My First Boise Idaho Home Loan – Boise Mortgage Loans

 Obama Sets Dec. 1 Troop Deadline-read more about this article at NPR

Home sales may have risen in October, but this ought to damp any celebration: The proportion of U.S. homeowners who owe more than their homes are worth rose to 23 percent. With nearly 10.7 million households having negative equity in their homes in the third quarter, a sustained housing recovery is unlikely. Economists from J.P. Morgan Chase said on Monday that they don’t expect the housing market to bottom out until 2011.

 1 in 4 Borrowers Under Water-Read more about this article at The Wallstreet Journal

Something for the banks to give thanks for: Bloomberg reports that the Federal Reserve has asked Bank of America and eight other banks to give plans including timetables for the repayment of TARP funds. It’s a sign that that the banks have been able to raise equity and exceed the capital buffers set for them in the stress tests. The nine banks that have yet to pay back TARP funds, which also include Citigroup and Wells Fargo, received about $142 billion in bailout money.

For more news fro  The Daily Beast    please check

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Guild Mortgage – Boise Home loans – Craig Ballhagen             208-713-3309        

Idaho First Time Home Buyer Instant Gratification

Request for No Obligation Boise Home loan Analysis

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As of November 17, 2009, the FHA streamline refinance, as we know it today, will be gone, probably for many years.  The FHA streamline is the last of the Mohicans (love the movie).  The last truly, no income qualification refinance loans that is left. 

Over the past 18 months, all loan programs that allowed borrowers to qualify with no-income documentation have been discontinued, except for the FHA streamline refinance. 

The current FHA program doesn’t require borrowers to provide any personal documentation except for a copy of their existing “promissory note.”   The guidelines do not ask for any paystubs, w-2′s  or bank statements; however, the  best part is not having to deal with an appraisal.  

After November 17th, all of that changes.  If there are homeowners who have a current FHA loan, they had better get off the fence and take advantage of this rate reduction opportunity.   Who knows when FHA may relax their guidelines again–possibly never.

I am actually surprised that the FHA streamline has hung on as long as it has. 

If a home owners has a rate of 6% or more,  they should definitely contact their local FHA expert and ask for a GFE (good faith estimate).  There is nothing to lose and at least they will know where they stand.

Guild Mortgage – Home loans Boise – Craig Ballhagen 208-713-3309

Idaho First Time Home Buyer Instant Gratification

Request for No Obligation Boise Home loan Analysis

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Finally there will be an end to low balling a Good Faith Estimate  just to get the deal.  All Idaho first time home buyers are against more rules and regulations, but this one is long overdue.

As of June 30^th, 2009 the new rule of 3-7-3 goes into effect.   What this means is a Idaho first time  home buyer must receive their upfront disclosures 3 working days after the home buyers Boise loan application is submitted.   Many escrow officers tell me that far too many Idaho first time home buyers don’t see any disclosures until the day of closing.  The buyer ends up signing two sets of loan documents, at the closing table, instead of one.  This is completely wrong!

Hey, all of you real estate agents out there who work with lenders who conduct business in this manor, you need to find a new lender.  The Boise loan officers that have YOUR clients signing 2 sets of loan papers at closing, are putting YOUR client and YOUR reputation at risk.

Upfront disclosures are the mortgage Boise home loan documents that all consumers are suppose to see before the actual signing of the official mortgage documents.  These documents are duplicates of the final papers that will be recorded. 

The Idaho first time home buyers must have these Boise home loan mortgage disclosures 7 working days before they can sign the final closing documents.

If there are any changes to the Good Faith Estimate, the lender must re-disclose the new loan terms and the consumer must wait an additional 3 working days before they can go to the title company and sign the final Boise loan documents.

The changes that trigger re-disclosing are: an increase of APR (annual percentage rate) fees of more than $100.00 or if the APR increases more than .125% (1/8) %

What all of this means is a Boise loan officer can no longer “hide or hold back fees” to make the GFE look like a “good deal” and later on, in the transaction, have the fees “magically” re-appear.

If a  Idaho first time home buyer has not had a chance to review the Boise loan documents (upfront disclosures) that they are about to sign and commit to, how would they possibly know what fees have been changed or what Boise loan program they have applied for. 

Now is the time for Boise Idaho first time home buyers to take control of their mortgage  future and hold Boise loan officers accountable.  Home buyers need to know their rights.

Guild Mortgage – Boise Home loans – Craig Ballhagen 208-713-3309

Idaho First Time Home Buyer Instant Gratification

Request for No Obligation Boise Home loan Analysis

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Congratulations!  Idaho Housing Authority named Guild Mortgage of Boise Idaho the number one lender in the third quarter.  That is quite and statement and should give any Realtor or potential home buyer another great reason to consider Guild Mortgage Idaho for their next purchase transaction. 

These days in the real estate world, home loans have become a challenging undertaking.   That is why it is so important to establish a lasting relationship with a professional lending institution, such as Guild. 

Below is a list of other qualities to consider when looking for your next lender:

• In house underwriting, processing, and funding.-Lenders that have their Boise home loans underwritten out-of-town lose much control and have a much greater challenge delivering time line expectations.
• Instant access to seasoned underwriters.  This give Realtors that ability to ask an Boise loan officer a particular question about a potential Idaho home buyer and get an answer instantly without having to officially submit a Boise loan.
• Re-draw closing documents in 15 minutes, yes 15 minutes.  If there is ever a mistake (misspelled name, for example) with the final Boise loan documents, Guild Mortgage’s in-house doc department can re-draw instantly.  Most  Idaho lenders need at least 24 to 48 hours.
• Platinum mortgage insurance rating allows Guild Mortgage to lend on second homes with 10% down, 5% down on conventional Idaho loans and other special loan to value advantages.  Many Boise lenders do not have this rating.
• Idaho Housing One Day in-house approval- Currently brokers with Idaho Housing buyers, have to wait 3 to 4 weeks for IHA approval for their Idaho home loans.
• $8,000 First Time Home Buyers Tax Credit Program-Not every lender can offer this program.  Check with Idaho Housing for the list of approved Boise Idaho lenders.

The most recent challenges that home buyers, Realtors and lenders have to deal with are ever changing.  Now more then ever, Realtors need to know the abilities of their lender.  If their current lender is not truly FULL SERVICE, a switch needs to made to Guild Mortgage.

Guild Mortgage – Boise Home loans – Craig Ballhagen 208-713-3309

Idaho First Time Home Buyer Instant Gratification

Request for No Obligation Boise Home loan Analysis

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Homeowners across the US are asking if they qualify for the Obama refinance campaign. The program is suppose to assist approx 4 million home owners with some type of re-structuring of their current mortgage situation. 

What the campaign was basically design to do is assist homeowners with an refinance their existing mortgage.  There would be no “cash out”.  Just reducing the rate.  Most people looking to refinance have rates in the 6.5 to 7.5% range.   When the rates were approaching 4.5%, earlier in the year,  a refinance was definitely worth looking into.  It still might be if your rate is above 6.5%.

Here are some basic questions for homeowners who are considering the program.

• Who “owns” my loan?  Is it Fannie Mae or Freddie Mac or someone else?  Most mortgages are “owned” by one company and “serviced” by another or the same.   Find out who owns your loan. 

1. Call the customer service number on your monthly payment coupon that you get in the mail each month.  Ask them “who owns my loan”?  If you are put on hold for 2 0r 3 hours…
2. Go to the Fannie Mae or Freddie Mac sites and follow the steps to see if they own your loan.

It is best for the homeowner if their loan is owned by Fannie Mae.  That will give the homeowner more choices of which lenders they can use.   If the loan is owned by Freddie mac, the homeowner must go back to the original mortgage company that issued their current mortgage.

If the loan is not owned by Fannie or Freddie, the home owner doesn’t quality for the program.

• What IS the program all about?   Due to the dropping home values across the US, may home owners have not been able to refinance using the normal loan-to-value guidelines of 80%.  The best scenario, for a refinance to happen is to keep the new mortgage less the or equal to no more than 80% of the appraised value..  If you go above the 80% mark, then the lender will require private mortgage insurance.    It is a monthly fee that most homeowners try to avoid which would cancel out any refinance savings.  Go to www.micanews.com for more information about MI.

 What the Obama program allows is for the loan-to-value go above the 80% level, without MI.  There is much, much more to the program then I put in one paragraph.      Contact your local lender for all of the details your home loans.  The actual guidelines are 4 or 5 pages.

What homeowners need to know is:

• It will lcost you.   Be prepared to pay for an upfront, non-refundable, appraisal fee, anywhere from $400-600.    An appraisal will be done regardless of the value.  If it comes in to low, meaning you owe more than the property is worth,  you are out the fee.  See ya later.
• This process takes a long time.  The investors  that own these loans, are not in a big hurry to lower your interest rate AND allow your equity position go above the 80% level.
• The reality.   The mortgage company, in Boise, I work for, has about 15 loan officers and very few have been able to get these loans closed.   The investors who own these loans, make it very difficult.  The companies probably feel that this group of homeowners are a heart beat away from foreclosure and they just aren’t worth it.   I don’t know,  just a guess.  

What does a homeowner do if all of this doesn’t work?  There are not many “good” options.  The first decision for a homeowner to make is; HOW BADLY DO I WANT TO KEEP MY HOUSE?

If the answer is YES, then you have some work to do.  I would start with a complete overhaul of your household expenses by putting pen to paper and MAKE A BUDGET!  I know that can be a very painful statement, but it has to be done.  You will have to make some tough decisions and do what you have to do to keep your mortgage current.  If a homeowner finds themselves wasting  money,  that could be the difference in saving your home.  There are tons of money saving tips online. Take the time and TAKE CONTROL OF YOUR FINANCIAL FUTURE!  Sell one of your 3 cars and ride the bus?  Cut up all of your credit cards?  Major changes need to be made if you are not managing your money properly.

A homeowner also needs to keep communicating with their lender.    Many homeowners have been successful with having their rate reduced and sometimes a principal reduction. 

 It is a homeowners responsibility to at least try rather than  just walk away from their mortgage home loans.

Guild Mortgage – Boise Home loans – Craig Ballhagen 208-713-3309

Idaho First Time Home Buyer Instant Gratification

Request for No Obligation Boise Home loan Analysis

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