In the month of May, Guaranty Trust Company, a mortgage company owned by Volunteer State Bank, will be moving to a new location. GTC has currently been at the Winston Hills Retail Center for the past 5 years and is moving into the new location of the recently built Volunteer State Bank in Hendersonville at 323 East Main Street to better serve our customers and have better parking facilities. Guaranty Trust staff will be located on the 2nd floor of the new bank location on the corner of Maple and East Main – across from the City Hall of Hendersonville.
Kaye Fought Clark, Vice President, Branch Manager, Jeff Byrd, Senior Loan Officer, and Kara Bennett, Senior Processor for the retail division of GTC will be located upstairs in the new bank building. They have been with GTC for 7 years. Also, Melanie Majority, Senior Underwriter for GTC Wholesale division and Stacy Eubank, Loan Account Manager for GTC Wholesale will be moving into the new bank building upstairs….
As a Real Estate Agent, you can be certain you’ll receive calls from panicked homeowners who want to sell their home because they owe too much, or falsely believe it is better to rent than to experience their home’s value decline in a soft market. Fearing the worst, some homeowners want to just get out from under their mortgage…right now!
For homeowners that owe more than the value of their home, selling may not be an option right now. Guaranty Trust is offering the HARP2 refinance program. As a Realtor, you may be in the first position to recognize and recommend this solution to your clients. The HARP product allows a homeowner to refinance into a better rate, and at higher loan to value than any current conventional or government loan does now.
Right now, you may be asking, “what does that do for me?” Well, it is all about the care and feeding of our clients….good advice goes a long way to protect that relationship for future business. There are some guidelines to qualify…here’s the primary list;
I’m asked this question all the time. “How much can I shorten my mortgage by making bi-weekly payments?” (Not to be confused with bi-monthly payments, as the savings are not the same.).
Bi-Weekly payments by definition means you are paying ½ of your payment every TWO weeks, so you’re paying part of your principal early, AND you’re making two extra payments a year, which can reduce your 30 year term by years. Bi-weekly payments can also take your principal balance down faster, even if you don’t plan to stay in your home for 30 years.
See for yourself with this quick calculator I found…Just plug in your numbers and see how much you can save! ...
Imagine, getting into a home for $100 down! Yes, its true, there are some HUD foreclosed properties where a buyer can purchase a home for just $100 down! Before you rush to make a bid on one, there are some stipulations to that program you’ll want to be aware of:
1. This $100 down program is for HUD “Insurable” properties only, not the UNinsured properties that are sometimes available thru HUD. ‘Insurable’ properties are usually in satisfactory condition or can be made that way, with repairs that total less than $5,000.
2. You must be the occupying owner for this product. Investors are not eligible.
3. Your bid must be for the full asking price and your Realtor must state the bid is for the $100 down program. This means you may have to pay out of pocket at closing for upfront mortgage insurance and some closing costs. But in most cases you will not have to purchase, an appraisal, termite inspection, or even a home inspection. HUD usually has these items already completed.
There are several misconceptions on building credit floating around in the mortgage industry. Below are a few ideas that may be effective in building up a credit score in as quick a manner as possible to help obtain a mortgage with having a better credit score.
1. Personal Loan and CD: Open up a Certificate of Deposit of a small amount – let’s say $500 and then ask for a personal loan of $250 (half of the CD amount) Tell the bank you are trying to build up your credit. The trick is – do not spend the money – use the money to pay back the loan – say within a two – three month period. Then you will have a positive credit line on your account that you paid off within a short time period…..
Guaranty Trust has decided I need to become a Social Media Ninja, which will not be an easy task. I am now on Facebook where I occasionally post pictures of my husband, children, grandchildren, and my two precious dogs. I post a quote I feel the world should know about ...and….. I look at my Facebook friends’ pictures of their husband, children, grandchildren and precious dogs and read a quote they feel the world should know about. I am on twitter. I look at twitter to see what amazing things my children and grandchildren are up to on a daily basis. I am on LinkedIn. At this point, I just keep linking in with people I don’t know, but I know someday I will get it, I’m just not there yet.
I was required to write three blog posts a year, yes baby steps . After my first blog post last month about our dirty little secrets, I was then asked if I would post to the blog once a month on our website about my secrets. I agreed because there are so many stories to be told about what goes on behind the scenes that I feel real estate agents and consumers alike need to hear…to help me, help you, get to the closing table in a timely manner.
Just a quick background of my history in the mortgage business….
“Staging” your home…Does it really help your home sell faster?
You’ve cleaned your home and mowed the lawn…Are you ready for the new “it must be perfect” buyer’s market? A few simple steps to stage your home could payoff in not only a fast sale but a top dollar sale. First, visit some model homes, and talk to your Realtor for ideas, then get to work… Here are a few tips to remember;
1. Clean, Clean, Clean…especially bathrooms and the kitchen, and any pet odors that may exist.
2. Fix anything that doesn’t work…Have you been listening to a dripping faucet or looking at a crack in the wall?….You’ve gotten used to it, but a potential buyer will pick up on everything you’ve overlooked or forgotten about.
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I work with realtors everyday so I see firsthand the processes that you go through when helping a customer sell their home and/or purchase a new one. It’s not just writing a contract and you’re done! Realtors coordinate everything between the buyer, seller, home inspector, title company and of course the lender.
Have you ever thought about how important something as simple as a soft pull credit report can be? First, let me explain the purpose of this report. Lenders will typically pull the report 24 to 48 hours before the loan closes to make sure the borrower has not gone out and made any new purchases so, we are looking for inquiries that might affect our borrowers debt ratio.
When my processor comes to my office with a soft pulled report in her hand, my first thought is ...what did they go out and buy? A car? a refrigerator ? maybe a washer and dryer? They all think that is a must now that they are going to be homeowners right?
Well, no, none of the above ...how about a brand new… collection!! Now that is something that gets my heart racing.
From the listing – to the closing, everyone involved wants it smooth. So here’s a few tips for that “Smooth-Selling”!
- Listing the Property – Encourage the seller to minimize furnishings, from floor to ceiling. Open, airy space is best! The buyer wants to be able to picture their family in the home. For great information from NAR on staging a home to sell, click HERE.
- Showing the property – Introduce the home, point out the GREAT things about it, and step back a little. Allow the buyer to explore on their own. No one wants a sales associate walking around the store with you while you’re shopping. Remember when showing a home, your safety is also important. Watch this informative video for safety tips.
GUARANTY TRUST G.R.E.A.T. PROGRAM
OPEN HOUSE LUNCHEON
FEBRUARY 22
11 AM TO 1 PM
Guaranty Trust announces the G.R.E.A.T. program open house luncheon.
The Guaranty Trust GREAT program provides marketing tools and training to help Real Estate Agents enhance their marketing techniques and grow their real estate business…
Special Funds are available in the City Of Murfreesboro by the City of Murfreesboro. The borrower does not have to be first time homebuyer. The grant amount can be up to $14,999 in certain census tracks, including 409,410,411,412,413,414 & 421, and has to be a foreclosed and vacant property. In some cases, this grant can be added to an additional grant of $10,000, which requires the buyer to be a first time homebuyer…
As I was closing out my 2011 files and getting ready for 2012, I took a quick glance back through the year. This is always a fun time of year for me, I am able to revisit some of the buyers’ files that bring back some great memories, especially of those grateful first time homebuyers.
Something I noticed was the large increase in property flipping. We are seeing more and more local investors coming into the market and making a difference in our communities.
For a first time investor, the first property flip can be a little intimidating when dealing with the lender.
Here is a list of basic rules that will help with your first flip….
Buying a home is not only a big financial commitment…but it’s also a personal decision that is unique to everyone….Be sure you’re ready. Check out this video….if you need more help call on us anytime.
The Credit Report companies used for determining credit risk for the mortgage industry is about to get more personal. When this happens consumers will be evaluated on their cell phone payment history as well as their utilities payment history. While this is an improvement for buyers…
Check out this easy and fun mortgage payment calculator! Just drag the bars to match your principal amount, interest rate, and loan term to see your payment amount.
United Way representatives were in the office today as we prepare for our United Way campaign next week. They presented Wendell, GTC President, with the Gold Award for the exemplary support GTC has provided United Way. We are so proud to partner with this organization that has touched 1 in 3 people in our community!
In celebration of the recent launch of the Guaranty Trust blog and Facebook page, we are giving away an iPad 2! Everyone here at Guaranty Trust is excited about connecting with our customers in new ways.
The blog is off to an amazing start. We hope that the Mortgage 101 post category will be a helpful resource to those looking to buy a home and needing to learn about the mortgage process.
We have created a Facebook fan page for our mortgage customers, realtors, and other business partners. On this page, you’ll find the most recent and relevant mortgage news. Most importantly though, this is a place to connect with you and be an available and convenient resource to meet your mortgage needs.
Now, on to the giveaway details! Here’s how to enter:
Did you know that the most important factor in choosing the right loan is NOT always the interest rate ??
Many customers that I speak to concentrate heavily on getting the lowest interest rate possible in the market today, and completely ignore what they are actually paying to get that rate. We all want the lowest rate possible, but you must always factor in the closing costs you are having to pay or finance in the loan to tell if this lower rate is the best option for you.
Guaranty Trust is trying to get valuable information out to all homeowners who are contemplating a refinance and are not sure if now is the right time. We have all heard that when you inquire about a refinance, you should try to reduce your interest rate by 1-1.5% for it to be financially prudent. This is no longer the case. Because of new lending standards and guidelines put into effect by the Federal Government, closing costs on refinance loans are MUCH LESS than what they used to be. The result is that you are able to recoup the closing costs in a much shorter time period, thus, you do not need as much of an interest rate reduction to make it worthwhile.
Above and beyond interest rates and closing costs, there are 3 much more serious factors that EVERY homeowner needs to take into consideration:
Thank you for visiting our blog! We are new to this so please be gentle with us.
By you being here we are betting that you are looking for some information in regards to a purchase or refinance of a residential property and with 25 years under our belt of financing home loans…we have plenty of information for you. Here are just a few items we can help you with:
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