10 years ago the USA had Steve Jobs, Bob Hope and Johnny Cash
Now they have no Jobs, no Hope, and no Cash.
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Thursday, November 17, 2011
Moses, meet Steve
Saturday, November 12, 2011
YPN HOLIDAY MIXER FLYER
Good morning,
Attached is the flyer for the upcoming YPN Holiday Mixer on Monday, December 12th from 5pm to 7:30pm at Sullivan’s.
Thank you for helping us get the word out for this Festive Holiday Event!!
Happy Saturday!!!
Wish u were here!! 
Sean La Rue
Franklin Loan Center
Senior Vice President
www.SeanLaRue.com
760-835-5663
Tuesday, November 8, 2011
9 Essential Tips for New Home Buyers--A Guest Post
9 Essential Tips for New Home Buyers--A Guest Post
From: http://money-saving-tech-tips.blogspot.com/2011/11/9-essential-tips-for-new-home-buyers.html
Summary: What are some essential tips for new home buyers? Read on to find out!
(I accept guest posts. This is a guest post and I am not recommending the companies that are represented by the links. I have not researched them in more than a cursorily manner to just determine they are not offensive to my personal taste. Posting the article is not to be seen as a endorsement of any kind except I thought it was worth reading.)Buying your first home or first investment property is a huge responsibility. Your personal financial future is often heavily invested in the value of your home. While a real estate agent can guide you through the process of buying a home, having a bit of knowledge beforehand can really help you avoid many of the costly pitfalls new home owners make.
Here are nine essential tips for new home buyers:
- Know Your Limits
Before you do anything, you have to know how much you can afford to pay. While you can easily get this information from banks and lenders, you should always have your own idea on what you can afford. These institutions don’t always have your best interests in mind. They want to maximise their profits and don’t always consider how much of a burden a large mortgage is on a new home owner. Also, be conservative when you estimate your financial strength.
- Determine What You Want
Once you know what you can afford, consider what kind of property you want to put your money towards. Do you want an inner city unit? Do you need to be close to public transport? Would you prefer a large country house? Figure out what you’re looking for first so you don’t end up wasting your time especially if you are considering it as a property investment now or in the future.
- Buy Smart
Always use common sense when buying a home. While you might fall in love with a certain property, it might be impractical to purchase it. Always use logic when determining what home you need to buy so you don’t inadvertently sabotage yourself.
- Don’t Overlook
Once you’ve found the home you want, stop looking. Prolonging your search can hold you back. As a first time home buyer your resources are generally limited. Don’t dawdle.
- Save for Twenty Percent
Although there is the standard minimum requirement for borrowing money for a property, you should always aim for at least double that figure. Twenty percent is a good, safe figure to aim for. Not only will you save thousands of dollars in interest in the long term, but in many cases you will be able to receive a better mortgage.
- Remember Closing Costs
Many first time home buyers often overlook potential closing costs. There is a litany of costs involved. Taxes, real estate agents’ fees and appraisals can quickly add up.
- Get Pre Approved
Make sure you are pre-approved for your mortgage before you start signing off on any deal. The last thing you need to do before your closing is to scramble for financing. Make sure this bridge is well and truly crossed.
- Calculate Moving Expenses
Depending on where you plan to move, moving expenses can be quite significant. A move down the road isn’t too bad but if you are moving to a different city, expect to spend some serious money.
- Furnishings
First time home buyers often go over budget, leaving them with very little in disposable income. They soon find out that, although they have a beautiful new home, they cannot afford to buy furnishings. Remember, you need to fill your home.
Buying your first home can be intimidating, but with these nine tips the process should be a whole lot easier to understand.
Make it a great day,
Sean K. La Rue
Senior Vice President – Franklin Loan Center
“Your KEY to Moving Home!” – Yo hablo Español
Jumbo Loan Expert | FHA/VA Direct Lender | Reverse Mortgage Advisor
44800 Village Court – Palm Desert, CA 92260
Mobile: 760.835.5663 Office: 760.837.1488 FAX: 800.784.9089
DRE# 01786480 NMLS# 291852
Jan Christensen
Executive Assistant | 760.837.1486 | jchristensen@franklinlc.com
FHFA Announces Expansion of HARP (or HARP Phase II)
FHFA Announces Expansion of HARP (or HARP Phase II)
Tuesday, November 8, 2011
Provided by: Weiner Brodsky Sidman Kider PC
On October 24, 2011, the Federal Housing Finance Agency (the "FHFA") and Fannie Mae and Freddie Mac (the "GSEs") announced an expansion of the Home Affordable Modification Program (the "HARP"), or so called "HARP Phase II", in an effort designed to assist additional "underwater" borrowers.
While the program is limited to loans originated and sold to Fannie Mae or Freddie Mac prior to May 31, 2009, one intriguing feature of the program is the limitation of required representations and warranties from lenders making such loans to the GSEs. This feature could lead to a reduction in repurchase demands for a certain segment of GSE loans refinanced under HARP Phase II.
Prior HARP refinances were subject to a maximum LTV of 125%. That limit has been removed for fixed rate mortgages; adjustable rate refinances are still subject to a maximum LTV of 105%. In addition to the lessening of representations and warranties, the removal of the upper limit on LTV ratios, and the current low interest rate environment could provide this program momentum producing results beyond those of past HARP or other Making Home Affordable programs.
The GSEs plan to issue guidance with additional details about the program changes mid-November. Participation in HARP is not mandatory; therefore, mortgage entities wishing to participate will have time to review program amendments and implement necessary operational changes.
Eligibility criteria for HARP Phase II loans are as follows:
The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae;
· The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009;
· The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009;
· The current loan-to-value (LTV) ratio must be greater than 80%; and
· The borrower must be current on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months.
Other program features include:
Certain agency fees will be waived if a borrower elects a shorter term with the new loan (for example, choosing a 20 year loan term when the prior loan had a 30 year term);
· If there is a reliable AVM estimate of value provided by Fannie Mae or Freddie Mac, a new appraisal will not be needed; if there is not a reliable AVM value, a new appraisal will be required; and
· Certain lender representations and warranties will be waived.
A copy of the FHFA release may be found at the following link: http://fhfa.gov/webfiles/22722/HARP%20release%20102411%20Final.pdf
Also, FAQs about HARP Phase II may be found at the following link: http://fhfa.gov/webfiles/22723/HARP%20release%20102411QandA%20Final.pdf
The FHFA and the Department of the Treasury instituted HARP in early 2009 as part of the Obama Administration's Making Home Affordable program. HARP provides borrowers that have a depressed home value the opportunity to refinance their mortgage into a lower interest rate loan.
While HARP is only one of several refinancing options available to homeowners, HARP is unique because it is one of the few refinance programs that allows borrowers who owe more on their mortgage than their home is worth to take advantage of a lower rate refinancing option.
Make it a great day,
Sean K. La Rue
Senior Vice President – Franklin Loan Center
“Your KEY to Moving Home!” – Yo hablo Español
Jumbo Loan Expert | FHA/VA Direct Lender | Reverse Mortgage Advisor
44800 Village Court – Palm Desert, CA 92260
Mobile: 760.835.5663 Office: 760.837.1488 FAX: 800.784.9089
DRE# 01786480 NMLS# 291852
Jan Christensen
Executive Assistant | 760.837.1486 | jchristensen@franklinlc.com
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