Do It For Love: Life Insurance & Lowering Your Loan Costs ...

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?Do It For Love: Life Insurance & Lowering Your Loan Costs?
9-15-12
http://www.600wrec.com/pages/jogarner.html

A good Saturday morning to you. You are on the Real Estate Mortgage Shoppe program with me, Jo Garner, Mortgage Loan Officer with Evolve Bank and Trust. With us today we have Troy McDonald and Ken Bowley from Erin McDonald Allstate Insurance Agency.
Troy, tell us a little about yourself and what you do
Ken Bowley, its good to have you back. Give us a little information about who you are and what you do.
Our special guest today is Ken Bowley?s son, Hank Bowley. (8 yrs old) ?the youngest radio guest we have ever had on the show.
Hank, how old are you? How many sisters and brothers do you have?

Our topic today is ?Do It For Love-Life Insurance & Lowering Your Loan Costs?
We want to hear what YOU have to say about it. Call us on the air at (901) 535 WREC. That number again is (901) 535 9732. We are here to talk about WHATEVER you want to talk about?your real estate property, your mortgage, your credit or your insurance. Here?s the number again?901 535 WREC.

Our US Treasury Department has been busy?they have been busy printing money and lots of it. The central bank already owns about $843 billion in mortgage-backed securities they say they?re going to continue buying them. The Fed says they?re going to increase their longer term security holdings by $85 billion per month. PER MONTH! Can anyone wrap their brain much less their pocketbook around THAT figure? The Fed said they will spend $40 billion per month to buy mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac.
How does this affect mortgage rates, you ask?
The Fed?s panic buying should keep the mortgage rates low, but mortgage rates are like little puppies left alone to play and don?t always act logically. Mortgage rates usually go down when the yield on the 10 yr goes down and up when the 10-yr bond yield goes up, but they seem to be errantly setting a new precedence.
Our mortgage rates had started a mild spike earlier in the week and then dropped down yesterday and the day before as a result of the Federal Reserve announcing the continued mortgage backed security purchases.
Word to the wise: Just because the Fed says they are going to keep the overnight rate low through 2015 does NOT mean mortgages will follow suit. If more and more investors start moving their money out of bonds and INTO stocks, you may see mortgage rates start upward regardless of the Fed rate.
? 30YR FIXED ? 3.5%
? FHA/VA ? 3.5% (varies more between lenders than conventional 30yr Fixed)
? 15 YEAR FIXED ? 2.875-3.00%
? 5 YEAR ARMS ? 2.625-3.25% depending on the lender
The Home Affordable Refinance Program, better known as the HARP program, is going great guns. If your loan was endorsed by Fannie Mae and Freddie Mac prior to June 1st 2009, you may be eligible to refinance your mortgage without an appraisal to a 2 or 3% interest rate.
How many of you out there would like to get a substantial raise in pay? Some of our mortgage customers are lowering their mortgage notes by $200, $300 and even close to $500 per month. Other customers are saving tens of thousands of dollars by going to a shorter term loan. And get this?.sometimes when they shorten the term of their loan, their mortgage payment stay about the same!
FHA streamlines are very popular for homeowners with FHA loans. These loans do not require an appraisal either.
Cash out refinances have become poplar now that homeowners have discovered they can get a fixed rate in the 2?s on a cash out refinance. They are taking the cash out and investing it into something that can potentially bring them a better return. A couple of my customers cashing out this week planned to us the cash out money to go buy another real estate property.
Home purchases are picking up in the Mid-South and prices in some areas are inching up .
How many jobs, Troy, did you say get created when someone buys a house? (Troy tells us that 35 jobs are created for every home sold)
If you or someone you know would like to have a free evaluation to compare various mortgage programs, my very capable assistant, Susan Belew and I would like very much to talk with you. We can go over the numbers with you and compare different scenarios. You can reach Susan and I directly OFF the air at 901 482 -0354. That number to reach us directly again is 901 482 0354.
Troy and Ken, today we are talking about ?Do It For Love: Life Insurance and Lowering Your Loan Cost? I?m happy to talk with anyone today about lowering your mortgage costs. Just call us on air or off the air.
Troy and Ken: You both are in the life insurance business. What is it about life insurance that makes me ?do it for love??
Questions for Troy and Ken:
1. What does life insurance really do?
2. How are the new government regulations going to affect people buying insurance after the first of the year? Will the cost double?
3. What is the difference between credit life and the newer improved insurance programs set up to pay the mortgage off in case of death?
4. Lynn McDonald?s story about her daughter?s family following the death of Lynn?s son-in-law.
5. Ken Bowley?s story of his family?s tragedy following the death of his father when Ken was 18 years old.
Questions to be answered by Jo Garner
1. The news mentioned about some massive changes with the two biggest mortgage holders in the country ?Fannie Mae and Freddie Mac. What are some of the latest changes?
A. Late yesterday Fannie Mae gave borrowers and lenders an alternative to documenting income for some selected homeowners? loans where payment increases will be under 20 percent., Fannie Mae will now accept verification of liquid financial reserves equal to at least 12 months of the new mortgage payment (PITIA). Documentation can be through one or more recent statement of liquid reserves in bank accounts, money markets, stock accounts, retirement savings accounts, or certificates of deposit. That means on some of these refinance loans, you do not necessarily have to prove income ?just show enough of the right kind of assets.
B. Another change for Fannie Mae and Freddie Mac is that the government oversight agency is adding more and more fees to the cost of doing a Fannie Mae backed loan or a Freddie Mac loan. Less then a year ago the extra costs equalled about $100 on a $100,000 loan. They are adding more fees as of November first and indicated they would continue to add fees. Word to the Wise. If the deal works for you today?DO IT TODAY.
2. What other loan products are there out there other than Fannie Mae and Freddie Mac?
a. FHA loans 3.5% down and for qualitying buyers, they can get a number of down payment and Fha 203K renovation and repair loans
b. VA veteran loans up to 100% with zero down in most case
c. Rural Housing USDA 100% loans
d. jumbo financing
e. Home Equity Lines of Credit

3. Jo Garner shares a short tribute to her family?s former Reed Brothers Diary and the legacy the Reeds and Frizzells left to their family behind them. Jo thanks all of those people who are taking the extra steps to leave provision for their family members behind them , but more importantly, the extra efforts they are making to leave a positive legacy.
We say on the air a lot that real estate is one of the most important investments you can make. Actually the most important investment you can make is the investment you make in your children and grandchildren and those around you.
Troy and Ken can offer the Real Estate Tip of the Week?You need your own personal life insurance plan apart from the life insurance you have through your employer. Get your own while it is cheap and keep it for a life time.
Jo announces next week?s Real Estate Mortgage Shoppe next Saturday with Attorney Ron Cohen and Jenett Rochester.
Jo announces Talk Shoppe offers free education and networking to anyone interested in real estate or business. This Wednesday from 9a to 10athey will be meeting in a different location. We will be meeting at the Alvord Executive Office Center at 6465 N Quail Hollow Rd ste 200 over there close to Massey Rd. Bridget Dicello, author and business coach, will be presenting ?How To Handle Difficult Conversations With Customers? For more information about Talk Shoppe and their free events, go to www.TalkShoppe.BIZ.
Jo Garner, Mortgage Officer with Evolve Bank and Trust (901) 482 0354 jogarner@mindspring.com and jgarner@getevolved.com www.MoneyShoppe.NET
Troy McDonald and Ken Bowley of Erin McDonald Allstate Insurance Agency (901) 372-3500 or (901) 849-7101
For real estate financing solutions and insurance solutions, plug into the Real Estate Mortgage Shoppe program. You can find mortgage rates, refinancing options, home purchase loan programs, answers and money-saving tips for insurance and more.

Source: http://mortgageloansblog.com/do-it-for-love-life-insurance-lowering-your-loan-costs/

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