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.