Wednesday, March 30, 2011

FHA Mortgage Insurance increases April 18th.

FHA monthly mortgage insurance premiums are going up 25 basis points starting April 18th.

If you are looking to refinance make sure your lender has a case number pulled prior to this date. You don't need to have the loan closed by then, just the case number assigned prior to April 18th.

If you are in the market to purchase a home by having your offer accepted prior to this date you will save yourself about $20 for every $100,000 borrowered per month. Don't wait until the 17th to get an offer accepted as it goes by the date FHA assigns a case number which takes typically about 1 business.

Thursday, March 24, 2011

Loan Officer Compensation Plan will cost good borrowers.

April 1st the new loan officer compensation plan takes place. Frank & Brian at Think Big Work Small http://tbwsdailyshow.com/ have had some excellent videos in the past couple weeks to discuss.

With the new changes the larger banks are going to bring in quite a bit more profit, pay loan officers less, and have higher rates for the good credit customers.

The March 15th video titled Senators rally to delay LO Compensation Fed Rule they make an excellent point about customers with excellent credit and a larger downpayment are going to be paying higher interest rates to make up for the others with lower credit scores and a smaller downpayment.
http://tbwsdailyshow.com/category/lo-compensation/

Monday, March 21, 2011

February existing home sales report

Existing homes sales dropped 9.6%. All cash sales came in at a record 33% increase. The national medium home price dropped 5.2% over last year. Investors are buying up homes and taking advantage of low home prices.

Rates and home values are very low. Investors are taking advantage of this, why aren't you? The time to buy is now.

I've heard the response of I'm not going to buy because the market is down and I'll get less for my home. Your $100,000 home lost 5.2 % so it is now worth $95,000. The new home you are buying for $200,000 is now at a bargain for $190,000. 

To view the full existing home sale report click the following link.
http://www.realtor.org/press_room/news_releases/2011/03/feb_decline

Spring is here. Time to get preapproved before house shopping.

Spring is finally here and many are starting to think about purchasing a home. Before you go out to look at homes it is a wise idea to talk with a lender and get preapproved. This way you know if you can qualify for a mortgage and if you don't your lender should give you some ideas of what you need to do to get pre approved. There is no sense in looking at homes, finding your dream home and then later finding out you are unable to get a mortgage.

Another reason to get preapproved is so you know how much you qualify for and what your monthly payments will be. Many have come to my office stating they want to buy for example a $150,000 house and can easily afford the $625 per month payment. I asked them how they came up with $625 for a monthly payment and they said I saw it on website X. Come to find out that payment was a principal and interest payment only putting 20% down and didn't include real estate taxes, home insurance, and monthly private mortgage insurance.

Give me a call today at (920) 788-9608 or you can apply online at http://www.getapprovedfast.com/

Tuesday, March 8, 2011

GSF Mortgage Corporation #2 in list of top local Mortgage Bankers

I'm excited to announce GSF Mortgage Corporation is #2 in list of top local Mortgage Bankers. Thank you to all of our customers. We couldn't have done this without you.

To view the entire article
http://www.bizjournals.com/milwaukee/blog/2011/03/top-of-the-list---mortgage-world.html

Thursday, March 3, 2011

Include the cost of repairs into your home purchase or refinance us to 110% of your home value.

203k FHA rehabillitation mortgage for Wisconsin home purchases or refinances.


Are you looking to purchase or refinance your Wisconsin home but can't due to the home needing repairs? With an FHA 203k rehabilitation loan you can finance the costs of the needed repairs into the loan. Your appraised value is based on what the home will be worth after the repairs are completed. On our FHA Streamlined loan you will receive 50% of the money at closing and the remaining amount when the repairs are completed.

Purchasing a home can be a daunting task and in today's market it is no easy feat to decide on the home of your dreams. What if that home has potential and you can see it, but how do you fund the much needed TLC it needs and pay for your mortgage?

This is where GSF Mortgage can help you and your dream home. We have a Home Improvement loan that can provide you the cash you need at the closing of your new home. After signing all those papers to make the home yours, we’ll hand you a check for half. You can immediately begin getting your new home into dream home status.

Almost all updates and repairs to a home qualify under this new home improvement loan. From re-roofing the home, updating a bathroom, gutting a kitchen and furnishing it with new appliances, to replacing the out of date wall to wall shag carpeting with hardwood floors, are all covered under this loan.

Give me a call today at (920) 788-9608 or apply online at https://www.getapprovedfast.com/application.asp