this service is for OUTGOING CALLS ONLY! So if your looking for a great low-cost, high quality system Skype Pro may be the solution for you.

Thanks for reading my post and if you need some help with your Indiana clients email me your telephone number. The call is on me!

Tony Grego - Indiana Mortgage Company

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Helped a Lafayette Senior Citizen to Avoid Foreclosure Scam

2008-04-04T23:58:00.001-04:00

Hey Folks!

Been a crazy week around Sagamore Home Mortgage right here in Indiana with some great things and some big challenges. I want to tell everyone about a situation I was involved in yesterday now I am going to spoil the ending and let you know that it does not have a happy ending. This is also not a story about self praise and it is not about casting blame for the mortgage mess we are in. It is a sad story about an elderly Hoosier and her mortgage.

We have some great in-house telemarketers that call folks all over Indiana and trying to find Indiana homeowners that need our help. So overhearing a call I insist that the tm transfer the call to me immediately. This is when I talk to Jane (not her real name). Jane is in big trouble with her home. In fact it is set for sheriff sale later this month. Now how did Jane get in such a mess?

Two years ago she signs an adjustable rate mortgage (again I am not casting blame, just getting the facts out). Money is always tight but was able to enjoy the home during her golden years. Then it happens. Between going into the hospital, her rate adjusting higher, and missing some payments Jane has a real mess happening. Now I do not have all of the details (not sure that Jane knows herself) this is what I piece together:

MISTAKE #1 – Getting behind in payments and not working with the lender
Jane fell behind and had a telephone conversation with the lender. The call did not go well and whatever happened during the call scared her so much that she has not talked to them since. Now this is a very important note to all of us that work with customer service we need to remember that part of our job is to have two ears and one mouth. Now Jane’s call has had a ripple effect that has a lousy ending.

MISTAKE #2 – Jane ignored all letters from the mortgage company. I read last week that more than half of the homes currently in foreclosure have never contacted the lender. They just left the house.

MISTAKE #3 – Desperate times call for desperate measures. When I talked with Jane she was in the middle of calling friends and family to borrow money to pay a “foreclosure specialist” over $900 to save her home. Jane is so desperate and afraid of the future that she would spend money she does not have vs. calling a lender that might be able to help.

So what happens to Jane now? She is facing a sheriff sale in a few weeks. She has no money and she is still recovering from a long hospital stay. She needed a dose of reality. I, in no certain terms, told her not to pay the money. I immediately did a conference call with 888-GET-HOPE with the intent of slowing things down. Since she has not make a payment in almost a year and she purchased the home using 100% financing two years ago she has no equity (in fact she is upside down).

When I talked to her today she did not give the money to the foreclosure specialist, had a conversation with the Get Hope folks and was going to call the mortgage folks today. She is coming to grips that she has little hope of saving her home and is coming up with a exit plan.

The moral of the story is this; while a foreclosure specialist can and will help in certain situation, these firms are popping up everywhere. I am sure that every professional in this business has been approached with a job offer during the last few weeks (I seem to get them every day). Most folks are approached when it is too late. While it is not good to get behind it is better to have communications with your mortgage company to work something out. If you don’t like whom you’re talking to hang up and get someone else. Don’t take no for an answer and feel free to contact folks like myself that can offer you choices. Now I’ll tell you right now that I have making options to refinance your Indiana mortgage I can help to show you how to get back on track.

Don’t end up like Jane. She is losing her home. I can say that I did my little part to keep her from throwing away $900. She will need it to help her move.

Indiana Real Estate Agents, Indiana Mortgage Brokers, Indiana Bankers, along with anyone else from Indiana we owe it to our clients, our community, and our state to help. While we did not put these folks in this situation, we can help them get out of it.

Best regards,
Tony Grego – Indiana Mortgage Company

Video of the Day - If it is Spring it Must Be Star Wars?

2008-04-04T02:45:00.001-04:00

OK, if you have been following my videos you know I got a big spring thing going on. Well here is another one.

As we start into Spring we also start the baseball season. Go Yankees! So what does Star Wars have to do with this?

Just watch and see

Hope you enjoyed it and now go hit one out of the park!

Have a great Friday

Tony Grego - Indiana Mortgage Company

Technorati Tags: video of the day,spring,star wars,baseball,yankees

Video of the Day - Yes, Spring is Here.....

2008-04-03T16:52:00.001-04:00

Hey Folks!

As I was putting on my long sleeves and a heavier than normal jacket for the day I realized that it must be spring here in Indiana. The time of year when folks are buying homes and getting mortgages. Maybe you were at the home show and need a second mortgage or a HELOC (btw, we use a really good company with great rates and terms for HELOC's).

So what better way to welcome spring but by watching a little video about the birds and the bees, and a computer.

A computer? Guess you will have to see

Don't know about you but I am clueless to what they are selling?

Thanks and have a great spring. And for you folks shopping around for a mortgage in Indiana, give me a call. Have some new little niches coming out.

Best regards,
Tony Grego - Indiana Mortgage Company

Technorati Tags: video of the day,spring,indiana,indiana mortgage,finance,refinance,second mortgage,helod,indiana mortgage company,home show

Video of the Day - Laugh to Your Hearts Content!

2008-04-02T08:08:00.001-04:00

Hey Folks!

Well I sure hoped you all survived all of the April 1st pranks. Even Ryan Seacrest from American Idol tried to punk the Nation. O well, now that all of the fun is over it's time to kick off the month and have a great April. Plenty of homes are still available for sale at great prices and at Sagamore Home Mortgage we have plenty of Investors to with deep pockets ready to help with low rates and great terms.

So contact me, Tony Grego - Indiana Mortgage Company with all your mortgage questions. The rules are changing daily for purchase and refinance mortgages so now make sure you partner with a mortgage professional for help. You can count on me for all of your Indiana mortgage needs.

Now enjoy the show:

WOW!!!!! Now, just like me there goes a minute and forty seconds of our life we will never get back. Have a great day and lets get some business done. Best regards, Tony Grego - Indiana Mortgage Company

Technorati Tags: April 1st,american idol,ryan,homes,sale,sagamore home mortgage,investors,tony grego,indiana mortgage company,mortgage questions,refinance mortgage,mortgage professional,video of the day

Video of the Day - I Really Like HBO More Than Ever

2008-04-01T11:53:00.001-04:00

Hey Folks!

Hope all is well in your world? Here in Central Indiana we have a breezy and chilly day. Guess they all can't be slotted for the Chamber of Commerce Day.

Anyway you need to be careful today. Remember it is April Fools Day and while it is still early I already have been had a few times. I guess I am just that way.

Now lets step back in time to enjoy this short but funny HBO promo:

Hope you enjoyed it as much as I have. Have a great day and when you need help with a mortgage to purchase or refinance in Indiana please let me know how I can help.

Best regards,
Tony Grego - Indiana Mortgage Company

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Video of the Day - Why you need to Interview Your Home Improvement Specialist

2008-03-31T09:10:00.001-04:00

Hey Folks!

Well here in Central Indiana March, is sure going out like a lion. While temperatures have gone up it is going to be plenty wet.

Now as we go into April many of us will start our home improvement projects we planned all winter. Please enjoy this video. It may point out a few folks that you may not want to hire.

If you find yourself short of funds for you project, refinancing you mortgage or getting a second mortgage or HELOC may be the answer. Please let me know if you have any questions.

Thanks and Enjoy!

Tony Grego - Indiana Mortgage Company

Technorati Tags: Indiana,March,Temperature,April,Home improvement,video,mortgage,second mortgage,heloc,indiana mortgage company,tony grego

Video of the Day - Google Street View

2008-03-27T09:25:00.001-04:00

Welcome to Terrific Thursday!

Just a couple days left in March. Before I get to today's video I want to remind everyone to get your purchase and refinance mortgage contracts into to your favorite mortgage broker (if you don't have one, you always have me) before Monday. Most investors will not do FHA business under a 580 mid credit score starting Tuesday (email me for details).

Now for the show. This will be new for some folks and old hat for others (hope a refresher) but our little search engine Google has launched another really cool service called "Street View." One step better than Google Earth this new tool does what it says, Provides a street view of your address. Now not all addresses are available it is a cool feature.

Clients are surprised when I talk to them the first time. I will pop in their address and ask specific questions about their home. While it can be a little freaky it does help.

Imagine you get a call for a listing. How better can your relationship get when you talking to the client about the house even before seeing it or having a client look at different views from just about anywhere? Or just have a little fun looking up places you used to live?

Enjoy, have fun, and if you have questions about the new minimum credit scores give me a call or email

Tony Grego - Indiana Mortgage Company

Technorati Tags: google,street view,google earth,mortgage,fha,credit scores,mortgaage broker,video of the day

Video of the Day - Abbott and Costello Explain APR?

2008-03-26T07:25:00.001-04:00

Understanding and explaining APR vs Rate is a challenge even for some experienced mortgage loan offices. Who could blame them. With all of the terms, costs, and fees it can get rather confusing.

I have seem some mortgage broker web sites do a great job at defining and others remind me of Abbott and division. Here you go:

In the end it is not that hard. Do you have a GFE and can't understand it? Drop me a email or give me a call and I will be more than happy to explain it.

Have a great day!

Tony Grego - Indiana Mortgage Company

Technorati Tags: indiana mortage company,mortgage,rate,apr,abbott and costello,youtube,gfe

The Internet Has No Closing Costs?

2008-03-25T19:34:00.001-04:00

So we spend some time together. I get to know about you and your financial goals for your home and your family. I go to work to find a great mortgage solution for these goals. Meet up with you and present everything in black and white with closing cost guarantees. Then..........

Whoa you say! I saw on TV a ad for no closing cost and your charging me $$$!

So what do I do now? I learned a long time ago that it is much easier to write' em vs fight' em. UH?

Again I am going to present to all of my Indiana clients the best mortgage program for their needs. Now while we may get a little side tracked on little stuff like closing cost I am not going to let this stand in the way of getting you a great deal so I write' em. Another thing I learned is to "seek to understand." So first I will agree with the client. It goes something like this:

"You know what, your right! I have seen the same ads. In fact it sounded so good I had to check them out. My client, here is what I have found. For the most part two companies are advertising these programs, Bank of America and Countrywide. (In fact, Bank of America is in the process of buying Countrywide). So I went to their website's and this is what I have found:

Bank of America - Skip the Fees with No Fee Mortgage PLUS. Prequalify Online Today.

Wow! Sounds great. I am now thinking that I need to go work for them but before I submitted my application I saw one of those funny little asterisks things* Hum, I said. Maybe I better check this out. Here is what I found

The following is a summary of the Terms and Conditions. A complete copy will be provided to you prior to closing.

1. No Fee Mortgage PLUS Terms & Conditions

The following is a summary of the Terms and Conditions. A complete copy will be provided to you prior to closing.

No Closing Fees

For customers who qualify, Bank of America will waive or pay all fees for services or products required by Bank of America in order to grant credit to the customer for the purchase of a primary residence. Fees do not include (and the Bank will not pay for): (1) taxes (including, but not limited to property taxes, recording taxes, document stamp taxes, intangible taxes or other similar taxes); (2) interest, including but not limited to prepaid interest or discount points; (3) fees related to owning the home and not directly related to the granting of credit, including but not limited to property insurance (e.g., flood insurance and hazard insurance), homeowner's association fees, special assessments and other similar fees; or (4) fees for products or services voluntarily chosen by the customer. Closing fees and closing costs differ. This offer also does not address any fees you may incur after the closing of the loan, such as late-payment fees, mortgage release fees or other fees associated with the servicing of the loan. This offer does not apply to any traditional fees paid by the seller. This offer is available on applications for certain first mortgages from individuals to Bank of America taken after April 21, 2007, to purchase a 1-4 unit owner-occupied family residence or second home. You must be an existing Bank of America customer. This offer is available only to the real property securing the mortgage. Offer not available through independent mortgage brokers approved to sell Bank of America Mortgage products. Offer is non-transferable and subject to change without notice. Only one application per household. Some restrictions may apply. Credit and collateral are subject to approval. Terms and conditions apply.

Close-On-Time Service Guarantee

To qualify for the Close-On-Time Service Guarantee, you will need to provide us with all the documentation required by Bank of America in the time frames established by Bank of America. You must lock your rate seven calendar days before the scheduled closing date. There can be no significant changes in your loan after your initial application. Bank of America will not be responsible for delays caused by you or any third parties that you select. Eligible claims are for loans that do not close by your requested closing date or within 25 calendar days from the day of your completed application, including property address if submitting under the BuyerReady® loan option, is submitted. The latter of the two dates will be used to determine the eligibility of the claim. You will need to call 800.497.0072 within 30 calendar days of closing on your loan to submit a claim under this guarantee. The equivalent of your first month's mortgage payment is principal and interest only. Any escrows such as taxes and insurance are not included. Other restrictions may apply. This offer can be withdrawn for new applications at any time. Your mortgage application must be accepted by your Bank of America loan officer while this offer is in effect.

Best Value Guarantee

In order to qualify for the Best Value Guarantee, you must receive full credit approval for the first lien purchase money mortgage with Bank of America. To redeem the $250, you must close your purchase mortgage with another lender, then call 800.870.3206 where you will be prompted to complete a brief survey. You'll be required to fax a copy of your HUD-1 settlement statement from your closing. Your loan with the other lender must be secured by the same property as the property you identified in your Bank of America application. You must close on your purchase loan within 60 calendar days after Bank of America sent you notice of the approval of your Bank of America mortgage. You will receive your $250 check via U.S. mail within 30 calendar days of our receipt of your HUD statement. We may report to the IRS the value of any premium, and any applicable taxes are the responsibility of the recipient.

2. Savings calculations based on 2007 Bankrate Study.

3. Assumes 1% origination fee. All fees are not charged by all lenders.

4. Disclosed savings are based on a loan amount of $200,000 with a 30-year fixed term, a 6.856% APR, 0.311 points, 360 monthly payments of $1,297.20, principal and interest only, 120 monthly payments of $130.00 mortgage insurance in years 1-10 and $33.33 mortgage insurance payments until LTV drops below 78% at 30% coverage, and a 95% LTV (rate as of 4/13/2007). Your benefits may differ depending upon loan amount and term and selections under the No Fee Mortgage PLUS program.

5. HUD Numbers and titles are listed as used by Bank of America. Number may vary by lender. Fees paid by Bank of America are outlined by title description and not title number.

Important note about this calculator:
Savings calculations based on 2007 Bankrate Study. Assumes 1% origination fee. All fees are not charged by all lenders.

Bank of America, N.A. Member FDIC. Equal Housing Lender © 2007 Bank of America Corporation. All rights reserved.

That is a bunch of fine print and still do not know what it takes to qualify? So maybe that is not the right choice. I guess Countrywide will have the better deal. Lets see:

Countrywide -
No Closing Cost⁺⁺ Home Refinance Loan.
Call Today to Combine Mortgage and Debt.

FED CUTS RATE!
CALL OUR SPECIAL RATE HOTLINE:

1-800-291-XXXX (if you need you can look up on your own. I can't let you walk in to this insane program)

On the surface it sounds good, right? Sure No Closing Cost! What about those little ++ hanging around. Yep, more fine print. Here it is:

^ Countrywide Home Loans is a division of Countrywide Bank, FSB -- a member of the Countrywide® family: America's #1 home loan lender (as ranked for 2007 by Inside Mortgage Finance, Jan. 25, 2008, ©2008)

* As announced on March 18, 2008 by the Federal Reserve Board, FOMC meeting minutes, decrease of 0.75% to the Federal Funds Rate.

++ Affects pricing. With the No Closing Cost Option, borrowers finance the closing costs instead of paying for them at closing. Borrowers who pay closing costs at closing may qualify for a lower interest rate. Some upfront fees (ex. credit report and appraisal) may apply and may be credited at closing. Call for details.

Not only is Countrywide charging you closing costs they are slapping you in the face and telling in the ad that it is no closing cost.

Folks, give your mortgage broker a break. If you have found a good one, congratulations. If not, call me. I will get you a mortgage for your needs and not my needs (read that again, it is the important one). While we all have to make money. That's how I provide for my family just in the same way you provide for your family we can do it with the best intentions of the client.

Thanks for reading my post and please comment. This issue seems to come up with most (and I use the term) customers. Heck I am also a customer with a mortgage and if a no closing cost was the right deal I would do it. It is not the right deal for most. As you see with "non-edited disclosures" when you get down to it even the "No-Cost" deals have cost.

At the end of the day it is advertising. Just like the car business, you advertise the "loss leader" that almost no one qualifies to get and sell what you have when they call or visit. No saying that I agree. Just saying what it is.

Let me know how I can help you get the best mortgage for your needs.

Respectfully

Tony Grego - Indiana Mortgage Company

Technorati Tags: tony grego,indiana mortgage company,indiana mortgage,indiana mortgage rates,indiana home loan,mortgage refinace,no closing cost

Video of the Day - Coming soon to a store near you - Rock'em Sock'em Robots

2008-03-25T14:41:00.001-04:00

Good day and welcome to Terrific Tuesday! Remember back in the day (now I am aging myself) when watching TV on the 4 channels we had, ABC, NBC, CBS, Public Broadcast we would have some interesting commercials? Saturday morning was always fun when they featured many of the toys and games we wanted. So just sit back, turn up the volume a little bit and remember those days while watching this:

Have a Great Day and for folks that sell, Happy Selling!

Tony Grego - Indiana Mortgage Company

Technorati Tags: video of the day,commericial,toys,indiana

Home-buying Mistakes to watch

2008-03-24T16:47:00.001-04:00

Spring is here and the home buying market is gearing up. Now if your a first time home buyer or an experience veteran you will want to read this post. I listed home-buying mistakes that most people even the most seasoned home buyer might commit.

Find a home without pre-qualification and pre-approval:

There are buyers who start shopping for a home without getting pre-qualified and pre-approved. If you get pre-qualified with a broker or lender before seeking a home, you can convince the seller of your ability of getting a mortgage loan. A letter from the lender or broker to the seller can further improve your chances of getting the home of your choice. Just because you qualified for a mortgage just a few months ago, things have changed. You need to be sure you will still qualify.

Buying a home without home inspection:

Home inspection helps to find out whether there is scope for repair in the property. The reports of such inspection help you negotiate with the seller to reduce costs. I often hear that "I can't afford to get an inspection." If that is the case you should not be buying a home in the first place.

Signing documents without checking:

Buyers often sign documents without reading them. These documents are standard forms and are available for review. But you may not be able to read them all at closing. So you should go through them prior to closing and avoid difficult situations in mortgage and home buying transactions.

Not getting a Good Faith Estimate:

You should receive the GFE within 3 business days of applying for the loan. This should list all costs and fees associated with your mortgage. So, if you aren't getting one from the broker, request a copy of it. Make sure that you get a cost guarantee. While some third party costs may vary banker/broker fees should not.

The rate-lock is not made in writing:

Get a written agreement of the rate-lock offered by your broker. This agreement includes the interest rate, period of rate-lock and other details of the loan program.

Lock in at low interest rates:

Majority of buyers wait for market rates to decrease before going for a rate lock. But the reverse may happen. The interest rates may increase and you may have to pay more. Make sure that your mortgage broker has all of your contact numbers. We need to be able to get hold of you when markets change. This will help you to lock in at a lower rate.

Terminating the lease on the date of closing:

You may ask your landlord to terminate the lease just on the day of closing. But this can lead you into trouble if the closing is delayed by a week or so. The lease should be terminated a week after the closing so that you can avoid further problems.

Shopping for home insurance just before closing:

There are buyers who look out for homeowner insurance policies just before the closing. But they fail to shop around in the last minute. It is better to search for the best policy as soon as a lender approves your loan.

Applying Obtaining new credit after making initial application:

Do not make any additional credit inquiries from the time of your mortgage application until closing. The bank may (and often does) re-pull credit at closing to be sure that you have not secured any new debt.

These along with many other things is why it is important to deal with a professional mortgage company. You choice in Indiana is Sagamore Home Mortgage. I am here to help folks just like yourself with all of your mortgage needs. Please let me know what questions you have.

Tony Grego
Indiana Mortgage Company

Technorati Tags: indiana,indiana mortgage,mortgage rates,pre-qualify,pre-approve,interest rates,GFE,Good Faith Estimate,rate-lock,home inspection,indiana mortgage company,home insurance,banker,broker,mortgage approval

Video of the Day - The Last Lecture

2008-03-24T09:34:00.001-04:00

Please enjoy this video. While a little longer than most I post (it is 10 minutes), I promise it is worth it.

This is a video that everyone should see. For those of you who aren't familiar with who Dr. Randy Pausch is, the short story goes like this:

He is a happily married man with three very young children. He spent years working for Disney as an Imagineer who helped them develop some of their theme park attractions. He then went on to teach at Carnegie-Mellon University in Pennsylvania where he still is to this day.

Abruptly, his life took a turn for the worse when he got cancer and fought it off after years of treatment. The cancer has since returned and has near-totally corrupted several vital organs leaving him with mere months to live.

Thanks
Tony Grego

Technorati Tags: video of the day,indiana,mortgage,cancer,randy pausch,last lecture

Video of the Day - Worlds Smallest Car

2008-03-21T12:28:00.001-04:00

Parking will no longer be a problem with this baby! (Ugh! I talking like a car guy again. I need to go check with I am wearing). Anyway, it is Good Friday and I hope it is great for everyone.

So I hope your have a short work day (if your working at all). Take a minute and check out this video. If your in the market I'm sure that I have a few friends that can make you a deal.

From my family to yours, have a safe and Happy Easter!

Technorati Tags: video of the day,small car,easter,work

Video of the Day - Happy Easter!

2008-03-20T11:17:00.001-04:00

What a week it has been? Up's and Down's with mortgage rates. Crazy weather here in the Indiana. First day of Spring and now this Sunday is Easter. I know that many of us is going to take a well deserved break. Many lenders and local companies will be closed tomorrow so I just wanted to spread a little early Easter cheer!

Happy Easter to all from my family to yours!

Technorati Tags: Easter,Video of the day,family watchdog,mortgage rates,indiana mortgage,holiday,travel

Video of The Day - What I Never Learned In 12-Years at Catholic School

2008-03-19T12:35:00.001-04:00

Growing up in a small town I attended to a catholic school (what a surprise, growing up near Philadelphia and New York with a Italian heritage). Always wearing those stylish uniforms (first 8 years that good-looking yellow and brown combination) I went from a clip tie to my high school years learning to make a Full Windsor Knot.

Now the one thing I did not learn in school is something I just learned by watching youtube. Yes, How to tie a bow tie. So whether you're a distinguished professor type, a fledgling politician, or a James Bond wanna-be, knowing how to tie a bow tie comes with the territory. Here is how to do it:

Technorati Tags: video of the day,bow tie,catholic school,video,human interest,youtube

Sex Offenders in Your Neighborhood? MUST READ POST

2008-03-17T12:38:00.001-04:00

After reading this post please post comments. I feel that this is the most important post I have ever created. While it is great to inform Indiana homeowners and real estate agents about the mortgage market, nothing compares with the information in this post.

Please go to and bookmark this website -

www.familywatchdog.us

Due to the importance I did not add a hyper link. Please note it is a .us vs a .com

Now, What is Family Watchdog?

Family Watchdog allows you to see where registered sexual offenders live and work around you.

Is there a cost to use Family Watchdog?

There is no fee associated with looking up offenders and viewing maps.

What else does Family Watchdog do?

Family Watchdog can proactively notify you when a registered sexual predator moves within up to five miles of three different addresses that you care about.

What three addresses can I choose?

You may use any address that you want. Home. School. Church. Playground. Day care center. A parent's house. Whatever address is important to you.

I live in an upscale neighborhood. Why do I need this service?

Sexual predators have no physical borders, and are not confined to any given socio-economic group.

Where do they get data?

We receive our data from multiple sources. We combine and cross reference the data from all four sources in order to provide the most possible coverage and protection.

Are there registered sexual offenders that are not in your database?

Unfortunately, yes. Our service relies on publicly available data. If an offender moves and does not report to the county sheriff in which they reside, we will not know that they have moved.

Again, please go to and bookmark this website -

www.familywatchdog.us

Technorati Tags: Indiana,sex offenders,maps,neighborhoods,homes,schools,work,sexual predators,family watchdog

Don't Take No For An Answer

2008-03-12T10:40:00.001-04:00

Good Wednesday Folks!

Hey it is hump day so it must be time to hump for some business. Now this post is for professionals and consumers alike.

Just a couple of years ago when the mortgage market was booming Indiana Mortgage Brokers like me had plenty of sources to place your mortgage. If you were turned down with one mortgage company, no problem. We would just find another. Then about a year and half ago some of these mortgage companies started to close down. Then more and more. In fact, 236 to date; to get a complete list just go to Mortgage Implode. Now that your back what did you think? Pretty scary site? Do yourself a favor, don't be so afraid.

While sad, the bulk of these mortgage companies did it to them self. Offering low credit score borrowers big loan amounts with adjustable rate mortgages just to default down the road. Not sure but it looks like these companies game plan was to foreclose on the mortgage, sell it and make even more money. While this is might have worked for a while it is not the case today.

So what am I posting about? Well, many of us are now conditioned that when we send a loan to a conforming lender or a Indiana consumer applies to the big tree, country, city, or bank (If you do not get all the references email me. I do not feel comfortable posting names) and get turned down. They then go to their local bank and the same thing happens so many feel that they have no where else to go.

The truth is some folks don't qualify but many homeowners and potential homeowners have options. You need to remember that the "big boys" and local banks have taken the biggest hits. So to recoup losses they have new lending guidelines that are very narrow. Now I can not find the number of active mortgage companies (if anyone has it, please comment) but in Indiana we have dozens of mortgage bankers that approve loans that others don't everyday. Now again, not all are approved but many are approved that have been tuned down elsewhere.

When apply for a mortgage the lender needs to review credit, equity, purpose, employment, assets, etc. This is done with the application, credit report, appraisal, and supporting documents. But what happens when not reviewed by a professional? Mistakes can and do happen. You are dealing with the most expensive purchase most will ever buy. Don't lose it just because your application was not completed right. When you deal with larger companies most times you are dealing with someone that handles up to 20 leads a day. Ask yourself, how much time can they commit to YOUR SITUATION?

Every week I am closing loans (along with other professional mortgage brokers) that have been turned down somewhere else. In fact, even after a great review of the mortgage, a pre-qual from the AE, and a good appraisal the mortgage may be turned down only to be approved by another one of our lending partners. This is not uncommon. Remember that when it goes into a underwriter it is a "human" decision vs. automatic underwriting.

While some mortgages are approved with automatic underwriting this accounts for only about 15% of approvals. Another 15% will not be able to get a mortgage right now due to a number of reasons. This leaves about 70% of consumers that want to purchase or refinance a home that will need the help of a professional mortgage broker.

So if your a real estate professional helping your clients to get approved you need to partner with a professional mortgage broker that can give you options. Consumers, if you have been turned down try the services of a professional mortgage broker. Folks, just like myself, will get you approved or give you a game plan to get you approved in the future. So:

DON'T TAKE NO FOR AN ANSWER!

If your in Indiana I would like the opportunity to apply to become your professional mortgage broker. I will work hard for you and I will get the job done!

Respectfully,

Tony Grego - Indiana Mortgage Company

Technorati Tags: Tony Grego,Indiana Mortgage company,Indiana mortgage,indiana mortgage rates,indiana home loan,mortgage rates,mortgage loan,credit scores,indiana mortgage blog

Tips for 1st Time Homebuyers

2008-03-10T19:16:00.001-04:00

While I am not going to get into rates and terms. Plenty is already posted about that I just hope everyone had as good as of day as I did talking to potential first time homebuyers. Not sure why, maybe it was the time change but I spoke with three different folks that have decided to take the leap and buy a home. I listed a few items you can share (and I hope get you a sale) with new clients with regards to mortgage questions.

1. Figure out what you can afford. There are plenty of mortgage calculators out there that are easy to use. Simply input a few variables such as mortgage loan amount, the term, the interest rate, etc., and you’ll come up with a monthly payment. You need to be sure everyone is on the same page and use one. Just don't take the sales price, multiply by 6% and divide by 360. Don't laugh, it happens.

2. Part of figuring out the monthly payment means knowing the PITI. What’s that you ask? Well it is not bread. PITI, or Principal, Interest, Taxes, and Insurance is what will make up that monthly payment of yours. Remember we are dealing with folks that only know a rent payment. We as professionals need to teach.

3. Say you decide to take that step and buy that home. You’ll want to figure out how much you’re going to be paying in closing costs, which include origination fees, taxes, prepaid things like the homeowner’s insurance policy, perhaps HOA (Homeowner’s Association Fees), title and settlement fees, and so on. Now many times you might be able to work with the seller to help pay some of these fees. FHA does allow seller concessions to help with this and up to 3% for a down payment.

4. How much of your monthly expense should a home be? Well, as a general rule, 28% of gross income (this is the number before taxes) is what Fannie Mae recommends you set aside for housing costs. Anything above and beyond that and you risk sacrificing some things you might not want to sacrifice.

5. Think about it. Buying a home is great, but expenses can and do mount up. Once you buy a home, YOU are the person that is responsible for maintaining it. The days of calling landlords to fix things for you is over. On the positive side–the place is yours! You have the freedom and warm feeling of owning your own home–or spray painting the living room at will, if your heart so desires.

Good luck.

Technorati Tags: tony grego,indiana mortgage company,indiana mortgage,indiana home loan,first time homebuyer,credit scores,mortgage calculator,indiana mortgage blog

Lock'em if you got'em

2008-03-03T09:13:00.001-05:00

Friday was a great day for folks looking to lock in mortgage interest rates, We had a big drop and was able to help plenty of Indiana homeowners get a great interest rate with their Indiana Mortgage.

Tony Grego here at Sagamore Home Mortgage! While mortgage interest rates have risen over the last 10 days Friday did help. Now looking at the Japanese stock market and the further loss of the US Dollar we are in for a "rocky" day with the stock market. I am recommending all of my Indiana clients to lock your mortgage rate today. Looking at this weeks calendar of financial reports does not indicate that anything will help lower your mortgage interest rate.

I expect to see a dip in mortgage interest rates when first released this morning then the Feds making the "big surprise announcement" of lower short-term rates 1/2 point. This will help the market and cause the bond market to dip and raise your mortgage interest rate.

Tune into my Mortgage Broker Channel to see live updates throughout the day.

Tony Grego - Indiana Mortgage Company

Quote of the Day:
Champions aren't made in the gyms. Champions are made from something they have deep inside of them - a desire, a dream, a vision. They have last-minute stamina, they have to be a little faster, they have to have the skill, and the will. But the will must
--Muhammad Ali

Ready for the Next Hurdle When Refinancing Your Mortgage? Second Liens No Longer Will Be Subordinated.

2008-03-01T20:23:00.001-05:00

Have you ever heard that "March comes in like a lamb and goes out as a lion?" Well lets take a look at this little lamb called a mortgage.

Along with a new month we have new policies and news that directly affects if the average consumer will qualify for a mortgage. Lets see, we have:

Mortgage Insurance - If your credit score is below 680 the price just went up and your number of options have gone down (I am not going to bore you with the details. Dozens of posts have done a great job of providing details. Here is a good one from Marlo Newman.
Brokers/Bankers will no longer be able to order an appraisal - Shonda Blakely posted a great thread about New York Attorney General Andrew Cuomo. If he gets his way the only one that will order an appraisal after September will be Freddie Mac and Fannie Mae. Didn't these guys report a $6B 4th qtr, loss? Just to give you an idea of what that looks like = $6,000,000,000,00. Heck! that is only around $67,000,000.00 a day.
Sounds like they need a couple of winning Power Ball Tickets. This week is only $153,00,000 but I guess every little bit helps.

Ready for the Hat Trick?
Lenders will no longer approve requests for subordinations from second-mortgage companies - Kenneth R. Harney from the Washington Post Writers Groups in Sunday's Chicago Times tells the tale of Robert Whittaker from Sykesville, MD. Whittaker contacted Immediate Mortgage Inc of Ljamsville, MD to refinance his interest-only-adjustable rate loan that was scheduled for a big payment reset. Robert is a high credit score client with about $55,000 in equity (after paying off the 1st and 2nd mortgage). Anyone that has done a subordination knows that while they may take a while they are routine. This one sounds like a "no-brainier."

The broker submitted the request to the second lender, National City Corp. on February 1st. February 18, the bank told National City employees in an internal memo that it is no longer approving requests nationwide for subordinations from second-mortgage customers whose first mortgage was with another firm.

The article then goes on to say that the change at National City illustrates how declining market conditions (currently no markets in Indiana have this tag) are affecting borrowers with second liens. Not only are equity lines being frozen or reduced, but issues such as subordination stymie borrowers' attempts to refinance.

Now the article did not point this out but currently when a home goes into foreclosure and it has multiple liens, the sale proceeds pays off the balance on the first mortgage and then subsequent liens. As you can guess, today's market does not have a positive forecast for home appreciation leaving the lenders holding second-mortgages, HELOCS, and third mortgages with nothing to go after.

Welcome again to March 1, 2008. Sounds like we are going to have a heck of a start. Just hope that this year March comes in like a lion and goes out like a lamb. Remember the reason I will post a thread like this is to help. It is great third party information to share with your clients. Many folks are just waiting. Maybe something like this can get the waiting to stop and the buying to begin. If you have clients in Indiana and need some help with their mortgage. Give me a call or drop a email. I am the real estate agents friend.

Tony Grego - Indiana Mortgage Company

Quote of the Day:
You are not what you own.
--Fugazi, American rock band

Will all Investors "Tighten" FHA Guidelines?

2008-02-26T17:08:00.001-05:00

ANYONE LOOKING FOR A NEW OR REFINANCE FHA INSURED MORTGAGE NEEDS TO STOP AND READ THIS. BELOW YOU WILL FIND A MEMO POSTED BY FLAGSTAR BANK WITH REGARDS TO M A J O R CHANGES WITH FHA.

I WANT TO BE CRYSTAL CLEAR. THESE ARE NOT CHANGES TO FHA GUIDELINES THESE ARE CHANGES TO FLAGSTAR BANK THAT EFFECTS BROKERS AND WAREHOUSE LINES. I ALSO HAVE A VERY AN ADDITIONAL MEMO FROM HOMETOWN MORTGAGE.

I am not chicken little and the last I looked the sky is not falling. I am not trying to create a stir and pass bad information. As a professional mortgage broker I feel that it is my responsibility to keep my business partners, potential partners, clients, and prospects away of major changes that can have a major impact with your mortgage structure. Along with posting here I will also send out a email to my data base to spread the word.

I do not have any information that any other investors will change policy but if this takes the same road that mortgage insurance is taking I highly recommend to all parties to make some purchase or refinance mortgage decisions immediately.

Thanks for reading. Your comments are greatly appreciated.

Tony Grego - Sagamore Home Mortgage, Indiana Mortgage Broker

"SUBJECT AND EFFECTIVE DATE
Effective Monday, February 18, 2008, Flagstar is instituting several updates to our FHA credit and appraisal standards, as well as instituting new credit score-based pricing improvements and adjustments.
FHA CREDIT UPDATES
The changes are as follows:
Ø All FHA loans will now require a minimum credit score of 550.
Ø Cash-out refinances loans over 85% LTV will now require a minimum 580 credit score, regardless of the Total Scorecard response.
Ø Cash-out refinances for manufactured home loans over 85% LTV will now require an Accept or Approve response from Total Scorecard in addition to the minimum 580 credit score introduced above.
Ø Borrowers currently in Chapter 13 bankruptcy will be limited to a maximum loan-to-value for cash-out refinance transactions of 85%, regardless of the Total Scorecard response.
Ø Borrowers with a previous Chapter 7 bankruptcy who have late payments after the bankruptcy has been discharged will be limited to a maximum loan-to-value for cash-out refinance transactions of 85%, unless an Accept or Approve response is received from the Total Scorecard.
Ø Borrowers with a previous Chapter 7 bankruptcy will not be eligible for FHA financing if the bankruptcy was discharged within the past two years, unless an Accept or Approve response is received from the Total Scorecard.
Ø Borrowers with a previous foreclosure will not be eligible for FHA financing if the foreclosure occurred within the past three years, unless an Accept or Approve response is received from the Total Scorecard.
FHA APPRAISAL UPDATES
Appraisals for all manufactured home loans must use one of Flagstar’s approved national appraisal vendors. Refer to Doc. #4903 – National Appraisal Vendors for a current list.
SUBMISSION/CLOSING POLICY FOR LOANS ORIGINATED UNDER PRIOR GUIDELINES
Loans originated outside of these guidelines MUST be submitted to underwriting no later than Friday, February 22, 2008, and all such loans must be closed and delivered to Flagstar by Monday, March 31, 2008. Correspondent loans do not need to be purchased by March 31st, but they do need to be received by that date.
FHA PRICING CHANGES
New pricing adjustments will be as follows: Credit Score Range Pricing Adjustment
550-579 -1.000
580-600 -0.500
601-659 No adjustment
660-679 +0.125
680+ +0.250
These additional pricing adjustments will not apply to Flagstar to Flagstar streamlined refinances as credit is not run on such loans. If credit is run, underwriters will change credit the score to 999 so no credit-based pricing adjustments are applied.
WAREHOUSE LENDING GUIDELINES
Effective March 8, 2008, Flagstar Bank will not warehouse FHA loans being sold to other investors if the credit score on the loan is below 580, and we will begin imposing a 5% haircut for all DE Delegated FHA loans.
UPDATE TO FHA DE DELEGATED POLICY
All loans not insured by FHA within 60 days of disbursement will be subject to repurchase by the originating lender.
PRECEDENCE OF THIS MEMO
At time of this memo’s release, all necessary changes to fully implement these product updates may not have been completed within Flagstar’s systems. However, this memo takes precedence over system issues. Loans registered and/or locked in contravention of these new guidelines will be deemed invalid.
CONCLUSION
The FHA program descriptions will be revised over the next day or so, until such time as revised guidelines are posted, this memo will supercede any published guidelines to the contrary. For information about other Flagstar products, please refer to the Seller’s Guide available at wholesale.flagstar.com .
Thank you for your continued business."

Indianapolis man found guilty of securities fraud

2008-02-25T22:33:00.001-05:00

Folks, do not let this happen to you.

Jason Keigley of Indianapolis was found guilty of swindling money from seniors through a fraudulent investment and mortgage scheme. While working for a mortgage company he also stated his own mortgage company. Big red light here. How would you know? When dealing with a mortgage broker you can check them out with the Secretary of State.

The SOS found that Keigley convinced a Hendricks County couple to invest in his company which was an unregistered security. He told the couple that their was an investment and was in an interest-bearing account. He also brokered a reverse mortgage loan. Keigley could not account for any of the missing funds. The victims home was also hit with a foreclosure due to Keigley's failure to fulfill the obligations of the reverse mortgage.

During the trial (BTW, this "brain surgeon" decided to defend himself), he told the jury that he knows in his heart that he is innocent. "I didn't do anything wrong." I guess he also quoted verses from the Book of Job, insinuating that he sees himself as Job or a man of God. Now the prosecutor (this is my favorite part of the story) countered Keigley's argument with another Bible verse: Matthew 7:15. "Watch out for false prophets. They come to you in sheep's clothing, but inwardly they are ferocious wolves." "He is a sheep in wolves clothing."This is better than an episode of Law and Order.

Now Keigley did such a great job of defending himself the jury deliberated for all of two hours before finding him guilty. Now he has not been sentenced yet since "Job" here has to wait until he finds out what is happening with other charges in Marion County (Indianapolis).

Consumers and real estate alike. If it sounds to good to be true it probably is. With the tools available you can check out people with just a few clicks. Try it. Go to Google.com right now and type in my name Tony Grego. In fact, click here. Google list 10 sites per page. I am filled with 9 and the other is a cop.

Now I am sure that there is a whole bunch more to this story but the facts are you are the consumer and remember you are in charge. This is one example of things that can happen in your hometown. When getting a new mortgage or refinancing your current mortgage get a professional opinion. With me I never charge a application fee and I am willing to look to see if I can help.

Good luck and be careful.
Tony Grego - Indiana Mortgage Broker

Quote of the Day:
There is no worse lie than a truth misunderstood by those who hear it.
--William James

Meet the Worlds Strongest Man

2008-02-25T10:50:00.001-05:00

There was a time when I opt-out of about every email I ever did get. Which is a slap in my face for what I do when soliciting business. Today I only opt out and spam the folks from Nigeria and such about all the money I won. Ya, it has cost me a fortune (right). This has resulted in many more emails. It reminds me going to garage sales. Plenty of stuff and very few gems. Today I found this gem. Now it is not going to sell you a house. I am not going to sell a mortgage. It is has nothing to do with mortgage rates, bad credit, FHA, VA, refinancing, mortgage brokers, etc.

There are inspirational stories that make you smile. And then there are those that leave you in awe. The story of the World’s Strongest Dad is of awe-inspiring variety.

Dick Hoyt is one half of Team Hoyt. The other half is his son, Rick. Rick has been disabled from birth. He can’t walk or talk. In 1972, a group of Tufts University engineers set out to help Rick. They built a computer he could use to write out his thoughts. (You’ll see him typing with it in the beginning of the video.)

His parents learned that Rick loved sports. Rick told his father he wanted to enter a five-mile benefit run. Dick pushed his wheelchair-bound son in the race. Soon they were competing in marathons, triathlons and even the Iron

man. To date, Team Hoyt has run, biked, and swum in 958 events.

I hope you get as much out of this as I did.

Tony Grego - Father of two, Indiana Mortgage Broker by day

Meet the Worlds Strongest Man

2008-02-25T10:40:00.001-05:00

There are inspirational stories that make you smile. And then there are those that leave you in awe. The story of the World’s Strongest Dad is of awe-inspiring variety.

man. To date, Team Hoyt has run, biked, and swum in 958 events.

I hope you get as much out of this as I did.

Tony Grego - Father of two, Indiana Mortgage Broker by day

Ask the Experts - So What do you want to see?

2008-02-24T12:38:00.001-05:00

OK, since I am a blogging veteran (31 days, and BTW only 25 days to spring) it is time to put this baby in second gear. Later today I have a "net head" coming over to review my web site. Currently it is a "cookie cutter" out of the box site (if you need some help on a referral email me. For $9.95 a month it is the best deal going). YES, I love giving away referrals.

While I prefer to give things away this time I need some help. Actually help me to help you. If I can not provide benefit I would not expect you to visit my site/blog/office/family/etc. Please answer these questions. I hope to get some insight to how I can better serve my business partners, my clients, and my prospects:

Why did you click on this blog?
Many folks use plenty of pictures on blogs. Some plain text. What do prefer?
If a video was on a blog would you watch it?
What would you like to get from reading a blog?
Why would you click on a Mortgage Broker's Web Site?
What would you like to find when you click on a Mortgage Broker's Web Site?
What do you currently hate about clicking on a Mortgage Broker's Web Site?
If your an agent would you like to be able to put your listings on a Mortgage Broker's Web Site?
If your an home/commercial appraiser, home inspector, home stager, title company, field notary, etc. would you want to see a free listing of your services on a Mortgage Brokers Web Site?
Would you like to see a live video feed on a Mortgage Broker's Web Site?
Would you like to see video's about the loan process on a Mortgage Broker's Web Site?
Would do you think about a "live video" of a first time home buyers seminar on a Mortgage Broker's Web Site?

On a scale of 1 - 10 with 10 being the best please tell me how you feel about the following items I see on most Mortgage Broker's Web Site

Rates
Application
3rd party advertisements (agents and related services)
Lots of different mortgage calculators
News Feeds
Meet my Team
Plenty of small print?

Folks, I would hope that professionals and consumers alike answer these questions. After the thread dies (I may post a few times) I will post the results and to be sure you do not miss them will send a personal email.

Thanks in advance for your help

Tony Grego - Indiana Mortgage Broker

Quote of the Day:
Commerce is the great civilizer. We exchange ideas when we exchange fabrics.
--Robert Green Ingersoll

Indiana Investment Watch - Investor Basic Training

2008-02-22T23:14:00.001-05:00

We all work for the day when we can buy a home. After months, years, and in some cases, tens of years Happy Hoosier Families have saved for that day. So what happens? You figure out you need two things. One is a good real estate agent that listens and understands your needs and unless you save enough money you will also need a mortgage broker that does the same. Now with real estate you have agents and brokers and with mortgages you have brokers and lenders. While this is going to make a great post some day (but not today) you need to get some direction on what to look for.

Now I will let one of my colleagues address the real estate agent/broker thing. Let me dive into the Broker/Lender thing. Actually, since I know many of you are going out looking to buy homes and obtain a mortgage this weekend let me do the "readers digest" part for today. While everyone will tell you what they are going to accomplish not many will give you a copy of this list.

Todd Rokita, Indiana Secretary of State has posted on a this web site Top 10 Red Flags for Mortgage Brokers. Like anything it is a guide (and a pretty good one) With a mortgage it is not what you know it is what you don't know.

Many of us Hoosiers have followed similar guidelines in the past. Go to show why, for the most part, we will be OK with the Indiana Real Estate Crisis. But still you need to be very aware when shopping for a mortgage.

Top 10 Red Flag List for Mortgage Brokers

Shifting the closing date. The borrower's mortgage closing date can shift if the borrower does not have a written commitment from the lender. Homebuyers can find themselves in a default situation if they quit paying their existing mortgage based on an oral promise that the new loan will be closing quickly.
Offer a "free" refinance. Sometimes mortgage brokers will promise "free" refinances of a mortgage in the event mortgage rates drop further from the borrower's present mortgage interest rate. Every real estate closing has costs. While a mortgage broker may agree not to charge a fee, other closing costs may still arise. If such an offer is made, the borrower should get the offer signed and dated in writing.
Total reliance on the loan broker. The lender and the loan broker play different roles in the mortgage transaction. They are usually different, unrelated business entities. The borrower should know the lender's identity and receive a copy of the "locked loan rate commitment" from the lender in writing.
"Pre-approved" and "pre-qualified." These are marketing terms, not legal ones. The only legally binding mortgage loan commitment must be in writing from the lender and must contain specific terms, such as the mortgage loan dollar amount, the mortgage interest rate and the date the mortgage loan commitment expires.
Offer for a "free" real estate appraisal. Mortgage brokers may offer a "free" real estate appraisal under the condition that the borrower closes on a mortgage loan through their company. Borrowers should be prepared to pay for the appraisal if they decide to take their loan business elsewhere.
Falsified income. An unscrupulous loan broker may encourage the borrowers to falsify their income on the mortgage application. This is fraud. A buyer should never present false information. If buyers can't document their sources of income, they may be trying to purchase a property that is beyond their means.
Equity Stripping. This practice occurs when unscrupulous loan brokers may convince the borrower to continually refinance. All of the closing costs can be included in the total amount borrowed, resulting in the loan broker receiving a new commission and additional fees for closing each new loan.
Over-appraised residential real estate. This occurs when an unscrupulous loan broker, real estate appraiser and/or real estate agent collude to get a property appraised at a value grossly above its market value.
Undisclosed pre-payment penalties, balloon payments and rate and terms switched at closing. Loan terms are required to be disclosed early in the process. However, terms do change throughout the process. It is up to the borrower to stay on top of term changes that the borrower does not find acceptable.
Post-closing squeeze for more fees. The HUD-1 Settlement Statement must list all fees paid at the closing table or paid outside of closing. Anyone who calls the borrower after closing and tries to collect additional undisclosed fees is acting illegally. The borrower should also contact the Secretary of State's office to report such attempts.

!!!!!URGENT!!!!!URGENT!!!!!URGENT!!!!!URGENT!!!!!!URGENT!!!!!URGENT!!!!!URGENT!!!!!URGENT!!!!!

2008-02-22T21:28:00.001-05:00

NO PICTURES, NO GRAPHICS, NO WITTY QUOTES, JUST AN URGENT CALL TO ACTION................................

OK, I really need am trying to make a point. You know we have been talking for a couple weeks taking place with PMI in March. The telephone call just came in. Investors are jumping the gun and have issued Monday as the cutoff for deal submissions. While I have heard from just one this is always the tip of the iceberg. Here are the Freddie Mac details with new fees and LTV ratio limits:

FREDDIE MAC ANNOUNCED THIS WEEK THAT IT'S EXPANDING ITS USE OF RISK-BASED PRICING AND INCREASING FEES
UNLESS YOU ARE AT LEAST A 700 MID CREDIT SCORE YOU WILL NOT QUALIFY FOR A LOAN-TO-VALUE OVER 97%
IF YOUR MID-SCORE IS BELOW A 740 ON OR AFTER JUNE 1ST, A NEW DELIVERY FEE OF 30 BASIS POINTS WILL BE ADDED IF YOUR LOAN-TO-VALUE IS OVER 80%
"ALT 97" MORTGAGES WITH "AFFORADABLE SECONDS." ARE NO LONGER AN ACCEPTABLE SOURCE OF BORROWER FUNDS
NEW RULES WILL REQUIRE HIGHER DOWN PAYMENTS IF YOUR MARKET IS IDENTIFIED AS "DECLINING MARKET."
FIRST-TIME HOME BUYERS APLYING FOR A LOAN THROUGH FREDDIE MAC'S "HOME POSSIBLE" PROGRAM WILL BE REQUIRED TO TAKE HOMEOWNER EDUCATION CLASSES, ALL HOME POSSIBLE MORTGAGES WITH A LTV OR TOTAL LOAN-TO-VALUE (TLTV) RATIO GREATER THAN 97 PERCENT MUST HAVE AN INDICATOR SCORE OF 700 OR BETTER.
PMI GROUP INC. HAS ANNOUNCED THAT AS OF MARCH 1, IT WILL STOP ISURING "ABOVE 97" LOANS IN WHICH BORROWERS MAKDE DOWN PAYMNETS OF LESS THAN 3 PERCENT AND COMPETITOR MGIC INVESTMENT CORP. IS DISCONTINUING COVERAGE OF LOANS WITH DOWN PAYMENTS OF LESS THAN 5 PERCENT IN 30 MARKETS WHERE PRICES ARE FALLING.
MORTGAGE INSURANCE WILL BE ELIMINATED FOR ALL EXPANDED APPROVAL LEVELS OVER 80%

We as real estate agents and mortgage brokers must react now! This is our call to action. The simple facts are by this time next week, thousands of potential homebuyers WILL NOT QUALIFY! This applies to marginal, good, and great credit.

If your in Indiana and need help. Call or email me. I have cleared my schedule in efforts to help. We are going to run out of time before we run out of people we need to help.

Sorry, Blogger doesn't support file uploads

Please:

1) Change to a different blog provider, then;

2) Save the draft

3) Change to HTML view, then back to the view you were on.

Your files will be ready to upload then.

Happy Selling!
Tony Grego - Indiana Mortgage Broker

Quote of the Day:
At the working man's house hunger looks in but dares not enter.
--Benjamin Franklin

Mortgages that Matter the Most

2008-02-21T17:12:00.001-05:00

Tony Grego here! Proud founder of "Mortgages that Matter the Most" This new group can be found at MORTGAGE MATTERS. The intent of this group is to help folks get a better understanding of mortgages along with the challenges many of us are facing today.

Are you a consumer in the market ready to buy or refinance your home? This is the place to learn everything you need.
Need a to talk to a professional real estate agent, mortgage broker, home stager, appraiser, home inspector, title company or anyone related to our profession? You will soon find them here.
Having problems making your mortgage payments? I will post articles that will help.
Moving to a new area? Post a question and lets get you the information you need.
What about loan programs and assistance programs? We'll post them also.

Folks that know me will tell you that I am here to help. I want to build this group to help all of us. Working together we will all prosper while Helping folks with Mortgages that Matter the Most. Please come back to visit and post often.

Thanks for reading my blog.

Tony Grego - Indiana Mortgage Broker

Mortgages that Matter the Most

2008-02-21T17:11:00.001-05:00

Are you a consumer in the market ready to buy or refinance your home? This is the place to learn everything you need.
Need a to talk to a professional real estate agent, mortgage broker, home stager, appraiser, home inspector, title company or anyone related to our profession? You will soon find them here.
Having problems making your mortgage payments? I will post articles that will help.
Moving to a new area? Post a question and lets get you the information you need.
What about loan programs and assistance programs? We'll post them also.

Helping Hoosier Households

2008-02-21T13:44:00.001-05:00

I am the proud founder of "Helping Hoosier Households" This new group can be found at HELPING HOOSIERS. Hoosiers helping Hoosiers is what this group is all about.

Are you a consumer in the market ready to buy or refinance your home? This is the place to learn everything you need.
Need a to talk to a professional real estate agent, mortgage broker, home stager, appraiser, home inspector, title company or anyone related to our profession? You will soon find them here.
Having problems making your mortgage payments? I will post articles that will help.
Moving to Indiana? Post a question and lets get you the information you need.
What about loan programs and assistance programs for Hoosiers? We'll post them also.

Folks that know me will tell you that I am here to help. I want to build this group to help all of us. Working together we will all prosper while Helping Hoosiers with their Households.

Please come back to visit and post often.

Happy Selling!
Tony Grego - Indiana Mortgage Broker

Quote of the Day:
At times the whole world seems to be in conspiracy to importune you with emphatic trifles.
--Ralph Waldo Emerson

Mortgage Basics - So, what is a Reverse Mortgage?

2008-02-20T17:39:00.001-05:00

So, the bank is going to pay me instead of me paying the bank? In one word, YEP! This is a type of loan were your home equity is turned into cash.

If your a "boomer" that may be short on savings to retire and your mortgage payments are sucking you dry you might have another option. A Reverse Mortgage.

I am not saying that this is the answer for you. As in every mortgage we have advantages and disadvantages. But lets take a look at the process.

A reverse mortgage is exactly that. Instead of a monthly mortgage payment the bank pays you. Now of course you have to qualify. You didn't think the bank was just going to give you money did you? To qualify here are a couple of things:

You need to be 62 or older. In the case of two people on the mortgage, the age is based on the youngest of the two.
You can get a lump sum of cash.
You can get monthly payments or a line of credit that you can tap into when you need it.
The payment does not usually affect social security or Medicare but we need to check.
Your credit score DOES NOT matter with a reverse mortgage.
You do not have to have assets to get a reverse mortgage.
You will still be responsible for property taxes, homeowners insurance and any repairs on the home.
The amount you can borrow depends on your are, the current interest rate, and the appraised value of your home.
The rule of thumb here is the more valuable your home is, the older you are, the lower the interest, the more you can borrow.

Now who can benefit the most with a reverse mortgage? The older you are, the more likely you are to benefit from a reverse mortgage to AARP. First, you'll probably have built up more equity in your home. And since lenders calculate the payout based on your age and your expected lifespan. Reverse mortgage are most beneficial if you own your home or have a small amount left to pay on the original mortgage that can be paid off at closing with the proceeds for from the reverse loan, according to HUD. Also reverse mortgages are also best for people who want to remain in their home for the long-term. If you're looking to move in two or three years, a reverse mortgage may not be right for you.

Weigh the Downsides

Like all mortgages there will be fees (don't get me started with the no-closing costs stuff). There is an origination fee, appraisal fee, title fee, escrow fee, recording fee, a monthly servicing fee and an ongoing mortgage insurance premium. The fees will range between 3 - 5%. They can be included in your loan balance, if there is enough equity available.

Remember - a reverse mortgage is a loan with rising debt and falling equity. So, if you get a lot of cash over the years, there will be little, if any, left over for your heirs according to AARP.

Do your Homework. Call or email me with questions

While reverse mortgages are only about one percent of the mortgage market. They are on the rise. In fact, not a day goes by when I do not get a email from a "new company" pushing reverse mortgages. This only tells me that a bunch of people are going to make bad decisions and get taken advantage. Please don't let this happen to you. While there are plenty of good brokers and bankers that can help. Do not get scammed. The Reverse Mortgage market is ripe for things like this to happen.

Now there are a lot of nuance you need to look at before doing this. In fact, you are required to get counseling before buying this product. These can be done on line and I do have a list if you need on. Also be careful of lenders that will try to get you to buy different products like long term care insurance or annuities.

This is a great product for the right client and the right situation. If you have any questions contact me and lets see if it is the right product for your mortgage needs.

Happy Selling! (I always sign this way)
Tony Grego - Indiana Mortgage Broker

Quote of the Day:
If it doesn't matter who wins, then how come they keep score?
--Vincent Lombardi

WOW, It is 5:34! - A Lesson in Time Management

2008-02-19T17:50:00.001-05:00

Don't know about everyone reading this but at the beginning of the year I had to sit down and do some real soul searching. While I have been in the finance business for over 27 years I have only been involved with mortgages for the last 2 1/2 (yea, I know, great timing).

What did I discover?

I like being a mortgage broker
I like to help folks get their 1st mortgage along with investor and second homes
I like to help refinance folks to save money
I like helping people
I like making a difference
I like spending more time with my family
I have lousy time management skills.

Let's get into that last on. If I had a day like this in December you would not be reading this blog. Now it is not because I did not sign up until January 23rd. It is because I would have "sold myself" why I did not need to write it.

The best thing I have learned from joining AR is discipline. Committing to something and doing it. Every morning I get up (try to beat the boys out of bed). Go to "MY" room (you know the one were you go and want to be alone). Write my daily affirmations and put a game plan together for the day. Part of today's game plan was to write a blog. Now while I am not doing the subject I originally planned, I just do not have the time to do it justice, I am still writing a blog.

I do this to show commitment to my business, my family, and my self. While 2008 is going to be great. It is, really! I just need to attacked it with a whole different view. Just throwing in my two cents.

Now this is begging the question. Why are you in the business? Now you do not have to answer here. Just, as they say, food for thought.

Happy Selling!

Tony Grego - Indiana Mortgage Broker

Quote of the Day:
Every man alone is sincere. At the entrance of a second person, hypocrisy begins.
--Ralph Waldo Emerson

Step Six - Close on Your Mortgage

2008-02-18T13:16:00.001-05:00

It is finally here. The big day. We get the CTC, Clear to Close. So were's the money? Here's how it goes

Everyone takes a deep breath. It's downhill from here.
The Investor turns the package to their closing department. The job here is to dot all of the "i's" and cross all the "t's." Time frame is investor specific. Some the same day and some others can be up to 3-4 days after CTC is issued.
Title insurance, homeowners insurance, flood insurance (if needed) along with the rest of the insurances and anything else they can come up with are put in the investors name (wow, people still think that there are still "no closing cost mortgages.")
Balance of documents are reviewed and in the case of Indiana the "package" is sent to the title office.
Title office prepares the HUD-1 (fancy name for a settlement statement) and forwards to the mortgage broker for review.
Mortgage broker approves, notifies the title company and a final is sent to the investor for final approval.
Clients are scheduled for close along with providing a list of items needed at close including a CASHIERS CHECK (for the record, do not bring cash or a personal check. We done everything right so far. Don't mess it up now) for down payment and closing cost.
The clients then meet at the closing office or mobile depending on the situation. It could be the clients home, McDonald's, highway rest stops, etc.
Everyone signs all required documents. OK again with the oblivious, if everyone has to sign, everyone has to be present.
With a purchase funds (the money) are dispersed at the closing (table funding - now they are not going to pass a bag of cash across the table so don't even ask that one. Wired funds or certified checks)
If you did a refinance. The funds are dispersed three business days after closing (another one of those Federal Laws. Remember the Marcus Welby episode?)

For the clients that is about it. They get to enjoy their new home and their new mortgage. For the real estate agents and the mortgage broker our job has just begun. Come on, you know were I am going with this one.

IT'S ABOUT

REFERRALS!

If you did a good job it is your time to shine and find some more business. If you had some problems make an apology and find some more business. If you had a bunch of problems apology a whole bunch and get some more business.

Just don't forget to get some more business. Referrals are the name of the game. Go get some.

What that in mind, who do you know right now that might be able to use my services? Come on, you have to know someone. By now you know a whole bunch more about me than you did a week ago. You know I am a professional and will get the job done. So help me help you. Let's figure a way out to do some business. Thanks for reading and commenting on my series.

Happy Selling!
Tony Grego - Indiana Mortgage Broker

Quote of the Day:
Forgiveness is not an occasional act: it is a permanent attitude.
--Dr. Martin Luther King

Step Five - Submit Documents for Final Approval

2008-02-17T11:17:00.001-05:00

Hey Folks! Thanks again for following on. I do want to apologize for a error I just noticed. Saturday's blog should have been step three (that's how I labeled it) but I wrote about step four. I was messing with the munchkins all day long just missed it. Again, I'm sorry. The good thing that while it is two separate steps, they could have be combined. So I guess a few goods things did come out of it. One, less to read for the same information and two, one less post I have to write. (While I really love this I am a little more than amazed on the time factor).

So now lets fast forward.............................................Step Five - Submit Documents for Final Approval

While in many ways this is the easiest part (at least when you get down to faxing, scanning, and emailing) but it may be the most critical part of the entire process. You see, up until now we have structured the new mortgage with values, income, assets, etc. that have been (for the most part) an educated guess. By the way, when you hear that a deal died in underwriting, unless the house appraisal or fraud is a issue, this is the reason.

Lets say during the initial interview the client stated they made $4,000 a month and had $15,000 in a 401k. OK, you being the good loan officer you are put it on the 1003, get the approval, send it to underwriting and they they loan gets denied for income ratios. Now the "bad" comes out in the loan officer, gets excited, calls/emails the underwriter, the underwriter's boss, the AE, the AE's boss, the loan officer's boss, and the owner of the company stating that the underwriter made a mistake and needs to approval the mortgage because you promised to closed that day. Sound familiar?

Now your office is not going to get anything done because of those "horrible underwriters" and the Investor is going to waste many hours to "get to the bottom" of this deal.

So now, time goes by and your boss gets the phone call. Some time goes by and your boss comes in and proceeds to tell you that the mortgage is dead because the client did not make $4k a month, pay stubs shows $3,625 and the client took a $8k loan against the 401K and has payments of $350 a month.

If you take nothing but this from my process basics, TAKE THIS. Verify, verify, verify, everything you send to underwriting. You ever hear "you only get one chance at making a first impression?" Lets go back to that first date I talked about. I am not saying that looks and dress are everything (on look at my earlier video blog will prove this) but it does help. These investors and underwriters are very busy and have strict guidelines to follow. Do yourself and them a favor (yea, it will get your mortgage application approved). Follow them. While every lender has their own process for submitting a deal to underwriting and yes, they are all different and two, they do not make any sense to you. FOLLOW THE GUIDELINE AND CHECKLIST. Don't forget you is King here and unless you want to lend the money for the mortgage yourself, follow the rules. Make a great first impression!

If you use just a couple of investors and the underwriters like the way you submit a file what do you think will happen after you put the first couple into that investor? Exactly, your getting it now. The underwriter will jump to your file and find a way to get it done.

I have also heard that you should never do anything half-fast (wow, look at me and all these quotes today). So do it right or hire a processor to do it for you.

Remember, you are helping your client with the largest financial decision and process they will ever go through. You owe it to your client, your company, your investor, your self, and your family to check and double check before you submit the documents for final approval.

Now after you send in the docs. You will get a stipulation report from the investor. The better the package you submit for approval the fewer stips you will have to fill. When you get the stips use the same philosophy that you use with your client. "Don't fight' em, write' em (boy I am filled with' em today?). If you need to, call or email for clarification, just fill them quick and get the mortgage closed.

Happy Selling!
Tony Grego - Indiana Mortgage Broker

Quote of the Day:
A new study shows that licking the sweat off a frog can cure depression. The down side is, the minute you stop licking, the frog gets depressed again.
--Jay Leno

Mortgage Basics - Step Two, Pre-Approval

2008-02-15T12:44:00.001-05:00

Step Two - Pre-Approval (up to 48 hours)

Utilizing information from our meeting I will order a credit report, title work, appraisal pre-comps, and mortgage payoffs (if needed). After a review of the information I will determine the options available, contact end investors and obtain a pre-approval.

Ok, we are well on our way. The "first date" is over and now the 48-hour rule applies (you know never call the first date until 48-hours). Well anyway, let me get back to topic. The client leaves and feels good about the meeting and is eager to get a new mortgage. The loan officer feels good about the meeting and is confident that his clients will get a great new mortgage. So what happens now?

What I do here at Sagamore Home Mortgage is complete the standard 1003 mortgage application. It is important to note that this will be uploaded to Desktop Underwriter program for approval. The electronic underwriter "reads" the application with a program called "total scorecard."
EVERYBODY TAKE A REAL IMPORTANT NOTE HERE.
1. ELECTRONIC
2. TOTAL

This is were most deals will die. If everything is not impute correctly you may not get the results you are looking to get. THIS IS WERE THE DEAL STARTS TO FALL APART. Now when you run the results and do not get what you need you can make a few changes. Another important note here is that if you change the application more than three or four times the mortgage will get "locked out." You got it, more problems.

Folks, your not dealing with a pair a shoes here! Your dealing with your home. When you do not use a professional like me your bound to have problems. OK, enough self-indulgence.

Now lets say you use a professional like me, you will get the results that you are looking to get with your new mortgage.

It gets easy from this point. A professional loan officer like myself prepares and presents your written proposal. I will go into more detail with your written proposal tomorrow.

Sounds easy? It is when we all work together. So when you need get a new or refinance mortgage here in Indiana you can see why you need to contact me (ok, just a little more self-indulgence).

Happy Selling (and financing)!
Tony Grego - Indiana Mortgage Broker

Quote of the Day:
A verbal contract isn’t worth the paper it’s written on.
--Samuel Goldwyn

Mortgage Basics - "Urgent Breaking News" "Time is Almost UP!"

2008-02-15T08:43:00.001-05:00

While I know I did post this last week, as you prepare for this weekend, consumers and real estate agents alike need to remember that the clock is ticking...... Time IS running out. If you need 100% financing or your credit scores are below 575 you need to buy/lock/submit to underwriting NOW.Investors are jammed! We only have about 10 business days left. So don't be left out and lets get'r done.

Mortgage Guaranty Insurance Corporation (MGIC), one of the nations top provider of mortgage insurance announces major policy changes.

Effective March 3, 2008 MGIC is revamping credit score guidelines that will have MAJOR implications with new and refinanced mortgages.

Current guidelines allow mortgage insurance (PMI) for consumers with a minimum LOW credit score of 575. Please note that while mid-credit scores are used to qualify for a mortgage, PMI is based on the LOW credit score (regardless of income). Starting on or after March 3, 2008 the minimum LOW credit score will be 620.

Along with a rise in scores the maximum loan-to-value (LTV) will be capped at 95% leaving thousands of potential homeowners unable to obtain 100% financing that has been available in the past. LTV's over 95% will now require a low credit score of 680.

The news for declining markets and expanded markets is even grimmer. For a complete report of all of the changes please drop me a email or call and I will forward you a copy of the report.

Now more than ever it is important to get your contracts written and applications submitted. I will be available weekends and night to help you process.

Tony Grego - Indiana Mortgage Broker

Technorati Tags: Indiana mortgage company,Indiana mortgage companies,Indiana mortgage rate,Indiana mortgage brokers,Tony Grego,Indiana mortgage funding,Indiana mortgage,Indiana mortgage rates,Indiana refinance,Indiana refinance mortgage

Mortgage Basics - So How About that Interview?

2008-02-14T15:07:00.001-05:00

Yesterday I posted my six easy steps to getting a mortgage. First I do want to thank everyone for looking and the great comments that I received. The intent of my next few posts will look at each step and I will share how to make it a smooth, seamless process. If you have any specific questions I can help with just drop a comment or email. Now, back to the show!

Step One - Interview (about an hour)
We meet (telephone or in-person) about your mortgage needs. I will go into details about different programs like conforming, FHA, VA, or mortgages for credit programs. We will then plot a direction to help, collect some personal information. Give you a list of required documents and answer any of your questions.

While most initial interviews are down on the telephone or email. I still have many clients that drop by my office. So, what is it all about? Ever been on a blind date? If you answered yes, the beginning of the interview is just like that. Lots of mystery and a weird feeling in your tummy and wondering how the rest of the night was going to pan out.

After the interview a sale is going to happen. Either the client is going to sell the loan officer that they do not need their services or a good loan officer will listen to the clients needs and work on a proposal to help with those needs.

What does the client need to provide:

A summary of needs and goals
Information on home value, mortgage balance, employment, verifiable liquid assets (401k, CD's, money market, savings), and a general idea of credit history

What does the loan officer need to provide:

Information about themselves and company
Mortgage options to help the client
An open ear to "hear what the client needs"

This should take about 25 - 40 minutes. At the end both parties need to decide to go forward. Now let's all be honest here. When the client starts the "I want to think about it," "I need to check with XYZ," "send me some information," "I need to pray on it," etc. we all know that these are a no (you just don't want to say it). A good loan officer will then have to "dig" a little harder and present something that the client finds of value.

After an agreement to proceed is made by both the client and the loan officer the client needs to provide credit information and set an appointment to meet (person or telephone - this is almost impossible to do via email) and review the proposal and furnish documentation needed to get a mortgage.

See, that is not that hard. Did you hear the key? Yes, (you guys are really smart) the key is communication and everyone working together for a better financial position.

Happy Selling! (and buying and refinancing)
Tony Grego - Indiana Mortgage Broker

Quote of the Day:
Misery is optional.
--Abraham Lincoln

Mortgage Basics - So How Does the Process Work?

2008-02-13T12:11:00.001-05:00

Looking at the news not a day will go by without reading something about the mortgage business. One question I never see is about the loan process itself.

What are the steps a consumer needs to take to get a mortgage?

While it can take all forms and styles getting a mortgage with Sagamore Home Mortgage and myself, Tony Grego is pretty easy here in Indiana.

Step One - Interview (about an hour)

We have an initial meeting about your mortgage needs. During this meeting I will take notes on what your looking for with your mortgage. I will go into details about different programs like conforming, FHA, VA, or mortgages for credit programs. If you like what you here I will collect some personal information. Give you a list of items we will need and answer any of your questions.

Step Two - Pre-Approval (up to 48 hours)

I will gather information needed to get you pre-approved for your mortgage. I will order a credit report, title work on the home, appraisal pre-comps, and mortgage payoffs if needed. After a review of the information I will determine the options available, contact end investors to obtain a pre-approval.

Step Three - Present Pre-Approval (about an hour)

A proposal will be completed giving at least two mortgage options (I like to give three or four when possible). You will always be provided with a credit and mortgage analysis that most closely fits your mortgage needs we discussed in our initial meeting. This will provide you with solutions that will best fit those needs. Now I am also going to remind you that all of the above work has been provide with absolutely no cost or obligation to the consumer. So you know I am going to put my best "foot" forward to earn your business.

Step Four - Consumer agreement, Collect documents, Set Appraisal (1/2 hr)

Once we agree on the right proposal for your mortgage needs we will sign all required forms, collect required documents, and set a time and date for appraisal. Due to current trends, most appraisers are now requiring COD payment. Most cases this is your only out of pocket expense for your new mortgage.

Step Five - Submit Documents for Final Approval (48 - 72 hours)

I will then submit everything to get your loan approved. The investor will then send me a final approval or stipulations to obtain final approval.

Step Six - Close on your mortgage (about an hour)

Once final approval is obtained I have investors that will close within the same day while some may require up to 48 hours. If you are purchasing a home the funds will be dispersed the same day and re-finance will take three business days to fund.

Seems pretty easy doesn't? It really is not that hard. The keys is everyone working together, communication, and submitting a complete package. I have had loans closed in as little as three days. So if you need some help or someone is dragging their feet drop me a email and maybe I can help.

Happy Selling!
Tony Grego - Indiana Mortgage Broker

Quote of the Day:
Life is hard. It’s even harder if you’re stupid.
--Anonymous

Job Description for the Hardest Job in the World

2008-02-12T10:23:00.001-05:00

Job Description

POSITION :
Mom, Mommy, Mama, Ma
Dad, Daddy, Dada, Pa, Pop
JOB DESCRIPTION :
Long term, team players needed, for challenging
Permanent work in an
Often chaotic environment.
Candidates must possess excellent communication
And organizational skills and be willing to work
Variable hours, which will include evenings and weekends
And frequent 24 hour shifts on call.
Some overnight travel required, including trips to
Primitive camping sites on rainy weekends and

Endless sports tournaments in far away cities!
Travel expenses not reimbursed.
Extensive courier duties also required.
RESPONSIBILITIES :
The rest of your life.
Must be willing to be hated, at least temporarily,
Until someone needs $5.
Must be willing to bite tongue repeatedly.
Also, must possess the physical stamina of a
Pack mule
And be able to go from zero to 60 mph in three seconds flat
In case, this time, the screams from
The backyard are not someone just crying wolf.
Must be willing to face stimulating technical challenges,
Such as small gadget repair, mysteriously sluggish toilets
And stuck zippers.
Must screen phone calls, maintain calendars and
Coordinate production of multiple homework projects.
Must have ability to plan and organize social gatherings
For clients of all ages and mental outlooks.
Must be willing to be indispensable one minute,
An embarrassment the next.
Must handle assembly and product safety testing of a
Half million cheap, plastic toys, and battery operated devices.
Must always hope for the best but be prepared for the worst.
Must assume final, complete accountability for
The quality of the end product.
Responsibilities also include floor maintenance and
Janitorial work throughout the facility.
POSSIBILITY FOR ADVANCEMENT & PROMOTION :
None.
Your job is to remain in the same position for years, without complaining, constantly retraining and updating your skills,
So that those in your charge can ultimately surpass you
PREVIOUS EXPERIENCE :
None required unfortunately.
On-the-job training offered on a continually exhausting basis.

WAGES AND COMPENSATION :
Get this!   You pay them!
Offering frequent raises and bonuses.
A balloon payment is due when they turn 18 because
Of the assumption that college will help them
Become financially independent.
When you die, you give them whatever is left.
The oddest thing about this reverse-salary scheme is that
You actually enjoy it and wish you could only do more.
BENEFITS :
While no health or dental insurance, no pension,
No tuition reimbursement, no paid holidays and
No stock options are offered;
This job supplies limitless opportunities for personal growth, unconditional love,
And free hugs and kisses for life if you play your cards right.

Forward this on to all the PARENTS you know, in appreciation for everything they do on a daily basis,
Letting them know they are appreciated
For the fabulous job they do...
Or forward with love
To anyone thinking of applying for the job.

** AND A FOOTNOTE

THERE IS NO RETIREMENT -- EVER!!! **

If you are fortunate enough you will become grandparents!

Mortgage Basics - So What is PMI?

2008-02-11T14:47:00.001-05:00

To follow up on an earlier blog about mortgage insurance changes I wanted to explain just want MI is?

Called many things:

Mortgage Insurance
PMI
Mortgage Insurance Premium

When a potential homeowner obtain a new mortgage or refinances a current mortgage and your loan-to-value is above 80% of the appraised value, conforming mortgages (these are the mortgages with all of the good rates and terms) will be required.

Now I am not going into all of the details of how to "get around" PMI for your mortgage (if you like drop me a email and I will go into detail) in the end you are still getting mortgage insurance. In a nutshell, PMI is insuring the investor (the bank) in the event the consumer (you) does not pay and the home mortgage falls into foreclosure. PMI will pay the investor the difference between the 80% value and the balance on the mortgage. The benefit for the consumer is that you are not required to put 20% down.

Folks, you need to be very careful here. I have heard loan officers tell clients that PMI will pay off the mortgage if the spouse dies. This is just not true. PMI protects the end investor only. PMI may be removed with a current mortgage when a new appraisal reaches 78% or less. It is also important to note that the investor does not have to release the PMI from the mortgage. Again, drop me a email and I will go into detail.

Due to recent mortgage losses the companies that provide PMI are changing the rules as soon as three weeks from now. This will make getting a mortgage harder and more expensive.

If you in the market to buy or refinance your mortgage, you need to do this now. While Indiana home prices have settled it may be harder to get the mortgage you want or you may have to put a larger down payment.

Mortgage Basics - Today Just Make The Right Decision

2008-02-10T09:30:00.001-05:00

Well, its Sunday morning. Hope it is going well for you? For me, like most Sundays, it is a day of decision. How did it start?

Central Indiana had a big drop in temperature last night. While we enjoyed a 50 degree day on Saturday it is now single digits with a crisp 30 - 40 mile an hour wind. While I would have LIKED (get ready to hear that word a bunch this blog) to stay in bed, I made the DECISION (another word of note) to write this blog.
While writing this blog I would have LIKED to finish without any KB's (kid breaks), Anthony Jr. (the one on the right of my picture) just came to my office crying because he could not find his bunny watch. Well, it is 20 minutes later, I made the DECISION to help find the watch. BTW, no luck. If anyone has immediate access to a "Bunny Watch" for a 3-year old please give me a call.
My wife would have LIKED to sleep in a little. She made the DECISION to get up and cook a breakfast for the little guys (always a Sunday treat).

We would LIKE to lounge around with sweats today but we made the DECISION to get ready and head out to church.

After church I would LIKE to take my little guys to see a movie but I made the DECISION to attend a few open homes.
Later today I would LIKE to kick back and watch the Pro-Bowl but I will make the DECISION to do some follow up emails and plan my week.
Today, like everyday I come across many thing I LIKE to do but I must follow the DECISION I make to get the things done that I need to do.

With all of that said you're thinking "how does this effect me and why am I still reading this?" There are many things everyone would LIKE to do today but for all of the consumers reading this and all of the real estate agents getting ready to present the open homes you planned all week. Today is the day to make the DECISION to get some business done.

Folks, the market is as low as it is going to get (while most can still buy something). Current changes in lending IS tightening up credit, what most qualified to get a few months ago less and less are qualifying to get today. Read my blogs. MI changes in March will put thousands more OUT OF THE MARKET.

So we would all LIKE to wait and wait. Today, it's everyone's best interest to make the DECISION to buy something.

If you need any help at all, I am available via cell at 317-714-8080 or email at tgrego@sagamoremtg.com. NOW IS THE TIME!

Happy Buying and Selling!
Tony Grego - Indiana Mortgage Broker

Quote of the Day:
Too many people miss the silver lining because they’re expecting gold.
--Maurice Setter

Mortgage Basics - "Urgent Breaking News"

2008-02-09T10:42:00.001-05:00

Mortgage Guaranty Insurance Corporation (MGIC), one of the nations top provider of mortgage insurance announces major policy changes.

Effective March 3, 2009 MGIC is revamping credit score guidelines that will have a MAJOR effect with new and refinanced mortgages.

Along with a raise in scores the maximum loan-to-value (LTV) will be capped at 95% leaving thousands of potential homeowners unable 100% financing that has been available in the past. LTV's over 95% will now require a low credit score of 680.

The news for declining markets and expanded markets is even grimmer. For a complete report of all of the changes please drop me a email or call and I will forward you a copy of the report.

Now more than ever it is important to get your contracts written and applications submitted. I will be available weekends and night to help you process.

Tony Grego - Indiana Mortgage Broker

Quote of the Day:
Honk off, bozo.
--Eno, The Duplex

Mortgage Basics - Let's Talk Value (LTV)!

2008-02-08T10:48:00.001-05:00

Hope everyone has been enjoying my mortgage basic tips this week? With all of focus on mortgage rates and weather it is the right time to get a new mortgage to buy a house or is it the time to re-finance your current mortgage I feel that the basics can help with your decision.

Whatever you may hear in the news, the Indiana housing market is very good. 2008 will be a great year to buy that new home. For folks that enjoy (or have just purchased) it may be the right time to re-finance (I have redone mortgages that were taken out just a few months ago). So by now I am sure that you have learned a bunch about credit, scores, rates, and debt ratio. Let's end Friday with a bang and talk about a little thing vs. a big long blog (hey look, LTV again).

Simply stated loan-to-value (or LTV) while simple to explain is one of the most important factors in your loan process. Remember that the big three things that investors are:

Credit Score
Debt-To-Income (DTI)
Loan-To-Value (LTV)

LTV is used to determine the limits within your housing and debt ratios and where they must fall for you to be approved. LTV also determines whether you must pay Private Mortgage Insurance (PMI and a subject of a future Blog) and if you have to use escrow accounts.

Just remember that the higher the LTV, the higher your rate. When purchasing a home it will also be the determining factor with your down payment. No way around this one!

Your loan-to-value is simply the amount you are borrowing divided by the value of property you are purchasing or refinancing. This give you a simple ratio. For example, a house valued at $100,000 which you intend to purchase with an $80,000 loan (and a $20,000 down payment of your own cash) is said to have an LTV of 80% - That is, the loan represents 80% of the value of the house.

The value of your property is the appraised value (appraisals, Hmm... sounds like another blog post)OR the amount you pay for the property (the market value), whichever is lower. In the initial stages of qualification and approval, your property's value is understood to be an estimate. It will be confirm by a professional appraiser.

So that is it in a nutshell. Or is it? No (didn't see that one coming, did you). Many areas of the country (the bad news Indiana is starting to be effected) by an industry term called "declining value." Due to losses, investors are doing everything they can to minimize risk. It would be like lending two friends $100. One of your friends has a good job, always pays his bills and forgets his wallet. Chances are if you have it you will loan it to them. Your other friend never has money, as far as you can tell does not pays his bills and still owes you $100 from 2-months ago. Chances are you will not do it at all or offer a lesser amount. Declining value is the investor offering a lessor amount. Investors are taking solid, well backed, appraisals and slashing them 5 - 10%. So what this means to you is that you may have to pay a higher rate or PMI, come up with more money to close, or not qualify at all. This has NOTHING to do with your CREDIT, your DTI, or even the HOME VALUE. Once tagged a declining market the rules have changed again. O, by the way, most of the markets are NOT declining they are just tagged that way. It helps the Investor.

So this weekend just go out and do something. Buy a house. Decide to refinance. Call me and I will give you some options.

Tony Grego - Indiana Mortgage Broker

Mortgage Basics - What Do You Mean DTI Is Not For My New TV?

2008-02-07T11:35:00.001-05:00

STATED OR NOT STATED, that is the question... Remember back in ancient times (2007) when a client did not qualify for a loan due to income it was not a problem. Most investors promoted stated income mortgages. What did that mean? Now I am not making this up. This is how the programs worked and were pushed by Account Executives all over the country. The norm for qualifying ratios is 31/43 (I will get back to this later). Stated loans allowed the client to put down an income without documentation. What this meant is that seniors, on a fixed income like social security, that was getting $2,000 a month could put what they needed to get to the ratios the investor wanted. $4, $5, $6K a month was not uncommon to see. Cashiers at a fast-food restaurant making just over minimum wage now became "Shift Managers" making $80,000 a year and if the ratios still were high we would put them in a Pay Option Arm (now that sounds fancy. Guess I will have to write a post about them soon) that would give them a 1% mortgage for the first year and just raise by a little bit to 9% the following year. With all of the money lost by stated loans I am amazed at times that mortgages are still written today.

Stated income mortgages in there pure sense makes sense. Originally designed for the self-employed (the back bone of our nation) to limit the amount of documentation they would need to provide to obtain financing (due to favorable tax laws most self-employed tax returns would not support the 31/43 rule and as long as home value and credit scores were good the client would not have to provide supporting income documentation. Stated mortgages just got out of control.

Now lets get back to the TV stuff. Because of the craziness of the last five years I have discovered that most consumers don't know the difference between DTI and DVI. Let me break it down:

DTI = Debt to Income - This is you income vs your bills.
DVI = Digital Visual Interface - This connector passes an uncompressed video signal from HDTV receivers and other source devices to your plasma display. You will find DVI connections on most 2004 HD plasma monitors and integrated HD plasma TVs, as well as some high-end DVD players, newer PCs, and HD satellite receivers. See what you lean with my blog. All this time you thought it was just about a mortgage.

So now your thinking "OK, now I know my DTI give me a mortgage!." Before you come into a broker like me let me give you a little more ammunition. By now you know that I like naming things. We call this one "Tony's key to DTI" no, to boring. How about "Dang, Tony Informs?" Get it? DTI.

Ok, part of the interview process is to ask how much you make, right? For this example lets say you make $10 a hour and work a 50-hour week and your have a 401k deduction of $35 a week and your paid every Friday. You tell me $350 a week. Right? No. Lets do some math:

40-hrs x $10 = $400 + 10-hrs x $15 (time and a half) = $150 for a gross pay of $550. You got it! When you figure your income it is in pre-tax dollars. Now you going to tell me that you get social security and they don't take taxes. More good news. Just take your social security amount from your yearly reward statement and add 25% to that number. If your award is $2,000, your grossed up income is $2,000 + 25% = $2,500.

OK, so you still with me? You sure? If not take a deep breath and read it again. Folks, this is really, really important. Real Estate folks, ever get a pre-qualification letter from a broker just to find out you do not have a deal a few weeks later? This is a big reason why. DTI was not calculated right.

Now that were comfortable with your income (if your following that is the "I" part of DTI. Lets work on the "D" part which is the debt. To figure debt start with a fresh credit report:

List all debts. What your are looking for is the minimum monthly payment and the number of months remaining on the debt
(more good news, if a debt has less than 10 payments left you can eliminate that payment from DTI. One exception is a car lease (it is assumed that if the lease comes due you will be getting a replacement debt).
Verify that all debts are yours. Lets say that you co-signed for a car loan (being a former car dude I refer to that industry a bunch) but you are not making the payments. You will need to provide canceled checks for 12-months from the other party showing that they have been paying the debt. You then can exclude that debt from your DTI
Check for any student loans not in repayment. If so, you will need to contact the student loan company to find the estimated payment out of deferral (they will send you a copy) if you do not do this you normally have to use a factor of 2% of the loan for a monthly payment.
Check collection and judgments. If any payments arrangements have been made you will need to factor this amount.

OK, lets go back to our client making $550 a week. When you take the $550 x 52 weeks divided by 12 months our client makes $2,383 a month. For this demonstration lets say that our client has a $250 car payment, $100 in credit card payments and has a collection they have been paying $50 a month. Let's see here, a little quick math, his debts are $400 a month. Wow, they make $2,400 a month and only have $400 a month in bills, this is a no brainier. don't get so excited, were not done yet.

Were forgetting the new mortgage. Lets say the client is looking for a $80k mortgage at 6%. Now we have to add $480 to the $400 right? This is going to be a piece of cake. No again. Need to include a little thing called property taxes, homeowners insurance, and mortgage insurance. Let's call it $120 a month. Well we must be done now. Right? Lets get back to that.

Remember those numbers 31/43 and I said I would get back to them? Well I hope you did not forget because I didn't. The 31 is the threshold percentage for the new mortgage payment while the 43 is the threshold percentage for the total of all debts. Lets see how we came out.

Our monthly income is $2,383 the mortgage PITI (principal, interest, taxes, and insurance - everyone assumes what it means) $600 and monthly bills are $400. So that makes the bottom DTI of $600 divided by $2,383 or 25% and the top DTI is $1,000 divided by $2,383 or 35.3%. So were good. Right? NO, NO, NO. Remember about 3,500 key strokes ago (3,543 if you want to be exact) were our client is having $35 a week going to 401K? I thought so. This also has to get factored. Now $35 a week x 52 weeks divided by 12 is $152. So now our income goes from $2,383 a month to $2,231. What does this do to our percentages? Our top number is now $600 divided by $2,232 or 27%, OK so far and the bottom is $1,000 divided by $2,232 or 45%. "Houston, we have a problem." Now the deal is not "dead" it is just not the automatic deal we had a few paragraphs ago. It is easier and we have a better chance getting the DTI through underwriting if we figure it correct the first time. Not after you get stiped for additional income.

I cannot stress how important DTI is in today's underwriting world. Most homes in foreclosure today are due to stated income or high DTI.

This is just another reason to work with a professional mortgage broker. A professional has been trained and know what to look for. How crushing it is to find the house, jump through all of the hoops, get your hopes up all to be taken away because your broker did not spend enough time to evaluate your DTI. Folks you hired a real estate agent to help you get a house. Make sure you hire the right mortgage professional to be sure that you can pay for it.

Happy Selling and Buying!
Tony Grego - Indiana Mortgage Broker

Quote of the Day:
That's right. 'Tain't yours, and 'tain't mine.
--Mark Twain
(when friend said that a certain rich man's money was "tainted")

Mortgage Tips - What's the Deal With Credit Scores?

2008-02-06T11:54:00.000-05:00

OK, the search is over! After months of searching for homes and interviewing mortgage brokers you find the perfect deal.

Finally, that home you have been planning on buying is in your sight. Over the last year you made sure that you’ve paid your bills on time. In fact, when you bought that new convertible a year ago the salesman said your scores were over 680! This is good, right?

Along with that new car you wanted to be sure that your new home looked perfect so you took advantage of all of those credit card offers you got in the mail. Now you’re getting excited. You have the right house, the right price, the right car, the right furniture only to get a call from your Loan Officer. What happened?

They tell you that they would love to get you a mortgage but your scores are too low. You’re now a 575. Now you freak out. You can't understand. Just last year you were over a 680 when you bought your car. How could my scores have dropped? I got all those new credit cards! What happened? Let’s take a look.

What is a Credit ScoreWell, there are three major credit bureaus - Trans Union, Equifax and Experian. Each has its own method for calculating your credit score. Scores range from 300 - 900 depending on the bureau. The higher the number, the better your score is perceived. Creditors see the number as an indicator that an individual will repay a loan. Typically, scores are determined by the following factors:

Your history of late payments
Balances owed
Length of Credit History
New Credit
Number of Credit Inquires

Now in the example above you can see what happened. The client took on a large amount of new debt in a short amount of time. When you do this you lower your scores. So what should they have done? Let’s take a look at something I call "Keeping Score:"

Let’s say your score is 100.

Out of that 100:
35% is based on your credit history. It is highly weighed against the amount of late payments. Your score will get "hit" less after two years and the late payments will fall off after 7 years. Also a bankruptcy, foreclosure, repossession, collection, and judgment will have a negative effect on your score.

30% is based on your Debt Ratio. The credit bureaus do collect employment and income information and your debt-to-income will have an affect on your score. (A more detailed blog on the DTI ratio will be published at a later date. Make sure you come back. It's important)

15% Credit Length - In a nutshell, how long have you had your credit.

10% Credit Type, Mortgage, Automotive, Installment, Revolving (credit card). High number of revolving credit hurts your score.

10% # of Inquiries (When credit is pulled for a major installment such as a Mortgage or Vehicle your score should not be affected in a negative way if the credit pulls are done within 10-days)

So with the example I presented (it is a real story. Names and places have been eliminated to protect the innocent. Come on, it's a little funny). While the client had good credit, by adding the car and all the credit card debt the effect was a 105 point dip in credit score. All this happened while paying their bills on time. Folks, do not be surprised! Real estate agents, get credit early to help structure your deal. Call me if you’re in my market and I will give you a FREE, yes FREE financial analysis that will help qualify your buyers. If you have been reading my blog you know I know what I am talking about.

So now that you been to Tony's 101 of credit scoring how do you improve your scores?

PAY YOUR BILLS ON TIME (what a novel idea). Delinquent payments and collections have a major negative impact on your score.

Keep balances low on credit cards and other "revolving credit." Example department store charge cards.

Apply for and open new credit accounts only as needed. Don't open accounts just of the sake of it - it probably won't raise your score.

Pay off debt rather than transferring it around. Also, don't close unused cards as a short-term strategy to raise your score. Owning the same amount but having fewer open accounts may actually lower your score.

Correct any errors that appear on your credit report when brought to your attention. (Be careful of companies that say they can get rid of your bad credit. Negative items can not be legally removed. PERIOD.) I will also have a future post on this. Wow, you need to be sure to subscribe to my blog. I am going to give you so much education over the next few months that you’re going to make a fortune!

Review your credit report regularly so you know what is being reported. It won't affect your score to request and check your own credit report. (BTW, when you’re my client I set up a annual meeting so we can do this. Guess how much it cost? You guessed -- FREE AGAIN! Starting to wonder why you’re not doing business with me?

If you don't do anything else, do this right now: (don't wait, your already on the Internet), go to http://www.optoutprescreen.com/. This is another FREE service (notice I have a thing about giving away things). What is does is take your information out of the data bases for credit offers. You will not longer get all that junk mail and since you will be less of a credit risk (and that is a good thing) your score can rise from 5 to 50+ points in as little as two weeks. Yes, it really does work!
"OK, I'm starting to listen. How long does it take to rebuild scores?"

The answer: Not long at all! If you take the necessary steps, you can begin increasing your scores right away. I've seen dramatic changes take place within as little as 6 - 12 months.
The first step is to eliminate all derogatory accounts - another reason debt consolidation loans are so beneficial!

Second, make sure that once an account is paid, the credit bureaus reflect the payment.
Third, begin rebuilding credit by making your mortgage payments and car payments on time. Set up automatic withdrawal if possible to avoid late payments. Remember - you have 30-days to make a payment on time before it's considered late on a credit bureau.

After you get your report and find errors you need to contact the credit bureaus. It will not go away until you do something:

Trans Union2 Baldwin PlaceP.O. Box 2000Chester, PA 19022http://www.transunion.com/
EquifaxP.O. Box 740241Atlanta, GA 30374http://www.equifax.com/
ExperianCall 888-397-3742http://www.experian.com/

This is the end of the story. Yes, the story I told above was true. While it took some creative work (including taking some furniture back) I was able to get the client approved and they were able to get the home they deserved and wanted.

Happy Selling!
Tony Grego - Indiana Mortgage Broker

Quote of the Day:Life is an onion. You peel it off one layer at a time, and sometimes you weep.--Carl Sandburg

Mortgage Tips - What's Your Rate?

2008-02-06T11:35:00.000-05:00

Ever ask a mortgage broker for a rate only to hear the phone go quiet on the other end?
Besides the purchase price of your home, you mortgage interest rate is the most important factor determining how much your monthly payments will be.

You would think that when you call a mortgage company that they would at least know the rates, right? Well the answer is YES and NO. But what usually happens is something like this:
All of a sudden you (the client or real estate agent) gets a barrage of questions from home value, loan amount, job info, credit info and it goes on and on and on. (Sound familiar yet?) You have to think to yourself, "all I wanted was a rate, not tell my life story." By the time the loan officer get done with all the questions your head is spinning and your not even sure why you called.

It really boils down to two different questions: The first question is what are the rates? You can find these anywhere (including on the right side of my blog). Published rates tend to be for borrowers with:

740+ Credit Score
80% Loan to Value
Can prove income with a debt ratio under 30%
Can prove liquid assets for at least 12 months PITI
Has a proven Credit History of paying bills on time.

You got it! This applies to about 5% of the population. Now the second question gets a little more complicated. What's my rate?

While any "good" loan officer should be able to give a "some idea," it is a guess. Think of your rate like a snowflake (I'm serious here) While from a distance they all look alike but when you look closer they are all different. Of course loan officers know the "lowest" rates (we can see them on the right side of my blog) we just don't know if you qualify and need to ask some questions. This is were the fun starts. To find out what "your" rate us broker guys need some more information. I have come up with a list of 9 things that are needed to narrow down the rate:

Property Type
Property Use
Income and Asset documentation
Loan Type
Loan Amount
Loan Purpose
Middle FICO (credit score). Need to use caution here. Not all credit bureaus are alike. Free reports do not tend to match mortgage enhanced reports. This will be a topic of a future blog.
Appraised Value or Purchase Price (whichever is lower)
Zip Code

Confused yet? Don't worry, you're not alone (including the loan officer). So what do you do now? and what's my rate?

In the long run a client will chose a real estate agent due to trust. Your client needs to chose a mortgage broker the same way. Building relationships and trust will help ensure that you get the best rate and terms you qualify to get.
While I hope this help take the "edge" between real estate agent and loan officer if you have any questions please leave a comment, drop me a email, or the old fashion way. Call me, I will answer.

Happy Selling!
Tony Grego - Indiana Mortgage Broker