Simplify Your Life Week, Appraisals and The 10 Things You Need to Know, Questions About Interest Rates, Good News on Foreclosures, Market Report

Click here to view in color and highlighted http://tinyurl.com/August-2-2010

DID you know that this is Simplify Your Life Week ? It really is. My Pastor spoke this Sunday morning on when you know your purpose, your life is simplified. It got me thinking what my purpose is....What is my purpose in the Mortgage industry? My purpose is "To Fulfill The Dream of Homeownership". I LOVE that I have placed in our industry to fulfill that purpose and it is what drives us to 1) Know the Guidelines well (and have our Underwriting designation so that we know what to look for upfront) 2) Never over-promise 3) Never close late or ugly. This is what I and my team strive for daily!



So what do we have for you this week.... A recap of the 10 Things You Need to Know about Appraisals (lots of questions this week on appraisals), an interesting Dallas Morning News article on foreclosures and Two Questions About These Historically Low Rates (and of course the Market Report).



The first week of August- wow how has the year flown! It has been sooo much fun talking to our buyers this week and helping them fulfill their homeownership dream. Let our experience and knowledge fulfill YOUR client's dream! We look forward to hearing from you for your prequals and questions and are NEVER too busy for you (972-278-3400 or ldavidson@servicefirstmtg.com)! Have a blessed week! Linda

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Two Questions About These Historically Low Rates
Interest Rates are "crazy low" and just is such an amazing time to look at purchase (or perhaps refinancing). Below you will see two questions that we are asked a lot about interest rates- I think you will find the information interesting!

http://tinyurl.com/QuestionsaboutRates



Bottom Line #1: It has never been a better time to buy a home!

Bottom Line #2: It has never been a better time to look to see if refinancing is right!


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Back by Popular Demand- 10 Things You Need to Know About Appraisals - Feel Free to Forward On!
Lots (and lots) of questions last week about appraisals. It is soooo important that you understand why (and how) HVCC is affecting the real estate industry. I especially want to discuss points #4 and #9- If you are the listing or the selling agent, you ARE allowed to speak to the appraiser (just the loan officer and/or their commissioned staff is not). In addition, appraisers ARE really open to getting your comps upfront- they are NOT there to kill the deal; however, if you cannot find comps, neither can they! I WOULD highly recommend that you 1) either present your comps upfront to the lender to upload in the appraisal ordering system (if the lender will allow it) or 2) have comps at the home marked and available for the appraiser to review BEFORE the appraisal is completed. This is NOT against HVCC guidelines as long as the appraiser does not feel that undue duress was given in order to make value. Address these areas upfront and it could make the difference in the deal closing!

Need more information on the 10 Things You Need To Know About Appraisals? Click on the link below....

http://tinyurl.com/Top10ThingsKnowAboutAppraisals






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Good News- Dallas-Fort Worth home foreclosure filings drop 12%
http://www.dallasnews.com/sharedcontent/dws/classifieds/news/homecenter/realestate/stories/041610dnbusforeclosures.24e7135ee.html




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MARKET REPORT (Source: Mortgage Market Guide)

Last Week In Review
THEY SAY IT TAKES TWO TO TANGO... And the relationship we see in the markets between Stocks and Bonds is a dance of its own, as one often improves at the expense of the other... while one kicks higher, the other often dips lower. But why... and how does this impact home loan rates? Here's what you need to know.

http://tinyurl.com/MarketReportAug2-6-2010



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Let our experience and knowledge fulfill YOUR client's dream! We look forward to hearing from you for your prequals and questions and are NEVER too busy for you (972-278-3400 or ldavidson@servicefirstmtg.com)! Have a blessed week! Linda