What an Obama Administration Means to Your Mortgage

The debates are done, the election is over, and on January 20, 2009, Barack Obama will be inaugurated as President of the United States. No matter where you fall in the political spectrum, no one knows for sure exactly what this will mean to the future of our country. With this in mind, let's put all politics aside, and take a closer look at Obama's plan for our future. And since a home is still the biggest, most important investment you'll ever make, we'll focus the limited space of this short article on Obama's basic housing measures.

More Economic Stimulus – Since trouble in the economy won't wait until January 20th, plans for another economic stimulus package are already in the works, so we might even see this happen, in one form or another, before Obama takes office.

Obama has also discussed a housing stimulus as well, to stem the tide of foreclosures, including a temporary 90–day freeze on foreclosures, as well as measures to address the demand side of the housing issue. This package includes $25 billion in state fiscal relief, which Mortgage Law Central says will help avoid "painful property tax increases."

Obama also wants to "aggressively and comprehensively" implement the recently–passed rescue plan and the Hope for Homeowners Act. This means the Treasury, HUD, Fannie Mae and Freddie Mac, and all of the banks and loan servicers who benefit from the rescue bill will continue to coordinate broad mortgage restructurings and loan modifications for struggling homeowners. No one knows for sure exactly how this will be implemented or what it even looks like yet, but we'll keep you updated as the details are released.

Reformed Bankruptcy Laws – Obama has promised to repeal the 2005 bankruptcy bill. A controversial measure, this will allow judges to alter mortgage terms during a bankruptcy, providing more protection for struggling homeowners.

New Mortgage Interest Tax Credit – Obama is expected to create a 10% universal mortgage interest credit for those who don't currently itemize. This means about $500 in savings for 10 million American homeowners.

Protection Against Mortgage Fraud and Predatory Lending – During the campaign, Obama blamed the financial crisis on lax government regulations, so look for tougher regulations, new criminal penalties for mortgage fraud violators, more funding for enforcement programs, more detailed loan disclosure laws, new counseling programs and other consumer protections, including a new Home Obligation Made Explicit (HOME) score (kind of like a new APR calculation) to help borrowers better understand and compare mortgage costs during the mortgage process.

This will go a long way in protecting new home buyers from the opportunists that have given good mortgage professionals like us a bad name in the last few years. And since so much of our business depends on referrals from satisfied clients, the good news is a lot of these people are now out of business. We hope that any new measures introduced by the Obama administration will help keep a new breed of copycats from invading our industry as the real estate market begins to change for the better in 2009 and beyond. From now until the end of the year, you can expect volatility to continue in the financial and credit markets. This means mortgage rates, too, so if you or anyone you know is looking to buy or refinance a home, give us a call. We monitor the performance of mortgage–backed securities on a daily basis, which allows our clients to capitalize on changes that will help lock in the best rate for their individual goals and needs. Also, if you'd like to discuss any of these or other changes that could affect your mortgage, don't hesitate to give us a call.



If you know anyone who is looking to buy, sell or refinance a home, please forward their name and telephone number to us. We will happily provide the same high level of service that we have provided to you. The greatest compliment you could possibly give us is the referral of your friends and family.
Lisa Warren
Southlake Branch Manager
Silver Oak Mortgage
Phone: (817) 410-2518
Fax: (817) 410-2519
lwarren@somlp.com
www.silveroakmortgagelp.com

Buying? Selling? What to look for in a Real Estate Agent

By BRENDEL HIGHTOWER - Detroit Free Press

When picking a real estate agent, think of yourself as an employer hiring for your company: Require a good resume, check references and do a thorough interview.
As CEO, you must recruit the best talent. Buying or selling a house is just like a business deal - and you need the right lieutenant to get the job done.
Agents should be familiar with neighborhoods and selling trends. You want someone who will go above and beyond to make things happen in this slow real estate market.

One of the best ways to find a good agent is to ask friends and family. They often can provide names of people they have worked with and liked. Checking newspaper ads, going to open houses and writing down agent names listed on For Sale signs in your neighborhood (especially ones that say "Sold") also might help you locate agents.

But the process doesn't stop there. Once you have a list of names, be sure to interview the candidates so you can determine which one will best meet your needs.
"The purpose of the interview is to feel comfortable, to know it's a person that you can work with and trust," said Pat Vredevoogd of Coldwell Banker AJS Schmidt in Grand Rapids, Mich., and the 2007 president of the National Association of Realtors.
Vredevoogd suggests that potential buyers and sellers ask agents about advanced real estate classes they might have taken. That can indicate how experienced and dedicated the agent is.
"This is a huge investment, and you want to be sure they have all the knowledge to protect you," Vredevoogd said.

Jessica Veitch and her husband, Jason, worked with three agents before settling on Chris Courtney of Remerica Hometown in Plymouth, Mich.
They closed on a 837-square-foot, three-bedroom ranch in Berkley, Mich., on Friday.
"He took time with us and was willing to work with us," Veitch said. "He didn't care that we were not looking for a real expensive house."

Here are other questions to consider:- How many years has the agent been on the job? You may prefer someone who has been selling homes for years. Or you might prefer the fresh perspective and energy of someone newer to the field. Ask for a resume and references.
- How compatible are you? Don't underestimate the importance of personality. Buying or selling a house is often stressful and emotionally challenging. Comfort and trust are key.
- Does the agent know the neighborhood? Local knowledge is crucial.
- What level of customer care will you receive? An agent will be your partner in a huge financial undertaking, so you want to choose someone who is always ready, willing and available. The communication needs to stay open and your phone calls need to be returned quickly.
- For sellers, what is the marketing plan for your home? Ask for a list of ways the agent plans to market and advertise your house. That can include print ads, Internet marketing, flyers, postcards and direct mail. Ask for samples to see the quality and professionalism of the presentation.
- What about commission? Traditionally, a seller pays around 6 percent in commissions; 3 percent goes to the seller's agent and 3 percent to the buyer's agent. Commissions, however, can be negotiated.
- Does the agent work part-time or full time? Chris Courtney said a full-time agent can stay on top of changes as they come about and can be more aggressive.
"If we don't sell, we don't eat," Courtney said.

DATES TO REMEMBER

Holiday Happenings in the area.....

Nov. 14 - Jan. 3 - ICE! and Lone Star Christmas (Grapevine)

Nov. 22 - Jan. 4 - The Trains at North Park (Dallas)

Nov. 28 - Jan. 4 - Holiday in the Park (Six Flags in Arlington)

Saturday, Nov. 22 - 3:00 to 9:00 pm

Home For the Holidays (Southlake Town Square)

Tree lighting at 6:30 pm

Saturday, Nov. 22 - 24 - www.SouthlakeFestivalofTrees.com

Friday, Nov. 28 - FW Sundance Square

2:00 to 5:30 pm - Holiday Fun Zone

6:00 to 8:00 pm - Parade of Lights and Tree Lighting

Nov. 29 - Dec. 21 - Snowflakes, Sugarplums, and SANTA! (Fort Worth)

Saturday, Nov. 29 - 6:00 to 8:00 pm

Hurst Annual Tree Lighting Spectacular

Monday, Dec. 1 - 7:00 pm

Historic downtown Grapevine Carol of Lights

Thursday, Dec. 4 - 7:00 pm

Historic downtown Grapevine Parade of Lights

Friday, Dec. 5 - 6:00 to 9:30 pm

Holly Days at Keller Town Center

Saturday, Dec. 6 - 10:00 am

Neiman Marcus Adolphus Children’s Parade Dallas

Saturday, Dec. 6 - 4:00 to 8:00 pm

NRH Night of Holiday Magic at NRH20 Family Waterpark

Saturday, Dec. 6 - dusk

Twinkle Light Parade on Grapevine Lake

Happy Holidays!!!

Foreclosure Prevention

Foreclosure Prevention
The two secondary-mortgage-market companies are well aware of the market pain and are taking a number of steps to provide relief, particularly to prevent foreclosures.

Among other things, Freddie Mac is allowing lenders to modify their at-risk loans into 40-year, lower interest-rate mortgages and to reduce borrowers' burdens by permitting them to roll up to six months of missed payments into what amounts to an unsecured second loan. The two companies are also ramping up their staff and adjusting compensation so their internal structure better matches the size and complexity of the processing demand they face.

What’s more, to help facilitate short sales, Lockhart’s agency will be releasing a large-scale, streamlined, standardized process for expediting short sales, which he said will give lenders flexibility and tools like principal forbearance that they can’t easily use right now.

But Lockhart made it clear that the bulk of the problem isn’t with Fannie and Freddie loans, but debt in what the financial services industry calls private-label securities, the Wall Street loans, many of them subprime, that are held by investors all over the world.

The streamlined short sale process his agency will be announcing soon—he didn’t give a time line—could go a long way to focusing the minds of lenders on the problem. But ultimately the problem won’t go way until interest rates come down, buyers start streaming back into the market again, and prices firm up, he suggested.

—Robert Freedman
Realtor Magazine

Mortgage Loans

URGENT!!
Dont let the media spook you!!
You do not have to have 20% down to obtain a home loan, we are financing people with a minimum of 3% down and even 0% down on special programs and areas.
Right now is the perfect time to buy a home, it is the largest investment you and your family will make. If you do not own a home or are interested in moving to a new one please call us.
We can find a program that will best suit your needs.

by:
Silver Oak Mortgage
Lisa Warren
Branch Manager
751 E Southlake Blvd Ste 100
Southlake, TX 76092
office 817-410-2518
fax 817-410-2519

Real Estate Update

Five Key Areas to Pay Attention to When Buying a Home

By Carla L. Davis


Looking for a new home can be exciting and frustrating. You can help alleviate the frustration by paying close attention to five key areas of the homes you're considering buying; it may save you money in the long run.

Don Walker is an inspector and owner of Ace Home Inspections. He says there are five areas in homes that he frequently reports problems with. They are electrical, foundation, plumbing, the attic, and landscaping.

Electrical: Walker says sometimes homeowners assume with newer homes that all will work just fine but that's often not the case. "I inspected a brand new house—four years old but the electrical was all done incorrectly," says Walker.

Having a complete home inspection will help to rule out any problems and point out any areas of concern. However, even as you're browsing homes, buyers can start to make note of the key areas that Walker mentioned, such as the foundation.

Foundation: Walker says a four-year-old home he inspected recently was already showing trouble signs which could result in a costly repair project. "It was a model home. What the homeowners did was plant trees for shade to make it look really nice, but they planted the wrong trees and they're going to crack the foundation and it's going to cut the property value down by $50,000," says Walker.
Walker says in the case of that home, the trees were causing micro-fractures in the tile in various locations of the home. "As you walk through the house, 21 feet in and 30 feet deep, there's just too much root invasion and it's going to ruin their tile," explains Walker. He says some tell-tale signs with this home were the minor cracks in the foundation that were causing a lifting and separation of the foundation. Also, the windows were not opening and closing properly, "which means the foundation is moving."
However, just because you see cracks doesn't mean there is a foundation problem. "Most people don't understand that there are natural cracks in a house. That's why when we do an inspection report we have to look at it and say 'Okay, this is a typical crack and this one is an untypical crack,'" says Walker. He says some cracks may lead to other problems while others won't.

Plumbing: Walker says another big area of concern is the plumbing. It's an area that you can't always spot as easily but it can create expensive repairs if plumbing issues go either undetected or are not properly fixed. "Mold forms underneath sinks when people have a leak and they fix the pipe but they don't take care of the mold," says Walker. Things like caulking the sink can help prevent mold. "That's my number one thing I always find—bad sinks," says Walker.
He says that when you look at the sink, look behind it and most of the time you will discover a little crack. "What happens is, when you wash dishes or you wash your hands in the bathroom or the kitchen, the water gets in that crack and seeps down. Once the water gets behind the cabinet it's in a perfect position to create mold," says Walker. The dampness, humidity, and lack of light can turn that area beneath the sink into a mold-breeding ground.

Attic: "You can tell everything about the house by the attic," says Walker. He says other areas of the home can be covered up if a repair had occurred. For instance, if there was a leak and it damaged a wall, with the right contractors and repairs it can be made to look like new and, hopefully, function like new. But Walker says the attic is sort of the eyes to the soul of the home. "In the attic you can tell where all the damage has been," says Walker. "If you're in a 20-year-old house and you see that the insulation is brand new, you know that there was a water leak because it had to be replaced," says Walker. He adds, "You can tell if the roof is good because you can look right at the wood."

Landscaping: "There should not be moisture or plants next to your house," says Walker. He says there should be a 12 inch barrier between the landscape and the house. Walker says otherwise you run the risk of having the foundation crack and affect the home. What happens is, as the landscape that is too close to the home is watered, the foundation and soil expand. Then, when no watering occurs, the foundation dries up and shrinks and this can cause it to crack.

Remember, knowledge is power, so learning about the home before you close the deal on it will keep you from making a mistake that may cost you extra out-of-pocket money later.


Copyright 2008 Realty Times
All Rights Reserved.

What's At Stake?

What's At Stake?
Pass the Emergency Economic Stability Act
A SUMMARY OF THE PROPOSED ECONOMIC STABILIZATION ACT

Click here:
http://takeaction.realtoractioncenter.com/campaign/eesa/explanation