Crofton,MD Bill Vourazeris
Make Your Next Open House a Winner
Provide Prospects with Finance Options
Many Real Estate professionals feel that open houses are too time-consuming. Frankly, they are time-consuming. But I can provide assistance as a mortgage professional on hand to field many questions for you regarding financing options.Even in a booming market, homes don't sell themselves. I would like to be an ally for you and assist you at your open house events by providing answers to questions about financing on location. I am prepared to help you roll out the red carpet for your upcoming open houses with the following info-marketing materials:
Pre-qualification on the spot
Sample financing options for the property
Current "Hot List" of loan programs
Information about the credit scoring process
Tips for credit cleanup
First Time Home Buyer's Guide*
As a follow-up, I can also provide pre-approval for prospects so they may shop as a cash buyer. Your seller will receive legitimate offers through this process, and I will be able to weed out any unqualified prospects. I have a sophisticated database management system for follow up, and I ask many questions about each prospect's long-term goals. This enables me to get a clear picture of what type of financing is best for them, and work with them as an advisor rather than someone who simply quotes rates and provides the debt.
It is important for you to know that my policy is as follows: My job just begins when the client's loan closes with me. I continue to monitor rates for the borrower and stay focused on helping them manage this debt. In addition, I send out a friendly quarterly newsletter, a financial newsletter, and follow up with an Annual Mortgage Planning Review. At any time throughout the life of their loan, my clients are advised to inform me of any changes which might affect their financial situation, at which point I provide them with spreadsheets to help them see what their options are.
Let me know when you would like me to work an open house with you, and provide me with the property information so I may prepare relevant materials to outline financing options for the home.
*RESPA laws require Real Estate professionals to pay a proportionate amount of the costs for co-op marketing and distribution. I have negotiated fair rates with my vendors, and I believe you will find the costs are reasonable. (See http://www.hud.gov to access RESPA ruling 24CFR3500.14.)
Showing posts with label real estate. Show all posts
Showing posts with label real estate. Show all posts
Tuesday, August 5, 2008
Thursday, July 31, 2008
How does this Stimulus Package affect local real estate markets?
Crofton MD, Bill Vourazeris-How are the rapidly changing real estate and credit markets are affecting us locally?
I've worked in the mortgage industry for 10 years, and I've funded over 2000 loans in my career - and I've seen this market hit many highs and survive some tough lows. Let me be your resource as you cover this rapidly changing market.
In February, the President signed into law the Economic Stimulus Package in an effort to revive our battered economy. I wanted to be sure you knew that the legislation is about more than just rebate checks; it can also have a positive impact on current and future homeowners.
Many of your readers may not be aware of how this bill could create opportunities to save money on their home financing. Here are some of the questions I believe your readers should consider, and I would be happy to lend my experience and expertise to help explain how our community may be able to take advantage of the temporary rules created by this important legislation:
What impact does the Stimulus Package have on borrowers?
•"The Economic Stimulus Act of 2008 is a $168 billion plan intended to jumpstart the sliding U.S. economy. The new bill is designed to help certain ‘high-cost regions' of the struggling housing market by 1) Temporarily increasing the ‘conforming loan limit' from $417,000 to as high as $729,750 in specified areas; and
2) Temporarily increasing the size of loans the Federal Housing Administration (FHA) can insure from $362,000 to as high as $729,750 in specified areas."
What do these new provisions mean for our community?
•"For those looking to purchase or refinance real estate in a ‘high-cost region,' this is great news. These temporary increases could help consumers avoid the higher interest rates associated with ‘non-conforming' or jumbo, loans - which are currently more than a point higher than rates on conforming loans. This means more consumers will be able to take advantage of great real estate deals and get more home for less money. In fact, many homes that some borrowers could not afford just a few years ago could now be within reach, thanks to this temporary government program.The Stimulus Package is also very good news for homeowners looking to refinance out of their expensive jumbo loan and into a new ‘conforming loan.' While the legislation limits new mortgage contracts to 2008, it does not exclude the refinancing of any past mortgages. This means that, if borrowers qualify, they can take advantage of the new conforming loan limits no matter how many years have passed since they obtained their mortgage - as long as they get it done before the end of 2008."
How is a high-cost region determined? And does our community qualify as one?
•"A high-cost region is typically determined by the median value of its homes. The median value is the specific price that is halfway between the least expensive and most expensive home sold in an area over a given period of time. Not to be confused with the average home price, the median home price is the price at which half of all buyers bought more expensive homes and half of all buyers bought less expensive homes. If that sounds confusing, don't worry. It is the responsibility of the Department of Housing and Urban Development (HUD) to determine and publish what the median home price is for regions across the country. I can easily access and interpret these figures for our local residents, and help them calculate the new conforming and/or FHA loan limits within minutes."
I look forward to hearing from you. My contact information is listed below.
Bill Vourazeris
M-Point Mortgage Services
443-618-2880
I've worked in the mortgage industry for 10 years, and I've funded over 2000 loans in my career - and I've seen this market hit many highs and survive some tough lows. Let me be your resource as you cover this rapidly changing market.
In February, the President signed into law the Economic Stimulus Package in an effort to revive our battered economy. I wanted to be sure you knew that the legislation is about more than just rebate checks; it can also have a positive impact on current and future homeowners.
Many of your readers may not be aware of how this bill could create opportunities to save money on their home financing. Here are some of the questions I believe your readers should consider, and I would be happy to lend my experience and expertise to help explain how our community may be able to take advantage of the temporary rules created by this important legislation:
What impact does the Stimulus Package have on borrowers?
•"The Economic Stimulus Act of 2008 is a $168 billion plan intended to jumpstart the sliding U.S. economy. The new bill is designed to help certain ‘high-cost regions' of the struggling housing market by 1) Temporarily increasing the ‘conforming loan limit' from $417,000 to as high as $729,750 in specified areas; and
2) Temporarily increasing the size of loans the Federal Housing Administration (FHA) can insure from $362,000 to as high as $729,750 in specified areas."
What do these new provisions mean for our community?
•"For those looking to purchase or refinance real estate in a ‘high-cost region,' this is great news. These temporary increases could help consumers avoid the higher interest rates associated with ‘non-conforming' or jumbo, loans - which are currently more than a point higher than rates on conforming loans. This means more consumers will be able to take advantage of great real estate deals and get more home for less money. In fact, many homes that some borrowers could not afford just a few years ago could now be within reach, thanks to this temporary government program.The Stimulus Package is also very good news for homeowners looking to refinance out of their expensive jumbo loan and into a new ‘conforming loan.' While the legislation limits new mortgage contracts to 2008, it does not exclude the refinancing of any past mortgages. This means that, if borrowers qualify, they can take advantage of the new conforming loan limits no matter how many years have passed since they obtained their mortgage - as long as they get it done before the end of 2008."
How is a high-cost region determined? And does our community qualify as one?
•"A high-cost region is typically determined by the median value of its homes. The median value is the specific price that is halfway between the least expensive and most expensive home sold in an area over a given period of time. Not to be confused with the average home price, the median home price is the price at which half of all buyers bought more expensive homes and half of all buyers bought less expensive homes. If that sounds confusing, don't worry. It is the responsibility of the Department of Housing and Urban Development (HUD) to determine and publish what the median home price is for regions across the country. I can easily access and interpret these figures for our local residents, and help them calculate the new conforming and/or FHA loan limits within minutes."
I look forward to hearing from you. My contact information is listed below.
Bill Vourazeris
M-Point Mortgage Services
443-618-2880
Sunday, July 27, 2008
Getting the Best Interest Rate on Your Home Loan?
Getting the Best Interest Rate on Your Home Loan?
A Qualified Mortgage Consultant Can Help Boost Credit Scores
By Bill Vourazeris, M-Point Mortgage Services
Crofton, MD Bill Vourazeris – Consumers interested in purchasing or refinancing a home will pay an interest rate based on current market conditions and their ability to pay back the loan. The borrower’s income and debt ratios are taken into consideration by the lender, as well as the predictability factor provided by credit scoring. It’s important to have a mortgage professional in your corner that has a keen eye for solutions to improving credit scores in an effort to get the best interest rate possible.
Interest rates associated with various loan programs are broken down into schedules based on credit score ratings. While each lender has its own guidelines, it’s safe to assume that as the consumer’s credit score goes down, interest rates will go up.
A borrower with an outstanding credit rating will get what is called an A-paper loan. This type of borrower is rewarded with a lower interest rate because they have a proven track record of using credit sensibly and paying their bills on time.
Loans designed for consumers with less-than-perfect credit – sometimes referred to as “sub-prime” – can range anywhere from A-minus, B-paper, C-paper or D-paper loans.
If you have already taken out a mortgage loan with a higher interest rate because your credit score was a little under par, you will really appreciate the value in doing a little work to improve your credit score. Refinancing from a D-paper loan to a B-paper classification can save literally thousands of dollars in financing fees over time, even though the B-paper loan is still considered sub-prime.
A qualified mortgage consultant will guide you through the nuances of the process of improving your credit score to refinance and save money. First and foremost, he or she will want to review the terms of the existing mortgage loan to determine if you have a pre-payment penalty clause written into your contract. In general terms, that means that if you sell the home or try to refinance before the pre-payment penalty expires and you have not already paid off 20 percent of the original loan amount, you will most likely have to pay a 3 percent fee back to the lender to compensate for the high risk and high costs incurred to provide that financing.
Next, you should obtain free copies of your credit reports from http://www.annualcreditreport.com/ and start working on improving the credit score six months prior to the expiration date on your existing pre-payment penalty.
There are five factors that make up the credit score and your mortgage consultant can coach you through some basic strategies to improve your credit score. This means very conservative use of credit cards, paying off debt as much as possible and not applying for additional credit cards unless you will benefit from such action. You will want to verify that negative items you have paid off are being removed from your credit report, and that good credit history is being reported to all three bureaus. You’ll also want to dispute any errors that appear on your credit reports and seek to have those removed entirely.
Once your credit score improves, it’s time to refinance at a better interest rate. Your mortgage professional should look for a program that carries no more than a two-year prepayment penalty so you can continue to refinance as your credit score increases. You can repeat this process until you reach A-paper status and secure the best interest rate available.
This is a strategy that also works well for first time home buyers who do not have enough credit history under their belt to get an A-paper loan at the time of purchase. The important thing is to work with a mortgage consultant who can give you a roadmap to follow and a strategy for success in building personal wealth.
A Qualified Mortgage Consultant Can Help Boost Credit Scores
By Bill Vourazeris, M-Point Mortgage Services
Crofton, MD Bill Vourazeris – Consumers interested in purchasing or refinancing a home will pay an interest rate based on current market conditions and their ability to pay back the loan. The borrower’s income and debt ratios are taken into consideration by the lender, as well as the predictability factor provided by credit scoring. It’s important to have a mortgage professional in your corner that has a keen eye for solutions to improving credit scores in an effort to get the best interest rate possible.
Interest rates associated with various loan programs are broken down into schedules based on credit score ratings. While each lender has its own guidelines, it’s safe to assume that as the consumer’s credit score goes down, interest rates will go up.
A borrower with an outstanding credit rating will get what is called an A-paper loan. This type of borrower is rewarded with a lower interest rate because they have a proven track record of using credit sensibly and paying their bills on time.
Loans designed for consumers with less-than-perfect credit – sometimes referred to as “sub-prime” – can range anywhere from A-minus, B-paper, C-paper or D-paper loans.
If you have already taken out a mortgage loan with a higher interest rate because your credit score was a little under par, you will really appreciate the value in doing a little work to improve your credit score. Refinancing from a D-paper loan to a B-paper classification can save literally thousands of dollars in financing fees over time, even though the B-paper loan is still considered sub-prime.
A qualified mortgage consultant will guide you through the nuances of the process of improving your credit score to refinance and save money. First and foremost, he or she will want to review the terms of the existing mortgage loan to determine if you have a pre-payment penalty clause written into your contract. In general terms, that means that if you sell the home or try to refinance before the pre-payment penalty expires and you have not already paid off 20 percent of the original loan amount, you will most likely have to pay a 3 percent fee back to the lender to compensate for the high risk and high costs incurred to provide that financing.
Next, you should obtain free copies of your credit reports from http://www.annualcreditreport.com/ and start working on improving the credit score six months prior to the expiration date on your existing pre-payment penalty.
There are five factors that make up the credit score and your mortgage consultant can coach you through some basic strategies to improve your credit score. This means very conservative use of credit cards, paying off debt as much as possible and not applying for additional credit cards unless you will benefit from such action. You will want to verify that negative items you have paid off are being removed from your credit report, and that good credit history is being reported to all three bureaus. You’ll also want to dispute any errors that appear on your credit reports and seek to have those removed entirely.
Once your credit score improves, it’s time to refinance at a better interest rate. Your mortgage professional should look for a program that carries no more than a two-year prepayment penalty so you can continue to refinance as your credit score increases. You can repeat this process until you reach A-paper status and secure the best interest rate available.
This is a strategy that also works well for first time home buyers who do not have enough credit history under their belt to get an A-paper loan at the time of purchase. The important thing is to work with a mortgage consultant who can give you a roadmap to follow and a strategy for success in building personal wealth.
Wednesday, July 9, 2008
Why Short-Term Trends In Housing Are Super-Important To Home Buyers
Posted on June 27, 2008Filed under Real Estate Sales Read the complete post or link to it
Consumer confidence is registering all-time lows and it's no surprise why. Americans are bombarded by bad economic news day after day.
Oil prices reach new highs
Stock prices reach new lows
Lenders are getting sued
The weight of the gloom drags down the economy and the press is quick to report on all of it.
When there's good news, though, the stories get brushed aside. And that's why a housing recovery is not getting the coverage it deserves.
On Wednesday, we looked at charts from April showing improvement in most major real estate markets. And we saw the same improvement looking back at March.
So now today, with the Existing Home Sales data showed improvement, we can infer that the trend of improving home prices continued through May 2008.
It reminds of Lou Brown's famous quote:
Now, we won a ball game yesterday. If we win one today, that's two in a row. We win one tomorrow, that's called a winning streak. It has happened before.
Calling this a housing winning streak may be premature, but there's a bevy of anecodal evidence that points to one.
For example, real estate agents in previously beat-down cities like Phoenix and San Diego are reporting an alarming rate of multiple-offer home sales.
I can back that up for Chicago and Cincinnati based on my clients' experiences. If a home is priced right, real estate professionals will tell you, buyers are swooping in.
Unfortunately, this sort of on-the-street reporting doesn't make its way to the papers because economists are most concerned with year-over-year growth. As in, how does this year compare to last year?
The press approach is well-suited for long-term trend analysis but home buyers rarely operate on long-term buying cycles. Generally, they're looking for a home for few months and then make their purchase.
This is short-term and is why month-over-month data may be more appropriate for the average homebuyer. As in, how do home prices this month compare to home prices last month?
Lately, all signs point to improvement and that means that homes will likely be more expensive to buy in July than they were here in June. The long-term charts won't make that conclusion for you but the short-term charts certainly can.
Consumer confidence is registering all-time lows and it's no surprise why. Americans are bombarded by bad economic news day after day.
Oil prices reach new highs
Stock prices reach new lows
Lenders are getting sued
The weight of the gloom drags down the economy and the press is quick to report on all of it.
When there's good news, though, the stories get brushed aside. And that's why a housing recovery is not getting the coverage it deserves.
On Wednesday, we looked at charts from April showing improvement in most major real estate markets. And we saw the same improvement looking back at March.
So now today, with the Existing Home Sales data showed improvement, we can infer that the trend of improving home prices continued through May 2008.
It reminds of Lou Brown's famous quote:
Now, we won a ball game yesterday. If we win one today, that's two in a row. We win one tomorrow, that's called a winning streak. It has happened before.
Calling this a housing winning streak may be premature, but there's a bevy of anecodal evidence that points to one.
For example, real estate agents in previously beat-down cities like Phoenix and San Diego are reporting an alarming rate of multiple-offer home sales.
I can back that up for Chicago and Cincinnati based on my clients' experiences. If a home is priced right, real estate professionals will tell you, buyers are swooping in.
Unfortunately, this sort of on-the-street reporting doesn't make its way to the papers because economists are most concerned with year-over-year growth. As in, how does this year compare to last year?
The press approach is well-suited for long-term trend analysis but home buyers rarely operate on long-term buying cycles. Generally, they're looking for a home for few months and then make their purchase.
This is short-term and is why month-over-month data may be more appropriate for the average homebuyer. As in, how do home prices this month compare to home prices last month?
Lately, all signs point to improvement and that means that homes will likely be more expensive to buy in July than they were here in June. The long-term charts won't make that conclusion for you but the short-term charts certainly can.
Bankrate.com Mortgage Trend Index (July 3, 2008)
Posted on July 3, 2008Filed under Market Direction Surveys Read the complete post or link to it
I am a regular participant in the Bankrate.com Mortgage Rate Trend survey and this week's survey is now available.
As a reminder:
The survey is for conforming loans only.
You're welcome to email me about your pending plans to purchase or refinance.
I twitter market updates a few times daily. Follow me, if you want.
Anyway, on to the group's predictions for the next 30 days:
21% of participants predict rates will increase
43% of participants predict rates will decrease
I am predicting that rates will decrease over the next 30 days, but that doesn't mean you should necessarily follow my advice when choosing whether to lock a rate, or float it. My advice may not be appropriate for your individual situation.
From the Bankrate.com survey:
"So long as growth stays steady, money should flow into the mortgage bond market. This drops rates."
I've been using Twitter to communicate the mid-day market shifts to clients. My tweets tell them when rates are likely to change so they can be more pro-active about their finances.
Twitter's simple to set up and it's non-intrusive. You're welcome to follow me if you'd like the updates, too.
Technorati Tags: Bankrate.com
I am a regular participant in the Bankrate.com Mortgage Rate Trend survey and this week's survey is now available.
As a reminder:
The survey is for conforming loans only.
You're welcome to email me about your pending plans to purchase or refinance.
I twitter market updates a few times daily. Follow me, if you want.
Anyway, on to the group's predictions for the next 30 days:
21% of participants predict rates will increase
43% of participants predict rates will decrease
I am predicting that rates will decrease over the next 30 days, but that doesn't mean you should necessarily follow my advice when choosing whether to lock a rate, or float it. My advice may not be appropriate for your individual situation.
From the Bankrate.com survey:
"So long as growth stays steady, money should flow into the mortgage bond market. This drops rates."
I've been using Twitter to communicate the mid-day market shifts to clients. My tweets tell them when rates are likely to change so they can be more pro-active about their finances.
Twitter's simple to set up and it's non-intrusive. You're welcome to follow me if you'd like the updates, too.
Technorati Tags: Bankrate.com
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