Discover little known facts about building wealth, buying a home, interest rates and more
This advice can save you thousands of dollars
Posted on 2nd November, 2009 by Your Silverstar Team
There are no Treasure auctions this week. But, on Wednesday the Fed Meeting and Monetary Policy Statement will be released and on Friday unemployment figures will be out, which could all potentially affect the market. Also out on Friday is the final vote on the extension for the first-time homebuyer tax credit. Rates are steady so far today.
Posted on 2nd October, 2009 by Janet French
First: make sure you are working with an experienced, professional loan officer. The largest financial transaction of your life is far too important to place into the hands of someone who is not capable of advising you properly and troubleshooting the issues that may arise along the way. But how can you tell?
Here are FOUR SIMPLE QUESTIONS YOUR LENDER ABSOLUTELY MUST BE ABLE TO ANSWER CORRECTLY. IF THEY DO NOT KNOW THE ANSWERS…RUN…DON’T WALK… RUN…TO A LENDER THAT DOES!
Posted on 2nd September, 2009 by Kurtis Kooiman
I read this great article written by Drew Sygit in Bloomfield, Michigan. I liked it so much that I felt compelled to forward it to you. I hope you enjoy it as well. I would’ve only changed one thing on this article, the title. I would’ve probably titled it, “Foreclosure, Short Sale & Bankruptcy: a New Beginning, not the End.”
Please see my “Final Note” at the conclusion of this article:
It’s not how many times you get knocked down, it’s how many times you get back up. Along the way don’t forget what’s really important – Family, Friends & Life.
TROY, MI – With pretty much everything I do revolving around real estate & lending, I get exposed to a lot of other people’s financial challenges related to the housing crisis. It’s a rare day that I don’t talk to someone in danger of losing their home.
Too many of these people equate losing their home to foreclosure or having to file bankruptcy with failure. For many, this feeling of being a failure can have a devastating affect on their mental well-being, health and relationships.
We all need to get a grip, swallow some pride and lose our egos. Failing at something is not the end of the world.
Remember when you were a kid learning to ride a bike? For most of us, learning meant a lot of falls and crashes, some of them nasty enough for stitches or casts. But most of us got back up, dusted ourselves off and kept at it until we succeeded.
I’ve got a T-shirt I picked up on a ski trip that says, “If you’re not falling, you’re not skiing hard enough!” There’s a lot of truth to that statement. In fact to make it more accurate about life in general we could alter it a bit to, “If you’re not failing, you’re not trying hard enough.”
I went to an entrepreneurial seminar several years ago, where the speaker was from California. He urged the audience to follow their dreams, take chances and not be afraid of failing. He pointed out that few entrepreneurs succeed with their first ventures and jokingly said, “if you haven’t filed bankruptcy, then you’re not trying hard enough.”
Now none of this should be taken out of context and used to justify irresponsible behavior. If you try your hardest to succeed and still fail, you have nothing to be ashamed of. Especially since our current economic situation has foreclosures, personal bankruptcies and unemployment at their highest since the Great Depression.
Keep in mind also, that many successful business people failed in their first endeavors, but later went on to great success. Here’s a list of some rather successful people who have filed bankruptcy:
Posted on 30th July, 2009 by Janet French
45% of retirees aged 55-75 surveyed in April 2009 have either not calculated how long their assets are anticipated to last during their retirement years or they have never given the issue any thought.
~source: Society of Actuaries
Posted on 22nd April, 2009 by Janet French
It’s Financial Literacy Month. And to long with this, please read this perfect quote to think about as you go through this very changing period of time.
“What is” is always shifting. Be aware of the shift in order to create the life I want.
Please take a moment to watch my SHORT, yes it’s true, it’s only 1:56 mins, video
Posted on 26th March, 2009 by Janet French
It’s really nice to finally hear some good news on the home front. Sales of new single-family homes jumped 4.7 percent from January to February, the Commerce Department reported today. And interest rates are hitting all time lows since 1971.
But…Better compared to what?
What you are NOT hearing is that there is STILL a lot of volatility in the market. Now you may be aware of this but it’s important to keep that in perspective and definitely within your focus, especially when you are advising your clients on the right steps to take over the next few years. I couldn’t believe it, this morning on one of the major news channels, I actually heard the newscaster say that interest rates hit an all time low today of 4.375%! I couldn’t believe what I was hearing. Over the last 2 days interest rates have gone up .125% each day and 2 days ago we were on average at 4.75% for a conforming 30 year fixed loan, $417,000 or less. Take care who you get your information from.
So how does the volatility play out?…
Posted on 10th March, 2009 by Janet French
So the question is, do you qualify for the any of the new mortgage programs?
Since last week, I have been contacted repeatedly by clients, friends and family wanting to know if they qualify for any of the mortgage relief programs that have been signed into law over the past few weeks.
More details have been released by Fannie Mae and Freddie Mac on how they will handle refinance transactions authorized by the Home Affordable Refinance program. The complete details of both programs can be found by accessing the program guides from Fannie Mae and Freddie Mac, but I will point out some of the highlights below to help answer your questions.
Lenders and investors are in a holding pattern as they determine if and when and how they will accept these transactions. Even though this legislation has passed - they are not all required to participate. In all cases loans will have to be refinanced with the existing owner of the loan today. Meaning, if Fannie Mae is the owner of your loan, the loan must be delivered to Fannie Mae and underwritten according to their guidelines. The same is true for Freddie Mac.
So how do you know if your loan is owned by Fannie or Freddie?
You have the ability to do this by contacting your loan servicer (company that sends you your mortgage statement) and asking…or you can do this by using the links below. If you need help, I can submit the information for you, simply send me a copy of your current mortgage statement. Note that your property address must be entered exactly as the agency has it on file, or it may not be found (ie: Rd or Road? St or Street?
Let’s look at the guidelines for both Fannie Mae and Freddie Mac and some of the key factors I see that will impact or enhance your ability to participate. Even though these are some of the highlights, you can also read more detailed guidelines on your own.
One key point to remember is that these are the guides from the Freddie and Fannie. And just as participation in the programs is voluntary, individual lenders and servicers may choose to implement constraints that deviate from the guidelines on their own.
Posted on 19th February, 2009 by Janet French
RISMEDIA, February 19, 2009-(MCT/RISMedia)-President Barack Obama rolled out a bold $75 billion, three-part plan Wednesday to halt the soaring rate of mortgage foreclosures nationwide, one that seeks to encourage refinancing of homes now worth less than their mortgages and provides incentives for lenders to lower the debt load on struggling homeowners. The Homeowner Stability Initiative, which Obama unveiled in Phoenix, seeks to address one of the triggers of the global financial crisis: the 2.3 million U.S. foreclosures last year that are protracting the housing crisis and helping to drive down home prices across the nation.
The Homeowner Stability Initiative, which Obama unveiled in Phoenix, seeks to address one of the triggers of the global financial crisis: the 2.3 million U.S. foreclosures last year that are protracting the housing crisis and helping to drive down home prices across the nation.
Specifically, the Obama plan seeks to provide low-cost refinancing for as many as 5 million Americans. It seeks to help delinquent or at-risk borrowers get their mortgages modified so that no more than 31 percent of their income is tied up in their mortgages. And it provides financial incentives to lenders and even a new insurance program to promote more mortgage modifications.
Like the failed efforts under the Bush administration, however, the Obama plan doesn’t compel banks and other lenders to modify troubled mortgages. Instead, it provides a menu of incentives that may or may not prove sufficient.
“This is not just the treasury secretary going into the room and asking people to do the right thing,” said a senior Treasury official, speaking on the condition of anonymity to speak more freely. “This is the first time there has really been a systemic incentive strategy for them (lenders).”
Banks joined two prior voluntary efforts during the Bush administration _ Hope for Homeowners and the Federal Housing Administration’s FHA Secure _ but these efforts have resulted in relatively few mortgage modifications.
Now they’ll have a stick waved at them if they don’t comply with the subsidy plan. It will come in the form of Obama’s support for legislation pending in Congress that would allow bankruptcy court judges to modify the terms of a mortgage.
That’s forbidden right now, and banks and other lending institutions fiercely oppose what they call “cram down” legislation, warning that it’ll bring uncertainty for lenders, who will respond by restricting mortgage lending.
Banks may soon have to choose between the lesser of two evils. They could either modify loans - with a subsidy - to provide lower lending rates, and lose what they might have made from the higher lending rate over the life of the loan. Or they can do nothing and run the risk that a homeowner could file for bankruptcy and then have a judge order new loan terms that allow the borrower to stay in the home - and pay the lender less money.
The president’s plan also offers payments to mortgage servicers, who collect mortgage payments on behalf of investors who own the mortgages originally issued by banks but were sold into a secondary market. Servicers apparently would be offered a payment for modification on par with what they would collect in the case of foreclosure.
Posted on 18th February, 2009 by Kurtis Kooiman
February 17, 2009Just signed and sealed…a $787 Billion Stimulus Plan made up of tax cuts and spending programs aims at reviving the US economy. Although the package was scaled down from nearly $1 Trillion, it still stands as the largest anti-recession effort since World War II.
Home owners and potential homebuyers stand to gain from key provisions in this stimulus plan. Here is what we know as of today…
First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.
The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years.
Tax Incentives to Spur Energy Savings and Green Jobs — This provision is designed to help promote energy-efficient investments in homes by extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation.
Landmark Energy Savings — This provision provides $5 Billion for energy efficient improvements for more than one million modest-income homes through weatherization. According to some estimates, this can help modest-income families save an average of $350 a year on heating and air conditioning bills. Read the rest of this entry »
Posted on 12th February, 2009 by Kurtis Kooiman
Can you believe that financial literacy is still not taught at most schools? Some high schools give our teenagers lessons on how to write checks and balance their checkbooks but I’m sure you would agree that in these times that is not enough.As you know I am a big believer in financial education. In fact, one of my my top priorities is giving my clients the practical financial skills they need to navigate the rough financial waters that we are experiencing now. That is why I am excited to introduce you to an event designed to give young adults (age 14 to 28) real world money & business lessons. This event is called Money XLive and it is designed to teach real world money and business skills in a MTV award show style environment that today’s youth relate to.
Silverstar Finance and The Society for Financial Awareness has set aside a block of 50 tickets for our clients and we have made special arrangements so your entire family can attend this event complimentary.
The event will include appearances by: Wilmer Valderrama (event emcee), Cris Judd, Matt Leinart, Jesse Billauer, John Salley and video appearances by Brian Deegan, Travis Pastrana, Chuck Liddell, Christina Milian and a host of others. Money XLive is being held at The Grove of Anaheim on Feb 27th and doors open at 2:30 and the event will conclude at 7:00. Read the rest of this entry »
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