It's been a newsworthy year for the mortgage business. The tax credit is extended through at least the 1st quarter of 2010, and this has given many first time homebuyers the opportunity to own a home. One of the biggest changes from my side of the industry is the new Good Faith Estimate which will be required as of January 1, 2010. This refurbished disclosure will take "some getting used to" for lenders, Realtors, and buyers. The good news for the buyer is that once a Good Faith has been issued to a buyer for a specific transaction, the lender fees cannot change and many of the other fees (title, survey, recording fees, etc.) have only a 10% tolerance in regard to amount. A buyer will also have as a part of the Good Faith a way to compare one Good Faith with another from another lender.

For those buyers or refinance clients who are in a pre-approval process or just want an idea of what a loan may cost, I will be able to furnish them a Closing Cost Analysis form.

These are needed changes and with all change, there is the need to adjust. Hopefully, this is another step toward protection of buyers from predatory lending and those who would "bait and switch."

As I write today, we are looking at 35 days until the end of the current tax credit for first time homebuyers. We are all hoping for an extension of this. Many prospective homebuyers have been procrastinating thinking this is not the year to buy a home. You may be thinking, if I lose my job how will I pay the mortgage. But if you lose your job, how will you pay the rent. A home is an investiment in real estate. Your money is going toward a tangible asset with the benefit of continuing tax deductions as long as you own the property. Home ownership offers a sense of community and stability. Maybe you should re-visit the possibilities.

By the way, talking to a lender to get pre-qualified and talking to a Realtor about properties that are of interest is absolutely FREE to you!

Owning Your Own Home....do you qualify?

"The American Dream" of owning your own home can be a reality for
many Americans with some wise planning, having consistant income,
frugal use of money, establishing credit, paying bills on time, and saving.

Wise planning...a mortgage professional can guide you in this to
determine when you might be ready to buy. If you want to buy a
home, it needs to become a priority ...over that new car, dream vaca-
tion, luxuries.

Frugal use of money...With your goal of owning a home firmly
before you, establish a budget of what you can spend each month
and still save toward a down-payment and closing costs. Set up a
separate account for these funds. If you are getting married, you
could let it be known that "cash" toward a down-payment would
be greatly appreciated.

Establishing credit....you need to have at least three tradelines
on your credit report. Installment loans (car, student loans, etc.) and
revolving credit. You need a credit card with a history of timely payments.

Credit Tips:
Do not totally pay off your credit cards, keep a small balance
Do not close revolving accounts....that erases history
Keep your balances to 1/3 or below of your high limit
Pay on time!!!

Employment: You need to have a job or if you are self-employed,
have had the business for two years. If you currently are employed,
but have only worked a short time because you were in college,
your college transcript will work for documentation.

As a mortgage professional, I will be happy to help you plan for owning a home!

First Time Homebuyers Listen Up....!

The $8000 tax credit for first time homebuyers ( or buyers who can document they have not owned a home in the past three years) will end November 30, 2009. If you have planned to take advantage of this and have been putting off starting your home search, you need to start now. It takes a while to find the right home and close on it. The first step is to get qualified with a lender, to see what you can afford. I am happy to check your credit and furnish you some loan scenarios to get you started. I will communicate with you by email or phone....whichever is your preferred method of communication. I can originate loans in Texas or Colorado.

There are some great "deals" in homes right now. Rates on mortgages are low and availability of houses is high, so what's stopping you! Robin Ricks

Phone: 214-460-1145 Email: rricks@cenderafunding.com

Why I'm in the Mortgage Business....

Since this is a new blog, I considered that it might be beneficial to a reader to have some idea of why a person would become a loan officer in the business of home financing and enjoy it! I was introduced to this business in 1992 when I was in need...in need of a job and income. I realized my college diploma had gathered a lot of dust after rearing four children and being a stay-at-home mom for 20+ years. I was now on my own. Someone invited me to go to work for them in home financing (truly Divine intervention!), appealing to my people skills and widespread network ( a term not particularly in use then). I took the challenge. I am inclined toward "self-teaching" and jumped right into a business I knew little about, even though I had been involved in buying and selling numerous homes in the Metroplex. I was forced to acquire information and "how to" in a hurry and exponentially. I've stayed with it, and have made wonderful colleagues and friends through the years. Why have I stayed in this business? I truly enjoy people, and I love the problem solving aspect of home lending. That's it in a nutshell. Next blog will be: "You, too, can own a home!"