The Southwest Mortgage Advisor

Step 1:  Do a monthly budget:  Most of us have no idea how much money we can afford in a payment.  By doing a monthly budget, you can see how much money you are willing to spend each month on a mortgage payment and stick to your instincts.  … Continue Reading

On March 6, 2008 HUD announced a temporary FHA loan limit increase in counties across the United States. The Economic Stimulus Act of 2008 permitted FHA to insurance loans up to 125% of the area median house price.  These loan limits now run out on December 31, 2008.  After that date all FHA loan limits will revert back to the county limits based on median home price.  The impact on the homebuyer community is … Continue Reading

Attention Police Officers, Firefighters, Teachers and EMT’s.  If you are in the market for a home you need to be aware of this specialized FHA loan program through HUD called the Good Neighbor Next Door Program.  I am helping a couple of teachers right now with this loan and the outcome has been fantastic.  Let me explain the mortgage loan details a little … Continue Reading

With the exception of the long bond, intermediate and long-dated Treasuries are up this morning, though off earlier highs. Stock prices are mixed to modestly higher in choppy trading. Today’s economic news was mixed but the major release was much more bearish than observers were expecting.

… Continue Reading

A question that is asked every day in the mortgage business from clients is where the interest rates are heading.  The truth is all mortgage advisors wished we had a crystal ball and could answer that question for you.  With the financial markets in so much turmoil, the tradition tools to help gauge the market and mortgage interest rates have not been working.  We are seeing interest rates go through as much turmoil as the financial markets.  What I do advise my clients to understand is the factors … Continue Reading

Calculating your mortgage payment can be confusing.  Some mortgage lenders briefly describe your total payment just as PITI and never really share the full details of the make up of your mortgage payment.  Your mortgage payment is made up of 4 parts:  principal, interest, taxes and insurance also known as PITI. 

The first part, the principal is the portion … Continue Reading

Are you looking to buy your first home, but do not understand the process?  Well look no further, you have come to the right person to help you.  I have over 15 years experience in the Real Estate and Mortgage Services Industry.  The purchase of your first home will be one of the largest purchases you will ever make.  You will need advice and guidance along the course of that long term investment.  I am the Trusted Advisor that you can rely on for education and guidance.
 

Specializing with first time homebuyers, I … Continue Reading

 Yesterday Callie Waterhouse and I taught a blogging class that was sponsored by the groovytitlechick at Land America.  It is so fascinating how many people want to start using a blog to attract more clients to their business and sometimes getting a blog started is the hardest part. 

This class was very basic.  We covered a lot of information in a 2 hour window that hopefully helped … Continue Reading

So the decision has been made and divorce proceedings have been started.  For many couples who go thru this chapter in their life are really not sure where they stand in terms of being able to keep the home.  Some couples just want to sell and move on and others want to stay due to the children, school districts and other sentimental reasons.  In the current state of the real estate market selling might not always be your best option.  Actually it might set you back worse than refinancing and splitting the home equity position.  This is when someone like … Continue Reading

Like the real estate market can not get tougher on all of us survivors, but now with the government playing God to balance market corrections, we are in for the craziest times since I road “Mr. Toads Wild Ride” at Disneyland. 

It only took 3 weeks to turn every-one’s life upside down.  Clients and consumers are running for the hills and are not in any hurry to buy property.  Why?  The Market!

The market has everyone right now a little scared and folks are wondering if they will be employed come tomorrow. 

So here is my 2 cents from the perspective of being just a small cog in … Continue Reading

The international markets have finally moved back in and the investor confidence is up again for mortgage backed securities since the announcement of a government bailout. 

This had a direct impact Monday on mortgage rates across the board.  What does this mean to the end consumer?

It means that you should be able to take advantage of those lower interest rates you were looking for.  It might mean you can afford more of a home and get a lower payment.  If anything this should be a wake-up call that consumers are finally in the best position to benefit from both great real estate … Continue Reading

Well it sounds like Down Payment Assistance might be back but with changes.  Until this does take effect I have been scouring through loan programs looking for good alternatives for clients with little or nothing down. 

The USDA Rural Housing Program is another viable mortgage option to help clients with nothing down. 

Here are the Pros:  100% financing, Zero Down.  No monthly Mortgage Insurance, FHA Mortgage guidelines.

Here are the Con’s:  Home must be in a rural housing area.  This is all of Pinal County and parts of Maricopa County.  So Queen Creek is in place.  Some income restriction apply.

Again, I think the mortgage … Continue Reading

My speciality for the last 3 years has been primarily to focus on helping 1st time home buyers make the dream of home ownership a reality.  Wow what a cliche I just said.  Anyhow my question of the week from many real estate agents is:  How am I going to help buyers who having very little or nothing down?

In the past, the answer was pretty straight forward, we would look into down payment assistance.  With Housing Bill HR-3221 doing away with my favorite pet, clients, lenders and real estate agents are scrambling to find good solutions to help these buyers get into … Continue Reading

After 24 days of higher mortgage rates, we are finally starting to see some relief.  This week we saw the biggest move of  mortgage rates in the last 3 weeks.  Most of this came about after oil prices and inflationary concerns are finally being put in check.  We saw mortgage rates on the 30 year fixed come down by 3/8 percent in rate.  This is now a good time to put yourself in a position to lock in that 30 year fixed.