Archive for the ‘Uncategorized’ Category

When shopping around for a mortgage loan, it is important to ask the right questions.

Here are just a few questions to ask your current or prospective lender to make sure they are knowledgeable enough to offer you the right loan for your particular situation.

To get your copy of  “Four Questions to Ask Your Mortgage Lender”, simply fill in your name and email address below. We promise to never loan it, sell it, or even give it away. It’s safe with us because we hate SPAM as much as you do!

FAQs For Home Buyers

How do we know what is the best type of financing for our particular family’s situation?

The best way for your to determine which program would best suit your family’s needs is to sit down with me and I’ll explain all of your financing options. Things to consider are: family size, how long you plan to stay in the home, current and projected income and debts, credit history and cash available to close. We are uniquely positioned to have almost all financing options available to us that anyone could want and/or require.
Can the seller pay for my downpayment?

No. However, the downpayment can be a gift from a relative or non-profit organization, or be borrowed if the loan is secured. The seller can pay for the borrower’s closing costs, if negotiated.
What if I have no money at all?

There are programs that offer a no-downpayment option and, in conjunction with seller contributions, can make it so that you will not need to spend any money to buy a home. Additionally, I can show you other ways to purchase with no cash.
How do we get prequalified for our first home?

By answering the questions in my online application section or phone consultation with me. Both can give you a ballpark idea of what price range you can afford. The next step is to get preapproved so that the money you need is already committed to you; this gives you the strength of a cash buyer.

If you are ready, you can contact me at 219-695-0369 or email scott@nwiloanguy.com.

HEALTHY CREDIT SEMINARS

Northwest Indiana Schedule

The Healthy Credit seminars are presented to the public free of charge in an effort to educate consumers on how to access, interpret and correct their credit reports. Because of the recent changes in the lending guidelines of the mortgage lenders, having a good credit score could mean the difference between getting approved and being denied a loan to purchase or refinance a home.

A 2004 PIRG report indicated that 79% of ALL credit reports contain errors of some type and that 25% are serious enough that the borrower is denied the loan. Do you know what’s on your report?

Identity Theft is the nation’s fastest growing white-collar crime and affected 8.4 million consumers in 2007 alone. The average amount of fraud was $5,720 PER VICTIM and totaled 49.3 BILLION dollars. This hot topic will also be covered!

The seminars have been very well received and the speakers have been invited back to continue to lecture on a regular basis, as well as appearing on “Your Credit, Your Life, Your Home” on WIMS Radio AM 1420.

The Healthy Credit seminars are brought to you in cooperation with our preferred real estate agent partners and sponsored by Mortgage Professional Group, Inc. of Valparaiso. Please note that without them, we would be unable to present this program at no charge to the attendees. Unlike many seminars, neither we nor our partners or sponsors will be asking you to purchase any products or services.

Schedule of Events:

None Scheduled Yet Due To Winter Break

These seminars, which usually last between 45 and 60 minutes, are designed to help you understand your credit report and manage it after life changing events such as divorce, bankruptcy, illness / injury and identity theft. It will also cover how to keep the credit reporting agencies from selling the consumer’s information to other marketers who may not have their best interest in mind.

Attendees are encouraged, but not required, to bring a copy of their current credit profile to the program. This may be downloaded once a year at www.annualcreditreport.com . Attendees will be given important information to take home to share with family and friends. A question and answer period will follow.

We can provide this program to your church, school, civic group or other organization free of charge. If you are interested or would like more information, please call 219-695-0369 or email us here .

Credit Management Resources

If you would like more information on managing credit, you may access our free reports under the “Resources” section on the left of your screen.

You may also find valuable information on the following sites:

www.annualcreditreport.com or call 877-322-8228 to get a FREE copy of your credit reports. This is the official site that is monitored by the government. You are NOT required to sign up for credit monitoring to get a free report every 12 months.

www.optoutprescreen.com or call 888-567-8688 to opt-out of firm offers of credit and insurance. This is one way to help prevent unsolicited offers of credit and possibly decrease your chances of identity theft.

Federal Trade Commission The official government site to educate consumers about the laws and regulations of their financial transactions. Go here to file a complaint if you have become a victim of identity theft or to learn your rights under the Fair Credit Reporting Act.

Indiana’s Credit Freeze Law This link to the Indiana Attorney General’s website explains the program. Click here to download sample forms to send in to freeze your credit file.

The 3 Credit Reporting Agencies have websites that contain information related to your credit and ID Theft, as well as other information such as how to dispute items and government regulations. The sites are as follows:

Experian …………… Equifax …………… Trans Union

What They’re Saying About Us

(What I liked best was) all the extra info I didn’t already know – things to avoid & things to do with my credit. M.S. Crown Point, IN

It was very helpful and informative after my divorce. D.L. Valparaiso, IN

Job well done – very helpful and learned a lot. C.M. Valparaiso, IN

Scott, I very much enjoyed your seminar and I learned a LOT! I love learning new things….. you have a terrific background in finance and are very, very knowledgeable of your field. M.M. Valparaiso, IN

You are very knowledgeable and easy going. I feel comfortable asking questions. S.G. Lake Station, IN

Thanks Scott, it was great. J.S. Merrillville, IN

FAQs For Home Owners

Can closing costs be rolled into my loan if I refinance?

All of your costs can be included in your loan amount on a refinance program. A notable exception to this is if you are doing a streamline refinance, or if your equity is not large enough to accommodate these costs. Sometimes it is preferable to do a no-cost refinance. It is our job to help you through this decision process.

How can I use equity in an existing home toward the purchase of a new home?

There are several ways to use your equity to buy a new home. The most common ways to obtain your equity are bridge loans, second mortgages, home equity lines of credit, or trade equity. Each option has a different impact on your qualifications, and costs for each option vary.

How do I go about listing my home?

Listing your home is easy. The hard part of listing comes with choosing the right agent to market your home and keep YOUR best interests in mind. We work with most of the top agents in our market area and would be glad to recommend a qualified agent.

Should I lock in?

This is the hardest part of any transaction–knowing when rates are at their best. If current rates suit your needs, locking in your loan will protect you from any rise in rates, and would be recommended. Unfortunately, nobody can tell you what rates are going to do. The best we can do is help you identify at what rate it might make sense for you to lock-in, and what economic reports are coming out that may impact the market.

10 myths

Outside Resources

In the past, I have been asked to make recommendations for books or other products that I use. Although I have a fairly large library, I have never explored many of the topics my clients are asking about.

In an effort to provide a little guidance, I have put together a list of resources for my readers. The first set, housed on Amazon.com are books and videos that I personally have personally read or watched and endorse. They are among the most regarded books in my library.

This is What I Recommend

The following links are to resources that I have not yet tried. They appear to be some of the most popular books and videos, and, in keeping with my strong beliefs that you cannot be too educated, I believe that if you pick up one small bit of information from these materials, they will pay for themselves.

I can make no guarantees of the information they contain. Please check them out before you purchase.

Powerful Personalized Mortgage Acceleration System – They claim that this will help you pay off your mortgage up to 13 years sooner than scheduled and help save thousands of dollars in mortgage interest.

How to Market REOS - For Realtors: How to market to asset managers and get maximum market exposure for your REOs.

Guaranteed Foreclosure Solutions - Step By Step Guide For Homeowners To Quickly Stop Their Foreclosure.

31 Days To Profits In Probate Real Estate – Discover How You Can Make Thousands of Dollars Each and Every Month Investing in Probate Real Estate with LITTLE or NONE of Your Own Money.

Foreclosure Defense Secrets - This Program Is A Necessity For Any Homeowner Facing Foreclosure Or Even Just Behind On Their Mortgage.

Real Estate With No Credit Checks – Invest in Real Estate with no credit checks and only $1-$10 Down.

Get Paid to Buy Houses - How to buy your first property within 10 days of reading this report.

Tax Lien Investing Secrets - Online Course – How To Invest In Tax Lien Certificates And Tax Deeds.

Build Massive Wealth With Foreclosures - Step By Step Formula For Building Massive Wealth Through Real Estate Foreclosures.

Foreclosure Profits NOW - Put money in your pocket in 30 days.

Be a “Deed Grabber” - Discover How to Make Thousands Of Dollars With Tax Sale Properties…Without Attending Auctions or Buying Tax Liens!

How To Sell Your Home In 21 Days Or Less – With Or Without A Realtor - The Secret To Selling Your Home In Just 3 Weeks Or Less In A Down Market. Easy Step-by-Step Real Estate Program Is The Perfect Solution For Hard-To-Sell Homes. Used By Both Realtors And ForSaleByOwner Home Sellers.

Build A Fortune With Real Estate Foreclosures And Short Sales - Real Estate Foreclosure Short Sale Course Reveals From Beginning To End How To Short Sale A Property.

Quick Cash Real Estate System Package - What 2008 Sub-prime Mess? 2008 Is Creating The Biggest Opportunities For Real Estate Investors In Our Life Time. Learn The Strategies!

Mortgage Industry Links

Privacy

The information you might need to provide at the time of your application is provided here in a convenient checklist. You should be aware that you and your spouse (or other co-borrower(s)) must provide all requested information.

Purchase Contract And Property Information

• Complete copy of the purchase & sales contract signed by both buyers and sellers
• Contact information for access to the property
• Plans and specifications (new construction only)
• Evidence of septic pumping and county certification (FHA and VA loans only)
• Copy of current well test and county certification (FHA and VA loans only)

Personal Information

• Social Security Number
• Age
• Years of Schooling
• Marital Status
• Number and age of dependents
• Current address and telephone number
• Address for past two years (if more than one)
• Current housing expenses (rent, mortgage, insurance and taxes)
• Name and address of landlord/mortgage holder (past two years only)

Employment History And Income

• Two years of employment history
• Recent 30 day’s worth of paystubs and 2 years of W-2 forms
• If self employed, complete personal and corporate tax returns with current profit and loss statement
• Records of dividends and interest received
• Proof of other income (award letters for social security, retirement, pension or military retirement)

Assets

• Current 3 months’ statements for bank and money market accounts
• Current statements for stocks, bonds, mutual funds, and other investments
• Vested interest in retirement funds
• Face amount and cash value of life insurance
• Information on any cars you own
• Information on any real estate you own
• Value of any significant personal property you own

Liabilities And Debts

• Itemized list of all current debts: loans, credit cards, child support payments, 401k loans and any other bills
• Written explanation of any past credit problems
• Full details of bankruptcy during the last 7 years, if applicable

Additional Items Needed

• Copy of divorce decree, which should include property settlement statement and order of child support
• Complete bankruptcy papers, discharge notice and any other supporting documentation (if bankruptcy occurred in last 7 years)
• Original certificate of eligibility (VA loans only)
• Copy of DD214 or Statement of Service (VA loans only)

Interest RAtes