Top 50 in the Nation, Ambit Energy Consultant and Entrepreneur, Doug Parker – Episode #6
https://youtu.be/HRDatCLMcT4
Doug Parker in in the top 50 nationally of more than 450,000 Ambit Energy Consultants. Doug is a Father, Husband, Entrepreneur and Founder of http://www.repairmycreditnow.com/.
“Help Enough Other People Get What They Want In Life and You’ll Always Get What You”, Want, Zig Ziglar
Doug is one of the most driven people I’ve ever met and it is clear that he subscribes to the quote made famous by Zig Ziglar.
I hope you enjoy this interview and please tune in next week at 8:30 a.m. @mortgagemack on Facebook.
Portfolio Loans – Episode #4 MortgageMack Live – Outside the Box Home Loans
https://youtu.be/soPWjWeqQ9k
Do you have “Outside the Box Clients?” If so, we offer “Outside the Box Loans!”….Fix and Flip, Doctor Loans, Bank Statement Loans with make sense Underwriting.
In Episode #4 of MortgageMack Live, my Special Guest, Phillip Morris discusses the details of the OneTrust Home Loans Portfolio Programs to help buyers who do not fit into the traditional methods of financing. The list options offered by OneTrust Home Loans are:
Doctor/Attorney Loan
Bank Statement Loan
Fix and Flip Loan
Construction for both sticks and bricks and modular
In-house second mortgage
Bridge loan
Land loan
Foreign Nationals
Don’t miss next week’s episode at 8:30 a.m. for MortgageMack Live.
Episode #3 – How LinkedIn Can Change Your Business
https://youtu.be/xWVe2ucyqow
In today’s episode, Freddy Goerges tells his story of jalapenos to LinkedIn Influencer and how you can use LinkedIn as a lead generation tool in your business.
Freddy Goerges, Winner of the Jalapeno Eating Contest
Freddy and I met on LinkedIn. Upon our meeting I knew I needed to bring his knowledge and experience of LinkedIn to the real estate community. Freddy has helped me build an audience of Realtors and builders beyond what I could have ever imagined.
LinkedIn Can Change Your Business
With over 30,000 followers on LinkedIn, Freddy has proven that building a network is crucial to success in today’s social media business world.
Freddy can help you build an audience on LinkedIn that can become a social network of 100’s if not 1000’s along with his Public and Keynote Speaking skills, I know from personal experience that Freddy can help you build your brand and generate leads using LinkedIn.
With Guest Speaker and co-founder of SpokenAbout, Randall Chesnutt shares his boundless knowledge of human behavior. In this episode, Randall shares with us the why and how to develop a Facebook Live Show.
Everything a business needs to turn leads into customers and customers into lifelong clients. Automatically and with minimal manual effort
As co-founder of the digital marketing firm, SpokenAbout, Randall and his team have created a place where small, medium or large business can go to have a formal Social Media Marketing plan developed, implemented and measured. Randall’s firm specializes in lead generation and brand building along all social media outlets with an additional caveat of outbound callers who set appointments for the client.
Randall is an Esby Award Winner, a father, Public Speaker and leader in his industry. To contact Randall, please go to his website at: SpokenAbout
Thanks for tuning in. We hope to see you next Monday at 830 a.m. for MortgageMack Live – Monday Morning Commute.
Darrel shares his journey in the Coast Guard, working his way up to rescue pilot to becoming an Entrepreneur, father, husband and author of two books.
Having been friends for nearly 15 years, Darrel was the perfect guest. Darrel has always expressed loyalty and friendship not to mention that Darrel seems to know how to fix anything.
Do Corvette Engines Fit Into the Body of a Ford 150?
During our friendship, I’ve watched Darrel labor over an old beat up F150 with the intent of installing a Corvette engine. I would question him regularly and say….”Hey!”, “Should a Corvette engine every be put into a F150!?” Darrel paid no mind and eventually was successful, but not without constant maintenance. LOL!
Darrel is so knowledgeable about his industry that I would have no problems referring him to a buyer or Realtor.
Darrel Creacy, Owner and Operator of Amvet Inspections, Entrepreneur and ex-LifeFlight and Coast Guard Pilot
Darrel is Father and mentor. His son Derek who used to run marathons with my family is now mentoring to be an inspector just like is father.
If you need a realiable, knowlegdable and friendly inspector, reach Darrel at: Amvet Inpsections.
Thanks for tuning in. See you next week at 830 a.m. for MortgageMack Live – Monday Morning Commute.
2018 Bike to School and Work Day – City of Sugar Land
An Amazing group of people came together for one day to show support for cycling in the City of Sugar Land as May Joe Zimmerman declared May as Bike Month in our beautiful city. We had an extraordinary turn out for our 2018 Bike to School and Work Day here in the City of Sugar Land, TX.
So, it’s been awhile since I’ve posted on my video blog and I had a couple of inquiries recently specific to VA loan.
VA Loan Eligibility – The Seller can Pay ALL the Closing Costs on Behalf of the Veteran
As many of you know, I’ve been a mortgage banker for a long time and I’ve done quite a few VA loans in my career. And the inquiry, the question was whether or not the seller could pay for the funding fee on a purchase transaction to benefit the VA buyer. And the answer to that question is yes. And actually, the seller could pay all the closing costs and including the funding fee. And so, a veteran could move in for literally zero dollars in that type of scenario.
So, you know, veterans administration has a fantastic loan program for veterans that qualify. And to know whether or not you qualify, the veteran can request a certificate of eligibility and I’ll leave a link here to where they would go to request that in the VA portal using their DD 214 or we can do it for you.
VA Loan Eligibility – Veterans Receiving Service Connected Disability maybe exempt from the VA Funding Fee
So, a veteran’s home loan iszero down and it does have what we call a funding fee. And it doesn’t have monthly mortgage insurance like many conventional loans do or FHA loans. And it has a funding fee. For the first time usage, it’s 2.15%. And for subsequent use, it’s 3.3. So, a veteran doesn’t usually pay the funding fee at closing, it is normally added to the loan unless of course the veteran has a certain amount of disability. When I request the certificate of eligibility and it tells me that the veteran is not required to pay the funding fee, then there’s no funding fee.
The VA Home Loan is a GREAT Benefit to those Who’ve Served their Country
So, it really is just a great program. If you’re a veteran and you have served your country and you think you might wanna buy a house call, you know, give us a call. Go to mortgagemack.com and apply and let us look at your scenario and see if we can help you.
The loan limit who for 0 down is up to the maximum conforming limit for our area, which is 453,100. And that is the absolute max. So, if you have a funding fee beyond that, the funding fee would have to be paid in cash and/or by the seller. But a lot of people don’t know that you can go up to a million dollars on VA loans as far as the loan amount is concerned. However, to do that, the veteran would put in essence what is 25% down for every dollar of above the 453,100 plus pay the funding fee in cash. So, I’ve actually had a scenario in my career where the amount borrowed was beyond the scope of the loan limit and then veteran did have to pay the funding fee at closing, but that was all. And that was all he had to pay plus whatever closing costs that weren’t paid by the seller.
And you know, there’s a lot of advertising out there that would lead you to believe that that is indeed the case. I mean, the Veterans’ Administration has recently come down pretty hard on some of those lenders that advertise on TV. And one of the things that they say is that they say no appraisal required for a VA we finance. And you know, veterans’ administration doesn’t require an appraisal for an interest rate reduction loan for a veteran. So, that’s kind of misleading and/or what I would term intellectually dishonest.
So, I encourage you that if you’re a vet and interested in inquiring about the opportunities for you as a veteran for a zero down loan or even to refinance your current VA loan, I will encourage you that if your current VA loan and the interest rate is above say— I would say today’s 5%-5.5% and it might be worth it, but just give us a call and we’ll be glad to help.
Thanks a lot. I hope you have a great day. I hope you find this helpful. I’d love to see your comments and/or questions below and I’d be happy to answer them for you.
I think I’ll do a different installment on divorce, which is just for a lot of people are— I guess for some it could be rather liberating. For others, it’s a real challenge and a real challenge financially.
So, I had a scenario recently where a person was divorced and the divorce decree wasn’t neatly executed properly or what I would consider properly by their attorney.
Divorce Mortgage – Owelty Deed can pay you your equity and relieve you of liability
If you’re married and you have common debt, specifically a mortgage, then the divorce decree alone does not relieve you of the liability associated with that mortgage.
However, there is an instrument called an Owelty deed. It’s a deed that allows the owner of a home to utilize the equity they have in a home to assist in the dividing of their property. So, the Owelty deed is in essence a refinance.
So, I’ve done several of these in my career where I have a couple, who are in the process of getting divorced. The one that’s gonna keep the home applies for the mortgage. We refinance and we in essence cash out and without doing an actual cash out home loan. And remember that. This is not a cash out. It’s an Owelty deed. So, it’s a refinance. It’s a regular refinance. And with the decree, with the amount of equity defined in the decree by all parties as they’ve agreed, we pay the other party who will not occupy the home, who will move on be paid their equity share and no longer be obligated on the loan.
Divorce Decrees should spell out the division of debt as accurately as it does assets
And so, that’s the situation I found myself in with a client who just didn’t get the appropriate counseling. He thought the divorce decree alone would be sufficient to take the loan out of his name. And unfortunately, his ex-spouse made late payments on the mortgage.
So, I would encourage anybody that if you are listening to this podcast or this video blog that if you know anybody that’s getting a divorce or might get a divorce or anything along those lines, they really should give me a shout and let me coach them to how they will create a scenario that would relieve them of the liability associated with a mortgage and/or allow them to refinance the loan, pay the other spouse off, and take their name off the note because, again, the divorce decree does not supersede the original note signed by the original parties.
Revolving Debt and Installment Loans need to be refinanced or closed where both parties share the debt
In essence or in addition to that, you know, when it comes to common debt associated with credit cards, car loans, all of those things, if you’re in the process of getting a divorce, you should include those debts in the decree not only to be assigned to say the other responsible party, but I suggest that you have them closed and/or your name removed and/or have them refinance without your name on them.
I guess the only way to figure that out is to sit down, do a credit report with your attorney, and look at the common debts and itemize those debts in your request for divorce and make it part of the divorce that the other party has to either refinance the house and/or pay you your equity with an Owelty deed or refinance the house and just take your name off of it and along with any other common debt that you might share with the other party just to protect your credit into the future should the other party experienced any financial difficulties.
So, if you have any questions or comments, please leave them below and/or give me a call.
And I’ll be glad to share my experience with you.
I hope you have a great day. Mortgage Mack out. Take care. Bye.
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