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Inside Tips From Your Loan Officer

by Norma Benton

11 02, 2015 | Posted in First Time Buyer Mortgage Calculator, How to Get a Home Loan, Orange County Mortgage Lenders, Pre Approval Home Loan | 0 comments

I had the opportunity to sit in several Realtors meetings lately and a key topic was: “We heard the client is approved and then ask turn time for WE for loan docs …their answer….to ask for stuff we already sent?” “What is up with that?” 1st time buyer: Please know your lender. Yes, ask friends and family for broker referrals, but I always encourage you to interview BEFORE you have them run your credit. Talk to a few Loan Officers to see if they meet your needs. Really? Why? Think about it this way. This is the person that will have more information about you that your mom, your doctor, your attorney, and the IRS have on you…that’s a Big Deal? Yep! Do they pick up (or return) your phone calls? Use text, or email? Do they fit with your methods of communication?1st time home buyers Do they ask you good questions? Do you think they hear you? Do they sound like they heard and “know” what & where you want a home? Or. Are they telling you to send your SS# and paystubs and I will get you a letter of pre qualification ASAP? Point of fact. The Loan officer does not make the lending decision. They can make sure you fit the program guidelines so you can be approved. The underwriters gives the loan approval. Note the plural? It is usually more than one underwriter, and or an underwriter plus supervisor that will check the rules and guidelines of your transaction because there are layers of guidelines. Underwriting is as production consisting of Act 1, Act 2 and a “Final Act” (or more) depending on complexity of your income and credit history. No one can pre-approve unless they have the full picture. And their wrong answer could cost you the home of your dreams…the lender a lot of money…and that underwriter their job. FYI, remember the underwriter answers to the secondary market. Who is that? Investors that buy the loan so the lender/bank can move forward and underwrite more home loans for you, friends and family.  

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Is Your Home Safe While You Are At Work?

by Norma Benton

10 20, 2015 | Posted in First Time Buyer Mortgage Calculator, How to Get a Home Loan, Pre Approval Home Loan | 0 comments

There are a lot of pieces to the puzzles of our lives. We all focus on doing our best to our pay the bills, for our insurance, etc. and hope that pays -off in mitigating the frustration of thinking, “I know I should have done…” There are bumps in the road of our daily routines. We all hope our bumpers pads of planning, process, prevention will be a cushion when something unexpected occurs as life happens and that’s the point of my blog today. I met **Randy Johnson, a 30 year veteran a lock smith, safe cracker and home security guru. So I quickly asked him, as a first time buyer you’re look for a tip or second or third time home buyer, “What would you say is the #1 thing you would want a new home owner to know as a locksmith?  

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WHEN is the BEST time to SELL YOUR HOME??

by Norma Benton

09 05, 2015 | Posted in First Time Buyer Mortgage Calculator | 0 comments

The cool weather is the HOT time to sell…. Sell My Home? I attended several Realtor discussions centered around “the media” and their statements of "prepare to sell it is springtime" declaring it the traditional beginning of the  home buyer season.  In reality, putting a property up for sale “before” the herd of spring listings is a way to ensure a quicker close of escrow and at the price they most often wanted.  

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Home Ownership Benefits

by Norma Benton

08 11, 2015 | Posted in How to Get a Home Loan, Pre Approval Home Loan | 0 comments

Financially, if you buy well, it is hands down the best investment you can make for long term financial planning. According to a survey conducted by Gallup your best options are guided by personal financial beliefs and goals regarding long term investments . Real estate was the leading long-term investment choice across all age groups surveyed. However, the survey responses varied according to political affiliation. Among Republicans, real estate was the leading vote-getter with 30 percent of GOP respondents naming it the best option. Real estate, Home Ownership) was also the top choice among independents (33 percent). But stocks/mutual funds were the leading choice among Democrats, with 30 percent naming it the best option, compared to 27 percent choosing real estate and Home Ownership. Long Term Home Ownership BenefitsIn an article in the Kansas City Business Journal that expands on Gallup's survey,  Ken Block, managing principal of Block Real Estate Services LLC, said investors, particularly older, established investors, find real estate attractive because it provides three ways to make money: cash flow from the investment itself, amortization of debt during the life of the property hold, and, if they've done a good job in selecting the property, appreciation."This opportunity for three ways to make money seems to be far more attractive than stocks or bonds, which are limited to appreciation and/or dividends," Block said.  

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WHAT IF?

by Norma Benton

07 10, 2015 | Posted in How to Get a Home Loan, Pre Approval Home Loan | 0 comments

What IF??????

As adults one of the freedoms we have is the opportunity to fear the What if’s, that could happen in our future. Knowledge is the key and is the best tool to often take the fear out of “what if’s” in our lives. First time home buyersWhy discuss this? I had coffee with friend **Lisa Sakai, a Financial consultant. She mentioned that her current business focus was to discuss personal disability (emergency fund) to long term disability insurance with everyone!  Her motivation -- her husband became injured and a “what if” hit her ….. what if they were in a car accident and both were injured and could not work? Was her family prepared for the loss of wages? In general, we count on our job to pay the rent and buy food, so serious consideration of a personal disability coverage was needed. First time buyer’s fear the what if’s. One home loan tip that is also a “what if” solution if  it fits into the budget. It is just.... enough personal insurance to cover the mortgage or at least a large portion of it.  

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Habits for Success

by Norma Benton

06 15, 2015 | Posted in First Time Buyer Mortgage Calculator, How to Get a Home Loan | 0 comments

normasmortgageminute key to successArticle written by Jack Guttentag the mortgage professor Did you know that bad habits can keep us from owning a home? The goal and crucial to your success at saving money to purchase a home is to allocate funds in the “beginning” of the pay period rather than the end. Waiting to the end of the period is a “guarantee” of failure. Once the funds go into your accounts they do not come out until time to pay that bill. Ever set the goal of dieting tomorrow? It might be just eating better, and you think of it right after a big meal where just you loosened the belt or changed into sweats to declare the goal of dieting!  

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First Time Buyer Perspective

by Norma Benton

06 01, 2015 | Posted in How to Get a Home Loan, Pre Approval Home Loan | 0 comments

I had the opportunity to interview a young up and coming marketing person. My question was “what keeps her from buying her own home?” Long Term Home Ownership BenefitsHer answer was it does not seem a safe investment with  everything that has occurred in the last 8 years. The second part of her answer was a question to me. “Is it really a “benefit” to own an home?” I know the standard answers but I took some time instead to research the “benefits”. This is what experts say: 1st the advantages out-weigh the risks. It is the ‘risks that scare the First Time Buyer. Interesting… the banking industry has the same fears just on the other side of the table.  

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The Key to a Long Life: Conscientious Habits

by Norma Benton

05 13, 2015 | Posted in How to Get a Home Loan | 0 comments

Summary of original article USNews By Philip Moeller Philip Moeller normasmortgageminute.com Long before the age of gene therapy and miracle medical treatments, the secrets of long life were being gathered and revealed in a unique study of 1,500 children born about 1910. By studying these people throughout their lives, successive generations of researchers collected nearly 10 million pieces of observable data and have been able to produce solid insights into human longevity. Most people who live to an old age do so not because they have beaten cancer, heart disease, diabetes, or lung disease; rather, the long-lived have mostly avoided serious ailments altogether," according to Howard S. Friedman and Leslie R. Martin’s book. "The best childhood personality predictor of longevity was conscientiousness--the qualities of a prudent, persistent, well organized person," according to the two professors (he at the University of California--Riverside, and she at La Sierra University). "Conscientiousness . . . also turned out to be the best personality predictor of long life when measured in adulthood."  

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This Year’s focus, Learn Just One Thing

by Norma Benton

04 02, 2015 | Posted in Orange County Mortgage Lenders | 0 comments

normasmortgageminute changeThis Year’s focus, learn Just One Thing………………… We need to improve or grow to be mentally healthy. “The key is to try new things”. Not a mass of changes at once which is the reason our resolution often fail as the climb is too steep, Just One step (Thing) at a time. Not every day, but a few days a week— try to do one new thing, or do one thing differently. It doesn’t matter what it is. It can big or it can be small. But the key is, trying to do something different.” What sorts of things reported, One day a guy made eye contact with as many people as possible. He came across as shy or just aloof.  

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What is a FICO score?

by Norma Benton

03 09, 2015 | Posted in How to Get a Home Loan | 0 comments

normasmortgageminute credit scoreA FICO score is a credit score developed by Fair Isaac & Co. Credit scoring is a method of determining the likelihood that credit users will pay their bills. Fair, Isaac began its pioneering work with credit scoring in the late 1950s and, since then, scoring has become widely accepted by lenders as a reliable means of credit evaluation. A credit score attempts to condense a borrower's credit history into a single number. Fair, Isaac & Co. and the credit bureaus do not reveal how these scores are computed. The Federal Trade Commission has ruled this to be acceptable. Credit scores are calculated by using scoring models and mathematical tables that assign points for different pieces of information which best predict future credit performance. Developing these models involves studying how thousands, even millions, of people have used credit. Score-model developers find predictive factors in the data that have proven to indicate future credit performance. Models can be developed from different sources of data. Credit-bureau models are developed from information in consumer credit-bureau reports.  

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