Happy Holidays

Tis the festive season to be thankful for friends and families and good health. May your holidays be as bright as your hopes and best wishes to all.

FHA Improvements Ahead

FHA loans which currently require a 3% downpayment may soon require a 1.5% downpayment. In addition the loan limits may also increase in Wisconsin and elsewhere. A bill passed the Senate today 93-1. The bill won't go the president to sign until next year. Currently, about 4% of loans are FHA, according to the report. Higher loan limits and lower downpayments will allow many borrowers to have a better loan than a subprime alternative. To learn more about FHA mortgages call 414-416-9194

Homes Are A Great Investment

Home prices nationally have increased more than 80% since 2000, according to the National Association of Home Builders. A lot of focus lately has been on annual growth or annual decrease in value in certain local markets. One needs to look at long term tends rather than annual trends when talking about home values.

Toys For Tots

Great Lakes Mortgage Corp. is holding our 2nd annual Toys for Tots drive. New, unwrapped toys can be dropped off at our Milwaukee or Delafield office to be given to needy children for the holidays. Help support this worthy cause. Bring joy to a child this season. Call for details. 414-416-9194

Federal Reserve To Meet December 11th

The Federal Reserve meets Dec. 11th to consider the future direction of interest rates. Although this does not directly affect first mortgage rates their decision will have an impact on Home Equity Lines of Credit, car loans, credit cards and other consumer loans. Mortgage rates are currently at historic lows.

Free Web Page For Homeowners

If you are selling your home on your own we may be able to help. We can offer a free web page, marketing materials and quality signs. We can also take digital photos of your home and prepare flyers. Call for details.

Free Pre-Qualification Letter

If you have your home listed and have not applied for a mortgage to purchase your new home give us a call and we will approve you quickly. You will be in a better bargaining position with financing assured. If you have applied somewhere else already call us for a second opinion. We will meet or beat anyone. Contact Loan Officer, Pete Cannon today at 414-416-9194 or 1-866-344-7800 x108 An Equal Housing Lender. We originate Wisconsin mortgages.

How Do Credit Scores Work?

Credit scores range from about 350 to 800. Lenders generally give the best terms to customers over 720 or 740. The number and type of accounts affect your score. If you are nearing the credit limit on your accounts your scores will be lower. Some accounts are better than others. For example an American Express account may be better from a credit scoring standpoint than an American General account. Length of time is also an important factor. Older established accounts have a more positive impact than newer accounts. Having an old Sears card from 1997 with a $2000 credit limit shows more history than a Capitol One card that was opened 6 months ago with a $500 limit. One way to improve your credit scores is to pay down your balance. Having the lender raise the credit limit can help as well. To receive a free copy of your credit report contact us at pc@glmcdirect.com.

Sellers Alert

Don't put your home on the market until you have read my special report. Avoid 11 mistakes that could cost you thousands of dollars. Email me for your free report.
pc@glmcdirect.com

Top 10 Ways To Save Money

The quicker you pay down your unsecured debts, like car loans and credit cards the sooner you can have extra money for savings or retirement. How can you save money?
Here are 10 suggestions.

1) Bring your lunch to work
2) Turn down your thermostat
3) Bike to work
4) Don't stop at the coffee shop
5) Clip coupons
6) Cancel or reduce your cable bill
7) Reduce your cell phone plan
8) Increase your insurance deductibles
9) Get a roomate
10) Set up internet bill pay; save stamps

Super Jumbo Pricing Now Available

Is your mortgage amount over $417,000? Call for special pricing. 414-416-9194

Prime Rate Now 7.5%

The prime lending rate was lowered to 7.5% which is good news for those shopping for Home Equity Lines of Credit or who currently have a line of credit tied to prime. This is the index that is used for many 2nd mortgages and lines of credit. It is not tied directly to 30 year fixed mortgage rates which move along with the 10 year bond. Actually mortgage rates increased late Tuesday and Wednesday but are still widely availale in the low 6s.

Federal Reserve Cuts Interest Rate

The Federal Reserve lowered a key lending rate today by a quarter point. Major banks will soon follow by lowering the prime lending rate by the same amount which will lead to better rates on Home Equity Credit Lines and other consumer loans.

Home Shopping

If you are currently considering purchasing a home the first thing to do is to meet with a mortgage lender and get pre-qualified. No sense looking at homes you can't afford. Pre-qualification involves a credit check and generally looking at two years of income. Based on your income and debt load the lender can show you what makes sense. When you are ready to submit your offer it will be considered seriously by the sellers since you are able to obtain financing.

Prior to purchasing knowing what your payment will be before you fall in love with the house is reassuring. To set an appointment call 414-416-9194 today.

Mortgage Rates Fall Again

Mortgage rates improved late Friday on recession fears, credit concerns and higher oil prices. The Dow has dropped five days in a row. If you are in the market to purchase rates are improving and our advice for the short term is to float not lock. To receive our weekly or daily rate lock advisory email me at pc@glmcdirect.com

Free Web Page For Home Sellers

Selling a home? If you elect to sell without a realtor you will need some marketing assistance. We will create a web page for you and provide a link to put in your newspaper ad, flyers and sign. We will also include our FREE For Sale By Owner First Aid Kit and 33 Ways To Sell Your Home Fast booklet. Your personal web page will feature pictures of your home, features and other information that buyers demand. The information is available 24 hours a day. Call to get started today.

Daily Rate Lock Information

Every day we offer a free rate lock advice column. To receive this free service email pc@glmcdirect.com You will be glad you did.

Why Get Qualified

Many first-time homebuyers have questions about the homebuying process. How much can I afford? What will my mortgage payment be? Do I need a downpayment? These questions are important and we can answer them for you. Before sitting down with a lender you should gather 2 years of taxes, a current paystub and 2 months of bank statements. Lenders generally qualify you based on your income and current debt load. If you have large car payments you will generally qualify for less of a house. As far as potential payments don't forget to factor in property taxes as a monthly expense. For example if taxes are $3000 annually they will be $250 monthly.

For every $100,000 you finance your payment would be about $630 based on a rate of 6.5%. Make a budget. Set up a savings plan and you will be on your way to home ownership.

15 Year Mortgage Rates Below 6%

15 year mortgage rates are available for below 6% for consumers with credit scores over 660, steady employment and some savings. These rates and terms allow you to build equity quicker than the standard 30 year mortgage without doubling your payments. Call for details. 414-527-7800 x 108 Not all will qualify. An Equal Housing Lender.

Home Values Doubled

The average US home doubled in value over the 17 years from 1980-1997, then doubled again in the 10 years from 1997-2007, according to the National Association of Realtors.

Sellers Alert

Selling your home can be an emotional experience. Don't put your home on the market until you've read my free report. Avoid the 11 common mistakes other sellers are making. For your free report send an email to pc@glmcdirect.com

Median Home Sale Price Increases

The median sales price of an existing home increased from August 2007 compared with August 2006, The National Association Of Realtors reported today. In the Midwest sales were down about 5% year over year. "There has never a better time to buy a home," many realtors have indicated. The selection of available properties for sale gets better every day.

What are Mortgage Rates Now?

On Monday September 24th, 2007 the 30 year fixed mortgage rate was at 6.25% A 15 year fixed mortgage was at 6.0% Not all will qualify; however if you have good credit and equity in your property these rates are available. Of course you need to have a reliable source of income and some savings in order to be able to receive the best rates today. These rates would be the same for a purchase or refinance for a single family home located in Wisconsin. An Equal Housing Lender.

Successful Thoughts

Woody Allen said, "Seventy percent of success in life is showing up." Vince Lombardi said, "There's only one way to suceed in anything, and that is to give everything." Henry Ford said, "Before anything else, getting ready is the secret of success." Dale Carnegie said, "Success is getting what you want; happiness is wanting what you get." What are your thoughts on success?

How To Profit From Foreclosures

Call or email for my free report

Federal Reserve Lowers Rate

The Federal Reserve cut its benchmark interest rate by a half a percentage point today. It also reduced the discount rate - what it charges banks for short term loans - by the same amount. The Fed had not lowered the fed funds rate since 2003. This may be good news for the housing market although 30 year mortgage rates move more in tandem with the 10 year bond rate. Many major banks followed suit quickly and lowered the prime lending rate to 7.75%. Call for todays rates. 414-527-7800 x 108

How's My Credit?

Credit scores range from about 350-800. If you are over 700 you are considered a good credit risk. Credit history is also important. Have your accounts been open for more than 24 months? What has been your high credit? Of course collections, judgements and bankruptcy have a negative affect on your credit score. Generally phone and cable bills do not report to the credit bureaus unless they go to collection. However, usually utilities do report so make sure that bill is paid on time. Let us know if you would like to obtain a free copy of your credit report including your credit score. We would be happy to help.

Closing Costs

Did you know that you can have the seller pay your closing costs? When you submit the offer include a phrase like, " seller will pay up to $3000 in closing costs." In other words, if your closing costs are $2900 the seller credits you $2900 on the closing statement; if your closing costs are $3100 they credit you the full $3000 and you contribute $100. In a buyers market like today this can be routine. Ask for it!

How To Buy A House

The first step is to get pre-qualified with a mortgage broker, bank or credit union. Mortgage brokers work with a variety of investors and obtain wholesale rates. Mortgage brokers can do deals banks can't do and also can price below a bank in many cases.

Before submitting a written offer it is important to know how long the property has been on the market. Shorter is better. If it's been on the market a long time the price is too high or the property needs work. Find out how long the previous owners have owned the property and what they paid. If they bought the property recently and the sales price is much higher than the price they paid, you would want to know what improvements were made. The city assessor or treasurer's office can give you information on the phone or their web site. Knowing the assessed vale, fair market value, square footage, number of rooms, last sale date and price are important.

If you are serious about the property you can put down earnest money (usually within 3 days of writing the offer) that can be as little as $500. The more you put down the stronger your offer looks. Working with a mortgage broker and a realtor are very important. Having a pre-approval letter from a lender is vital. Its lets the agent on the selling side know that you have financing and that knowledge leads to a stronger offer. Keep in mind you can have a real estate agent represent you. Also, remember the listing agent does not usually represent you. In most cases their job is to the get the best offer for the seller.

Preparing Your House for the Market

Curb appeal is often times the deciding factor in most home sales. Cleaning, painting and removing clutter are the key to a quick sale. Do the repairs necessary to make your home look the best. Be sure the landscaping and general appearance is attractive and neat. A trimmed lawn, cut shrubbery,weed-free flower beds and a clean driveway and walkway will assure a great first impression.

A clean freshly painted front door, polished door knob and knocker will be noticed. Open curtains and drapes to brighten and freshen your home. In winter, a fire in the fireplace lends warmth to your home. Cut, fresh flowers add a nice touch. Remove 1/3 of your furniture. Have carpets cleaned. Visit an open house or model home to get ideas. If you have pets make sure they are not home. For more ideas give us a call.

President announces FHA improvements

President Bush has announced a new program to assist homeowners who are on adjustable rate mortgages and have had the rate increase. The FHASecure program is a refinance program for homeowners who have had their interest rate reset to a higher rate after June 2005. Homeowners who previously may not have qualified for FHA now may be eligible. If your mortgage rate has reset to a higher rate you may qualify for this new program. Don't delay. Call today.

Milwaukee Mortgages

FOR SALE BY OWNER

Are you looking to sell your home on your own? Call for your FOR SALE BY OWNER FIRST AID KIT. We will also include our free book, "33 WAYS TO SELL YOUR HOME FAST." This is a temporary offer. Call today. 414-527-7800 x108

Milwaukee Mortgage Blog

FHA loans are the answer for borrowers who are on ARM loans that have adjusted upward and are having trouble making the new higher payments. We are an FHA approved lender and can help people who have found themselves in this situation. If you have a record of on time mortgage payments but have some 30 day lates since your arm adjusted recently you need to call to see if you qualify. Contact Loan Officer, Pete Cannon at Great Lakes Mortgage Corp. at 414-527-7800 x 108 www.glmcdirect.com

AN EQUAL HOUSING LENDER
NOT ALL MAY QUALIFY

Looking to purchase but can't sell?

Are you looking to purchase a home but are unable to sell your current home? We have the solution. Call Loan Officer, Pete Cannon for details. 414-527-7800 x 108

Mortgages Made Easy

Whether you are looking to purchase your 1st home or last call Pete Cannon at Great Lakes Mortgage for pre-qualification. 414-527-7800 x 108 www.glmcdirect.com

Homebuying Hints for First-Time Homebuyers

Would you like to buy a house? Great! One of the smartest things you can do now is to open a 401k account at your employer if available. If you are not eligible or they do not offer one start a monthly savings plan at a bank, credit union or no-load mutual fund firm. Why? In addition to having good credit, having "reserves,"or savings is an important factor in getting approved for a mortgage.

Generally, lenders require you to have 2-6 months of mortgage payments, taxes and insurance in savings to qualify for the best mortgage programs.

How do you achieve good credit? If you don't have a checking account open one. Find a bank or credit union with no or low minimum balance requirements and low fees. Pay credit cards, car loans and utilities before the due date. Stay below your credit card limits. If you cannot open a credit card a secured card may be a good idea. Call for details.

With good credit you can purchase a home with little or no money down. And at good rates. Contact Loan Officer, Pete Cannon at Great Lakes Mortgage Corp. at 414-527-7800 x108 to get pre-qualified. www.glmcdirect.com

Mortgage News

FHA mortgages are becoming more popular because of challenges in the sub-prime mortgage market. An FHA mortgage allows you to finance 97% of the purchase price of a 1-4 unit primary residence. We can set up a 3% grant for clients to use toward a downpayment. People with limited credit may qualify if they can show 3 on time trade lines over the last 12 months. These trade lines need not report to the 3 major credit bureaus. An example could be a rent payment, an insurance payment or a cable payment. FHA is a good program for a first time home buyer. The monthly mortgage insurance payment is reduced because a large share of it is financed in the loan. To see if you qualify or for any other real estate questions contact Loan Officer, Pete Cannon at Great Lakes Mortgage Corp. at 414-527-7800 x 108 or email at petecannon@glmcdirect.com Visit our web site at http://www.glmcdirect.com/ Not all will qualify. An Equal Housing Lender. We are licensed to originate loans in Wisconsin.