The government's loan modifications program which was sold as a program that will help more than 5 million is still failing to live up to they hype. The program has only helped provide 421,804 home owners with loan modifications since it began. Which is great, until you know how much it has costed tax payers in America.
The government has spent over $75 billion to help over 400,000 home owners with loan modifications. If you do the math, each modification comes with a price tag over $177,000. While this number has come down slightly from when I first reported this "bank bailout," it's still obvious this was a horrible thought out program or well though out bank bail out.
Monday, August 30, 2010
Friday, August 20, 2010
Real Estate Niche
If you could, would you work with your ideal client on every transaction? Over the next few weeks we are going to help you with creating a niche.
A lot of agents avoid developing a niche because they don’t want to “limit” their business. However, creating a niche doesn’t limit your business, but allows you to focus your marketing time and money on your “ideal client.” Establishing your expertise within your niche is not an overnight transformation. While you are building your niche you will continue to work with all clients even though they don’t “fit” your niche. However, in time you will have the ability to only work with your “ideal clients” and refer all other prospects to other agents.
First you must decide what YOUR NICHE will be. Consider the following questions when determining your niche:
• What defines you?
• What are your interests?
• Who do you like working with? Who are your friends?
• Who were your past clients that you enjoyed working with the most?
• What are you doing when you’re not a Realtor?
• Where do you live?
Take some time to think about your niche and remember the greater the passion for your niche the less work you will be doing.
Check out this article for more information
http://www.brokeragentsocial.com/article/485/breaking-down-niche-economics-how-what-where-and-when
A lot of agents avoid developing a niche because they don’t want to “limit” their business. However, creating a niche doesn’t limit your business, but allows you to focus your marketing time and money on your “ideal client.” Establishing your expertise within your niche is not an overnight transformation. While you are building your niche you will continue to work with all clients even though they don’t “fit” your niche. However, in time you will have the ability to only work with your “ideal clients” and refer all other prospects to other agents.
First you must decide what YOUR NICHE will be. Consider the following questions when determining your niche:
• What defines you?
• What are your interests?
• Who do you like working with? Who are your friends?
• Who were your past clients that you enjoyed working with the most?
• What are you doing when you’re not a Realtor?
• Where do you live?
Take some time to think about your niche and remember the greater the passion for your niche the less work you will be doing.
Check out this article for more information
http://www.brokeragentsocial.com/article/485/breaking-down-niche-economics-how-what-where-and-when
Tuesday, August 10, 2010
FHA Guideline Changes
FHA announced over the weekend that they will be changing their mortgage insurance premiums effective September 7, 2010. Currently, borrowers obtaining a FHA loan pay 2.25% for upfront mortgage insurance and 0.55% for monthly mortgage insurance. For a $200,000 mortgage the mortgage insurance would be $4,500 and $93.73/month.
On loans after September 7th FHA borrowers will pay 1% for upfront mortgage insurance and 0.90% for monthly mortgage insurance.
While home owners will end up paying more for mortgage insurance in the long run, this was a necessary change to keep FHA above water. FHA has taken major hits in the last few years and changes needed to be made for the program to continue.
On loans after September 7th FHA borrowers will pay 1% for upfront mortgage insurance and 0.90% for monthly mortgage insurance.
While home owners will end up paying more for mortgage insurance in the long run, this was a necessary change to keep FHA above water. FHA has taken major hits in the last few years and changes needed to be made for the program to continue.
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