Archive for November 2011
November 27, 2011 | 
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Concessional Mortgage Albuquerque Loans:
Hi and Welcome to Moore TV, I’m Wes Moore. The Mortgage Albuquerque loan of the week this week comes from Zeek.
I met with Zeek about a year ago; he was referred by his realtor for his Mortgage Albuquerque home loan. I pulled Zeek’s credit and found it somewhat in need of attention. So I sat down with Zeek and worked out a plan and I gave him some written advice on a form that I call a home action plan and then I basically forgot about it.
Well, I was surprised last week when Zeek called me and reminded me of our conversation and asked for an appointment, so we agreed to meet. Anyway Zeek totally surprised me when he came into the office, he had his home action plan in his hand on Mortgage Albuquerque and he related his story.
Zeek had been referred by his realtor about a year ago, came to the office and we’ve done everything. I told Zeek pay off this, dispute this, try to get a secured credit card from here and there. To be honest with you, I didn’t think that I would hear from Zeek again because 95% of people would just ignore this. That’s true, but I don’t know why but they walk out of my office and say “Okay there’s the sixth guy that doesn’t make us a home, honey and may be number seven will”. I don’t understand if people would do what we tell them, we can help them, but anyway Zeek did what I told him. He did exactly that and now his credit score is 702.
It’s amazing what the human spirit can do, once you put your mind to it. Now Zeek gets a house, so congratulations Zeek. So if you have some clients that may need some advice about what to do in future and some assurance that the light at the end of the tunnel is not an oncoming train, have them call me to see what we can do and will put him in a home action plan.
So did you know that in Mortgage Albuquerque, Law Enforcement personnel, Firefighters, EMT’s and Teachers are eligible to buy HUD Repos at 50% of their appraised value? What, that’s right, that’s right at 50% of appraised value. Cops, Firemen, EMT’s and Teachers can buy a $200,000 home for only a $100,000 utilizing the Good Neighbor Next Door Program. They even get a look at these houses before the general public before they go on HUD’s website. The fine print of that program is that borrower must live in that property for three years as owner-occupied principal residence and they must be located in a revitalization exception criteria area.
For more information on that Good Neighbor Next Door Program visit hud.gov or my website moore4yourmoney.com. Now remember some time in the next 2 weeks, you’re going to have a friend or your co-worker who needs to speak to a mortgage professional. I would like to submit my resume and apply for that job. Just add them or call me at 249-4506 or logon to moore4yourmoney.com. Until next week, I’m Wes Moore.
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Great news for Mortgage Albuquerque home buyers:
Hi and Welcome to this week’s edition of Moore TV. In this week’s did you know segment, finally some good news for Mortgage Albuquerque homebuyers, home sellers, lenders and realtors.
FHA is easing their guidelines with some preferred mortgage Albuquerque lenders. Luckily, my company is one of those preferred lenders.
As you may or may not know, last year FHA said no more credit scope scores below 640, which has put out first-time Mortgage Albuquerque homebuyers out of the market.
I feel bad that I had to deny several couples in the last six months that I felt would make their payments but their scores just not good enough. Well, FHA has finally come around to my way of thinking. So as of tomorrow, I would be able to make FHA Loans available to Mortgage Albuquerque borrowers with scores as low as 620.
This is not signaling to the return of lackadaisical days of the early to mid 2000’s, but it’s a small step in helping housing to lead the way out of this recession the country is in and I think housing is the only way to lead us out of this recession.
Now there is some print to go with the lower scores being acceptable. Number One, their debt ratio cannot exceed 45%, , Number two, they must have at least 2 months house payments left over in reserves somewhere in the bank after closing and Number three, their payment cannot increase by more than 50%, so if they’re paying a $1000 in rent, their new house payment can’t be more than $1500 if their score is below 640. And of course the software must issue an approval rating.
So if you’ve got somebody that may be borderline, have your clients call me today to check their scores as now as you know is the time to buy on Mortgage Albuquerque.
This week’s loan of the week is the story of a relocation nightmare of Billy Joe and Barbie Sue. They got transferred to Albuquerque with a four service from Chicago. They flew out here, they picked a Mortgage Albuquerque realtor, found a house and got an offer accepted. They flew home, went to their local Chicago mortgage company and made an application, giving the loan officer 500 Bucks for an appraisal and copy of the contract. Well, after several weeks the loan officer in Chicago ignoring the realtor’s phone calls and about 3 days before closing, the loan officer in Chicago finally said you know sorry, I just realized this is probably in New Mexico and I don’ t have a license in New Mexico. Well, now I get a phone call frantic, this property supposed to close in a few days, long story short unable to solve the problem. But realtors you may not know all the behind scenes that have gone on recently with licensing and other issues in the mortgage business. So I would advise you to insist that anyone relocating to New Mexico use a New Mexico lender to begin with. It will guarantee you less hassle in your transaction. So hope you enjoyed this week’s session, until next time I’m Wes Moore.
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FHA Rehab Loan for Mortgage Albuquerque:
Hello, welcome to this week’s edition of Moore TV, I am your host Wes Moore. One of the hardest segments of the Mortgage Albuquerque real estate market today is Foreclosures.
According to the Greater Albuquerque Association of Realtors, last month in August 2011, a full 29% of Albuquerque Home Sales are either Foreclosures or Short Sales, with foreclosures outweighing short sales 2 to 1. 70% of all Mortgage Albuquerque real estate sales continue to be regular guard variety sales, but 20% of Foreclosures and 10% of Short Sales.
What’s really interesting now is the sales price per square feet difference in regular sales versus Short Sales versus Foreclosures. Regular sales averaged $113/square foot last month, Short sales averaged $86/square foot and Foreclosure sales averaged a mere $68 per square foot in August. Wow, 68 bucks a square foot? You can’t build a home for less than 80 bucks a square foot, let alone adding the price of the land. So this is telling me that you basically get a discounted home sales price, if you buy a foreclosure and they throw the land in for free. What an awesome time to buy a Mortgage Albuquerque home!
Now I would guess that the reason that most people don’t buy a Mortgage Albuquerque foreclosure, only 20% of people, the reason is they feel the house needs work most of the time and the bank that owns them don’t fix anything, they just want their money and want to be done. Sometimes the former owners literally take out the kitchen sink, all appliances, trash the house, pull out the carpet before they give the house back to the bank, they’re mad, right. So these houses need work, so most people don’t buy it.
Well, that’s not to be the case any more because I have a new financing option that you can use to buy these Foreclosures to fix them up before you even Move-In. It’s called the FHA Rehab Loan. We will loan you with FHA’s blessing up to an extra 35 Grand at closing so that you can fix up the house in the way you want. So if you combine the Foreclosure sale with this FHA Rehab Loan, you know you will get a small $68 per square foot on the home, you know you get a smoke alarm. If you ever wanted to buy a home or buy a newer home, now is the time to buy one of these foreclosures in Mortgage Albuquerque. If it does indeed work, we can get you a loan with very little down at 3%. If it does need work, we can get you with very small down plus the money to fix it up.
Call me right now at 505-249-4506 to get started. Oh, by the way please do me a favor and let me to know what you think of this by commenting down below. Please share this on Facebook and sign up to get all these updates over here on the right and forward this to anyone that you think might benefit from this information. Until next time, I’m Wes Moore.
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Refinancing Options in Mortgage Albuquerque:
Hi, I’m Wes Moore, Welcome to Moore TV. You know there is not a week that goes by those past clients of mine or referrals don’t call me and say Wes, should I refinance my home by Mortgage Albuquerque. Today in a short video, we’re going to explore some answers to that question.
There’re basically only 2 types of Mortgage Albuquerque refinances, a cash-out refinance and a rate interim refinance.
A cash-out Mortgage Albuquerque refinance enables a consumer to access the equity in their home and get a check at closing to do with what they want. It could be for college tuition, a vehicle, a trip around the world or something to pay off high interest rate credit cards. The reason most people do this is because Mortgage interest is deductible, while most other interest is not and talk with your CPA to check about your particular situation.
A rate interim Mortgage Albuquerque refinance is simply to change the interest rate or the term on your loan, thereby either lowering your monthly payment or lowering or raising your term.
A rate interim Mortgage Albuquerque refinance is a fairly simple straightforward mathematical calculation to check the benefits. We’ll take the new interest savings and divide it into the cost of refinance to see how long you have to own the home or the loan to reach your break even point of paying off the cost of refinance with the monthly savings.
Let’s take a look at an example. Assuming that you have a $200,000 loan with 26 years left at 6% interest, you’ve heard that rates are down to 4% and you call me about refinancing. I would suggest a new 25 year loan @ 4% interest that’s 2% per year interest savings which on 200 Grand equals $4000 a year. If it costs you, let’s say $6000 to do the refinance, which will probably won’t, but let’s assume that, then you pay for it in 18 months plus you have shaved off a year off that mortgage because you got a new 25 year loan. That’s pretty much a no brainer.
Another example might be a Mortgage Albuquerque refinance to have your home paid for by the time you retire in 15 years. Let’s say you’re 50 years old, you currently have 5 and 3/4 rate with 24 years left on your loan of $ 200,000. I would suggest a new 15 year loan @ 3 and 3/4. Your payment might increase slightly, but you save $4000 on interest a year and your loan would be paid off in that 15 years when you retire at age 65. That again seems to be a no brainer.
A third example of Mortgage Albuquerque refinance , let’s say you just bought a house a year ago, you have a 5% rate with 29 years left and rates are down to 4%. With $4000 in closing costs and you owe the same $200, 000 as the other people. While you would save $4000 per year and you pay it off in a year because it cost you $4000 to do it and you have saved $4000 a year. Once again that’s pretty much a no-brainer.
The old rule of having to save 2% is really gone. The new rule is A) How long will I might be in this home and B) How much does it cost me to do it. We simply run the numbers and if it makes sense, it makes sense.
Cash out Mortgage Albuquerque Refinances are a little different. We will simply look at the reason for cash-out, buy a new truck and you can have the interest deductible, that’s easy, take a trip around the world and have the interest deductible, that’s easy. Pay off those high interest rate credit cards and have the interest deductible with the new interest rate @4%, that’s easy. Most people can pay for their cost of refinancing in 1, 2 or 3 years or less and most people that refinance plan out their home loans for at least 3 years. That’s pretty much the bottom-line.
So if you have a question about Mortgage Albuquerque refinancing home in Albuquerque or any where in New Mexico for that matter, give me a call today at 505-249-4506 and let’s talk about your particular situation, I’ll give you the straight facts and let you make the decision. Please be sure and share this information with your friends on Facebook or email it on or forward it on to whoever you think might benefit from this. Be sure to subscribe down here to my blog if you want to get this information on a fresh basis and till next time, I’m Wes Moore.
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Posted in Mortgage Loans Albuquerque, Mortgage News | 
Tags: Albuquerque Home Refinancing, Mortgage Albuquerque, Wes Moore | 
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