Insigniaresidential - FSBO

1. This is a rule of thumb with regards to obtaining a mortgage for everyone--NEVER go to your local bank! The big 5, CIBC, RBC, TDCT, BNS or BMO. If you are someone worried about high interest rates then you should know that they will NEVER be able to beat the rate of that of financial institutions. (i.e. FirstLine, ING, MCAP, MacQuarie...the list goes on!) they currently all have a lower 5yr fixed than any of the big five banks! You can ask anybody in the real estate industry--ask your Realtor, ask your mortgage broker, anybody in the industry, we all know that when we get a mortgage for ourselves, we will NEVER go to our local banks! As they can NEVER provide the rates that other financial institutions can. And even if they do match a rate of that of a financial institution you must look a little deeper as to why. For example ING has their 5yr variable at Prime - .75% and TDCT for example also provides Prime - .75% (with special approval from head office, if you are a client of TDCT then you can get this rate, you just have to dig a little) but TDCT calculates their interest compounding monthly while ING calculates their interest compounding semi-annually not in advance. This isn't visible to the average client but the difference between a semi-annually mortgage vs. a mortgage on a monthly compounded format is huge! Were talking in the thousands just over the short term of 5yrs. Just think of semi-annual being a normal mortgage and monthly-compounded mortgage being calculated like a credit card! Interest is being calculated on the higher amount after you pay down per month! as opposed to once a year! Another thing that everyone should be aware of when going into your local bank is to be prepared for the spiel! The spiel is as follows: "Hi Mr. Client, I seen that you have been banking with us for X amount of years so I'm going to give you a discount on our 5yr fixed mortgage rate. I'm going to give you a discount of .5% below our posted rate, how does that sound?" What Mr. Client doesn't know is that banks NEVER give out the posted rate. Right now the current posted rate for the majority of the big 5 banks is 6.99%, which NOBODY applying for a mortgage will get, providing your credit score is up to par. The banks have a posted rate/ceiling rate and a floor rate. The floor rate is the absolutely lowest rate they can give you, so each banker will try to get away with the highest rate they can get away with. I myself did some shopping around for myself just to see. I applied at one RBC they quoted me 5.74% on there 5yr fixed then I went down the street to the other RBC and they quoted me 5.69% and then I called the customer service line on the back of my bank card and they quoted me 5.59%. Now how is this consistent? They also mentioned my tenure with the company but I just started banking with them this year! Banks do not only want to have your mortgage business they want to do your investments, they want you to open new savings accounts etc. They want to get all your business and all your money, so yes, they do have a hidden agenda!

From my past experiences, even with my closest friends, they tell me, "Sterling, I'm going to my bank because I've been banking with them my whole life and they said they will give me a discount on my mortgage rate!" What I told him was, don't be another victim of the classic spiel that they tell all your clients, fact is you aren't special, you are client number 870,850. In the United States over 70% of people use mortgage brokers in Canada its 26% This needs to change! The reasons are clear, even The Donald uses a mortgage broker and he's a billionaire with enough real estate knowledge! I've also heard, "Sterling if you get me a mortgage send me to one of the big 5 because I don't want to go to a "no-name" mortgage company in case they go bankrupt!" What I have to say to these types of mind sets is, if they go bankrupt, who cares? Whats the worst that can happen, they go bankrupt then you don't have to pay back the mortgage. The only thing you need to worry about is that they release funds to the lawyer on closing date! Realistically even if the mortgage company does go bankrupt you will still need to pay the mortgage, but I'm just theoretically speaking. Most of the financial institutions are owned by the big 5 banks in some way so don't worry, there still getting paid!

Acutaly, I can't say don't totally neglect the big 5. Only go to the big 5 unless you have to. When I mean have to I mean if they are the only ones offering a solution to your unique situation. Your mortgage broker will know best and place you accordingly.

I just can't emphasis enough the lack of education in mortgages within Canadians! The big 5 have our trust, and us being Canadians are either mis educated or are just too conservative so we just automatically assume that our banks are looking in our best interests. Do yourself a favour and use a Mortgage Broker!

2. Our services are FREE! All our services are free unless you have a unique situation or if your credit is shot and we need to bend over backwards to finding a lender who will lend out money to you. This requires more time and energy so us mortgage brokers will add a fee anywhere between .5% - 5% depending on your situation.

3. Most of the major financial institutions who provide these low rates ONLY deal with mortgage brokers. I had a friend ask another friend of mine, "how does Sterling get these low rates? How does he have more connections than a bank manager?" Well the answer is some has to do with having the right contacts but the largest reason on how we can get better rates is because us mortgage brokers can go outside of the big 5 banks to provide you the lowest rates! Almost all mortgage brokers can provide the rates that I do, so if you don't choose to go with me...Find a mortgage broker near you and find a good one and they will guaranteed find you a better rate than your bank. Having connections or not!

4. 2 in 1 - We play two roles here. 1. We do the shopping for you finding you the best rate. Really, who has time to go to all the big 5 banks and do research on the other 35 lenders out there. We do, this is our lives, this is what we know best. The market and rates change everyday, unless your willing to drive out to the big 5 banks and call 35 lenders everyday there is NO way you will be able to know who is offering the best rate and when. The second role we play credit counseling so you can make the right financial decisions moving forward with regards to your overall financial situation. And if you don't qualify for a mortgage we will tell you the step-by-steps you need to take in order to get yourself into a mortgage. Most of us mortgage brokers have a background in credit counseling and we are very familiar with credit scores and how they operate. We know how to get you to the 700 beacon score...just ask!

5. We work 24/7 - Unlike the banks we work on evenings and on the weekends, we will come to your house and provide you with the best service possible!

6. I know this is a top 5 list but I can't emphasis this enough...RULE #1 NEVER GO TO YOUR LOCAL BANK FOR A MORTGAGE! Us Canadians need to be informed on this and if you are a mortgage broker reading this you need to educate all your clients as well! The big 5 has roughly 70% of the market share out there. This number is decreasing as Canadians are being more educated, but this is far from where it needs to be! I'm not saying to be like the United States, but they are usually ahead of our time, so if 70% of them are using mortgage brokers then why are we? I know I personally got my mortgage through a financial institution...Where did you get yours?

If you have any questions please contact me directly at 877.979.4979 or sterling@xpx.ca this will probably be my last entry for awhile.  So for now, I'm taking a break!

Also please visit my other two business that I run. Thanks for your support!

Xpress Property Xchange (XPX.ca) and ShiftRealty.ca

Best Regards,

*Sterling

  As a real estate professional, it's disheartening to see home owners (many of them new), in peril because they are in loans that they cannot afford. In our local market, this is less about declining home prices than it is about consumers being approved for loans that just didn't fit their needs and their incomes. The blame has been passed but the bottom line is this: WORK WITH A PROFESSIONAL MORTGAGE BROKER. I mean, look at what's been happening:

 Consumers using the internet to select loan products; lured in by teaser rates and "no points". Just dumb. This is high finance, people. Use a professional mortgage broker that is interested in your long term financial well being and can advise you on what you are buying.  Why sacrifice your future to save a couple bucks on a loan product. A good mortgage broker can find a loan product that will BENEFIT you, not get you in trouble down the line.

Blame the mortgage industry itself? eh...  Sure, they were lending without much scrutiny. But the demand was high for homes...and consumers drove this frenzy, whether or not buyers could really afford what they were buying.  Supply & demand. If the consumer is  not willing to sit down & plan with a professional prior to signing on to a loan...well, buyer beware. 

Please, know what you can afford, and when. If you need referrals to professionals, get them. A good Realtor will have several that are trustworthy and skilled. Do your homework, ask questions, and use the internet for less important purchases.

Today's Mortgage Rates as of 05/27/2008 10:00 AM EST

20 Year Fixed 5.750% Apply NOW! and Get the Best Mortgage Rates!

30 Year Fixed 5.875% Apply NOW! and Get the Best Mortgage Rates!

40 Year Fixed 6.250% Apply NOW! and Get the Best Mortgage Rates!

(Rates include Zero ”0″ Points. A Zero Points or PAR interest rate is the actual interest rate a borrower qualifies for with a given lender based on an individuals specific "risk based" criteria and neither costs nor 'pays' to buy. Due to market fluctuation, mortgage interest rates are updated daily and are subject to change at any time and without notice. Community Acceptance Mortgage.com conducts an analysis of mortgage interest rates and points for the most popular 15, 20, 30 and 40 year fixed mortgage rates and other fixed rate mortgage products available at America's top Banks and Financial Institutions. All mortgage interest rates are also subject to credit, property and transaction characteristics approval. Community Acceptance Mortgage.com and Agent One Inc. are not responsible for the accuracy of the interest rates and/or loan information. Due to various federal, state and local requirements, certain products may not be available in all areas. Other restrictions may apply. Current analysis of fixed mortgage rates shown, are for conforming, conventional loans only. Rates may differ for jumbo loans, FHA loans or VA loans.)

Buying a home is one of the most important investments most couples will ever make and one that deserves special attention. Considering that you and your mortgage will be together for many years, shopping for a mortgage is a bit like proposing marriage. It behoves you to put a lot of thought into it before tying the proverbial knot.

Let’s revisit the moment you fell in love. The new home had everything you wanted. It was in move-in condition, and, while slightly above your budget, it had all the amenities that you’d stipulated on you “must-have” list. You were fairly tight, and only had 10% to put down (your life savings) but the agent “found a way” and introduced you to a lender who offered you an adjustable-rate mortgage (ARM) allowing you to manage the monthly mortgage payments. As a safety net, you thought you could borrow against the rising value of your house when the new rate kicked in.

Three years have gone by and the second phase of the ARM is about to begin. You now face a much higher mortgage payment, higher property taxes and higher insurance premiums. And with house price appreciation slowing, and a baby on the way, you are starting to feel desperate.

In any situation, you deserve to be treated like the unique person that you are, with respect, patience and professionalism. Go online and punch in “best fixed rate mortgage specialists” and start the due diligence process. Look for a mortgage broker that gives you choices right from the beginning. If the broker appears pushy or intent on talking you into a particular type of mortgage right from the start, you should probably steer away. Your gut will tell you if the person you are evaluating is someone you want to work with for the next month or two. Ask yourself if this is someone you would feel comfortable referring to your loved ones.

A good mortgage broker will be there for you, to answer all questions and to actively listen and present you with several options that satisfy your uncovered needs. He/she will show you how much you should be saving each month, demonstrate the advantage and impact of paying down your mortgage early, and divulge the closing costs associated with each option. In the final analysis, the choice is not that of the bank, it is not that of the real estate agent and it is not that of the mortgage broker. The choice is yours.

Whether you are looking for a home purchase loan, would like to refinance to lower your interest rate and payment, refinance cash out to pay for home improvements, kids’ education,investments or to pay off debt, the broker you choose can make a real difference. Indeed, when it comes to mortgage-related finance, choose the broker with whom you have “the right chemistry”.

Well, here's YET ANOTHER security breach lawsuit,  allowing employees to mislead borrowers about interest rates is not enough, they also allowed employees to walk out with customer's private data:

The lawsuit, filed in U.S. District Court in Manhattan on Friday, alleges that the Charlotte mortgage referral company failed to adequately safeguard confidential customer information contained in its customer loan request forms and that data was accessed and stolen by several LendingTree employees.

"As a result of defendant's actions, millions of its customers have had their personal confidential information compromised, have had their privacy rights violated, have been exposed to the risk of fraud and have otherwise suffered damages," the lawsuit said.

And again, as you read further into the article, it just gets better and better:

The lawsuit was filed on behalf of Bronx resident Marvin Garcia by the law firm Meiselman, Denlea, Packman, Carton & Eberz PC in White Plains, N.Y. It is seeking class-action status on behalf of all persons who submitted loan request forms to LendingTree between Jan. 1, 2006, and May 1, 2008.

The Privacy Rights website states:

Outside loan companies may have accessed information, including Social Security numbers, between October 2006 and early 2008 and used it to market their own mortgages to LendingTree customers. Several former employees may have shared confidential passwords with "a handful" of lenders that were not approved by the company.

So, for 2 years have Lendingtree employees been running in and out with customer information?  OMG!!  I think I may have applied with them at some time or another!!  What to do??????

http://money.cnn.com/news/newsfeeds/articles/djf500/200805201751DOWJONESDJONLINE000740_FORTUNE5.htm

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This blog is posted by www.FloridaLoanSpecialist.com for your convenience. Need Financing? Call Christina Felgenhauer @ 239-699-1462 or email Christina@FLS-Service.com  Professional, Fast, Reliable!!

Answer: A mortgage broker is an independent real estate financing professional who specializes in the origination of residential and/or commercial mortgages.

Mortgage brokers have the ability to obtain the best possible rate for your situation by shopping all approved lenders. Since the broker works with many different national lenders they are not forced to recommend one set of loan programs to you but can seek out many different options that are offered. Brokers do the loan shopping for you. When you apply for a loan with a mortgage broker you are effectively applying for a loan with all the lenders the mortgage broker is approved with.

Mortgage brokers obtain rates at wholesale. It costs no more to do business with a mortgage broker. In fact independent surveys have shown that in many cases the fees charged by a broker are less and the interest rate obtained is lower than if the borrower went directly to the lender. Mortgage brokers work on a contingency basis. They are not compensated until the loan closes. (Be aware. Some mortgage brokers charge a non-refundable up-front application fee. We do not!)

When working with a mortgage broker only one credit report is used. If you were to apply to multiple lending institutions for a mortgage, each lender would do a credit check. This may lower your credit score. A lower credit score could mean you may not qualify for the best interest rate possible with any lender.

A mortgage broker deals exclusively with mortgages. By combining professional expertise with access to many different wholesale lenders and hundreds of loan products, a broker provides consumers the most efficient and cost-effective method of offering home financing options while still providing individualized attention tailored to the consumer's needs and wants.

A mortgage broker represents you in obtaining financing that best fits your specific financial goals.

Want to pay off your Mortgage early? Then make bigger Mortgage Repayments, more frequently. You'll own your own home sooner and save a bundle on interest.

Act now - you pay most interest up front

Most Mortgages are structured so that you pay off most of the interest in the early years. If you are serious about wanting to reduce the interest you pay on your Home Loan, you'll act now.

Get rid of car loans and credit card debt

You're generally paying a higher interest rate on small loans (e.g. a car) and your credit cards so it makes sense to eliminate those debts first. So, put a rein on your credit card usage and then tackle your Mortgage.

Make sure you're paying off the right Mortgage

When you entered the Mortgage market, you might not have been as well informed as you are now. Or the market might not have been as competitive. Stay in close contact with your MFAA member. They can let you know if there is a new Home Loan product that will save you money over the term of the Mortgage.

Flexible Mortgages

Most debt-retirement strategies depend on you being able to pay off more of your Mortgage sooner. Read the fine print or talk to your MFAA member to see if you have the flexibility you need to reduce your interest charges.

Pay more and pay often

Assuming you have a Mortgage that lets you pay extra, you should pay more and pay often. The interest charged on a $300,000 Home Loan at a rate of 7.15% over 30 years with monthly repayments is over $420,000. By paying off an additional $50 a month, you'll reduce the interest bill by $39,000 and your loan term by 2 years and 4 months. You could look at making repayments weekly or fortnightly rather than monthly. Over 30 years the savings add up. To learn more, talk to an MFAA Member today.

Copyright MFAA

Personal Loans

Melbourne Mortgage

Home Loans

Written May 12th, 2008

Two of Kitsap County's finest Real Estate/Mortgage professionals have teamed up to offer a "Home Buyers Information Seminar." Please join Sara Maddux, Associate Brokerwith Reid Real Estate in Silverdale, Wa. and Michelle Garcia, Branch Manager and Mortgage Professional with Indymac Bank located in Silverdale, Wa. for a FHA educational class for Home Buyers. They will share information regarding how easy it is to finance FHA & the possibility of using gift funds as down payment & negotiating with sellers to pay buyers closing costs. Not only for first time home buyers, previous homeownership okay too.

Only 8 seats available, please call Michelle at (360) 692-2892 to reserve your spot today! The FHA Home Buyers Seminar will be held May 31st & June 28th from 10:00 am - 12:00 pm.

About Sara Maddux: In the course of a diverse 22 year real estate career working in mortgage, title, escrow and sales, Sara Maddux, has proved to be an all around skilled real estate professional. .Sara holds an Associates Broker license in real estate and is a Washington State appointed Notary Public. She is a designated Home Staging Professional (ASR) and also a member of Realtors and IAFSP (The International Association of Home Staging Professionals). She can be reached at (360) 509-5710 (direct) or at (360) 692-4175 (office). You can view her listings HERE.

Foreign national mortgages are our speciality so you've come to the right place, if you're a real estate agent working with foreign nationals purchasing homes in the US. We will get your foreign national home buyers preapproved and make sure that their foreign national mortgage loan is submitted to the mortgage lender correctly.  You don't want to have an inexperienced mortgage broker mess up your foreign national client's loan application because not only will that delay the closing but there aren't that many lenders that provide loan financing for foreign nationals buying homes in the US.  If you come to our company after the loan has already been turned down elsewhere we may not be able to get the deal done at that point if they used one of the lenders that we use. Get your foreign national home buyer's mortgage application submitted right the first time.

Our foreign national mortgage loans are easy to qualify for.

• No seasoning on money to close
• No credit score or US credit needed
• No social security number needed
• No foreign credit needed
• No US job needed
• No income verification
• No work visa needed

What? You're still reading this? How many more reasons do you need to call us at 954-636-3783? It's so easy for your foreign national to get preapproved today. Give us a call and we'll take it from there, from application to closing, we're got you covered.

Have a Great Day,

Sandra Sheely