Mortgage On A Mission

15/12/2023

“I learned that it is the weak who are cruel, and that gentleness is to be expected only from the strong.”
Leo Rosten

Daniel F. Gerhartz

06/12/2023

A great childhood book..... but quite a bit of wisdom too for us adults. In real estate, it's not what you know but who you are. Be real and be open... you're not what everyone's looking for but you only need those 10, 20, 30 clients in a year.

"You become. It takes a long time. That’s why it doesn’t happen often to people who break easily, or have sharp edges, or who have to be carefully kept. Generally, by the time you are Real, most of your hair has been loved off, and your eyes drop out and you get loose in your joints and very shabby.
But these things don’t matter at all, because once you are Real you can’t be ugly, except to people who don’t understand."
Margery Williams -The Velveteen Rabbit, 1922.

William Nicholson, illustration.

05/12/2023

Great session at MetroTex in Forney..... Vision Boards for 2024!

Lots of market changes coming in 2024, but where there is change there is opportunity.

01/12/2023

Don't forget to pause, listen, count the leaves that are falling. And listen to the birds.

“Oh do you have time
to linger
for just a little while
out of your busy

and very important day
for the goldfinches
that have gathered
in a field of thistles

for a musical battle,
to see who can sing
the highest note,
or the lowest,

or the most expressive of mirth,
or the most tender?
Their strong, blunt beaks
drink the air

as they strive
melodiously
not for your sake
and not for mine

and not for the sake of winning
but for sheer delight and gratitude –
believe us, they say,
it is a serious thing

just to be alive
on this fresh morning
in the broken world.
I beg of you,

do not walk by
without pausing
to attend to this
rather ridiculous performance.

It could mean something.
It could mean everything.
It could be what Rilke meant, when he wrote:
You must change your life.”
Mary Oliver - Invitation, from A Thousand Mornings, 2013.

Jef Bourgeau - James River Trail (Blue Ridge), 2023.

01/12/2023

Thank you all for a great year! As we wrap up 2023, thank you all for the progress we've made at becoming your #1 full-service mortgage company that is local and family-owned:

- We joined MetroTex Association of Realtors as an Affiliate.
- We have 4 CE classes ready to teach on Zoom for Austin, CCAR, and MetroTex agents.
- We began our residential investor lending programs (DSCR, Fix and Flip).
- Closed 100% of our Pre-Approved buyers on time.
- Expanded our capacity with 2 loan processors, bringing over 20 years experience to our team.
- Joined the Frisco and McKinney Chambers of Commerce.
- Began our HELOC lending on all types of property (investment properties included).

In 2024, we will be offering more training, more lending products, and more coaching so that your business is more diversified, stable, and ready for whatever happens next with the NAR lawsuit.

Please DM if you are doing more than 5 deals a year. I'll invite you to our private Facebook group to get notified of upcoming CE classes.

25/08/2023

Congrats to all the REALTORs who are completing their Accredited Buyers Representative designation classes with Cindy Baas.

Great to see Megan Valentine with PROCO Roofing at MetroTex today. Did you know PROCO Roofing is helping Baylor with a commercial roof installation? Thanks for joining us today to sponsor lunch.

It's a tough market right now for Home Buyers. Getting a designation is a great way to put yourself on the map, to get more buyers and find more vendors to help you provide great service to boost your referrals. Hope to see you at a MetroTex class soon!

24/08/2023

"The rate you will pay is 5.68%...... and everyone else is paying 7%." When is this a true statement, and how can Home Buyers get a lower rate with a Federal Income Tax Credit?

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Did you know there is a Federal Income Tax Credit, which gives back 20% of the interest paid by a Home Buyer on their primary residence?

This Tax Credit is similar to the deductibility of mortgage interest. But since few people with median income use Itemized Deductions (the Standard Deduction does not allow additional deductions, like interest)..... the Tax Credit becomes very important.

With 20% of a home owner's mortgage interest being GIVEN back from the IRS.... this means they only have to pay 80% of the interest, since 20% is given back when they file their taxes. 80% of a rate of 7% is 5.78%.

Here's how it works:

- Home buyer's family has 3 people in the household, and the combined income (pre-tax) is under $128,000. Their FICO score is above 620. So after taking a home buyer education course, they qualify for the Federal Income Tax Credit, with lenders who participate (ours do).

- Lenders know that at tax time, the buyer will be getting money back. What do we call guaranteed money? INCOME! Lenders will give borrowers credit for this income, which helps them qualify for the home. It reduces the size of the housing payment relative to their income, making the loan less risky.

- Here's an example: a home of $500,000 with a 5% down payment has a loan of $475,000. At a rate of 7%, the monthly mortgage is $3160. Of that, about $2770 is interest (this number goes down every month, due to amortization).

- 20% of $2770 is $554.

- That $554 is what you get back from the IRS. Per year, that's about $3160 (again, this decreases year after year, as more of the mortgage goes towards Principle).

How could a Mortgage Payment that is effectively reduced by 17% (because of this Tax Credit) help more of your Renters become Home Owners?

To learn more, visit our website at MortgageMission.org/BuyerFAQs

Visit the post for more.

19/08/2023

Lender provided incentives to Realty Connect and other brokerages in exchange for mortgage referrals

19/08/2023

The federal regulator, the CFPB, is responsible for the enforcement of RESPA.

Think of the CFPB as TREC... just at the national level. They regulate both mortgage lenders and real estate agents and brokers.

Did you know accepting a Thing Of Value from a lender may be a violation of federal law?

New York real estate firm fined $200,000. And Freedom Mortgage fined over $1,000,000 for..... bribing agents to send them referrals.

If in doubt if a lender's offer is compliant, you can contact TREC directly by emailing

[email protected]

Lender provided incentives to Realty Connect and other brokerages in exchange for mortgage referrals

19/08/2023

A PUUURfect day to stay inside where it's not 105 degrees!

19/08/2023