Here’s the Cherry Hill Real Estate market update for March 2008.  Pended units for the March were down 7 and Sold units were down 22 compared 2007; listed units were down 77 versus 2007.  This has led to a current inventory of 556 units.  Cherry Hill has been averaging 70 units sold per month which means there is currently 8 months worth of inventory in Cherry Hill.  This outpaces the overall Camden County market, which has 10 months worth of inventory. Year to date listed units are down 66 (a 13.9% decrease), pended units are down 90 (a 52.9% decrease) and sold units are down 80 (a 63.5% decrease).  See how this compares to the Camden County Market. Over the last 3 years the average number of units pended and sold in March was approximately 100 & 76 respectively.  This March, there we... 04/29/2008

  FHA loans are not the next subprime loans.  Don't let anyone else fool you on this. FHA has been around since 1934 and subprime mortgages started to emerge in 1994. Subprime loans in many cases were good for those lenders that weren't FHA approved. The problem with that is the rates on subprime mortgages were typically 2% higher than FHA mortgages. Lastly, just because someone said that they can qualify you for a conventional loan and that it would be cheaper than a FHA mortgage, might not always be correct. In many cases, FHA loans are now cheaper than conventional loans, which I will show you below. One main reason why a loan officer might still make it sound like conventional loans are cheaper than FHA loans is because they aren't FHA approved. Another reason would be because they ... 04/28/2008

Do you go 3 extra miles out of your way to get your gas 5 cents cheaper per gallon? To end up with longer lines or for the gas attendant that takes their time?  What about the bakery whose ad says birthday cakes for $5.00 done in 3 days. When in reality, they normally are $9.00 and take 7 days. You then go to pick up that $5.00 cake on day 3 and it's not ready. You need it today, but now they promise you tomorrow.  How many of us sacrifice good service or quality for a cheaper price?  How many of you think that the level of service should be the same, no matter what you pay.       So you decide to go with that person that offers the cheaper product and promises you great service. You can't get out the starting gate. You are applying for a FHA mortgage. They promise you the Good Faith E... 04/25/2008

 Is your current lender giving you the run-around? Have you been told that you should have the approval or the commitment letter any day now?  And it's been 7 to 12 days now. Was this the same lender that told you 30 days ago, that they could get your loan done and now they are asking for more information? All of the questions above should be a large concern on your part, if you have applied with another lender and some of these sound familiar. I have been doing mortgages for 15 1/2 years now and I never said that I am god or perfect. But just a FYI....  yes, people make mistakes, but lenders don't find out that they can't do your loan the day before closing if they have had your loan for 25 days or more. 99% of the time, this should be an unacceptable answer. Lenders or loan officers ... 04/17/2008

    You are APPROVED for a mortgage.... no problamo... I can do it....           Okay, so I am a loan officer and I want your mortgage.... I want your business. I am either busy or slow, it shouldn't matter. I should : treat you with respect. have integrity have knowledge in doing your loan. Okay, even if I didn't know an answer to a question or how to do something, before saying yes, I should look into it, I should ask my underwriter. get you the answer that you want to hear. Wait... I should tell you the truth, be upfront and honest with you. It shouldn't matter if another lender said they could do it. Can it be done?? These are just some of things taking place in todays mortgage market. I never said that I was perfect nor that I know everything. I have been in the mortgage industry f... 04/07/2008

 LEAD GENERATORS --  Definition from Mimi.hu -- The process of collecting contact information and extracting potential sales leads. The process of finding people (consumer or business) with a qualified interest in a certain product or service.Jeff Belonger's definition of lead generators.  Risky, sometimes false hope, misleading, low ball rates and or closing costs, bait & switch.  Spencer Rascoff wrote this post, Zillow Mortgage Marketplace Launches: FREE MORTGAGE LEADS. I am not here to knock Zillow and what they are trying to accomplish. I am here to help the average consumer understand how these lead generators work and the potential pitfalls. I have over 15 years of experience in the mortgage industry, and even though this is my opinion, I want people to realize what they might be... 04/05/2008

After being in the mortgage business for 15 1/2 years, to many loan officers don't ask the appropriate questions in the first 10 to 15 minutes of interviewing the consumer. The main concern that the consumer has and usually asks first is what the lender's rate is. And because so many loan officers don't want to lose this consumer, they will give them a low rate without asking these basic questions. What should be asked by the loan officer? BASIC OUTLINE :Mr. or Mrs. Borrower, what kind of payment are you comfortable with? Many loan officers pre-qualify the consumer on the highest loan amount/purchase price that they can obtain. The loan officer should focus and get the consumer to focus on the payment. Making sure that this is a reality and not a fantasy, when it comes to the payment a... 03/30/2008

    Transparency in my opinion is an abused word or misunderstood. I would have to assume that there are two different ways to define transparency when it comes to mortgages, may it be Conventional, VA, or FHA mortgages. Here is one definition that I hear from some mortgage lenders in today's market. They would define transparency as : A lender that is able to share with the consumer exactly what they are making on a loan. Allowing the consumer to see the yield spread. And several will even go a step further to say that each lender should have a flat fee per mortgage. The scale would be dependent on the type of mortgage, from full doc to no doc. Some outline this in regards to how much work goes into that loan. Full doc would be the highest pay out because you need to document everythin... 03/28/2008

Here's the Cherry Hill Real Estate market update for February 2008.  Pended units for the February were down 29 and Sold units were down 27 compared 2007; listed units were up 16 versus 2007.  This has led to a current inventory of 590 units.  Cherry Hill has been averaging 72 units sold per month which means there is currently 8 months worth of inventory in Cherry Hill.  This outpaces the overall Camden County market, which has 9 months worth of inventory. Year to date listed units are up 11 (a 3.6% increase), pended units are down 87 (a 102.4% decrease) and sold units are down 58 (a 79.6% decrease).  See how this compares to the Camden County Market.Over the last 3 years the average number of units pended and sold in February was approximately 77 & 63 respectively.  This February, the... 03/26/2008

May your loan be a FHA mortgage or a Conventional mortgage, I am finding many loan officers not prepping their clients with knowledge. I have been in the mortgage industry for over 15 1/2 years now and for some reason it seems like it has been sloppier on the loan officers side of things when speaking to the consumer.CONSUMER ..... please pay attention to some of my concerns, it might save you headaches and heartache in the future. # 1 concern...... When you are pre-qualified or approved by a lender, don't go out and buy anything new. The loan officer should explain this to you, but many don't. I just had a client that left their previous lender because it was like pulling teeth when they wanted answers. They are suppose to close on their loan in 2 weeks. But wait, they just bought 2 b... 03/13/2008

Welcome class..... After reading many blogs and advertising on the internet that talk about "best rates", "no closing costs", "little closing costs", "7 day closings", "hard to close loans", etc, etc..., I decided to give a brief and basic list of what you should be asking. These are also things that I hear from the average consumer on a weekly basis. No matter if you are applying for a FHA mortgage or a Conventional mortgage, all basic questions should be the same. Don't let anyone tell you differently or confuse you. No matter how you came across this particular lender or loan officer, not only should you answer their questions, but you should make sure that you ask a few of your own. Especially if they don't touch the ones that I am about to mention. (Can there be more that we could... 03/10/2008

  Has the real estate market been your wheel of misfortune? Have you been made promises after promises? Have you bought into the hype of what one company or person might promise you, but at the very end, it's not even close to what they promised? Does a realtor promise you a high listing price, higher than anyone else did in recent months? Did a loan officer from a mortgage company promise you a great rate with low to no fees? Currently we are in a credit crunch, no matter how you look at it. Credit card companies are losing hundred's of thousands of dollars. Mortgage companies and investors are losing the same. Are some of these individuals that you speak to, are they in the same boat personally, that they need to cling onto each and every client so they can make a living?           Tr... 03/09/2008

  Wow.... so much going through my mind as I begin to write this. What is making me jump out the plane without a chute, knowing that I will allow anyone to read this?  Because blogging can be therapeutic in so many ways. I love to share and most of all, I love when people get to know the true me, especially my clients. Besides, I think this will truly fit the word transparency. Most of my stuff has been about mortgages. It can get old and mortgage blogs can be boring. So I needed a change of pace and I was made aware of a long standing lesson in life after watching a movie tonight.  That lesson is, "just be yourself, and let others know it". Don't be ashamed of who you are, no matter what you believe in. This is not always an easy thing to do, when society can mock you so quickly, makin... 03/08/2008

MAKING MORTGAGES FUN AGAIN Shouldn't buying a home be fun, not as stressful as some make it out to be. And I am not here to point the finger, but the major of complaints have come against the loan officer or lenders. As business has slowed down, I thought the bait & switching, the lying, and just outright misleading the consumer would have not be taking place as much as in previous years. But I am hearing more and more stories now than ever. My thoughts? So many are trying to hang onto a pay check. Some are not fully trained. Possibly a combination of both. And the only way for any of this to happen is to basically con the consumer or not give them all the correct information.Whether you need a FHA mortgage or a conventional mortgage, do some research. Choose wisely and not go for the ... 03/05/2008

The Cherry Hill Real Estate market started 2008 by following how the Camden County market performed as a whole.  Pended units for the January were down 62 and Sold units were down 31 compared 2007; listed units were down 5 versus 2007.  This has led to a current inventory of 534 units.  Cherry Hill has been averaging 68 units sold per month which means there is currently 7 months worth of inventory in Cherry Hill.  This closely follows the overall Camden County market, which has 8 months worth of inventory.Over the last 3 years the average number of units pended and sold in January was approximately 83 & 63 respectively.  This January, there were 49 units pended and 31 sold.  Obviously, sellers do not want to see a trend of fewer pended and sold units versus 2007.  Unless, of course, th... 03/04/2008

  I have always been one to give the shirt off my back when someone is in need. Times have been rough though for so many in the last year. those of us in the real estate industry and even for those outside of it.      In the last several months, Jason Crouch has been sharing a heart felt story with many of us about a good friend of his who is going through a very tough time.     We have seen some great things come from this community, Active Rain. It's great when we can get together in different parts of the US, to finally meet. Finally putting a real face to the pictures that we see or the voices that we heard. What couldn't be better than to take it one step further and actually help not each other, but a possible friend in need.              (left - David & his wife Jan, prior to hi... 03/02/2008

Good Faith Estimates......  When you shop for a mortgage, does your loan officer give you a copy of the good faith estimate?  Do they even give you this good faith estimate form when you apply for your mortgage?  I only bring this up because I just spoke to my 5th client in as little as 45 days that applied with a lender previously who never gave them a good faith estimate.  This is 110% unacceptable from any standards within the mortgage industry. Ask any professional loan officer that is ethical and on top of their game per se, and they will be pulling their hair out. Hey, I don't have that much hair left to pull out. And I am serious about this. But it drives me crazy when I ask someone who is looking for some help or guidance and I ask them 3 simple and basic questions. And they ca... 02/29/2008

  Networking, networking, and networking......  What does it all mean?  In my opinion, you need to be open-minded about new ideas and attack them before everyone else jumps on the bandwagon.  You also need to be consistent in who you network with on a weekly or monthly basis. Lastly, you need to have a few different outlets in regards to networking and not putting all of your eggs in one basket per se. Basically a true business plan which I talked about in Part 1 of this series : Marketing & Branding   To properly network, you do need a business plan first. Once you have a business plan, you need to review it every quarter. Joeann Fossland wrote a great post in regards to what you should be looking at once that quarter is over. The 1st Quarter is Almost Gone! Are you on track?   Keep i... 02/28/2008

   Nehemiah, AmeriDream, and any other down payment assistance program(s) could be ending by the end of March. March 28th to be exact. Does this mean time is running out? It certainly looks like it. If you are in the process with a lender now, you better be on top of them, that they have your loan approved.  Better yet, make sure that they have your money registered with the Nehemiah program or the AmeriDream program. Is there any daylight showing in regards to what Judge Friedman ruled back in October 2007? Latest on HUD Rule  --  Insert from the link -- Judge Friedman heard final arguments in another downpayment assistance company’s suit against HUD. The judge has taken the case under advisement and will have a decision by February 29, 2008. For more information on Nehemiah --  http:/... 02/26/2008

      Have you jumped onto the blogging bandwagon? Have you incorporated blogging into your business plan? It shouldn't matter if you are busy or slow, because blogging should be a part of your 2008 business plan. The NAR says that 80% of the people first shop online for information when it comes to real estate and mortgages.       Blogging can be very therapeutic in so many ways. It can also be a great way to brand yourself online in which I talked about in Part 1 : How to Market yourself in 2008 -- Marketing & Branding -- Part 1 of 3  I am not an expert in blogging as I am in mortgages, but I wanted to share with you what I have learned in the last 16 months because of Active Rain and a few other people that I have networked with. Some of these people are experts in the blogging fiel... 02/25/2008