We MISSED YOU!
Sunday, July 25th's Truth in Lending Show did not air due to a rain delay during the KC Royals vs the New York Yankees baseball game. We'll be back next week, August 1st, right after the Royals game against Baltimore.
Our special guest, Rick Sharga, Sr. VP of RealtyTrac, will be rescheduled very soon.
Rick with spend time talking about the foreclosure market and will be available to answer your questions live.
Stay tuned for date and time of Rick’s guest appearance.
Synopsis of Truth In Lending Show
July 18, 2010
According to current figures provided by FICO, Inc., the credit scores of millions of Americans are sinking to new lows. 25.5 percent of consumers, nearly 43.5 million people, now have a credit score of 599 or below, making them poor risks for lenders.*
(*KansasCity.com, July11, 2010; by Eileen AJ Connelly, AP Personal Finance Writer)
Mark McDougald and Craig Miller offer you two TOP 5’s to help you understand your FICO score and what to do to improve it.:
Top 5: What Makes Up Your Credit Score?
- 35% What is your payment history? Are you consistently paying your bills on time?
- 30% How much do you owe? Do you have a high balance against your credit limit?
- 15% How long have you had credit with a specific account. Longer is better.
- 10% Have you opened up any new credit accounts recently?
- 10% Do you have a varied mix of types of credit? (Credit cards, car loan, mortgage, equity line of credit?
Top 5 Things You Can Do to Get Your Credit Score UP
- Pay your bills on time!
- Keep your balances LOW on all your credit cards. It is better to have several credit cards with low balances rather than have one credit card with a high balance.
- Pay off debt rather than moving it between cards.
- Apply for and open up new credit cards only if you really need to!!
- Check your credit report for accuracy by going to www.annualcreditreport.com
Craig’s Credit TIP: Pay your balance prior to the date your credit card company cuts their statements. Most credit card companies cut their statements in the middle of the month.
To learn about the effective range of credit scores and how your score can affect the rate you qualify for when you apply for a loan, listen to this weeks show at www.tilshow.com. Follow the prompts to listen to Sunday’s show or any of The Truth in Lending Shows!
Sunday, July 18th - Listen NOW Below:
Synopsis of Truth In Lending Show
July 11, 2010
Opening Advice from Craig and Mark:
- The main thing everyone in the mortgage industry is trying to sell you today is rate and monthly payment. Don’t be fooled! You must look at THE COST OF YOUR MORTGAGE before you commit!
- You need to know exactly what your loan balance is going be before you commit to a refinance. Know the costs…don’t commit to a loan until you know exactly what it is going to cost you.
- Calculate the Break Even Point FIRST! If you don’t know how to do that, go to www.tilshow.com. Go below the fold to “Craig’s Corner”. You will see Craig’s photo and an explanation of the Break Even Calculator. There is even a place for you to click on which will take you to a detailed explanation with specific steps explaining how easy it is for you to calculate you own break even point!!!
- Beware of “loan modification companies”. They just might be making you false promises and costing you more money!
Special Guest, Chas Rampenthal, VP and General Council LegalZoom.com
- Get a Will/Living Trust. Make sure that you have a document that sets out your wishes for your belongings, children, pets, etc. If avoiding probate is important, consider a living trust
- Get a Living Will. This is the document that details your wishes if you can’t speak for yourself. Think Terry Schiavo in Florida…
- Engage in Tax-Free Giving. This is a BIG one. You can reduce the size of your estate TAX FREE by gifting money to your heirs each year. The current limit is $13,000 per person, to another.
- Make sure to notify your Executor/Trustee/Health Care Rep. If they do not know they are named, it’s harder for them to do their job!
- UPDATE…UPDATE…UPDATE! All the finest legal documents in the world, if not updated, will go stale. Marriage, children, death home purchase…these are just some of the major issues that face families every year, and can cause an estate plan to be out of date.
Sunday, July 11th - Listen NOW Below:
Part 1:
Click here to download part 1.
Part 2:
Click here to download this part 2.
Synopsis of Truth In Lending Show
June 27, 2010
UPDATE on the “Federal Home Buyer Tax Credit”:
- There is no indication that the Federal Home buyer Tax Credit will be extended.
- For homes purchased where a binding sales contract was signed by April 30, 2010, otherwise qualified buyers have until June 30, 2010 to complete the purchase.
- That means you need to secure your mortgage for that home by June 30th, 2010!!
- Service members who were on official extended duty outside of the United States for at least 90 days between Jan.1, 2009 and May 1, 2010 may qualify for a one-year extension.
What’s the story on Interest Rates?
- Home mortgage rates are at historic lows, second only to Jan. 12th and March 29th, 2009.
- Now is a great time to take advantage of these rates and purchase or refinance.
- HOWEVER: Pay attention to closing costs and know your breakeven point!
- FirsTrust offers no-cost refinance mortgage loans! That means NO COST TO YOU!
- The Federal Reserve is keeping the rates low! But that does not always mean it will affect the home mortgage rate market. It is simply a reflection of the short term overnight lending rate.
- Will rates go lower? We cannot predict. Don’t wait around and try to guess the bottom. Refinance now…if the rates continue to drop, you can look at refinancing again.
SCAM of The Week:
- Equity Stripping or Bailout Rescue by turning over title to your home.
- NEVER turn your title over to anyone unless you are completing a legitimate sale of your property
- Phantom Help: Loan modification with skipped payments
- They ask for money up front. Don’t be fooled! These deals are scams and loaded with false promises!
- Bait and Switch: People pose as housing counselors working for the government and say they are going to modify your loan.
- In reality, they are scammers looking to take your money and leave you with nothing!
“TOP FIVE” by Chris Winans, CPA and Pres. The Winans Group; 913-901-9555; cw@fhwwh-cpa.com
The Top Five Deductions that Many Taxpayers OVERLOOK
when submitting information to their tax preparer:
- Personal property taxes paid on their vehicles, motor cycles, boats, four wheelers, etc. are all deductible.
- Miles driven for medical care
- Medical expenses for fertility treatment
- Unreimbursed business expenses
- Estimated tax payments and the dates paid
- Read, Read, Read any tax organizer provided by your tax preparer. That document normally contains questions that can be crucial to identifying additional tax deductions or credits.
Sunday, June 27th - Listen NOW Below:
Click here to download this week's show.
Synopsis of Truth In Lending Show
June 20, 2010
OPERATION STOLEN DREAMS:
Beware of mortgage fraud! To report fraud or ask about possible fraudulent
mortgage or other financial situations, click here: www.stopfraud.gov
Navigating the Home Affordable Modification Program:
www.pmi-us.com/video/hamp1.html
What do the three most important rules of real estate have in common with the three most important rules of home mortgage loans? See for yourself:
Three rules of real estate: 1. Location |
Three rules of mortgage loans: 1. Watch the Fees |
MARK McDOUGALD’S TOP FIVE:
BEST ADVISE FATHERS CAN GIVE TO THEIR CHILDREN
- Be Generous
- Be Kind
- Be open mind, don’t judge others
- Make a difference in the lives you touch
- Be both Passionate and Compassionate
We suggest that you look for these same qualities in your Mortgage Planner!
NOTE: THE TAX CREDIT HAS NOT BEEN EXTENDED!
What MIGHT be extended is the deadline to CLOSE a mortgage loan on
any home purchase contracts that were signed by the deadline of April 31, 2010.
Sunday, June 20th - Listen NOW Below:
Click here to download this week's show.
Synopsis of Truth In Lending Show
June 13, 2010
First, a reminder: If you do not know the TOP FIVE documents you must read and understand before you commit to a home mortgage loan, please review them from last week’s show! Simply click on the June 6th TIL Show to review them!
This Week’s TOP FIVE:
Things you need to know about when you are considering purchasing a Home Warranty*:
- More home owners who aren’t planning to sell their home are purchasing home warranties.
- But…a Home Warranty makes more sense for buyers or sellers.
- You will still need to pony up for repairs.
- The contract may be full of restrictions. Read the fine print.
- Fix or replace? Who really decides? Again, read the fine print!
*Check MONEY Magazine June 2010, pg. 52 for more details.
Dan O’Dell of the O’Dell Group
www.groupodell.com
Top Five Things you need to know before you choose a real estate professional:
- Consult with at least two real estate professionals to review the important and necessary steps of the selling or buying process. Be sure to call Dan O’Dell at 913-599-6363 for a list of questions that he suggests you ask before you enter into a relationship with a real estate professional.
- Do not fall in love with the first house you look at. Not every home listed on the MLS is really for sale.
- Go deep and get your research done: Inspectors, engineers, structural issues; mold; etc. If things don’t look or sound good, walk away!!
- Take guidance from your experienced real estate professional seriously during the process. If your realtor thinks everything you look at is perfect or perfect for you, consider getting another opinion!
- Find the very best certified mortgage planning professional before you begin the mortgage loan process.
Sunday, June 13th - Listen NOW Below:
Click here to download this week's show.
Synopsis of Truth In Lending Show
Sunday, June 6, 5p-6p
Craig Miller and Dave Brown talk about the Top 5 Documents you must have before you make a commitment for a home mortgage transaction:
1. Confirmed quote up front before you commit to an appointment with a mortgage company
- Interest rate
- Terms
- Fees
- Closing Costs
2. Get a Good Faith Estimate. It's the LAW. It's a three page document. Make sure it is broken down. Don't settle for less!
3. A complete understanding of the loan transaction.
- Terms
- Rate
- Fees
- What happens if something changes? Who pays?
- How long is the "Break Even" period.
- Can you explain the transaction to your family and friends? If no, DO NOT SIGN IT!
4. Complete breakdown of total monthly payment, including taxes, insurance, and actual loan payment.
5. Don't write a check for anything unless you understand it; don't let someone tell you what the appraisal is without an actual appraisal.
Make sure application fees are refundable if the loan does not work out. Get clear understanding of terms for all fees before you write a check.
6. Ask your lender for a copy of your credit report. You have a right to see it.
QUESTIONS??
Go to www.getahomeloan.com or Call FirsTrust Mortgage at 816-222-2200
Sunday, June 6th - Listen NOW Below:
Click here to download this week's show.
Synopsis of Truth In Lending Show
Sunday, May 23rd, 5p-6p
What’s happening in the market?
- Rates have dropped again…lowest in last 18 months!
- First do the math and educate yourself BEFORE you sign the documents
- Certified Mortgage Planners will work with you for the BEST plan for you and help you understand how you can save the most money. Contact a mortgage plan right now.
Learn how you can save money on your mortgage by listening to several “WHAT IF” examples on how you can save money on your mortgage.
- If you save $46 on your monthly payment and put it away every month for 20 years and at 5% or higher for the next 20 years, it will make the difference in more retirement savings or a couple of year’s tuition for your children.
- Don’t get paralyzed by fear or lack of faith! Do the math, get a plan and stick to the plan!
- First thing you ask your mortgage planner is “How much will this mortgage cost me?” Don’t be diverted by rate! 95% if people who refinance do not even ask for a no cost option! Don’t let that happen to you!!
BEWARE:
- Some credit reporting companies sell their leads to other mortgage companies. Don’t be misled if they call you or mail you unsolicited information and try to sell you a loan.
- Financial Reform Bill update: Risk Retention is not necessary for ALL LOANS. Get more info at www.tilshow.com.
Sunday, May 23, 2010 - Listen NOW Below:
Click here to download this week's show.
Synopsis of Truth In Lending Show
Sunday, May 16th, 5p-6p
This week Mark McDougald and Craig Miller cleared up some common misconceptions about the cost of mortgages. Craig actually breaks down what happens when you do not pay the extra points for a slightly lower interest rate on your mortgage…you’ll be pleasantly surprised! And what about that tax credit? Should you apply it towards your principal or invest it?
Mark takes a few minutes to warn us about some deceptive “loan modification” companies preying on unsuspecting home owners and describes a couple of sample solicitations. Mark also talks about current real estate short sales and bank owned transactions. Learn how you can take advantage of these kinds of transactions, which make up at least 25% of the listings in the Kansas City area!
Click the link below to listen to Sunday’s Truth In Lending show for this and more valuable information on how you can find a disciplined approach to a no cost loan!
Click HERE to read more about the five Sample Short Sales and Bank Owned Opportunities discussed in our show.
Sunday, May 16, 2010
Click here to download this week's show.
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