Real Estate Financing...

Mortgage Financing has had an abundance of change throughout the years and 2007 was no exception.  In fact, 2007 has been defined by changes across the board.  The changes have often happened daily, without warning, and have been implemented at a bat of an eye.  Intelligent & experienced reactions by Mortgage Professionals sometimes can't even keep up with them.  But rather than address these changes, I want to give the Public some very simple things to help them get into & live a comfortable Homeowner's existence....no matter what is going on around them.  This post will concentrate on those looking to buy a home for the first time.

For Renters who want to Buy A Home

• Pay your rent by check (you'll need 12 consecutive months of on-time rent payments), it's that simple.  Pay it on time, by check, and keep copies for your records of the cancelled checks.  This demonstrates a documentable housing history which does wonders for your strength as a borrower in the lender's eyes.  Forget Money Orders & Cash, pay by check.
• I can't even count the number of times interviewing someone looking to buy a home and the conversation turns to the price range of home they are looking to buy.  I then ask, "Were you looking to put any money down?"  A lot of times I get, "Yeah, I have about $3000.00 to put down."  Well, let me tell you, outside of a FHA Loan or 100% financing Home Loan, down payments typically are in 5% intervals.  Meaning, you are putting down 5%, or 10%, or 15% and so on.  So, if you are looking to buy a $200,000 home and only have $3000.00, you need 100% financing and that $3000.00 probably won't even cover closing costs, even with seller's assist. 
• Speaking of interviews, don't be afraid to interview the Mortgage Professional that you may be working with.  While they will inundate you with numerous questions to get a barometer of your financial & credit situation, don't be afraid to interview them to make sure that is the Professional you want to be working with.  Question their level of experience, loan products available, their personal availability to you, and other professionals they could refer to you that may help in the home buying process.  It's not a bad idea to get references.  Do your homework, become a sponge. 
• When you get that Pre-Approval Letter, it will probably say that you are qualified to buy a home up to X amount of dollars.  Bear in mind, just because in the Lender's eyes, on paper, you qualify for that much home....it doesn't mean you will be comfortable with that payment in the reality of your life.  When qualifying potential homeowners, somewhat inevitable expenses such as utilities, cell-phones (I can't believe that I'm saying this is a somewhat inevitable expense:-), groceries, gas, etc...aren't taken into the equation.  So, make sure you are comfortable with the payment and be sure to take into account other daily expenses that you incur.  While buying a home is a promising step into a more financially free capacity for you and your family, there's no sense in being Mortgage Poor.
• Whatever Loan Program is best for you, it is vital....let me repeat that....VITAL, that when you close on your home, you have money in the bank.  We call it Reserves; you can call it 'Cash for a Rainy Day.'  After-all, homeownership carries responsibilities and if something goes wrong with the home, you want to make sure you have the cash to take care of the problem.
• Get the proper documentation together BEFORE speaking with a Mortgage Professional.  This typically entails 2 most recent pay-stubs from all borrowers, last 2 years W-2's, last 2 months bank statements (all pages), most recent statement from any other asset account (401K, Stocks, Mutual Funds, CD's, Retirement, etc), 12 months cancelled rent checks, and at the point of application your Mortgage Professional will let you know what else may be needed to start the process.

• Have a good idea of what your credit looks like before you speak with a Mortgage Professional.  This site is a pretty useful tool in helping you understand what credit is all about and will help you get a copy of your own Credit Report.  If you have had credit issues in the past, be prepared to address what life occurrences (job loss, medical issues, etc) led to your credit becoming less than perfect.
• When looking for a Mortgage Professional, I recommend doing a few things.  Ask friends & family members if they have any recommendations of somebody they used in the past; this helps break down the trust barrier right away.  Also, speak with your respective bank or credit union.  While Mortgages aren't their forte these days, sometimes they can be a nice option for certain borrowers.  Finally, do your own independent research.  Look on the Internet, Phone Book, and any other resources you deem important in coming across a Trusted & Competent Mortgage Professional.

This is just a rather simplistic overview of important things you should know and do before buying a home.  I'd like to invite any other Mortgage Professionals here on Active-Rain to feel free to add in their 2 pennies in a comment below of things you feel important for consumers to know.  Happy Belated Holidays to anybody reading, let 2008 be the year you Buy A Home!

Jason Sardi

First Choice Equity Group Inc.

Mortgage Consultant

610-439-2166 ext. 229

jsardi@fcegi.com

In these often turbulent times in our culture, our world, & the Real Estate Industry...I wanted to write something tonight that was off the charts.  I didn't want it to be positive per se, or even negative for that matter.  I wanted it to be a total wide-eyed glimpse at the truth.  Quite frankly, I wanted to assure comfort where there is pain, peace where there remains angst.  However, the truth is....Welcome To Life.  It doesn't get easy folks, but it does get interesting.

Inspired words and stories and moments come and go, as do the less than ideal ones.  Coping is a reaction to these, some dwell....others swell....you never can tell what you'd do if faced with the ultimate obstacle in your way.  This particular prose isn't about Individuality though, it's about something kind of special.  You see, Christmas came early for me.  I know Saints & I've met Angels and that's what this is about.  Most of us can look around and find gifts, things given to us selflessly and without further thought.  For anyone reading this who can't, your day will come...I am very confident of that. 

The one thing that I've always believed is that we live for a greater cause, the greater purpose.  Irregardless of whether I'm on target or not there, we live so we probably should take full advantage of the time we've been given.  The Gift Of "Time"......see sponsor to my right:-)

I was never much of a Hippie, I was always more of a guy to open other Doors.  Yet, sometimes even yours truly gets a tad bit engulfed in doing the very thing that is sooooo against my nature.  I'm a loner by trade and soul, but the connection can't possibly be ignored....we are one.  I don't have to like you and may never will.  You may not like me and I understand that completely.  But in the end, hell or high water, I'm by your side and I'm pretty sure you're by mine.  After-all, we are in this...why not be so together?

Christmas came early for me just moments ago.  I back-washed every moment I've ever lived.  She was there, my parents were there, as were my friends and so-called enemies.  And for one moment in time, ego aside, differences thrown away, we held hands as we extend further to a greater truth.

I'm not a religious chap by nature, that's a business in my estimation.  Spirituality, now that is cool:-)  Regardless, we all share the inevitability of death and the common practice of life.  You may be surprised that I finance homes for a living, considering I wax more philosophic than Aristotle on a bad batch of peyote.

So, for one extended moment in time...I challenge us all to extend the olive branch to each-other and help, not hurt.  Embrace, don't drive away.  Maybe it's the Season, perhaps I'm just blessed in ignorance, yet I think we can all agree that getting together and destroying the differences isn't a bad moment to have.  After-all, time isn't easily put together, but very often pulled apart.

I would love to be in a better mood.  But, come on, the Steelers lost and I feel that every rational thought I had about them being one of the best teams in the National Football League was nothing more than a biased observation from a loyal fan.  Was it?  I'm not so sure.

Everyday that I watch television or drive down the road, I'm stricken with the affliction that we all have jobs to do.  That's how all this works.  I don't like having a job.  I never will.  Yet, I'm in total love with having a passion.  When I awake tomorrow, it will be staring right into this ugly mug.

Folks, I do Mortgages for a living.  That's what I do.  I help finance those who want to buy a home, refinance a home, buy a commercial property and even refinance one.  That's what I do.  How can one possibly be passionate about that?  I mean, it seems so rudimentry.  It seems so blasi.  It seems so freaking superficial.  When I graduated Clarion College, my advisor asked what I would do with my degree in philosophy.  I never did retort until now, but I'd probably sit high on a hill and wax intellectual with Plato on my own mind.  That is what I would do.  But, that's not what I do for a living.

Things aren't easy in the Mortgage Industry right now, I think you know that.  Things aren't easy in the World we live in, you probably know that as well.  In either case, they will never be....easy.   And if by chance you come across 'easy'...live with it and die by it. 

Passion cures all though.  Always has, always will.  Passion for what you do, why you do it, and when you do it becomes the very reason we are wasting our time in this place.  This isn't wasting time, this is the search for passion.  I found it a few moments ago.

Each day of our life (talking to me now:-) we awake and find that our role is quite simple.  We are here in some form of reality. If you want the Hard-Core truth about Real-Estate & Life, I'll give you this one thing.  It Has To Be Passionate!

I sit by the window and collect cool breezes as they make their way into my bones.  I sit and wonder if my next step is the proper one.  I sit when I should be standing.  

I love the Industry I am in, always will.  I have learned more about good and bad by just being here than any book that may help fill my library.   I've met Scoundrels and I've met Saints, but I'm wondering what song could appropriately transition into an ending to this long-winded prose.

I'm a passionate guy and tomorrow when I awake, I will be alone.  Yet, I'll be passionate.  And all the time I will know that it is time to go to work...

The Here....The Now. 

While I would love to write a masterpiece of magnificient proportions that helps to change the very Industry that helps give me a roof over my head, I'm in 'Quip' Mode.  What is 'Quip' Mode?  It's parsimonious, short & sweet and to the point.  It's not worth 200 points but it looks appealing in retrospect.  Especially considering the (Next Big Thing) will be having your Blog stand in your honor as you lay in your death.  Attention spans lack, so let's get moving!

As far as the title above me, it's very simple.  No matter what shape you are in, yet let's assume you are in very good shape...reaction is a part of interaction.  If I'm on Cloud 9, I expect to be able to understand those whose skies can't even see the clouds.  If I'm Hugh 'Freaking' Heffner, I want to make sure I can still shake the man's hand who sits at the side of the road without a home and still totally understand their situation.  I understand, while Life isn't about waiting to exhale, it's a matter of making sure you inhale...and hope to the high heavens you made the world a tad bit better by exisiting in it.

And this is if you want to listen to something that doesn't sound like the Goo-Goo Dolls on Roids:-)

That one sentence defines why I have fallen, very madly I should point out, in love with the Real Estate Industry.  I'll attempt to start at the end and end at the beginning.  But before that path is ventured, it should be pointed out that I have been lucky & persistent enough to learn much about this world in 31 years of breathing this thing called oxygen.  This is a world of Humanity, of Spirit, of Drama, and of Artificial Wealth.  Quite frankly, I love the cons just as much as I want to side with the pros.

For all you sport fans, I'm not sure who said 'it' but my father taught me at 'it' at an early age.  The old saying was, "You are only as good as your last game."  Scary thought....right?  Heck, that very thought turns me on spiritually.  With one screw up, your business is dead to a lot of people.  You don't have to be perfect, but you damn sure need to be ON.

So many hours are spent refining the search, combating the struggle, of life & business.  One starts out a part of something and years later tries to re-create it as their own.  It's akin to joining a company as a novice and trying to re-create and build it as a contribution because you know the cause is right. 

I wrote something awhile back about what I would do if I lost my job tomorrow.  Tell ya what, it still reigns true today.  That post was tongue in cheek, yet I look around to find the loose nails for the hammer I'm about to head.  Ladies & Gents, I'm in this for the long haul!  I love this biz which makes me automatically hate certain things about it.  That said, I know that one mistake may result in silence, cultural warfare, or total indifference.  None the less, I like mistakes....they make us better.

In closing, I have done nothing more than remind myself that I don't have the proper discipline to fully tell a story.  That's O.K.  I still have the ability to link to a nice little song to complement my very 'less than stellar' prose and add a pic that helps break up the words that make the message unbearable without.

Simply put, I don't have a positive outlook on things because I'm naive.  I have a positive outlook because my major in College was 'Succeeding' even when the odds are stacked and your pockets are packed.  For lack of a better closing statement, adverbs SUCK! 

Now, onto that song....

HI!

...I would probably make it my worst.  Under-achieving is a niche in of itself:-)  I would also probably share what I consider 'Common Sense Ideals' with the majority to see, if only I could help make it a reality to all. 

While dealing with the debacles of computer viruses and spam, I've finally overcome them to write words that I'm not quite sure should be written.  Words that tag my soul, my thoughts, my heart, as if forever was around the corner.  It's not....not yet.  I came here like Dan & Belushi, on a mission from God.  I'll leave when God wants me back.

What an interesting year 2007 was and will be, until 2008 peeks its head into the fold.  While I'd love to surmise it with surreal glimpses back and what may become of it....I'm no Crystal Ball...I'm no Prophet.  For the record, I hate both of those facts.

My time on this forum has been well spent, overall at least.  I've made many acquaintances, learned a whole bunch, and have garnered some business along this path.  The true teller of what Active-Rain has been for me is very simple.  It allotted me the chance to write again, only this time it was public. 

So here it goes, my last wishes...my quasi-dying will, if this were to be it.  (It isn't, I will live far too long and nobody is getting rid of this chap just yet). The following would be changes I would attempt to implement in the current world I live in....

- I would let my Parents know how much I care for them and apologize for not properly conveying that during my lifetime.  I'd let my brother know he probably found the right girl and to settle down if that is what he truly wants to do. 

- Gas Prices, Health-Care, Credit Card Companies....would be more regulated, not by the Government though.  Their regulation would be in that they we are taught about it before they happened upon us.  I harp on it a lot, education is key....as long as it is the right kind.  I'll put it this way, before I'm able to dissect a cat, I want to make sure I'm taught how to balance a checkbook.

- "One Stop Shops" would die a long and brutally dismal death.  There seems to me such a conflict of interest of having all one's needs fulfilled at one place.  Some may call this efficiency, that everybody is on the same page and it is in the consumer's best interest.  Hey Mr. & Mrs. Consumer!  Choose to listen or let it fall idle before it reaches your ears or eyes, if ANYBODY in ANY facet of life REQUIRES or STRONGHOLDS you into using a particular business outlet on any transaction....that's called Fascism.  Run away, far away.

- Political positions would never be a lifetime gig....at least as a high paying/compensating job.  It's a civil duty in my book.

- Government spending seems as ridiculous as our own...or at least mine.  I'd want someone to passionately and without bias...check it out and run the numbers.

- There would be high level classes in High-School & College for those who want to enter the Mortgage Industry.

- Take that tax that's called something akin to 'The Privilege To Work Tax' and shove it up your nostrils....then sneeze.  Or, take those funds and start infusing it into leveling out the huge discrepancy between the rich and the poor.  I'm no Socialist....but I see ridiculous as it happens.

- I hope I & We embrace Old Age.  I hope we embrace it and don't fake it.  While I don't want to put Plastic Surgeons out of business, I also don't want us to lose what we may be down the road.

- And may we all find.....HAPPY!

In the past 7 years, I've learned a lot from fellow peers and the people I've worked for, they are called clients in a corporate type of sense.  I have no barometer in which to gauge what is going on here (With our world, with Real Estate), I don't know the immediate cause or eventual solution.  That's not an easy thing to absorb.

The fact is....rates are low.  They are real low.  And while I've listened and heard the Consumer Confidence or lack there of....I've also listened to us....and me.  As one of my prospective clients put it, " Depressed housing market, depressed housing stats, depressed housing prices, depressed stock market, and depressed 401K. How depressing.   My company is reorganizing, and although we are told we are in good standing, I just don't think that this is the best time to make a bold move."  I can't point a finger on what is exactly going on, as there is a ton of variables and I rarely study or do research.  Sometimes, in life, you just need to react.  Yet, there's a plan to my reaction and it starts with the Cockroach.

Economy aside, how's your life?  How's your family?  How are you?  Personally, I'm colder than a witches tit in the ides of a Frosted February, but I'm doing well.  If you want to give humans a REAL I.Q. Test, base it on survival....cause that is what it is.  At this point you may think that I think our economy is bad.  Nah.... our economy is very good....for some people.  Speaking as Robin Hood, I'm more of a Cockroach than an Eagle, yet in the end the Eagle never eats the cockroach.  The heart beats, the survival begins.

I don't want to tell a story or sell some self-promotional sort of goods here, I just want to try like the damn dickens to call it like I see it....whether it be true or just plain bad advice.  If you can survive 5 more months, as a Real Estate Professional or individual battling economic concern or despair....you'll make it.  Be the Cockroach.  Survive, no matter what.  I say 5 months because I see 5 months before purse strings loosen up more and knee jerk reactions to Market Conditions fall to the wasteland.  Become the cockroach, for it will benefit not only your business....but your life.  Here's a few attributes of our infamous little creature in the shadows:

• Cockroaches adapt readily to a variety of environments - No matter what the winds of change may blow one's way, adaptation is key to business and in life.  Things won't always be good, things won't always be bad.  Whatever things are, one must adapt accordingly.
• Researchers found a balance between cooperation and competition exists in group decision-making behavior found in cockroaches- Hmmmm, sound familiar?  Cooperation tends to lead to solutions, competition keeps everyone at the top of their game.
• Cockroaches are among the hardiest insects on the planet - While anyone who really knows me knows that I'm a rather sensitive young chap, I firmly believe strength is vital to survival.  And above and beyond anything else, Inner Strength is the strongest force of all. 

As Brandon Lee's character said in the movie 'The Crow'  "It Can't Rain All The Time."  Yesterday, I had an epiphany of sorts, one I may never be able to properly express in words or in writing.  Yet, that epiphany came when I got up from my chair and went to the window of our office and looked out to the world from 3 stories up.  Thoughts raced through my mind about this Industry, this Life, this World.  A smile grew upon my face and I turned back to my chair and went to work.

Today, I went shopping and as I was meandering the aisles, I heard the voices and watched my fellow men and women as they went about their way.  I realized we weren't shopping, we were surviving.  Because that's what we do.  As repulsive as my little buddy we call 'The Roach' may be to some, we all could learn a lot from that creature in the shadows.  Before we can ever thrive, we must survive....through thick & thin, better or worse, until the inevitability of death comes calling.  And if we do that............the pursuit of the happiness we all seek will be but a moment away.