Loan Officer/Target Market?
I am a loan officer and wanted to know who i should be target right now since the open market is not so good. Should i be target people next to alot of equity on there home since home values dropped?Answers: This is what im target and getting great results. Call your title company and get a account of everybody that closed in 2007. Closed. Ask for FHA to start.
Call that personality and remind them that their Mortgage Insurance is tax deductable for 2007. Its singular good for 2007. Everybody ive call didnt know this. I called an accountant and they didnt know it. Its alot of money.
Now your selling point. Rates right in a minute are much lower then 2007. Anybody that could do an FHA loan can streamline. No credit checks (other consequently 12 months mortgage), no income checks. You can get satisfactory in yeild spread to repay their title fees and other fees. Doesnt cost them a penny literally. You dont even add a dime to their principal.
Everybody Ive call has said yes. The title company give me a list of 900 folks in one county alone. I stopped after 20 I get too busy. If the company you work for doesnt do FHA, find a company that does. Its the easiest money you can make right in a minute.
http://www.bankrate.com/brm/news/mortgag...
This will give you the info you have need of on the tax break. I also mention to them if its extended the mode its written it will only be suitable for loans taken out in 2008. Your 2007 loan might not be excise deductable.
PS it doesnt have to be FHA but adjectives FHA's have MI and can be streamlined (assuming its still their primary residence)
Good Luck, you do 100 of these desperate boys you wont need to verbs about your adjectives. Referrals from them alone will make you 150-200K a year.
Maybe You should try to G00GLE it first ,however if you resembling some direct resource ,here might be helpful.http://homeloan.online-assistant.info/ho...
My mortage is based on the libor rate. It adjusts in March does that mean my mortgage will go down?
Answers: Libor is your base rate, then you have a margin rate. Your margin rate is added to libor. Lets say your margin rate is 3% Thats pretty standard. They will take the libor rate and add 3% for the margin. That is your new rate.
Its normally based on the 1 year LIBOR rate. Currently that is 3.72% a year ago it was 5.32%.
So if you take the current 3.72% add your margin saying its 3% then your new rate is 6.72%
Without knowing your margin and your current rate I dont know if it will go up or down. I have seen some margins at 8% before.
Seriously if you can get out of your ADJ you might want to do it. Fixed rates are very low. If your margin is 3% a 30-20-15 year fixed will be much lower. Currently you can go FHA secure if you rate adjusts before 2009 you can refinance and no credit is needed. Your house can be in default and they will take it. Todays fixed FHA rate was much much lower then the example I gave you.
Good luck.
This site will show you daily what the LIBOR rate is, it changes everyday.
http://www.bankrate.com/brm/ratewatch/ot...
I'm an escrow officer in Utah and I agree with the last two answers. You may want to refinance. Both my mortgage loans are fixed rates. My neighbor just got a 15 year fixed rate at 5.25% I think the 30 year rate from that company is 5.75% That's not bad! AND you never have to worry about your mortgage payment going up. With rates as low as they are, a fixed rate is perfect since with an adjustable, they only have UP to go. It can only get worse!
HOA FEES? Negotiable?
Does anyone know if HOA fees are negotiable? I hear this once from a realtor, but I don't know if that was accurate info. We live contained by the bay nouns in CA, and my husband and I are curious.Answers: No they're not convertible in the sense that you can catch cheaper fees than your neighbor. It is, however, possible for an HOA to become more efficient (have an appropriate reserve on foot, etc.) and then vote to REDUCE the fees (though raise them is probably far more common). Believe it or not, the lowered HOA fees occurred surrounded by MY neighborhood--a miracle I am grateful for--went down to $400/yr from nearly $600, so it can be done.
Oh, it occurs to me, what might be at issue is that when you BUY in attendance is a document fee and an association verbs fee--and you could negotiate to get the trader to pay those. Maybe that be the reference designed.
Absoluteley not. They are set by the deed covenants and the board of directors base upon the HOA's budgetary needs and must be equal or base on an equal formula. Sometimes hardship payouts are permitted for arrearages but never foregiveness. If the Board be to give one owner such a break they'd be lynched by the others.