Did you know that the major credit bureaus sell your personal information? It's true! Known as "trigger leads", the files of borrowers applying for a home loan are immediately flagged, packaged, and sold by the credit bureaus to the highest bidders. For about $25 to $100 or more, your name and certain specifics about your credit report, including your address, phone number, mortgage history, and even your FICO score range, are sold to unscrupulous mortgage companies which then blindly solicit your business. This results in numerous unwanted phone calls and junk mail offers which are in no way associated with your real estate agent or loan professional.Unfortunately, no legislation presently exists to prevent the credit bureaus from profiting at your expense. As a trigger lead, you ar... 01/15/2009

Did you know that replacing an employee could cost you up to three times that employee's annual salary? That's according to isquare.com. Recent studies cite productivity, recruitment, and training costs associated with hiring new employees as major contributors to this surprisingly expensive statistic. More importantly, employees take knowledge, experience, and contacts with them to their next company, often a direct competitor, as most people tend to stay in the same or similar field.And while many companies are implementing retention programs to recognize and limit the cost of employee turnover, research reveals that few companies truly understand why employees leave in the first place. According to Leigh Branham, author of The Seven Hidden Reasons Employees Leave, 90% are directly l... 01/12/2009

Freddie Mac and Fannie Mae will implement a revised Home Valuation Code of Conduct beginning May 1, 2009. In an attempt to increase the reliability of appraisals, the revised code builds on existing seller-servicer guidelines and will apply to lenders that sell single-family mortgage loans to Fannie Mae and Freddie Mac. One major difference in the code is that lenders will be required to order appraisals from one central clearing house, which will in turn select an appraiser. The down side of such a process is that lenders will have little to no communication with the appraiser, which means there won't be an opportunity to have a discussion or touch base with appraisers before they go out to appraise the house. The new code is intended to help assure that borrowers, home buyers and sec... 01/07/2009

  It's staggering when you think about the cost of living, especially if you're a renter and not a home owner. If you are currently paying $1,000 a month for rented housing, then over the next three years, your property management company will effectively have reaped $36,000 of your hard earned cash! You're paying their mortgage when you could be building equity in your own property.What if I don't have the money to buy a home right now?There are many loan programs available that offer low and no down payment options. Some programs permit gift money as a down payment, and often sellers are willing to make a contribution to your purchase if they want to sell the home quickly.There are many benefits of home ownership to consider, most of all, tax deductions. Let's take a look at how adva... 01/07/2009

Yesterday I received two very different and very memorable phone calls.  The first was extremely exciting.  I won't get into that call here since I wrote about that in yesterday's blog.  The second call was scary. I was on my office phone with a client when my cell phone rang at 6:17pm.  The call was from a toll free number.  Since I believe it to be poor service to interrupt one call to take another, I let it go to my voicemail.  When I checked the message a few minutes later, it was an automated call from Citicards.  They were calling to notify me they had detected unusual activity on my MasterCard account and request that I call back and enter a reference number.  The woman that I spoke with was very helpful.  It seems that in the hour leading upto the alert, there were 6 charges to ... 01/07/2009

Interest Rates Change Daily Interest rates change constantly, but it is important to know that rates are cyclical. If rates are currently at historical lows then we know there is a strong probability rates will go up again, and vice versa. Certain economic indicators such as unemployment data, consumer price index, retail sales data, and consumer confidence all have an effect on mortgage interest rates. But the key factor to watch is the relationship between stocks and bonds.When the economy is slow and the stock market is "bearish," many investors move money out of stocks and into bonds and mortgage-backed securities. This causes mortgage interest rates to go down. When the economy is doing well, the stock market rallies and is considered "bullish." Investors then have a tendency to m... 01/02/2009

Quick Tips for Getting Started on Your Home Purchase Buying a home can be a complex process, but it doesn't have to be. With a little preparation, you can save a lot of time and hassle by having all of your documents ready when your mortgage professional needs them.To start with, the lender will need personal information to verify employment for you and your co-borrower (if there is one). They will also need information regarding all of your debts and assets.In order to expedite the paperwork process, start gathering the following items: Most recent paystubs for one month. W2s from the last two years. Signed copies of your last two years' tax returns, including all schedules that were filed. If you are self-employed, a year-to-date profit and loss statement. Homeowner's insurance compa... 01/02/2009

  Tip #23: Tame wild jungles An empty yard sells better than an overgrown yard, probably because an empty yard looks larger. When trimming back your shrubbery and trees as you're getting ready to sell your house, don't be timid. Trees and shrubbery should not hide the house itself. Again, less is more.   Tip #24: Water the lawn Use your sprinklers as much as possible to ensure everything in your yard is green. Turn on your sprinklers' manual start button whenever a Realtor is bringing a potential buyer to view the home. Newly-watered landscaping has a fresh, clean scent and a shimmer that makes it look much better than when it's dry. By leaving them on, you can also discourage any backyard exploring in the event you have unsightly areas there.   Tip #25: Park down the street Extra park... 01/02/2009

  Helpful Hints on Marketing and Selling Your Home Tip #1: Make a checklist Make a checklist to review any time a Realtor is bringing someone in to look at your home. Nothing fancy, just something to remind you to do all the little preparatory tricks on this list.   Tip #2: First impressions First impressions are always critical, and your driveway is one of the first things a buyer will see. Here's a quick tip that may be the solution for your cement driveway: Try Drano or any high-powered liquid drain cleaner and sweep those oil stains away! Please use caution and read all manufacturers' warnings before you begin this task.   Tip #3: Replace the garage door The garage door is one of the largest, most visible elements of a home. If you want to instantly enhance the overall look of your... 12/30/2008

If you're selling your home, make sure your home has "curb appeal." Remember, you can't change a first impression. If your home looks like a diamond in the rough, think about putting a small investment into cleaning up the outward appearance.Imagine that you are seeing the property as a potential buyer. You'll want to do a little yard work - clear away dead shrubbery, and trim your trees and lawn. Weed the flower beds or plant some flowers that will bloom in season. Make sure the driveway is not stained, and if you can't afford to paint the home entirely, at least make sure the front door and immediate entryway is immaculate.Fresh and clean are still the keywords to making a good first impression once the potential buyer walks through the door. Unless a particular window is facing an e... 12/29/2008

For quite some time I have been hearing people offer their theories as to when we will hit the bottom of the housing market.  So many are trying to time things just right so they can get the best possible deal.  The reality is that we will not know when we've hit the bottom until after that time has passed.  Only then will we be able to look back and point at a specific moment as being the bottom.  Today we saw two economic reports released that illustrate why this is such a great time to buy a home.   Existing Home Sales: This past year the median sales price of an existing home fell 13.2%.  This is the single largest drop in the 40 years this statistic has been tracked. There is currently an 11.2 month supply of unsold existing homes.   New Home Sales: Reported at the lowest levels in... 12/23/2008

ARM Indexes: A 10-Year Comparison Licensed Mortgage Banker, NJ Department of Banking and Insurance. Licensed Mortgage Banker NYS Banking Department. Licensed by the PA Department of Banking and pursuant to the Secondary Mortgage Loan Act. Not an offer to enter an interest rate lock-in agreement under MN law. MA Licensed Lender #MC3208. GA Residential Mortgage License #14511. Corporation also operates as Superior Home Mortgage Corp. and services CO, CT, DE, FL, IN, MD, MI, MN, NC, SC, TN, VA, WI. 12/22/2008

Cheap Alternatives for International Travel   We all know that international travel can be very expensive, but here are a few alternatives you may not know about.Consolidators - A consolidator is nothing more than a company which purchases large quantities of unsold airline tickets and passes the savings on to the customer. It is one of the more popular means of finding a cheap domestic or international flight. These companies are fairly ubiquitous and usually only a Google search away.The downside to consolidators is the rigidity of the ticket(s). Most of the time, the ticket you purchase cannot be returned, changed, or exchanged. Receiving any frequent flyer miles may also be out of the question. Two companies specializing in these types of tickets are Air Broker International, locat... 12/22/2008

Choosing a Fixed Rate Loan   Fixed rate loans generally come with one of two options; the 30-Year Fixed and the 15-Year Fixed. If a borrower is planning on being in the same home for a long period of time, a 30-Year Fixed may be more attractive because it offers stability. The monthly payment will remain consistent over the life of the loan. If interest rates are at historic lows at the time the borrower is seeking to obtain financing, this is a good program to consider.A 15-Year Fixed loan program offers the same stability, but the accelerated amortization schedule makes the monthly payment substantially higher. While the interest rate may be lower on this type of loan, the borrower must be willing to commit to a higher monthly payment. If the borrower wishes to retire in 15 years and... 12/19/2008

Google the term "credit repair" and 19 million results are instantly generated. With so much information available, and so much of it conflicting, how do you know which credit repair company is legitimate and which ones are really just looking to take advantage of desperate consumers? The following are steps you can take to know exactly what to expect from a legitimate credit repair company and the valuable services they provide: Get a referral from your mortgage professional. Not only do we work with credit repair specialists on a regular basis, our business depends on your success. It's in our best interest to make sure you are represented by professionals who are experienced in dealing with creditors, the credit bureaus, and collection agencies. Interview your candidates. Make sure ... 12/18/2008

The Federal Reserve is expected to announced a cut today so it seems like perfect timing for this piece...  Understanding What Causes Interest Rate Movement The Federal Reserve constantly evaluates the US economy and, when necessary, takes steps to address inflationary concerns and avoid economic recession or depression. The mass media, in turn, reacts by providing a wide range of opinions and interpretations of the Fed's monetary policy. This can make it very difficult for consumers to decipher how such actions will influence interest rates in general and mortgages in particular. And although actions of the Federal Reserve can have a direct impact on the Prime rate, mortgage interest rates are dictated by the trading of mortgage-backed securities, which are similar to bonds and trade ... 12/16/2008

While the mortgage market continues to generate a lot of chatter in both the media and in Washington, interest rates are currently near or at all-time lows. If you or anyone you know are looking to take advantage of these low rates, let me explain why now is the time to act. Lately there has been talk about the 4.5% 30-year fixed rate mortgage. Will it become a reality though? Right now, no one really knows. Homeowners who could benefit from a lower interest rate need to know that even if 4.5% becomes a reality from Washington's actions, it would only be available to home buyers, not homeowners seeking to better their rate. If you need to refinance, you will be left out. You also may have heard about Hope for Homeowners, which is a program approved by legislators to help distressed hom... 12/12/2008

Various Ways to Hold Title to Real Property Title is the legal documentation that bestows ownership of real property. This is to be indicated in Part II of the 1003 Uniform Residential Loan Application as "manner in which title will be held."The decision of how the title will be held should not be put off until the last minute since it has a great impact on future tax planning, the financial future of the borrower(s) and their respective heirs, and the choice of the lender.It is most important for the mortgage consultant to work hand-in-hand with the borrower's financial planner or tax consultant to assist their mutual client in order to make decisions that work best for their particular scenario.For example, most married couples would consider holding title with Joint Tenancy. But if ... 12/12/2008

What to Look for When Hiring an Assistant Your business has grown by leaps and bounds, and to continue on that upward spiral, you realize the need for a personal assistant. Keep in mind that your new hire will become as vital as your right arm, assuming if you choose wisely. There are several key qualities to look for during the interview process.Professional recruiters at Hudson Global Resources & Human Capital Solutions, a worldwide office staffing service, surveyed several hundred of their clients, from small companies to mid-size and large corporations. They sought to identify those traits which employers deemed most important. Nearly 50% of the respondents noted that the role of the personal assistant has changed drastically in the past five years, especially regarding the level of... 12/12/2008

You've been working really hard to increase your credit score. You've done everything you thought you were supposed to do to present yourself as a creditworthy individual. So, why did your score suddenly drop? What happened?Unfortunately, this is a common occurrence with many consumers today, a situation that likely could've been avoided if you had only been working with a qualified credit improvement specialist from the beginning. Remember, there's no shame in seeking help with your credit. Credit scoring models are based on a number of factors that, when combined, add up to a formula that might not seem logical to those who don't deal with these kinds of issues on a daily basis.The following are just a few examples of seemingly innocent actions that could cause your score to suddenly... 12/11/2008