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!
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:
Please go to and bookmark this website -
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.
There is no fee associated with looking up offenders and viewing maps.
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.
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.
Sexual predators have no physical borders, and are not confined to any given socio-economic group.
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.
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 -
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
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.
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
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:
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
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