Central Alabama Mortgages: Alalender

Alabama Residential Lending Changes

2008-08-14T07:54:00.000-07:00

The shape of residential lending in Central Alabama, and in the industry as a whole, changed drastically within the last year-and-a-half. Today, mortgage loan guidelines are stricter than before the year 2000 in some instances. I remember with my first home that I even put money down. Albeit that down payment was 3% but I was quite proud in having done so. As time progressed the general public demanded and the lending community responded in kind to those requests.
Earlier this year I received a phone call from a young woman who had purchased a new home in January of 2007. She and her husband had been in the home at that time for over a year; however, upon purchase they did a $37,000 "no equity" loan for their substantial credit card debt behind it. She was in a new and establishing neighborhood and would be competing with other "new homes". They could have likely sold the home for $11,000 more than they had paid. Her problem though was the fees associated with selling and she wanted to "roll" this debt into the purchase of the new home that was in another neighborhood which was priced considerably higher as well. At mortgage's heyday she very well may have been able to do that---not with any programs I was ever aware of. I advised her that I saw few options for carrying this debt into a new home. She could not believe her ears based on what she was only recently able to do. This very loose lending has led to many of the problems we see today.
Having worked for 4 major lenders in my tenure I can say we all "evolve". This "mortgage meltdown" recently found me evolving again after having been displaced with the acquisition of my former employer--Countrywide. As a part of the lending community we face new challenges and are ready to take them on. Currently, and luckily, I can do 100% financing for many of the customers' in my area even as down payment assistance is rapidly diminishing.

And You Are Contacting Me for What?

2008-11-09T19:26:00.000-08:00

Personally, I am not always contacting you to ask you for your business. I maybe representing one of your clients, or I may even be calling you about a community event and asking you to participate. Regardless of the reason, each call or email from me, a loan officer, should not make you cringe in fear as if you are being attacked by an alien.

In this business I highly suggest that you use multiple email accounts, as well as, two sets of business cards. We all get "contacted" by other sales people marketing this service and that. Also, having this alternate contact works great for use while attending trade functions, exhibits, and other sales events.

We have all been there, you are visiting a booth, meeting someone and you get asked for a card or either they have one of those "place your card here" boxes. You are perplexed--you want the information or the chance at their "prize" but you do not want to get everything from them. The multiple addresses and cards allow you to "opt in" without fully "opting in".

I look at this as a matter of professional courtesy and respect. After all, I am interested in what you are saying, promoting, etc. or I want a chance at "the prize" but I am not tying up my main email account in doing so.

*Image complements of flickr.com

Is Technology Your Friend or Your Enemy?

2008-10-29T12:45:00.000-07:00

Image by pouwerkerk via Flickr
Green Advertising--Do you cringe in terror or embrace the changes?

In college, my Information Services instructor thought that it was better for us to "learn by error" than to actually learn what and how to do basic functions utilizing computers and Office products. I will give him credit though for having had triplets a few weeks prior.

My first mobile phone was an installed Motorola in 1992 and I became addicted to getting a new cell practically every year since. With each new model we get new bells and whistles and that definitely adds to their allure for me.

Today's new homeowners are more technologically savvy than ever.
Personally, are you hanging with the times or lingering in the past? Even your kids are likely able to work circles around you.

Answer this:

Do you make yourself available 24/7?

Can you answer every phone call? No

At least with the advent of services such as sumotext or textmymls both of which allows your customers' and potential customer's to gather information about you, your listings, and/or your services 24 hours a day 7 days a week you can be. The great thing about these products is that they also gather the number and time of the call. They do allow you to set your response to the texter and time frame for doing so.

My next question though is this---"Does your current broker, preferred mortgage provider, or title company provide or assist you with this type of service?" If not, you are missing the boat.

http://www.sumotext.com/ or http://www.textmymls.com/ for more information.

Credit Cards--"The Good, The Bad, The Ugly"

2008-10-02T08:57:00.001-07:00

Credit cards maybe about to become a better product for the average American consumer. Typically, if one paid even a day late guess what a consequential "rate hike" occurred. Also, should one carry a higher balance then "those good ole boy's" tended to jack our rates up even more while lowering the limits in the process. Credit card companies pushed for tighter bankruptcy regulations and made the new laws enacted in 2005 even harsher should one find themselves in the unfortunate position to need to file for bankruptcy protection.

Most consumers pay an average of 19.9% and even in excess of 29.9% for the privilege of carrying credit card debt. This is both a privilege and becomes a curse as the issuers increase the rates and lower the limits at whim.

As a measure to help consumers, and good news for us, the Credit Cardholders Bill of Rights will be considered by the Senate in January. This will not be a "cure all"; however it does allow for the following provisions:

"eliminating predatory lending practices like retroactively applying interest rate hikes to balances, and implementing new requirements such as a 45-day notice before raising interest rates."

This in turn, would hopefully allow the consumer, Joe Public, to act and possibly avoid the new rate being imposed.

http://www.smartmoney.com/

Attractions in Central Alabama

2008-10-23T18:06:00.000-07:00

Image by Southernpixel via Flickr

Things to do in Central Alabama

The central Alabama area is filled with many trees, roads, and windows of opportunity for visitors and residents alike. As I live in the Birmingham metro area I am writing some brief information about attractions in the area.

Bass Pro Shops

Leeds, Alabama (off exit 140 on Interstate 20 in Leeds, Alabama)

Opening November, 2008 this will be a “destination” per Harley Willis, store manager. The company expects 20,000+ visitors on an average Saturday. This Bass Pro store is beside the Barber Motorsports Park in Leeds, Alabama.

"Most people will agree that this particular Bass Pro Shops site is among the most dramatic of the company's building sites," said Steve Gels (construction project manager). "We're building an entry drive that rivals many state parks, and the building enjoys great views of I-20 and the neighboring woodlands." **source for quoted text—company website. http://www.basspro.com/

Barber Motorsports Park and Museum

Leeds, Alabama (off exit 140 on Interstate 20 in Leeds, Alabama)

Started by the Barber family, it is a destination for motocross and classic bike enthusiasts. Open since 2003 it is yet another feather in our cap for Birmingham and Alabama with world class motorsports and a renowned vintage motorcycle collection all right here. http://www.barbermotorsports.com/

Talladega Superspeedway

Talladega, Alabama (off of Interstate 20 in Talladega via exit 168 eastbound to Atlanta and via exit 173 westbound towards Birmingham, Alabama)The track and grounds are celebrating 40 years of opportunity in 2009. Open daily except during events for tours. http://www.talladegasuperspeedway.com/

Desoto Caverns

Childersburg, Alabama

The park is 36 miles from Birmingham and its main room ceiling height is more than 12 stories high. Visiting the park is quite an adventure and to explore the multitude of attractions. http://desotocavernspark.com/

McWane Science Center

Birmingham, Alabama

Where Learning and technology combine. The center was “designed to inspire a life-long love of learning.” Also, it is where countless “explorers — from ages 1 to 100 — flock year-round to see, to hear, to touch, and to experience the wonder of science in one of the South’s most unique venues.” Ref. company website http://www.mcwane.org/

Vulcan

Birmingham, Alabama

Growing up Vulcan would light up red via his torch with each traffic death; however, with restoration this feature was eliminated. Today, Vulcan has been beautifully restored (2004) and is a true symbol that reflects Birmingham. http://www.visitvulcan.com/

We have world class golf with our Robert Trent Jones golf trails, amusement parks with Visionland in Bessemer, and beautiful lakes (Lake Martin, Logan Martin, Lay Lakes). Come visit and you may want to call this home too.
For more information please visit http://www.800alabama.com/.

STRENGTH

2008-10-15T08:49:00.000-07:00

These Words Come To Mind

• Character Attribute
• Virtue
• Fortitude

In today's environment only the tough will survive. Having sheer determination, "strength", and even prayer will help to guide us to know what to do and how to do it.

I remember growing up how I wished time would come to an end. Today though I do not seem to have enough time in the day. I guess this is the joy of "growing older" (not-old). I am thankful for how life has shaped me as "we are all a product of what made us" anyway.

What has given you strength?

Was it the teacher in elementary school,

the coach in PE,

or maybe the neighbor next door?

Take time and honor those that have influenced, guided, and molded you to help you become the person you are today. I am referencing a poem below that I found personally uplifting.

strength

strength is what you have thats stronger than ever

strength is the only power that is stronger than any power of mankind

strength is something that gives you the power to carry on

strength gives you the the power to help someone you love

strength is a power that you have within yourself

brandi reissig

Mortgage Pricing

2008-08-16T14:49:00.000-07:00

It seems as though mortgage loans are getting more difficult to obtain for the best of customers in today's marketplace. Fannie Mae has added new pricing platforms for conforming mortgage loans effective 10/01/2008. In 2005, if one had two months worth of reserves plus $1, at least a 620 credit score and limited or no adverse credit information that customer typically received the same mortgage pricing as a borrower with an 800 score. Guidelines though are continually tightening to where FHA and other government programs are the mainstay for limited down payment or either no down payment programs. Bottom-line, a 700 credit scored borrower will now pay more yet again than an 800 credit scored borrower on 10/01/2008.
Full article: http://www.themortgagereports.com/2008/08/fannie-mae-adds.html

50% OFF HUD HOMES! Alabama Teachers, Police Officers, and Firemen

2008-08-21T12:16:00.000-07:00

You heard me right...

HUD will lower your sales price by up to 50%. If you thought owning a home was out of the question then think again. Give me a call and lets see what we can do for you today.
It is hard enough for many of us to reach the American Dream. Luckily HUD has approved a new program to assist teachers (guiding the future of tomorrow in Alabama's children), police officers (serving the Alabama communities we love), and firemen (saving the lives of Alabamians daily) to obtain the American Dream.

Mortgages & Credit--Mystery!

2008-09-19T08:58:00.001-07:00

Not really but how you view your credit and how the credit bureaus rate us is often quite different. If you cannot understand why you are running into obstacles then take a minute and check.

Each credit bureau reports information differently. Keeping track of that information and the nature of what is reported is up to us--individually. We tend to get busy with our day-to-day activities and ignore the realities of life. Today, with credit fraud, banking failures, and the calamities facing the financial sectors it is more imperative than ever for one to stay on top of what is in their credit profiles.

For instance, applicant one, semi-retired, and a former business owner. She filed an open Chapter 13 bankruptcy in April of 2007. She had good mortgage history on her current mortgage, assets, and get this a 666 credit score. By most standards and by reviewing her credit scores alone she is a "good" borrower. However, with underwriting guidelines she would have to get the bankruptcy courts permission to refinance. And most likely have to payout what she chose to bankrupt on. Needless to say she claimed the bankrupt debts were for her kids and we did not proceed.

Negative reason codes can be retrieved at http://www.myfico.com/12. This is not written in stone; however, keeping a check on your credit and what helps to comprise your score is crucial today.

Debts Our Children May Have to Pay!

2008-09-24T13:37:00.000-07:00

STOP THE Bleeding!

The U.S. Government is trying to save the financial sectors but at what cost? As currently proposed the US Treasury will purchase $700 Billion in troubled assets to help create stability in the financial market. The plan entails purchasing troubled assets from financial firms at a price based on the expected value over the life of the asset. This should pump additional cash into the financial sector enabling them to purchase new loans. The expectation is the new loans will perform much better than the troubled assets.

As these larger investment banks have diminished so is the return on their value or lack thereof. If allowed to continue the decline will cause more firms to fail. Unsold homes, lack of consumer confidence, and the general perception of our economy hurts everyone.

The days of when one's name is good enough just does not work anymore. Many people are used to getting "wiwiwig" (what I want is what I get). Calling a lender, stating only minor information, and expecting that to be what you get is not the way this industry works now. It is thanks to the pitfalls of a few that the majority of the U.S. population now suffers. Band-aids are a great thing but how we heal from this crisis will be another.

Pawnee Condo FSBO Birmingham, Al 35205

2008-09-29T09:42:00.001-07:00

1327A 31st St S Birmingham, Alabama 35205

Home Sellers--10 Tips to Help Survive Tough Times

2008-10-02T14:22:00.000-07:00

Many of us have to move either by marriage, death, divorce, or job transfer. However, now is more often than not the right time to even consider having to doing so. Tides are still turning with lower values throughout the U.S. Further, most people are scared to think about tomorrow much less the thought of looking for a new home especially with the price of everyday necessities---gas, food, and just keeping the lights on.

Should you be one of those facing these uncertain days and in need to sell their home here are a few helpful hints to get you by:

1) Use a Realtor
A realtor is a professional who can guide you and do things that you just do not have the time to do. Think of it this way, if you need to sell get a professional.
2) Be the "Select Cut"
Your house has to be "the prime rib" or "select cut." Anything that makes one think otherwise has to be addressed. Ask yourself "would you buy this house again?" If not do what is necessary.
3) Price Right
You may have paid $300,000 for it but if you have foreclosures or builder discounted models in your neighborhood it may now be worth significantly less. Most of us don't ever want to have to bite that bullet but this is a reality today.
4) Turn-key Ready
Is your home that gem and turn-key ready? "The average buyer would rather pay a little more...to not buy a fixer-upper".
5) Fresh Air & Clean
Does your house smell like Kitty Kat or Wags de Dog? Well, what we get used too others may not. Take into consideration that some people are allergic to pets. So when getting ready to sell Wags or kitty may have to go visit a neighbor, family member, or friend. At the very least steam the carpets, put in new carpet if able, and paint. The smell of fresh paint and cleanliness often sways buyers.
6) Have you Over improved?
Kitchens and baths sell houses. An over improved home is just that one with nice "bells and whistles" but no other home supports it in the area. Got a pink tiled bathroom though consider having it "re glazed" at the very least.
7) Stage for Success
Just because you never use your dining room don't think that the family there next after you won't. A properly staged home shows enough of how to use the area without emphasizing your personality and how you live in it today.
8) Exposure
Professional photos are best. However, with photo editing software and today's digital cameras we can all be "master photographers". Keep in mind that better photos capture potential buyers eyes and make them "want to come in".
9) Talk it Up
Even with representation nowadays nothing seems to not be the right thing to do in marketing your home. With everyone you meet bubble over about your home in praises and how it is "just waiting on the next family to shelter them from the storm".
10) Plan
Just saying this house is for sale will not work. Properly planning, preparing, and setting realistic goals is key.

Remember, neutrality is key to making someone else want to take over your keys!

reference: http://www.intouchtoday.com/