YOU DON'T NEED AN APPRAISAL!

That's right, you heard correctly. You can still get a loan without getting an appraisal. How do you do that you might ask? It's called the FHA streamline refinance. Without an appraisal.

You may have heard of the FHA streamline without an appraisal, it is certainly not new, but with the current state of the mortgage market and home values, this loan matters more now than ever before. Most people are familiar with the streamline that requires an appraisal. An appraisal is required when a borrower is looking to included their closing costs in the new loan amount. Actually, an appraisal is mandatory when doing that. Because closing costs are not being included in the loan amount, there is no appraisal required.

Now I know what you are thinking. If you can't include closing costs and prepaid expenses in the loan amount, the borrower will have to come out of pocket for thousands of dollars for closing costs, money which most borrowers don't have to spare. I say wrong. Allow me to explain. This is where being a broker gives me a distinct advantage over other lenders out there.

Because I am a broker, I get wholesale interest rates. And believe it or not, yield spread premium still exists, its just not called that anymore. It is now called a borrower credit. Fair enough, call it what you will. The way I structure the loan, I use the credit from the lender to pay not only my broker fee, but to also pay the closing costs and prepaid expenses on the new loan. All that I ask of the borrower is that they bring their mortgage payment to closing. This helps defray some of the costs, and this is money that was already budgeted to make the payment on the existing mortgage. It's a win-win.

The borrower gets a lower mortgage payment, does not increase their loan amount (although in some cases the loan amount does increase a little), and I close a loan that is all benefit and no downside. This loan was created for this very reason; to make it easy for someone to take advantage of lower mortgage rates with incurring a lot of expense. Well, mission accomplished.

I urge anyone that has an FHA loan with an interest rate above 5% to consider this loan. There is no cost or obligation when looking into getting this loan. Like the title says, you dont need an appraisal.

If you haven't done it yet, become a fan of wholesale mortgage services on facebook!



Posted by Joseph P. Mazzei at www.mymortgagebroker.blogspot.com

4.25% 30 year Fixed! No Points or Origination Fees!!

That's right, now you can get a 30 Year Fixed Rate Loan @ 4.25% (apr 4.299)!! Here are some of the requirements to get this loan: Primary Residence, Rate and Term Conventional refinance, LTV 80% or less, Loan Amount $150,000 or greater, credit score 720 or greater, No Origination, NO discount points, and No processing fees. Other restrictions may apply, please call for details.






Posted by Joseph P. Mazzei at www.mymortgagebroker.blogspot.com

A Simple 10 word email that will revive dead deals from months past.

Here is a simple 10 word email that will revive dead deals from months past.

First, I read a study and it said that over 50% of people that inquire about a purchase, will proceed with what they asked about, within 18 months.

But get this, only 15% of them will do so in the first 90 days.

That means it's crucial to stay in contact with them.

Of course the only way to do that is to have an automatic system in place to stay in
contact with them.

Ok, we all know how important it is to stay in contact, but I am going to give you a
simple email to send out to capture the dead leads that haven't taken action yet, even if you haven't stayed on contact with them.

Here is the email to send out, and then I'll explain why it is so effective.
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Subject Line: A quick question for you
Body of email: ‘'Are you still wanting to buy a house in <:put city here>?'’
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You may be tempted to add to this email, but don't. It already has 3 key things going for
it.

1. It's short
2. It's personalized
3. It's expecting a response

Send out this email and then tell me how well it worked out for you.
This is a simple strategy that costs nothing to implement!!!


Posted by Joseph P. Mazzei at www.mymortgagebroker.blogspot.com

4% 15 Year Fixed Officially Available!! No Points!

That's right, now you can get a 15 Year Fixed Loan @ 4% (apr 4.228). Here are some of the requirements to get this loan: Primary Residence, Rate and Term refinance, LTV 80% or less, Loan Amount $150,000 or greater, credit score 720 or greater, and 1 % Origination fee, NO discount points or processing fees. Other restrictions may apply, please call for details. P.S. If you would like to eliminate the origination fee, the rate would be 4.25% (apr 4.329) with a possible credit back to you towards closing costs.



Posted by Joseph P. Mazzei at www.mymortgagebroker.blogspot.com

Interest Rate Update: 4.5% 30 year Fixed

4.5 % Percent is available again, although, as usual with certain restrictions. But, if you are a borrower with excellent credit that has been waiting to refinance, now is the time. Here is a sample of the requirements to obtain this rate: Primary Residence, Rate and Term refinance, 70% Loan to Value, Middle Credit Score of 720 or better, and a loan amount of 200K or more. The Cost for this rate would be approximately 1 percent of the loan amount. I say approximately because rates change every day, sometimes they change several times throughout the day. So if you would like to know if you qualify for this rate or better, please feel free to give me a call. There is never any obligation and it doesn't cost a dime to talk to me.

Posted by Joseph P. Mazzei at www.mymortgagebroker.blogspot.com

Rate Update: 30 Year Fixed Rates Still in the 4% Range

That's Right Folks, 30 Year fixed rates are still in the 4 percent range. Its true that not everyone can qualify for these rates, but if you are waiting to refinance or buy a home, wait no longer. The Federal Government has extended the First Time Home Buyer Credit until April and now a non first time home buyer (repeat buyer) can get a credit of up to $6500 until April as well (you just have to close by June of this year). Just as these programs are limited, rates are not going to stay this low forever. The Fed is scheduled to stop buying mortgage backed securities (the major thing that is keeping rates at an all time low) in a couple months. So if you are undecided, now is a great time to buy or even refinance. I even still have rates available in the 3 percent range.

Posted by Joseph P. Mazzei at www.mymortgagebroker.blogspot.com