Mortgage News

Announcement from our Broker Outpost sponsor, Primary Wave Media!

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And that is what I want to discuss with you today. You see, as mortgage brokers we are all trying to get customers to pick up the phone and call us for their borrowing needs.

The problem with running an ad, doing direct mail, and even word of mouth is that if customers don’t remember our phone number, we’re sunk. So, how do we get around this little problem? Two words: Vanity numbers!

Imagine if your number was 1-866-HOMELOAN or 1-877-GET-A-LOAN or 1-866-GREAT-RATE? Think of all the places you could put that number. In big letters on your next direct mail piece; on your business cards; in your next radio ad or as the focus on your billboard. Think of how much easier it will be for your past clients to refer you business using your new vanity number. Everywhere you go and everyone you speak with will always remember your number.

Vanity numbers are an excellent way for consumers to recall your company. The danger with a lot of advertising is that your ad will sometimes drive customers to competitors. It’s true. A potential customer sees your ad for loans, is interested, throws away the ad, and forgets your number. Now they open the phone book, see your competitor’s ad and they call them. Believe me it happens everyday.

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Original post by Darin

Congress Makes Mortgage Insurance Tax-Deductible in 2007

Congress has passed legislation to allow premiums on private and government mortgage insurance to become tax-deductible for qualified borrowers in 2007.

For the first time, borrowers who make less than $100,000 a year will be able to write off the full amount of their premiums.

Homeowners making more than $110,000 will not be eligible.

Private mortgage insurance is often a requisite for borrowers who don’t put down at least a 20% down payment or take out a second “piggyback” loan.

Over the last five years, about 20% of new loans have been taken out with mortgage insurance, and more than half of those carrying private insurance, according to Mortgage Insurance Companies of America (MICA).

The tax breaks will take effect for new loans in 2007.

The write offs are expected to result in average tax savings of between $300 and $350.

An increase in the use of home-equity loans by borrowers to cover down payments in recent years has hurt private mortgage insurers.

Private mortgage insurance is most often used on low-down-payment loans bought by Fannie Mae and Freddie Mac.

(source: www.mortgageledger.com

Original post by AnthonyK

Yes, believe it or not, you can get a 30 Year Fixed Mortgage for under 6%. Today, If you have a loan amount of less thatn $417,000 (and are willing to pay a 1% loan origination fee), you can get a home mortgage for only 5.875%.

If you have been waiting for a great time to buy, it is NOW, considering all of the properties on the market from the sellers that still need to sell during the holidays.

Call me if you need any assistance making this happen.

Have a great week!

Anthony

Original post by AnthonyK

Please welcome Lender411.com to Broker Outpost!

Get Listed, Get Traffic, Get Leads, Lender411 - Your Key to Online Success!

Lender411 is the ultimate online marketing tool for Mortgage Professionals. A business-to-consumer portal, lender411.com is a new breed of “search engine + directory listing” website designed to enhance the consumer’s online loan shopping experience by most effectively matching the consumer with the right lender and/or the right loan. As such, advertising on Lender411 delivers the highest return on your marketing investment; higher than even the search engines. In fact our tag line is: “We start where search engines stop”.

Below are Lender411’s key features:

* “Find the Right Lender” - Consumers answer a few questions about their specific loan situation, and are then matched up to the ideal lender.
* “Find the Best Mortgage” - Consumers fill out a short 2-minute application and receive up to 4 competing offers from Lender411 participating lenders.
* “Compare Rates” - Consumers search our extensive database of competitive mortgage, refinance and equity rates that are uploaded daily by Lender411 participating lenders.
* “Get Mortgage Advice” - Consumers visit our online forum to seek advice from seasoned mortgage professionals who subscribe to Lender411.

Utilizing our world-class Search Engine Specialists we have optimized lender411.com for the most highly searched mortgage-related keywords and are now successfully driving hundreds of unique visitors to the site resulting in thousands of page loads every day. This traffic is expected to grow exponentially in the next 12-18 months.On Dec 1, 2006, Lender411, the sister company of lenderhomepage.com, officially entered its beta phase which means this is the perfect opportunity to get ahead of the competition and start generating leads NOW! By signing up earlier and during the Beta period you will:

1) Benefit from Lender411 traffic with less competition from other lenders.
2) Lock in the introductory subscription rates.

Contact Lender411 at 888-377-1265 to speak with sales representative or you may click here to find out about this exciting new opportunity to take your online business to the next level!

Lender411.com
Where America Shops for Loans

Original post by Darin

I continue hear (and read) more and more about investors who are in financial straights due to getting involved in real estate investing without “full knowledge”.

I had a call from someone last week who almost lost his primary residence due to trying to juggle his home payment along with his investment property payment when it was vacant.

I hear more stories from disgruntled landlords (rookie & marginally experienced investors about how their deadbeat tenants are not making payments, which straps them financially.

For those who still don’t understand - this is why rates and terms on investment properties are higher. The bank knows it is more of a risk, and they know the failure rates to the decimal point.

Am I saying not to invest in real estate? NOT AT ALL. Real estate is still (and will likely always be), the best form of long term investing. What you need is a trusted advisor that you will listen to. I have talked more people out of investment properties than most loan officers who are just looking to make a loan. Many people are lured in by greed, and others simply by desire, or even need for additional income.

Now is a GREAT time to become a real estate investor, especially as many investors are baling out. The keys are to know your financial situation and how it relates to taking on another mortgage, get to know the property intimately, know the market and where it is headed, have a cushion to fall back on, and don’t over leverage yourself too fast.

If you would like to speak to a mortgage advisor whose goal is to help you strategically add real estate to your investment portfolio with minimal risk to your overall financial plan, call me today at 800-757-9507.

Make it a great day!

P.S. - Here is some info to help you in the process of your investment property search:

1. Nationwide Government & Bank Foreclosed Property Listing

2. Course on buying fixer-upper real estate.

Original post by AnthonyK