“All You Want to do is Ride Around Sally!”

March 9, 2016

Rock and Roll Hall of Fame inductee Wilson Pickett released his R & B chart-topping hit “Mustang Sally” in 1966 which includes a very catchy chorus where the Alabama born singer and songwriter sings:

“All you want to do is ride around Sally, ride, Sally, ride.
All you want to do is ride around Sally, ride, Sally, ride.
All you want to do is ride around Sally, ride, Sally, ride.”

When it comes to home buying, many buyers will spend the first several days simply “riding around” looking at houses and neighborhoods to determine where they might want to live or what houses are selling for in different areas of town.  This is not a bad strategy especially if a buyer is not familiar with the possible inventory available to be purchased.  However, this plan can lead to a very frustrating home buying process if Real Estate agents and sellers are contacted BEFORE the buyer knows their home financing options and requirements.

As fun as it can be to see floor plans, master-suites, kitchen layouts and back yards, this information can tempt a prospective buyer to begin to forge ahead with unkeepable promises and a unreasonable timetables for a closing date with no regard for what might be required from a home lender who is loaning them the money to buy this dream home.  Income and down payment requirements,  employment and credit history, and loan program guidelines may all impact the timeline for if and when any buyer may be in a position to buy any house they may find.

Although many home buyers feel that contacting a Realtor or stopping by to talk to a seller is the first step in determining if buying a house is possible, in reality, the first step for most home buyers is to consult with a full-service home lender who can do a thorough evaluation of the buyer and match them with possible home loan programs to make this a stress-free home buying process with no last minute surprises.

Step 1 in buying a house is to get a pre-approval from a Nationally Certified, State Licensed home loan professional.  As Wilson “The Wicked” Pickett sings:

“Slow your mustang down…[and] …put your flat feet on the ground.”

Who do you know who is spending all of their time “riding around” rather than actually talking to a Dream-Maker and Problem Solver who can help them know when and where they should be “riding around”?  Contact me.  I can help.

 

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Where Do I Go From Here?

January 12, 2016

You may be aware that I am the father of five very amazing daughters!  My wife and I often joke about what we missed during the 80’s and 90’s because for nearly 20 years, beginning in 1984, we were very busy with little girls. Part of living in a very active, colorful and energetic household of little girls was watching, singing, playing, dressing up like and reading Disney princess musicals.  The Little Mermaid, Aladdin, Cinderella, Snow White, Beauty and the Beast, Mulan and Pocahontas were all danced to, dreamed about, reenacted and sung with vigor around the Short house during those memorable years.

One of the songs which comes out of those years is a song sung in Pocahontas II by the daughter of the Indian chief entitled “Where Do I Go From Here?”  This song is sung in the movie as Pocahontas encounters a crossroads and she is reflecting on what she has heard from many in her life as she contemplates her next move.  The chorus in this song is this:SIGNPOST_3-253

“But where do I go from here?
So many voices ringing in my ear.
Which is the voice that I was meant to hear?
How will I know?
Where do I go from here?”

Many who are contemplating an upcoming home purchase must feel the same way!  Radio and TV Ads, direct mail, social media, neighbors, brothers-in-law – they ALL freely offer their advice, even when NOT asked!  They are sure, from their experience,  who should be called, what should be required, where one should look, and how long it should take!  However, their experiences are generally very limited to their own few transactions and in light of their own unique circumstances.

What many “would-be, well-intentioned” advisers don’t tell you is that they have a very limited experience in the process of buying (or refinancing) a house.  The TRUTH is that many of the national loan program guidelines are changing often and individual companies often have their own overlaying restrictions which are added to the federal government-mandated qualifying guidelines.

Most honest Realtors, Real Estate Attorneys, insurance agents, home builders, financial planners and CPA’s will admit that keeping up with home loan requirements is not part of their daily or weekly routine and therefore the borrower should wisely start their home buying (or refinancing) process by contacting a nationally certified, state licensed, experienced mortgage professional who has the information and attention to keep the unique needs of the borrower at the forefront of the available financing options being considered.

In answering the wanna-be, home buyer (or homeowner who desires to refinance their home loan) when asking, “Where Do I Go From Here?”,  I recommend contacting a local, experienced mortgage professional who can be reached and trusted to help the borrower reach their goals.  How can I help you?


Winning the Heart of Your Special Woman!

February 13, 2015

I heart my houseOK, gentlemen. The pressure is on!  What to buy your special woman this Valentine’s Day? Flowers die in a week. Chocolates are eaten up in a day or two. Jewelry can only be worn occasionally. This year, why not buy her the HOUSE you both have wanted for years! Great interest rates and new $0 down or low down-payment programs are available for almost any home buyer. Contact me and let me help you know your home financing options. I’m local, licensed, certified and have 17 years of lending experience – Ready to go to work for you or those you know.


The Road to Mortgage Ready Credit eBooklet

January 19, 2013

by Brian Short

Mortgage Ready Credit coverThe Road to Mortgage Ready Credit with Brian Short – The 22 page booklet carefully explains 1) What is good credit, 2) What is a Credit Score, 3) What improves your credit, and 4) Other Credit Issues which could keep you from qualifying for your upcoming home purchase or refinance loan.  Down load this eBooklet for your use or forward to a friend or loved one who is considering a home purchase or refinance in the coming months.


Home Buying Resources for 2013

January 18, 2013

by Brian Short

Home Buyers Handbook cover1.  Brian Short’s Home Buyer’s Handbook – 81 pages, 7 chapters full of step-by-step advice on making one of the most important purchases you’ll ever make in your life.  Take this advice from a PRO.  Download this Handbook and save yourself thousands of dollars of mistakes and hours of wasted time!

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2. Navigating the HomePath Mortgage with AmeriFirst & Brian Short – This 9 page booklet gives you the information and details for successfully buying one of Fannie Mae’s recently foreclosed properties in need of a buyer.  My booklet is tested and proven to be authoritative guide for helping you buy a great bargain in a neighborhood of your choice.

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3. 203k Guide: Building a Bridge to Home Ownership with Brian Short – “It’s a Jungle Our There” and my 12 page booklet with help you walk through the steps of RENOVATING your existing house or the house you have located which needs your TLC and our loan to make it all possible.


The “BUT Loan”?

July 21, 2011

By Brian Short, CMC®, CRMS®, GMA®

How many times have you gone out to look at a possible house to buy and discover that you like everything about the house BUT – the windows, the flooring, the size of the closets, the way the bonus room is finished out (or not finished out) or the number of bathrooms? How many times have you thought, “There is no reason to move? We could just stay here in this house for 5-10 more years. Everything about this house still fits our needs BUT – the age of the kitchen and bathrooms, the size or number of bedrooms, the roof and siding need replacing, or the basement still leaks.”

What many homeowners and homebuyers don’t realize is that there is a loan available which will allow for the cost of repairs or renovation to be “rolled in” to a new loan used to buy or refinance an existing home. This loan is referred to by the Federal Housing Administration (FHA) as the 203k loan but I like to call it the “BUT Loan” – for those who like everything about that house – BUT…!

Just think about your current home. Would you like to update the kitchen with granite countertops, new appliances and the latest cabinets? What could you do to your master bathroom to make it more useful or roomy when you both are getting ready for the day or to make room for your Jacuzzi tub which would help you unwind at the end of a busy day? Do the kids need an extra bathroom now that they are getting older? Do you love your neighborhood and everything about your location but desire to build a new master bedroom or family room to give your growing family the space they need?

Have you been shopping to buy a new house closer to work or the schools you like but can’t find a house which has what you need? Are you hoping to move out and far away from the rush of the sprawling city but are only finding old farm houses and houses which are very dated?

The FHA 203k – or the “BUT Loan” will allow you to borrow the money you need to make the house you are considering your DREAM HOUSE since you will be allowed to have the extra money upfront to contract with skilled workmen who will come in and kick out all of the “BUTS” which are keeping you from loving your house. The appraiser will assign the value of your new loan based on the final improved condition of your house after the repairs and renovation is complete. Matter of fact, if you are buying a new home you can even roll in the mortgage payments – up to 6 months – if you are unable to live in you new house while the rehabilitation is being completed.

The down payment on the purchase of a house using the 203k would still only be 3.5% of the improved value and if you are using the this loan to update or improve your current house this entire project could likely be completed at no out-of-pocket cost to you as a home owner except for an appraisal which would cost less than $500 and could likely be refunded at the closing. All other costs could likely be rolled into the new historically low rate loan.

Do you know of family members who are hoping to buy a foreclosed house at a great low price but keep finding houses which are beat up, stripped of the appliances or in dire need of repair or updating? The FHA 203k will make their dreams come true when they find out that they can pick out their own cabinets, counter tops, appliances, flooring, siding, paint and wallpaper and not have to drag out these projects over the next 1-3 years. They can have all of these updates and repairs completed even before they move in and roll all of these costs into their low rate 30 or 15 year mortgage.

This loan takes only a couple of weeks longer to close than a normal purchase or refinance loan to make sure all of the repairs have been carefully calculated and the work has been outlined in detail. Nearly any house would qualify for this “BUT Loan” and many borrowers – even those with some credit blemishes in their past – will qualify for this loan when they might have difficulty getting a conventional loan – with no money allowed to pay for the repairs.

If this sounds like something you might want to know more about check out the website: www.REbuildTennessee.com for more details and some “before and after” photos of houses which have benefitted from the “BUT Loan”. Happy dreaming!

Brian Short (NMLS # 168856) is a nationally certified, state licensed mortgage professional with over 13 years of experience as a “Dream Maker and Problem Solver” in middle Tennessee who works for AmeriFirst Home Mortgage (NMLS # 110139). He can be contacted through his website: www.ProMortgageMatters.com.


Cash for Cottages, Castles and Condos: NO TRADE-IN REQUIRED!

August 8, 2009

by Brian Short, CMC, CRMS, GMACertified Mortgage Professional

            The US Senate just approved another $2 Billion for the auto industry’s stimulus program referred to as “Cash for Clunkers” after the first $1 Billion was used up last week in only 3 days.  It seems, at first glance, that this auto industry bail-out program might be havingCash for Clunkers some positive affect on another ailing US industry.  At least the players are allowing the program to work.  The Feds are giving away money (whether you agree with this approach or not), the dealers are accepting the qualifying vehicles and giving a $4,500 trade-in allowance toward a new qualifying car, and US consumers are using up the allowed funds to work this program.

            The housing industry has witness many attempts by the Feds to “jump-start” the stalled industry for the past 12-18 months.  One of the first was the FHA Secure Program with “impossible to qualify” underwriting guidelines for those who had made late payments on their adjustable mortgages.  Most of the national wholesalers were not participating and none of the FHA participating lenders would approve these borrowers for this program. 

            The Troubled Assets Recovery Program (TARP) initiated by then Treasury Secretary Henry Paulson and President Bush and expanded by the Obama administration attempted to infuse cash into the ailing national and regional banks so they would be more willing to free up credit to business owners, home owners and borrowers.  However, with the expansion of this TARP program came the announcement that the Feds could jump into the books of any bank who received these funds to determine if they were “financially solvent enough” to avoid a federal government take over.  Some banks refused the money, others returned it and most who received it held on to it to bolster their bottom line figures.  Either way, no credit was freed up and no home owners, home buyers, home builders or Real Estate industry players have received any relief from such a misguided and over funded Federal effort.

            The recent announcement by President Obama to design a federal loan modification program has been met with delays and unresponsiveness by Bank of America and Well Fargo – the nation’s two largest remaining banks holding the largest number of servicing rights on most of America’s residential mortgages.  On the one hand, these banks appear very unwilling to work with their customers to write down loan balances or interest rates to keep the existing home owner in the home, and yet on the other hand, they are all saying that they do not want any more foreclosed properties and the process of foreclosing on US homes is causing home values to dive bomb unlike anything we have ever experienced.

8000 dollars The one program still being promoted – “$8,000 tax credit of first-time homebuyers” – is far too limited in its scope.  This author was calling for this approach long before the Feds rolled out their version.  However, we were calling for a tax credit for any down-payment and closing costs used to buy a house by ANY buyer.  Only this breadth of a program which would include Real Estate investors, buyers of second homes and “move-up” or “move-down” buyers will truly have any effect of the most critical industry in our downward spiraling US economy. 

            Again, I am calling for the inclusion of those solid borrowers, experienced buyers and business owners to be enticed to get off the sidelines and risk THEIR capital (rather than the future Federal tax revenues for generations to come!) to help get the housing industry out of the dumps. 

            The average first-time homebuyer is still too scared and too inexperienced to be a major player in rescuing the ailing housing industry.  They are fearing for their own job security and seeing house prices plummet causes them to be squeamish about investing what little cash they can scrape together to buy something which may be worth less than what they paid in 2-3 years when they might be ready to sell and buy something bigger or in a different location.  This group of buyers does not have the “staying power” to be the key to a housing industry recovery.  Bring in the Pros!  We need the seasoned home buyers and investors to be encouraged to buy up the housing inventory busting at the seams so builders will be enticed to start building again.

            In the meantime, those who desire to take advantage of the $8,000 tax credit have less than 4 months to get their first-time home purchase selected, financed and closed.  This is not much time in light of heightened underwriting requirements, appraisal delays and turn times in wholesale approval processes.  Those who can benefit from this limited time tax credit must move quickly to get the benefit of the $8,000 “give-away” by the Feds. 

            If you or someone you know has not owned a house in the past 3 years and desire to buy a house before the end of the year to take advantage of this $8,000 refund of all tax withholdings during 2009 and an outright rebate of whatever the difference is between what has been withheld and $8,000, they must get into the game quickly by contacting a Certified Mortgage Professional to get pre-qualified before going out to shop for houses with a Realtor.  The clock is ticking.  There is no promise that the Feds will extend or revamp this program once it expires on December 1, 2009, regardless of how many housing experts, like this author, call for a program which will really help the struggling housing industry.  Sellers are motivated to sell, there is a record-breaking level of houses included in the existing home inventory, and Realtors and Certified Mortgage Professionals have time to give a first-time buyer the time and attention they need to make a great choice to get into (or back into) the housing market.

            The good news is – no “clunker” trade-in is required to participate in this cash give-away.  You can buy anything you want and still get the $8,000 tax credit – a cottage, a castle or a condo!  COME ON DOWN!  You’re already a winner!