Easy Mortgage Calculator on Your Cell Phone

I have a great new widget for your cell that keeps you in constant contact with mortgage news, a way for client pre-approval, rates, and more. Just go to the FREE site for yours: http://garywsmith.mortgagemapp.com/mobile and I will see you there!

New Marketing: County and Military Home Buyers Guides

For several years, I have been using a County specific and VA Military Home Buyers Guide to provide to my clients. It has been a great way to obtain leads from craigslist and backpage and to use as handouts at open houses.
I have decided to co-brand this item with local area real estate agents wanting to network to increase leads and build upon client relationships. I have produced these guides:
King
Pierce
Snohomish
North Puget Sound
Olympic Penninsula
SW Washington
Kitsap
Thurston
Tri-Cities
Spokane
Additionally, I have Western WA Military Installations and JBLM specific.
Rates are great right now, the market is rich with houses at great prices, and buyers can get good loans. This is one of the best times for buying I have seen since I started in this business in 1987. If you are serious about finding a new way to reach buyers, let's talk! Call me at (253) 536-5626; ext.304 or email me at gwsmith@lendscape.com and let me know your thoughts.

More Product, More Choices

If your buyers are looking for manufacured housing, condos, more reverse purchase loans, along with FHA 203k and 203k streamline, we now have them all! My former company had made the decision to limit many of these choices so I decided to change to First Priority Financial.
One big change is that the normal 1% loan fee or higher that your clients are used to seeing on their Good Faith Estimates is greatly reduced on many loans we now have thereby beating the major lenders. With rates near 70 year lows, you owe it to your clients and yourself to check us out and see just how good a lender can be. You will like the fast closings too. Call us today, I'll be happy to show you the difference in having a loan originator with the right product mix, experience, and skills to make things happen.

Warn Your Past Clients About Facebook

A recent report indicated that there have been several home burglaries committed by individuals using Facebook to get information from people talking about going on vacation. Facebook is a wonderful way to share your memories about that great vacation, but to share the details of when you may be gone from your home opens the door (no pun intended) to thieves looking for that vacant home.
This is a great little contact point for your database, especially during these holiday travel times. Send out a quick email letting your past clients know you care about their safety.
Have a wonderful holiday season and get ready for a wild yet potentially fruitful next year!

Report Shows Loan Costs RIse

With all the hoopla surrounding the new disclosures, RESPA, and new GFE (good faith estimate) changes, it is interesting that a new report indicates that nationwide loan closing costs have risen 37% over this time last year.

HUD had touted that these new regulations would help the borrower reduce closing costs. But with HVCC, new title and escrow charges, changes with YSP (yield spread premium), etc., the fact remains that everytime you find more paperwork involved and more stringent guidelines imposed, everyones costs to get the job done rise and the end result is the consumer pays more.

HUD has been looking at reducing the seller paid closing cost percentage on a FHA loan from 6% to 3%. The National Mortgage Bankers Association has asked HUD to think more along the lines of only going down to 4% in light of these raised closing costs.

HomePath Loans Provide New Buyers

Imagine the tax credit going away. Oops. Happens tomorrow. What do we have in our marketing arsenal to get buyers? How about a loan that has a lesser down payment than FHA, has no mortgage insurance, no appraisal needed, and allows for up to 6% for buyers closing costs? Interested yet? The FannieMae Homepath loan program may be just what will bring you more buyers when you start to get the word out on this great product.
Tied to properties that are FNMA foreclosures, (there are 117 currently in my county alone), the details are as follows:

• Low down payment
• 5% down on DU Approve/Eligible findings with buyers own funds
• 3% down on DU Flex Approve/Eligible findings using buyers funds, a gift, a grant, or a loan from a non-profit, state or local government, or employer
• Available for Owner Occupied, 2nd home and investment properties
• No MI required! No appraisal needed (LTV based on FNMA sale price)
• Available for Conforming High Balance loan limits
• Up to 6% seller contributions up to 97% LTV
• Owner occupied = minimum 660 credit score - High Balance = 90% LTV & 700 credit score
• 2nd home = 95% LTV and 700 credit score
• Investment = 85% LTV and 700 credit score

A list of homes allowed under this program are readily available for your buyers. Add this to your marketing and watch the phone ring off the hook! You may contact me for further details.

Tax Credit Continues for Some Beyond April 30!

Question - Does the tax credit end for everyone that has not signed an offer to purchase by April 30?

Answer - NO!! Any member of the military, Foreign Service, or intelligence community that has been assigned on extended duty outside of the U.S. for a period of at least 90 days from January 1, 2009 to April 30, 2010, can still take advantage of the tax credit until April 30, 2011. Qualified official extended duty is any period of extended duty while serving at a place of duty at least 50 miles away from the taxpayer’s principal residence (whether inside or outside the U.S.) or while residing under government orders in government quarters. Extended duty is defined as any period of duty pursuant to a call or order to such duty for a period in excess of 90 days or for an indefinite period.


Agents should be constantly marketing this fact! Little has been said by the media. Now is your time to shine with knowledge and grab more clients. There is a website devoted to the tax credit for first time and certain long term home owners. See http://www.giveme8000.info/ for all the details.