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2009 Is The Year Of Rate Reduction
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· 1 – 4 Unit Properties are Eligible. Condos and PUDs (Planned Unit Developments are Eligible). Manufactured Housing and Co-Ops are Ineligible.
· Primary, Second Home and Investment properties are Eligible.
· No limit on the number of properties owned.
· No Title Seasoning requirement.
· In many cases, you will not need an Appraisal. When I send the file to processing, the DO/DU Findings will tell me whether you will need an Appraisal, an exterior only or full Appraisal.
· Mortgage Insurance will not be required as long as the original FNMA mortgage did not require primary, borrower-paid MI. Lender Paid MI is not available under this program.
· If Mortgage Insurance is currently in place, then, the current Mortgage Insurance policy will remain. No new Mortgage Insurance will need to be obtained.
· Absolutely no 60 day lates on the mortgage(s) in the last 12 months.
· If you are a W-2 Borrower, you'll only need your current pay stub & we'll verbally verify your employment. Commission/Self Employed Borrowers need 1 year Tax Returns. This must be 2008 Tax Returns. 2007 Tax Returns will not work. The income you earned 15 months ago won’t help us today. If you haven't filed your 2008 Tax Returns, then, wait until you have filed before applying for the mortgage.
Technical Corner!
Application. Processing. Underwriting. Closing. Funding.
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Taking an application consists of the borrower/buyer filling out a handwritten loan application, signing disclosures & providing the necessary documents that the lender has requested you to supply in accordance with your particular loan file. After this point, any problem areas of the loan will be addressed so that we can ensure a timely transaction through processing. Debt-to-incomes ratios (your debt compared to how much you make) are calculated and LTV's analyzed.
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Your designated processor will begin to verify & transfer all information that has been obtained from you @ the time of application.
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Underwriting is the most critical process of obtaining mortgage because the underwriter has the ability to accept or decline your loan according to the following guidelines: Income, Credit & Job History, Assets, Liabilities, & The Loan Program Guidelines.
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Once a "Clear to Close" has been received, a closing date will be set in which most closings are held at Title Companies.
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Lastly, all parties will be funded.
- What is it that you would like to know more about?
- What issues are bogging you down in your current mortgage?
If we are involved in a project, how hard should we work at it? How much time should we put in?
Our philosophy about activity and our attitude about hard work will affect the quality of our lives. What we decide about the rightful ratio of labor to rest will establish a certain work ethic. That work ethic - our attitude about the amount of labor we are willing to commit to future fortune - will determine how substantial or how meager that fortune turns out to be.
Enterprise is always better than ease. Every time we choose to do less than we could, this error in judgment has an effect on our self-confidence. Repeated every day, we soon find ourselves not only doing less than we should, but also being less than we could. The accumulative effect of this error in judgment can be devastating.
--- FORTUNATELY, IT IS EASY TO REVERSE THE PROCESS ---
Any day we choose we can develop a new discipline of doing rather than neglecting. Every time we choose action over ease or labor over rest, we develop an increasing level of self-worth, self-respect and self-confidence. In the final analysis, it is how we feel about ourselves that provides the greatest reward from any activity. It is not what we get that makes us valuable, it is what we become in the process of doing that brings value into our lives. It is activity that converts human dreams into human reality, and that conversion from idea into actuality gives us a personal value that can come from no other source.
So feel free to not only engage in enterprise, but also to enjoy it to its fullest along with all the benefits that are soon to come!
The Loss Mitigation Department helps in the Event of Foreclosure
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Attitude is Everything
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The process of human change begins within us. We all have tremendous potential. We all desire good results from our efforts. Most of us are willing to work hard and to pay the price that success and happiness demand.
Each of us has the ability to put our unique human potential into action and to acquire a desired result. But the one thing that determines the level of our potential, that produces the intensity of our activity, and that predicts the quality of the result we receive is our attitude.
Attitude determines how much of the future we are allowed to see. It decides the size of our dreams and influences our determination when we are faced with new challenges. No other person on earth has dominion over our attitude. People can affect our attitude by teaching us poor thinking habits or unintentionally misinforming us or providing us with negative sources of influence, but no one can control our attitude unless we voluntarily surrender that control.
No one else "makes us angry." We make ourselves angry when we surrender control of our attitude. What someone else may have done is irrelevant. We choose, not they. They merely put our attitude to a test. If we select a volatile attitude by becoming hostile, angry, jealous or suspicious, then we have failed the test. If we condemn ourselves by believing that we are unworthy, then again, we have failed the test.
If we care at all about ourselves, then we must accept full responsibility for our own feelings. We must learn to guard against those feelings that have the capacity to lead our attitude down the wrong path and to strengthen those feelings that can lead us confidently into a better future.
If we want to receive the rewards the future holds in trust for us, then we must exercise the most important choice given to us as members of the human race by maintaining total dominion over our attitude. Our attitude is an asset, a treasure of great value, which must be protected accordingly. Beware of the vandals and thieves among us who would injure our positive attitude or seek to steal it away.
Having the right attitude is one of the basics that success requires. The combination of a sound personal philosophy and a positive attitude about ourselves and the world around us gives us an inner strength and a firm resolve that influences all the other areas of our existence.
To Your Success,
Jim Rohn
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