Buying a new home? Refinancing? Now is the Time!

Are you thinking about refinancing your home? Contemplating buying a home? 

If you answered yes either of those questions there are a few tips that will help you in the process...

1. Procrastination NOT allowed
If you haven't recently refinanced your mortgage there is a big chance that you are paying a higher interest rate then you should. Now is the time to take advantage of the current record low mortgage rates. The rates will gradually grow as the year progresses. Don't miss the opportunity to utilize the lowest mortgage rates in history.

2. Hurry Buyers Hurry!
Rates are low. Homes prices are on the rise. Now is the time! If you qualify for a mortgage, TAKE ADVANTAGE! Get pre-approved, don't miss out on the home of your dreams.

3. FHA vs. Conventional
The FHA's 3.5% down is very enticing for a buyer, but don't forget about the fees that are added to your loan (increase expected this summer). A Conventional loan is 5% down given your credit history. If you are able to afford the higher down payment, get quotes from both and compare to see what works best for you.

4. Good Credit, Good idea
2013 will bring new rules and guidelines, but the standards will not change. IF a new mortgage is a goal, then you must consider your credit to be the most valuable asset in obtaining that mortgage. A credit score of 720, no problem; at 680 you will still be able to get a good deal, but the approval process may be a bit more difficult. Tip: check your credit, if you are using more then 30% of your available credit you may be hurting your score. 

5. Pay off early? 
Every though about refinancing from a 30 year to a 15-20 year mortgage? Can you afford a slightly higher monthly payment? 
6. Underwater?
Like many Americans you may owe more than your home is worth, but have had no luck with refinancing in the past? There is a program that may be able to help. The Home Affordable Refinance Program (HARP) was altered to help the homeowners to refinance no matter how underwater they were on their mortgage. There were recent revisions to the program that will help borrowers overcome obstacles they have run into in the past. Don't let a lenders' No, be the end.                                                                                     

7. Communicate, your Lender knows
There are new programs available for those who grapple to keep up to date with their mortgage payments. Lender are willing to work through delinquent loans and assist the homeowner in the best way possible. They can help modify the loan  or even short sale the home if the homeowner cannot afford to stay in it. The only way to find a solution is to communicate through what will be a maddening process. 

8. Compare & Shop
Comparison shopping is for more then groceries and car insurance, but what lender can help you get the best mortgage possible. To make a fair comparison get 3 quotes from different lenders, quotes including closing costs. Start with referrals from friends and relatives, even someone you worked with on a previous home. Read online reviews from others borrowers they have worked with in the past, favor a good reputation. 

9.  You're APPROVED, don't mess it up now!
It is not uncommon that a lender order a second credit report just prior to the closing dates. Knowing this you don't want to open a new bank account or make any changes to existing accounts or credit cards. These actions are a capable of hurting your score and causing a last minute denial of your mortgage loan. 

10. It's only just begun

Your application is in, rate is locked, and yet the fun has just begun. It is important to submit any and all requests from your loan officer in a timely manner to avoid any delay ion closing or worse,risk losing your locked rate. Follow up with your lender at least once a week to ensure there are no snags in the process.

Incorporating Social Media Into Your Marketing Efforts

As we welcome in the new year and resolve to continue our successful growth in the South Florida real estate and mortgage market, we have made focusing on social media marketing a priority at my office.

Participating in social media marketing may seem a little overwhelming at first, but it is really quite simple and most services make it very easy to register and begin your marketing immediately.  I concentrate my social media marketing efforts through a few sites that have proven successful from the beginning, those being my company pages on facebook, google+, foursquare, whocanihire, twitter and my blog.   My recommendation is to start with these sites and expand to others over time.

I have found that the key to marketing through social media has been to position myself as THE reliable source for mortgage information to potential and past clients and to the real estate community.  It is important to be relevant, current and open in your postings and communication.  Many social media experts believe you need to subscribe to the 80/20 rule (80 percent of your updates should provide value for your followers and 20 percent can be self-promotional).  In my opinion, if you are providing value, you are promoting.  Please don't be afraid to promote yourself along with the benefits and services you provide, people expect this.

Already in the new year I have received inquiries from other mortgage and real estate professionals asking my advice and how it is working for me.  If you have not begun social marketing, hopefully you will begin soon.  I believe you will find success and a return in your investment in time in a fairly short time.  I am always available to help and answer any questions you may have.  In future posts, I will expand on my social media marketing efforts along with providing information regarding the mortgage industry.  

I am passionate about the mortgage business and love helping families attain home ownership, but in the interest of full disclosure, my husband is a partner in the company Who Can I Hire, Inc. which is the consulting firm that owns whocanihire.com.

A little about whocanihire.com, this is a website that acts as a hub and directory for small business and services to market using social media.  When a business joins the directory, they set up their profile, contact information, social media links, chamber of commerce links, and gallery page.  Plus, the site contains numerous resources for small businesses of which many are free or little cost.