Archive for June, 2009

This 6 minute video could help save you time and money on the market. When you want a professional with proven home selling systems call Jimmy Noble at 1-888-205-7773. I attribute a great deal of my success to having systems in place to handle every aspect of home selling. If you are selling Maryland real estate especially in the area of Howard, Anne Arundel and Baltimore County and City do not hesitate to call. Heavy focus is in the Catonsville MD area. I would like the opportunity to show what I can do for you.

From the archives: Home insurance TV ad featuring Churchill the nodding dog coming to the rescue of hapless skier Eddie “the Eagle” Edwards. Ad ran 26 December 2009 – 31 March 2010. Please note, the offer featured in this ad may no longer be valid. Please visit Churchill.com for current deals.

Part II of the introduction to mortgage-backed securities

Buying a home is always exciting, but it can also be stressful and exhausting if you are not prepared. Giving yourself time to take the necessary steps can make your home buying experience a fun and relaxing endeavor. 
 
The first step in buying a new home is deciding on a realtor. It is extremely important to hire someone who knows what they are doing, especially when you are buying your first property. Look for a good realtor with lots of experience in the area that you are surveying. A realtor who knows the area can not only give you advice on your house but on the location and neighborhood you will be moving into. Interview a couple realtors before deciding on one; take time to get to know them a little bit since you will trust them with some big decisions.
 
Once you have a realtor, start looking into what type of house you want. Consider size, timeline, price, and location in all your decisions. You probably want a place that can be semi long term, so think about career, children and changes in your life while searching for your house. How big does your home need to be in order for your family to grow? What type of income will you be having over the next 10 years? Where will you be comfortable living, in the city or in the country? These are all questions to consider before you begin looking at listings.
 
Paying for your new home can become a stressful issue if you do not plan ahead. Hiring a mortgage broker to help you with you planning is always a good idea. Letting a professional look at your finances and guide you with your decisions usually sets you in a better situation down the road. Make sure that you understand all of the issues surrounding your loan. Don’t be afraid to ask questions about any of the numerous papers you will be asked to review and sign. Make sure you get detailed answers about the amounts you will be expected to pay monthly and over the years. It is VERY important to be comfortable with your mortgage broker and be willing to spend a lot of time asking questions and reviewing options with them.
 
Once you have your team of professionals and your budget clear it is time to start shopping for homes. This is the fun part so don’t be afraid to take your time and look at tons of places! Try to stay in price ranges and neighborhoods that you know you will be comfortable living in. Look at all types of homes. New homes and usually more expensive but come with warranties and usually have less repair problems than re-sale homes.  Weigh your options and think about how much time, money and effort you are willing to put into home renovations. Always keep in mind the option of buying a lot to build on. This can be a little bit more time consuming, but if you finance it right you can have your perfect dream home for the same price you would be buying a re-sale property. Whatever you decide to do, make sure you love your home before you sign the papers.

Forget everything you thought you knew about the benefits of taking a variable-rate mortgage instead of locking in for the long term.

A new study suggests the security of a five-year mortgage costs little or nothing beyond a riskier variable-rate mortgage, providing you get a jumbo-sized rate discount.

“Interest costs on discounted closed five-year mortgages have been close to, and often lower than, those of variable-rate mortgages since late 1996,” senior Canada Mortgage and Housing Corp. economist Ali Manouchehri writes in the study.

Homeowners have made variable-rate mortgages hugely popular in the past few years in the belief that you can save on interest costs by pegging your mortgage rate to your lender’s prime lending rate. As the prime rises, or as has generally happened in the past few years, fallen, so goes your mortgage rate.

The prime rate at the major banks is now 4.5 per cent, while the posted five-year rate at the big banks is 6.15 per cent. In just one year, the variable-rate choice would save you about $1,700 on monthly payments toward a $150,000 mortgage amortized over 25 years (assuming a level prime rate).

Historically, you would also have saved a lot. The CMHC study shows that five-year mortgages taken out from 1993 through 1998 would have cost anywhere from $50,000 to $5,000 in additional interest paid over the term of the loan (the example is based on a $100,000 mortgage amortized over 25 years).

The flaw with this analysis is that it doesn’t reflect real-world mortgage pricing. These days, very few people take out a mortgage without a sizable discount off the posted rates at major banks.

For that reason, the CMHC’s Mr. Manouchehri decided to compare discounted five-year mortgages with discounted variable-rate mortgages. Incidentally, five years is the most popular term by far for fixed-rate mortgages at about 59 per cent of the total.

The size of the discounts Mr. Manouchehri applied was based on the difference between posted major bank rates and the best deals available from other lenders. For five-year mortgages, he used a discount of 1.25 of a percentage point; for variable-rate mortgages, it was 0.4 of a point off prime.

For five-year mortgages taken out between 1993 and mid-1996, the five-year mortgage was costlier in terms of interest costs. Since then, however, variable-rate mortgages have generally been a little bit more expensive.

Obviously, there’s nothing in this study that decides the fixed-rate versus variable-rate debate once and for all.

In fact, the CMHC study may just confuse anyone who recalls some research done for Manulife Financial back in 2000 by York University finance professor Moshe Milevsky. His research found that the extra interest charged on a five-year mortgage would have cost $20,000 on average between 1950 and 2000 for a $100,000 mortgage amortized over 15 years.

To make some sense of the variable-rate versus five-year question, let’s go back to the CMHC study.

It shows that five-year mortgages, discounted or otherwise, were especially bad choices for a three-year period starting in mid-1993. Rates were high for a while back then, but they subsequently fell.

You were a spectator to these rate declines if you were stuck in a five-year mortgage, while people in variable-rate mortgages would have benefited almost immediately.

It’s a different world now, though. Five-year mortgage rates are close to a 50-year low, which suggests they’re far more likely to rise over their term than fall.

So what’s the best choice here, variable-rate or five-year fixed rate? People who want to pay rock-bottom mortgage rates for as long as possible will probably still want a variable-rate mortgage. Remember, you can lock this sort of mortgage into a fixed term without penalty in most cases.

The case for the five-year term looks almost as strong, though. First, the CMHC study tells us there may not be a significant cost to locking your mortgage in for five years, and you might even save a little over a variable-rate mortgage.

Second, the likelihood of higher rates in the years to come would suggest that this is a good time to lock in.

If you had a variable-rate mortgage discounted to 4 per cent, the prime would have to go up by 0.85 of a percentage point to equal the current five-year rate. That’s not a lot of ground to cover in the span of 12 to 18 months when the economy is doing well.

Arguably, the variable-rate versus fixed-rate debate is all about risks and rewards. Right now, the five-year option offers much less risk, and almost as much reward.

Product Description
This digital document is an article from National Underwriter Property & Casualty-Risk & Benefits Management, published by The National Underwriter Company on July 19, 1993. The length of the article is 629 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: The Home… More >>

Gallagher hits Home Ins. with $400 million fine. : An article from: National Underwriter Property & Casualty-Risk & Benefits Management

• Table Of Contents:
• (1) The Road To Better Living (1959) – 24 Minutes

Product Description
This historic film is a testimonial to the classic days of the powerful mortgage loan officer and stock broker…the man who knew everyone in the town and managed everyone’s refinancing! This is the only place you’ll find this rare film, an educational gem about the finance industry and the salesmen who ran it during this time period. Running time 24 minutes. Table Of Contents: (1) The Road To Better Living (1959) – 24 Minutes… More >>

Vintage Mortgage & Loan Officer Film DVD: Historic 1959 Mortgage & Banking Industry Film “The Road To Better Living”

• ISBN13: 9780470503409
• Condition: NEW
• Notes: Brand New from Publisher. No Remainder Mark.

Product Description
A clear look at how to capture investment profits during difficult financial times The U.S. economy has become crippled by the credit and real estate catastrophe. Even though we’ve all been affected by the calamity and have heard no shortage of news about it, it still seems unfathomable and utterly incomprehensible to most people that the actions of certain mortgage brokers, bankers, ratings agencies, and investment banks could break the economic engine of the wo… More >>

More Mortgage Meltdown: 6 Ways to Profit in These Bad Times

There are some myths about real estate agents, many of which are not so flattering. But when it comes down to it, real estate agents are not too out there, and there is a logical explanation to each misconception. Let’s straighten out a couple myths and facts.

Myth #1: They have big hair.

Fact: Though occasionally real estate agents do have big hair, most are regular people who get up in the morning just like you do, and go to work just like you do. Many real estate agents, in fact, are going bald due to stress related hair loss. Same with the fancy dagger-shaped manicures; in actuality, many real estate agents have bitten their nails down to nubs.

Myth #2: Real Estate Agents drive luxury cars while talking on their cell phones.

Fact: Itâ??s true that real estate agents are often trying to do too many things at once, but they like to be careful about it. And though real estate agents would like to make a good impression on you, more often than not they drive Hondas and Toyotas and hope that their hard work will sell you, not their Lexus.

Myth #3: Real Estate Agents know your area.

Fact: Just like normal people, real estate agents canâ??t know everything. Though they do spend a lot of time driving around town, they canâ??t be in all places at once, and they themselves probably have preferences for one neighborhood versus another. Make it clear to your realtor what kind of area you want to live in, and they can help you look within that section of town.

Myth #4: Real Estate Agents live outside of time.

Fact: Real estate agents have lives too, and those lives happen to take place in the same physical realm as yours does. While it might seem like they spend a strangely disproportionate chunk of time speaking with you, they are actually trying to be as time-conscious as possible, so that you can move more quickly into your home and they can move more quickly to helping their next client.

Myth #5: Real Estate Agents just want your money.

Fact: What real estate agents actually want is an easy life. They want to help you find a home you love, and they want to make their (often small) bit of commission off of it (and thatâ??s off the sale, not out of your pocket). They do not want your soul or your firstborn, just some patience, consideration, and a positive home-buying experience for all.

Myth #1: Standard home insurance covers flood damage.

Fact: Standard home insurance does NOT cover damage caused by a flood. If you feel that you need coverage for a flood you should purchase a separate flood insurance policy.

Myth #2: The Medical Payment portion of my homeowners insurance will cover injuries to me and my family.

Fact: MedPay, a common feature of standard home insurance policies, is there to protect you in the event that someone other than you or your family (a neighbor, friend, etc) gets hurt on your property and they do not want to sue you. MedPay will typically cover up to $1,000 for each covered claim to someone outside of your family. If you or your family, however, gets hurt on your property they are not covered by your home insurance policy.

Myth #3: If my home is ever lost, my insurance company will reimburse me for whatever I tell them I owned at the time of loss.

Fact: In the event of a covered loss your home insurance company will ask you to make a list of everything you own and include specific details such as purchase price, date of purchase, serial numbers, etc. (Imagine trying to do this from memory!) The best way to avoid this situation is to have a home inventory already put together. Use a checklist like this one: http://homeinsurance.com home insurance home inventory checklist. Make sure to include photos, receipts, serial numbers and anything else that will help you prove ownership. Don’t risk not having everything replaced in the event of a disaster. Make sure to keep your inventory in a fire proof safe or at a friend’s house so it is still around when you need it!

Myth #4: If I file a home insurance claim, my home insurance premium will definitely go up.

Fact: While many home insurance companies do look at your claims history, there are many other factors that determine how much you will pay for home insurance. Filing one claim over a period of a few years might not increase your home insurance premium. To be on the safe side, always think twice before filing a claim for minor damages to your home. Consider your deductible. If the total cost of repair is not too much more than your deductible you might want to consider paying for the repairs yourself. While this might cost you more upfront, it might save you from an increased premium. If, because of a stroke of bad luck, you have to file multiple claims over a period of a few years and your premium is steadily increasing, rest assured there are other ways to save on your home insurance. Ask your agent about home insurance discounts. Sometimes simply installing a smoke alarm, burglar alarm system or by adding your auto policy to your home policy, you can save a great deal of cash.

Myth # 5 All of my valuables- like jewelry -will be covered in the event of a burglary.

Fact: There are limits on the amount of coverage you can receive for valuable such as jewelry, furs, etc. For example, most companies put a cap of $1500 on total jewelry lost during a burglary of your home. If you find that your jewelry values over $1500 you should talk to a home insurance agent and schedule an endorsement on your policy giving you additional coverage.

Myth # 6: My home insurance covers mold and/or other issues related to lack of maintenance.

Fact: Actually, a standard home insurance policy does not cover issues related to a lack of maintenance. For example if a plumbing leak that was left unfixed caused mold to grown in the interior walls of your home- mold removal and remediation would NOT be covered in your home insurance. Remember that your home insurance only protects you from damage caused by covered perils such as wind, hail, lightening, fire and theft. Keeping your home well maintained and safe for others is your responsibility and your home insurance company will decline coverage for maintenance related claims.

Myth #7: Flood Insurance is only for people who live in a flood zone.

Fact: Lending institutions, such as the bank that holds your mortgage, will require you to obtain flood insurance if you live in a major Flood Zone. However, keep in mind that all homes are at the risk for flood and standard home insurance policies do NOT cover flood related damage to your home. Due to the recent flooding in the Midwest the importance of this type of coverage for homeowners outside of a major flood zone has become even more apparent. If your home is flooded and you do not have flood insurance you will be on your own to replace your home and its contents. Flood insurance is a wise idea for every homeowner.

Myth #8: I will have to skimp on my coverage in order to save money on my home insurance.

Fact: Saving on your home insurance does not mean that you have to give up important parts of your coverage. It is very important to always be adequately insured in the event of a loss. However, there are lots of ways that you can save money on your home insurance that do not involve changing your coverage. Home Insurance discounts are available for homeowners who use burglar alarms, smoke alarms, deadbolts and other protective devices. Want more savings? Ask your agent about combining your home insurance and your auto insurance policies- you can usually save up to 15% this way.

Myth #9: When determining my coverage, I should use the purchase price for my house as my dwelling coverage amount.

Fact: A common mistake when homeowners are getting quotes for their home insurance is that they use the purchase price of their home to determine their dwelling coverage. Yet, the purchase price of your home includes the land under your home- which does not need to be replaced in the event of a fire or other peril to your home. For this reason, your dwelling coverage should always reflect the replacement cost of your home- or how much it would cost to rebuild your home in the event of a total loss. To determine this amount, multiple the sq. footage of your home by local construction costs. You can use a http://homeinsurance.com/calculators/ home insurance calculator to help you determine the amount if necessary.

Myth #10: You can not buy a home without purchasing homeowners insurance.

Fact: This is a tricky one. Because while you actually CAN buy a home without home insurance (a lender may not require it or you may, although rare, pay cash for the home) you should still always have home insurance on any property you own. Whether a lender requires it or not, the risk is always there. It would only take one fire or lightening storm to destroy your home and leave you uncovered.

Second home sales have been increasing over the last few years with more people becoming second home owners. In 2005 alone, 40 percent of the homes sold were second homes. Demographics, all time low mortgage rates, and healthy rise in home prices have contributed to this development in the second home market. Besides these, a major factor that has helped augment the buying and selling of second homes is the real estate professional.

The National Association of Realtors conducted research on the profile of second-home owners in 2006. According to the NAR report entitled ’2006 Profile of Second-Home Owners’, a majority of second home sales transactions are conducted using the services of real estate agents.

The statistics are remarkable; 64 % of vacation home buyers purchased their home using the services of a real estate agent by the end of 2005 – a marked increase from less than 50 % of vacation-home buyers in 2003. Also, 65 % of investment-home buyers purchased their home with the help of a real estate agent – an increase from 53 % of pre-2003. In comparison, only 14 % of vacation-home buyers and 7 % of investment-home buyers purchased directly from builders from 2003 to 2005.

The growing role of the real estate professional is evident from the following figures:

1. Of vacation home sales made, 71 % of them were second homes and 74 % of the sales were made using the services of a real estate agent.

2. Of the investment properties sold, 85 % of them were previously owned and 62 % of the sales were made using the services of a real estate agent.

The use of real estate agents in second home sales transactions varied according to the home’ location.

1. Buyers used a real estate agent more frequently while purchasing a vacation home located in a suburb/subdivision (56 %) or a rural area (57 %) than for homes in other locations.

2. About 66 % of buyers who purchased an investment property in an urban/central city area or in a suburb/subdivision, used the services of a real estate agent more frequently than those who purchased a home in other locations.

Real estate professionals continue to be the first source of information to second-home buyers (38 % of vacation-home buyers and 34 % of investment-home buyers). The real estate professional also plays a major role when second-home owners plan to buy additional properties. If you are thinking of buying a second home or vacation home, seek out the services of a real estate agent to guide you through your next home purchase.

1. The percentage of second home owners who are more likely to use a real estate agent in their next home purchase is quite high. Among vacation-home owners it is 79 % and investment-home owners 73 %.

2. Among second home owners, 65 % of vacation-home owners and 64% of investment-property owners are more likely to use a real estate agent in their next home sales.

Given these statistics, it is no wonder that the real estate agent plays a pivotal role in helping people buy and sell second homes. So whether you are a second-home buyer or seller, enlist the services of an agent for a smooth, hassle free real estate transaction.

• ISBN13: 9780814473702
• Condition: USED – VERY GOOD
• Notes:

Product Description
Mortgage banking is one of the fastest growing industries in the country. In the next few years, home purchases are expected to run into the trillions, creating more opportunity than ever for people seeking a career in this profitable industry. Real estate author, columnist, and veteran mortgage banker. David Reed offers practical advice on licensing and educational requirements, as well as valuable guidance on the different career options available as a… More >>

Your Successful Career as a Mortgage Broker

In a downward spiraling economy, there are a lot of people looking for ways to make some additional money without having to get a second or third job.  One way to do it is to try your hand at Internet Marketing. Most have heard how great the money can be, but just don’t know where to start.  You can easily start to make money online at home selling E-Books, with NO money at all!

There are definitely some dos and don’ts when it comes to online marketing!  I suggest you make money online at home selling E-Books, or online instructional courses if you want to make some serious cash. (without risking much or any of your own!) E-Books are just like regular books, but they download instantly to a person’s computer, that’s why they are so popular.  There are E-Books out there for just about anything, and the best part is that they’re heavily in demand!

You sell these little nuggets of gold by using a system called Affiliate Marketing, which basically means that you sell someone else’s product and get a commission. Many of the commissions for E-Books are as high as 75% of the money collected! It makes it easy to earn a substantial amount of money without having to put in a lot of effort, or creating and marketing your own product.

For the most part, if you do your job right, the books will sell themselves. People want access to information that will increase their quality of living. It’s your job to get the information out there. So you have to show people where they can find these books– and which one is right for them. Being able to make money online at home selling E-books, can be EASY if done correctly.

Getting started can be confusing, it’s like walking through a maze. Everywhere you turn there is another product or company asking you for something, but there is a secret you should know…If you want to make money online at home selling E-Books, you need to know how to drive traffic that is ready to make a purchase to the sales page. That may sound like common sense but it is where most people fail… and eventually get discouraged and quit.

Now, as I mentioned, you can get started with no out of pocket expense and really, the only money you may want to spend should be on a program designed to teach you the ropes. Find a program that’s affordable and easy to understand, perhaps in video format. Trust me, some of them get pretty complicated. With that said, the only thing you really need to bring to the table is your determination and commitment to taking action.

There’s no doubt about it, the internet is now an intrinsic part in the process of buying and selling homes. The majority of people looking to buy a home search the web for homes for sale in their desired area. Savvy buyers and sellers can compare stock from the comfort of their homes at any time of day or night. But when it comes time to actually buy, there’s more to it than just clicking send.

For starters, make sure what you are searching through is worth while. You may enjoy searching through lists of fancy homes, but if you are spending a lot of time daydreaming about houses you can’t afford, it is a waste of time. That is fine if what you are after is to kill time, but if you want to find a home, look within your price range.

This brings me to another point: getting pre-approved for a mortgage. It truly is the first step to home buying. It tells you exactly what you can afford, thereby giving you a price range to look within. It also tells sellers you are serious, and prevents losing a home you are interested in, while the sellers accept an offer from someone who’s more prepared.

And while you can find homes for sale, and even lots of great buying and selling tips on the internet, nothing beats the knowledge and expertise of a certified real estate agent—a real, live person. There is a lot of legal-talk and small-print involved in real estate sales documents. Do yourself a huge favor and always have a professional, either a real estate lawyer, a Realtor®, or a mortgage broker, have a look over the paperwork of your real estate transaction. Don’t rely on the other parties professionals. After all, they work for the other party. You want an experienced professional who is working for you to verify that the contract is fair and legitimate. Even if you don’t hire them for their full services, most real estate agents will help you with parts of a transaction for a small fee.

Another thing internet listings are great for is comparative shopping. You might see a great home, but aren’t sure if the price is realistic. A few clicks can show you what other homes in the area are selling for, and also what other types of homes are available in the same price range.

If you are searching around on the internet for great listings, look for an agent that is also web savvy. Some agents have very clear, user-friendly, readable, and informative web sites. Then there are those web sites that are just factory filler. You can tell by reading the text if they are trying to appeal to you, or just manipulating search engines to get into the top ten list. If a site doesn’t have a person behind it, one with a bio about themselves, and clear listings of what homes they have for sale, then it isn’t worth your time.

The key is, no matter what you find on the web, your real estate transaction will happen in real life. So it’s best to use the internet as one of many tools in your search for the perfect home.

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