Delaware Mortgage Loans

MacGray Matter^TM                                                                                            July 19, 2010

FINANCIAL REFORM:  Early this week, President Obama will sign the Financial Reform Act passed by the Senate this past week.  What does the bill say?  Once again, it is very, very long and rather confusing.  One of the main reasons I can’t tell you what it all means is that much of the Act simply directs the Executive Branch to do things, like make regulations.  The bill will immediately create a 10-member Financial Stability Oversight Council, a powerful assembly of regulators chaired by the Treasury Secretary to keep watch over the entire financial system.  The Obama administration has one year to create a new Bureau of Consumer Financial Protection.  The Fed has until April to derive standards to measure the fairness of fees charged by banks to merchants for customers who use debit cards.  Regulators also will have to figure out how to implement new standards for how much capital banks should hold in reserve to protect against losses. The legislation requires rules in 18 months, but the U.S. is also part of international negotiations on what global capital standards should be, and those could move more slowly and affect how quickly the regulations are enacted.  As we learn more about this legislation and its implications, we will provide additional information.

EQUITIES LOSE IT ALL ON FRIDAY:  On Friday, stocks gave back all of the gains that had been earned during the first four days of the week.  This was largely due to the drop in quarterly revenues for some major companies such as GE, Citigroup and Bank of America.  Other economic news for the week included reports indicating the major inflation indices fell in June due to lower prices of energy and food, retail sales were 0.5% lower in June (second consecutive monthly decline), and industrial production slowed in June.  For the week, the Dow was down 0.98% (down 3.17% for the year), the S & P 500 was down 1.21% (down 4.50% for the year) and the NASDAQ Composite was down 0.79% (down 3.97% for the year).

POTENTIAL MARKET MOVERS THIS WEEK:  It often seems that anything and everything can move the markets on a given day.  Here are some events coming up this week that will likely influence what happens with the markets short term movement.  Three housing related reports will be released this week: the NAHB builder confidence survey on Monday, housing starts on Tuesday, and existing home sales on Thursday. Fed Chairman Bernanke will report to the Senate and House on Wednesday and Thursday, and on Friday, the European bank stress test results will be released.  Also on Tuesday, the Bureau of Labor Statistics will release the Regional and State Employment and Unemployment report for June.  On Thursday, the initial weekly unemployment claims report will be released.

RAILROAD TRAFFIC:  According to the Association of American Railroads, traffic in June 2010 was up 10.6% compared to June 2009, but traffic was still 10.2% lower than in June 2008.

NET WORTHS OF PRESIDENTS:  The Atlantic published an article which showed the net worths of all the U.S. Presidents at their peaks in today’s dollars.  Here are the some of their results: 

• ·         George Washington                $525 Million
• ·         John Adams                            $19 Million
• ·         Thomas Jefferson                    $212 Million
• ·         Andrew Jackson                     $119 Million
• ·         Abraham Lincoln                    Less than $1 Million
• ·         Ulysses Grant                          Less than $1 Million
• ·         Theodore Roosevelt                $125 Million
• ·         Franklin D. Roosevelt             $60 Million
• ·         John F. Kennedy                     $1 Billion
• ·         Ronald Reagan                       $13 Million
• ·         Bill Clinton                             $38 Million
• ·         George W. Bush                     $20 Million
• ·         Barack Obama                        $5 Million

MORE AFRAID OF RUNNING OUT OF MONEY THAN DYING:  Allianz Life Insurance Company surveyed 3,200 Americans.  They found that sixty one percent of Americans between the ages of 44 to 75 admit they fear the prospect of running out of their accumulated assets during retirement more than they fear death. 

OLD POWERS OF ATTORNEY AND HIPAA:  The Health Insurance Portability and Accountability Act (HIPAA) was passed in 1996.  The privacy rules under HIPAA became effective in April 2003, and health care providers must comply.  Essentially, the HIPAA privacy rules provide that health care providers must take steps to prevent the unauthorized dissemination of “Protected Health Information” (PHI).  The penalties to health care providers for non-compliance with the HIPAA privacy rules are severe.  As a result, health care providers are very concerned that they might transmit PHI and incur the severe penalties.  Consequently, Health Care Powers of Attorney will be carefully scrutinized by health care providers, and health care providers will need assurances that providing PHI to a Health Care Representative will not violate HIPAA.  Given the penalties at stake, the health care provider may likely err on the side of caution and not provide any PHI to a Health Care Representative unless the Health Care Power of Attorney specifically states that PHI may be transmitted under the HIPAA privacy rules.  Therefore, all Health Care Powers of Attorney should be updated to specifically empower Health Care Representatives to receive PHI in accordance with HIPAA.  This power should be clearly stated so that any health care provider reviewing the power will feel secure that the transmission of the PHI to the Health Care Representative will not be a violation of the privacy rules of HIPAA.  While all Health Care Powers of Attorney should be scrutinized to see if they contain provisions regarding HIPAA and PHI, it is unlikely that that any Health Care Powers of Attorney executed in 2001 or earlier will contain such provisions since the final HIPAA privacy regulations were not published until December of 2000.

Have a great week!

Doug MacGray

If you would like to apply for a Delaware Home Loan, you can APPLY ONLINE HERE, you can call John R. Thomas at 302-703-0727 or send an e-mail to jthomas@primeres.com

John R. Thomas – Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

42 Reads Way, New Castle, DE 19720

www.PRMIDelaware.com

If you have bad credit or no credit at all then you need to start building some good credit by establishing an active tradeline.  A tradeline is an item of credit that reports to the credit bureaus such as car loan, credit card, student loan, etc.   The problem most people run into is that no one will give you credit with bad credit or no credit at all.  The solution to the problem is obtaining what is called a secured credit card.  The card is secured because you put up the money up front that will be used for your credit limit on the card.  This is a must do item for any credit repair strategy.

So for example if you want to apply for a secured credit card with a $300 limit then you will need to send in $300 to active the card.  The credit card is secured against you not paying by sending the money upfront to the creditor as collateral.

Most secured credit cards charge you an upfront application fee in addition to the secured fee.  They also will charge you a monthly service fee.  I have found one that doesn’t charge the monthly service fee and only has a one time setup fee of $75. and best of all, almost anyone will be approved for the card.  So start buidling your credit today and apply below by clicking the picture.

John R. Thomas – Certified Mortgage Planner – Primary Residential Mortgage, Inc.

42 Reads Way, New Castle, DE 19720

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

New Listing for Middletown Delaware Real Estate – 1 Hayley Court, Middletown, DE 19709

100% Financing Available on this home through special government program with preferred lender.

1 Hayley Court, Middletown, DE 19709

• Square Footage – 2100
• Bedrooms – 4
• Basths – 2.5
• Property Taxes – $1,597 a year
• MLS # – 5742676

Whoever designed this Middletown home put a lot of thought into it! Spacious rooms throughout.  This home offers you a formal living room and formal dining room, large kitchen with island, 1st floor family room w/gas fireplace. Sliders from the kitchen lead to deck and huge fenced yard.  The second floor has 4 very spacious bedrooms, laundry area.  The master bedroom gives you 2 walk in closets plus master bath w/jacuzzi style tub, separate shower and double vanity sink.  The basement is finished with a recreation room and extra room perfect for office, playroom or guest room. There is also a basement area w/workbench perfect for your workshop. 

Close to Route 1, Rt 301 and 896.  Middletown Delaware has grown and is still growing with plans including a hospital, stores and parks.  Yet, you will still enjoy the small town atmosphere with its ole’ time Main Street, antique shops, restaurants, Vicotrian style homes, Peach Festivals  and more. 

You can own this Delaware home and pay less than it would cost to rent it!!!  It would cost you $1,800 a month to rent this home you can buy it with no down payment and pay an estiamted $1,635 a month for your mortgage payment including property taxes and home owners insurance.   The rate is 5.0% fixed for 30 years on our special 100% financing program (APR-5.327%).  Seller is also offering $5,000 in Seller paid closing costs!!! (Interest Rates subject to changed depending on market conditions)

You can APPLY ONLINE for the special 100% financing program or called John Thomas at 302-703-0727.  You can also send an e-mail to jthomas@primeres.com.

John R. Thomas – Certified Mortgage Planner – Primary Residential Mortgage, Inc.

42 Reads Way, New Castle, DE 19720

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

Free First Time Home Buyer Seminars  held every month.

Delaware First Time Home Buyer Tips – Loan Process for Home Purchase

Here is a Step-by-Step Guide to the Loan Process for purchasing a home from start to finish:

1. Pre-approval – Get pre-approved for a mortgage and know in advance exactly how much house you can afford. Completing this step will also increase your negotiating power since you’ll be viewed as a “cash buyer”.  This includes having a credit report pulled to verify you credit qualify for a loan.

2. Loan Search – Put yourself in the hands of an experienced mortgage professional, someone who will help you to determine which financing options best suit your needs today and in the future.  You can also explore down payment assistance options.

3. Loan Application - It’s crucial to supply the lender with as much information as possible, as accurately as possible. All outstanding debts as well as assets and income should be included.

4. Documentation - Paperwork supporting the application must also be submitted. Information commonly sought includes pay stubs, two years’ tax returns, and 2 months of bank account statements verifying the source of the down payment, funds to close and reserves.

5. Real Estate Agent - Once you are pre-approved you will then need to get a Buyer’s Agent that will work for you exclusively to find a house and negiotiate on your behalf.  If you need a recommendation for a great Real Estate Agent, let me now and I can recommend one.

6. Shopping for a Home - Begin shopping for a house. Once you find the right one, the terms of the sale will be negotiated, including the price and potentially the terms of the loan being sought.  Once your contract is accepted, you deposit check will be cashed and put into an escrow account.

7. Appraisal – Lenders require an appraisal on all home sales. By knowing the true value of the home, the borrower is protected from overpaying.

8. Title Search – This is the time when any liens against the property are discovered. A lien may have been placed on a property to ensure payment of outstanding debts by the owner. All liens must be cleared before a transaction can be completed.

9. Inspections – When you purchase a home it is recommended you get a home inspection and a pest inspection done to see if there is anything wrong with the house that you didn’t see.  Government loans will require at least a pest inspection be done.

10. Processor’s Review – All pertinent information will be packaged by your mortgage professional and sent to the lending underwriter, including any explanations that may be needed, such as reasons for derogatory credit.

11. Underwriter’s Review – Based on the information put together by your certified mortgage planner, the underwriter makes the final decision regarding whether a loan is approved.

12. Mortgage Insurance – Many lenders require private mortgage insurance when borrowers put down less than 20 percent on a loan.

13. Approval, Denial or Counter Offer – Once the underwriter reviews a file they will issue an approval, a denial or a counter offer with different terms.  If the loan is approved then a mortgage commitment letter can be issued.

14. Home Owners Insurance – Lenders require fire and hazard insurance on the replacement value of the structure. Flood insurance will also be required if the property is located in a flood zone.

15. Signing – During this step, final loan and escrow documents are signed at the attorney’s office.

16. Funding – At this point, the lender will send a wire or check for the amount of the loan to the attorney’s office.  Once the attorney receives funds and authorizes disbursement the seller is paid and the keys are handed over.  You leave the attorney’s office with the keys and are now a new homeowner!

If you’d like to learn more, please give me a call at 302-703-0727. I’d be happy to speak with you!

If you would like to apply for a Delaware Home Loan, you can APPLY ONLINE HERE, you can call John R. Thomas at 302-703-0727 or send an e-mail to jthomas@primeres.com

John R. Thomas – Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

42 Reads Way, New Castle, DE 19720

www.PRMIDelaware.com

This week brings us the release of six important economic reports for the bond market to digest in addition to the minutes from the last FOMC meeting and two relevant Treasury auctions. Several of the economic reports are considered to be of high importance, meaning we will likely see volatility in the financial markets and mortgage pricing over the next several days. There are also some heavily watched corporate earnings releases scheduled for the stock markets this week that can influence bond trading and therefore, mortgage pricing.

The first data of the week is May’s Goods and Services Trade Balance report early Tuesday morning, which measures the size of the U.S. trade deficit. This data is not considered to be of high importance to the bond market and will not likely have an impact on mortgage rates. However, if it does vary greatly from analysts’ forecasts of a $39.5 billion deficit, we may see some movement in bond prices and possi bly a slight change in mortgage pricing.

The first of the two important Treasury auctions will be held Tuesday when 10-year Notes will be sold. That sale will be followed by a 30-year Bond auction Wednesday. These sales can influence market trading in bonds and possibly affect mortgage rates. If the sales are met with a strong demand from investors, particularly Tuesday’s sale, we should see afternoon improvements in bonds that could lead to downward revisions to mortgage rates. However, if concern about the amount of debt that is being sold keeps buyers on the sidelines, we may see bonds fall after results are posted at 1:00 PM ET and Delaware mortgage rates move higher those days.

June’s Retail Sales report will be posted early Wednesday morning. This data is considered to be of high importance because it measures consumer spending. Consumer spending makes up two-thirds of the U.S. economy, so any related data is watched closely. The Commerce Department is expected to say that sales at retail establishments fell 0.2% last month. A larger than expected decline in sales could help fuel a bond rally and lead to lower mortgage rates because it would mean that the economy is likely not as strong as thought.

Also worth noting about Wednesday is the afternoon release of the minutes from the last FOMC meeting. There is a possibility of the markets reacting to them following their 2:00 PM ET release, especially if they show some divisiveness by its members during discussion and voting at the last meeting or give any indication of the Fed’s possible next move with monetary policy.

There are two relevant reports scheduled for Thursday. The first is June’s Producer Price Index (PPI). It is a very important release because it measures inflationary pressures at the producer level of the economy. It is expected to show a 0.1% decline in the overall reading and a 0.1% increase in the core data readi ng. The core reading is the more important of the two because it excludes more volatile food and energy prices. The bond market should react quite favorably if we get weaker than expected readings, but a larger than expected rise in the core reading could send mortgage rates higher Thursday.

June’s Industrial Production data is the second report of the day. This data measures output at U.S. factories, mines and utilities, giving us an indication of manufacturing sector strength. It is expected to show no change in the level of production, indicating that the manufacturing sector remained stable during the month. That would basically be good news for bonds, however, an unexpected decline would likely help improve rates if the PPI showed favorable results.

The remaining two reports will come Friday morning, one of which is arguably the single most important monthly report for the bond market. That one is June’s Consumer Price Index (CPI) during early morning trading, which is a mirror of Thursday’s PPI with the exception that the CPI measures inflation at the more important consumer level of the economy. Analysts have forecasted no change in the overall index and a 0.1% rise in the core data. The core data is considered to be the key reading because it gives us a more stable measure of inflation. Higher than expected readings could raise inflation fears and push Delaware mortgage rates higher Friday, while readings that fall short of forecasts could lead to lower rates Friday.

The second report Friday morning and the final of the week is the University of Michigan’s Index of Consumer Sentiment. This index is released in a preliminary form each month and then followed up two weeks later with a final reading. The preliminary reading for July will be posted late Friday morning and is expected to fall from June’s final reading of 76.0. This would indicate that consumers were less co mfortable with their own financial situations this month than last month. It is believed that if consumers are confident in their own finances, they are more apt to make large purchases in the near future. And with consumer spending making up two-thirds of our economy, investors pay close attention to reports such as these.

Also worth noting is the fact that Monday kicks off the corporate earning reporting season when Alcoa posts their quarterly results. Market participants are anxiously waiting for these earnings reports to see just how the economy is affecting earnings. Just as important as this past quarter’s results are their forward-looking estimates. If revenue, earnings and projections from the big-named companies exceed expectations, stocks will likely rally. This would make bonds less appealing to investors and lead to bond selling. But if results are weaker than expected, indicating that the economy is stifling earnings, bonds will be more attractive to investors as stocks slide. That could help boost bond prices and help lower Delaware mortgage rates.

Overall, it is difficult to try to label one particular day as the most important this week. It is easy to say the least important will likely be Monday, but every other day has important data or other events that can cause significant movement in the markets and Delaware mortgage rates. The single most important report for the bond market is the CPI Friday morning, but the data on Wednesday and Thursday are not far behind. The week’s corporate earnings also have the potential to heavily influence bond trading and mortgage rates via stock market swings. Therefore, it is highly recommended to maintain fairly constant contact with your mortgage professional this week if still floating an Delaware interest rate.

If I were considering financing/refinancing a Delaware home, I would…. Lock if my closing was taking place within 7 days… Lock if my closing was taking pla ce between 8 and 20 days… Float if my closing was taking place between 21 and 60 days… Float if my closing was taking place over 60 days from now… This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

If you would like to apply for a Delaware Home Loan, you can APPLY ONLINE HERE, you can call John R. Thomas at 302-703-0727 or send an e-mail to jthomas@primeres.com

John R. Thomas – Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

42 Reads Way, New Castle, DE 19720

www.PRMIDelaware.com

Delaware Veterans Adminsitration IRRRL Refiance Loan Guidelines (VA Streamline Refinance)

If you currently have a Veterans Administration Home Loan, commonly called a VA Loan, then you have the option to do a streamline refinance to lower your interest rate.  This is called a VA IRRRL Refinance, which stands for Interest Rate Reduction Refinance Loan.  You must currently have a VA loan on the property you want to refinance in order to qualify for a VA IRRL.

VA doesn’t require an appraisal on the propery or any kind of credit check but most lenders will require a credit check to verify a minimum of 620 middle FICO score.  Most lenders will also require a conventional exterior appraisal on form 2055.

VA doesn’t require a new certificate of eligibility for a VA streamline refinance, you will instead get a Prior Loan Validation from VA that can be used by the lender instead.  The VA IRRRL can be done with “no money out of pocket” because you can roll all of the closing costs into the new loan.  The Veterans Administration states that you can roll in your loan payoff, plus allowable fees and closing costs, including funding fee and up to 2 discount points.

The occupancy requirement for a VA IRRRL set forth by VA is different than when you bought the house.  When you purchase a home with a VA Loan, you must certify that you are going to live in the property as your primary residence.  But when you do a VA Streamline refinance, you only certify that you previously occupied the property.

You are not allowed to pay off any other mortgages on the property other than the existing VA Loan.  If you currently have a second mortgage, the second mortgage lien holder must agree to subordinate the second mortgage to the new first VA Loan.  If second lien holder refuses to subordinate their loan then you will not be able to complete a VA IRRRL Refinance.

The Loan Process is very Simple:

1) No income verification required

2) No assets verification required

3) No appraisal needed for most lenders, some only require an exterior inspection form 2055.

4) Funding Fee is only 0.5% which can be financed and if disabled you are exempt from funding fee.

5) All closing costs and prepaid items can be financed into the new loan

• Can close with no money at the settlement
• Can skip next month mortgage payment because rolled into payoff

If you are a veteran or the surving spouse of a veteran then you an apply for VA IRRRL refinance in Delaware, Maryland, or Pennyslvania by calling 302-703-0727 or you can APPLY ONLINE.  You can send an e-mail to jthomas@primeres.com for more information.  We can close these loans in as little as 10 days so apply now

John R. Thomas – Certified Mortgage Planner – Primary Residential Mortgage, Inc.

42 Reads Way, New Castle, DE 19720

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

Delaware First Time Home Buyer Tips – What Banks Look for in Home Loan Applications

Once your loan application is filled out and sent to the lender for review, the first thing they will look for is your ability to payback the loan you are requesting. My team and I at Primary Residential Mortgage have a streamlined loan process to help you get your ducks in a row prior to this review. A grand slam loan package is in perfect order and answers all the important questions up front. We know what the lenders are looking for, based on long-term relationships with them and extensive knowledge of guidelines for a multitude of loan programs that are available today.

What is the Banks looking for when they review the loan application?

The lender wants to know about your personal financial picture, including savings and credit history and your employment stability. The co-borrower’s history is also taken into consideration. The lender also considers the loan amount and appraised value of the home you are looking to purchase. Not every applicant is approved the first time through the process. If the underwriter has any questions or concerns, he or she will require certain conditions be met before they approve the loan. Pre-approval prior to house hunting lets you know exactly how much you are qualified to borrow in advance.

What can I do on my end to make it easier?

Before taking out a home loan it helps to establish a consistent record of paying your bills on time. If you have utility bills that are overdue, bring these up to date. Make sure you are paying credit card installments in a consistent and timely manner.

We can help you evaluate your debt-to-income ratio to determine what mortgage payment will be comfortable and affordable for you on a monthly basis. Aim for having enough savings to cover your down payment, closing costs if necessary, and two month’s expenses in case of emergency. We’ll help you find the loan program that works for you.  It is best to do a Monthly Budget to help you truly understand how much you an afford to spend a month on a mortgage payment.  You can download a free Budgeting Worksheet or you can purchase a very easy to use budgeting program like Money Tree Budgeting Software.

If I just started a new job six months ago, can I still apply for a loan?

A stable employment history is important, but the lender does take human factors into consideration. If you’ve recently completed college or vocational training, or were released from the military, you have good cause to have a lack of consistent work history. If your profession is seasonal, and gaps in employment are normal in your field, there are loan programs that can work with your situation. If you are a freelancer or do contract work, the lender will look for consistency in income over the last two years.

Consistency is the key word in the lender’s mind. But know that lenders have developed many different loan structures to meet the needs of the general public. When your grandparents bought their first home, they probably put 50% down and made a lump sum payment when the note was due. Times have changed, and so have loan programs. My team and I stay on top of current mortgage trends. We monitor rates daily and have a support network of Realtors®, CPAs, Financial Planners and Credit Repair Consultants to lend you additional assistance.  If you need to build a credit history then I recommend you apply for a Secured Credit Card.

Call me directly at 302-703-0727 for a free consultation.

If you would like to apply for a Delaware Home Loan, you can APPLY ONLINE HERE, you can call John R. Thomas at 302-703-0727 or send an e-mail to jthomas@primeres.com

John R. Thomas – Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

42 Reads Way, New Castle, DE 19720

www.PRMIDelaware.com

I have issed an alert to lock  your Delaware Mortgage Interest Rate before rates move higher.  The stock market has rallied causing money to move out of the Bond Market causing Mortgage Lenders to reprice their rates for the worse.  This is the second day the stock market has continued to rally.  Rates have been at all time lows so really have nowhere to go but up.

So if you are planning on refinancing your Delaware Mortgage Loan, now is the time.  Call me to lock in a rate ASAP on your Delaware FHA Loan Refinance, your Delaware VA Loan Refinance, or even on a Delaware Conventional Loan refinance.

If the stock market continues to rally for a third straight day you will see lenders move the interest rates higher again on Thursday.  Here is link for Daily updates on Mortgage Rates – Delaware Mortgage Rate Update.

If you would like to apply for a Delaware Home Loan for the purchase or refinance, you can APPLY ONLINE HERE, you can call John R. Thomas at 302-703-0727 or send an e-mail to jthomas@primeres.com

John R. Thomas – Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

42 Reads Way, New Castle, DE 19720

www.PRMIDelaware.com

The State of Delaware has passed a bill that will make it illegal to talk on your cell phone in your car unless you are using a hands free device.  When Gov. Jack Markell signed the bill, it made Delaware the eighth state to ban hand-held mobile devices.

The ban goes into effect on January 2, 2011.  The bill exempts police, firefighters and emergency personel.   The violation is $50 fine and another $50 rise on each subsequent offense but cannot exceed $200.  The good news is there is no points for these violations and they are not put onto your driving record.

John R. Thomas – Certified Mortgage Planner – Primary Residential Mortgage, Inc.

42 Reads Way, New Castle, DE 19720

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

www.PRMIDelaware.com

Delaware First Time Home Buyer Tips – Protect Your Personal Data

Did you know that the major credit bureaus sell your personal information? It’s true! Known as “trigger leads”, the files of borrowers applying for a home loan are immediately flagged, packaged, and sold by the credit bureaus to the highest bidders.

For about $25 to $100 or more, your name and certain specifics about your credit report, including your address, phone number, mortgage history, and even your FICO score range, are sold to unscrupulous mortgage companies which then blindly solicit your business. This results in numerous unwanted phone calls and junk mail offers which are in no way associated with your real estate agent or loan professional.

Unfortunately, no legislation presently exists to prevent the credit bureaus from profiting at your expense. As a trigger lead, you are simply at the mercy of any number of too-good-to-be-true offers designed specifically to try and discredit the mortgage professionals you know and trust.

Don’t be fooled! Ultimately, there are only a limited number of sources where lenders may turn to obtain mortgage money, and it’s unlikely that you will find an unbelievably low rate without an unbelievably high cost. That’s why, prior to taking an application for any loan program, I always encourage my clients to opt−out of credit bureau solicitations by visiting optoutprescreen.com. For new home buyers, this is the simplest way to avoid the problem altogether.

As you embark on what could be the largest financial transaction of your life, it’s important to have a professional mortgage specialist on your team who has your best interests at heart.

If you’d like more information on trigger leads, credit reports, or the various mortgage products available to help you reach your financial goals and needs, call me today at 302-703-0727.

If you would like to apply for a Delaware Home Loan, you can APPLY ONLINE HERE, you can call John R. Thomas at 302-703-0727 or send an e-mail to jthomas@primeres.com

John R. Thomas – Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

42 Reads Way, New Castle, DE 19720

www.PRMIDelaware.com