Are You an Ambivert

If you’ve read Susan Cain’s book, “Quiet: The Power of Introverts in a World that Can’t Stop Talking,” you’ve likely learned that our society equates extroverts with success. However, studies show this societal trend may be a misconception.

An ambivert, as Cain describes it, is someone who has both introvert and extrovert characteristics. And these individuals have been shown to be the best sales people. In a study by University of Pennsylvania’s Wharton School researcher Adam Grant found that ambiverts made 24 percent more in sales revenue than introverts and 32 percent more than extroverts.

So, how can you sell more like an ambivert?

 

Be enthusiastic, but not too enthusiastic.

Extroverts can be so passionate about their product or service that they don’t appear genuine, while introverts have the opposite problem. Find a balance of professionalism and enthusiasm when interacting with a prospect.

Listen and engage.

Listening is associated with introverts, but engaging with the individual you are listening to is the action of an extrovert. Strive for a balance of hearing your customer out and interaction to establish a stronger connection.

Provide guidance, but don’t bully.

Extroverts when trying to convince a customer to move forward can come off as pushy and overbearing, while introverts might offer no guidance, leaving the customer unsure of what they should do next. Offer your client guidance, but pay attention to their level of comfort and adjust your approach if they give hints you should take a step back.

 

 

–Thanks Kathleen with W.J. Bradley Mortgage for this great info!

 

Is FHA Right For You?

n 1934, the federal government established the Federal Housing Authority (FHA). The FHA was not created to actually lend money; rather, it was created to insure the loans made by approved lenders, such as W.J. Bradley, and to protect the lenders against defaults on the loans.

If a borrower obtains an FHA loan and then defaults on it, the lender is compensated by FHA, and thus the lender will not lose as much money and is therefore more willing to lend according to FHA guidelines.

Inviting Terms
Originally considered a program mainly for first-time buyers, FHA loans are now one of the most popular types of loans for all types of borrowers due to a variety of attractive features:

  • http://electrodomesticosam.com/?q=advance-cash-day-loan-same Low down payment. FHA loans let new buyers put down as little as 3.5 percent of the home’s purchase price. Gift funds may be used for the down payment, which means you may not need to come up with any cash at all.
  • http://electrodomesticosam.com/?q=new-payday-loans-online Market-appropriate loan limits. For many years, FHA loans had very low maximum loan limits. But in 2007 the FHA raised its loan limits to equal the median home price in your market.
  • diamond jewelry and loan cornelia ga Lower credit requirements. While there are no set credit requirements, it’s best to contact me to determine if your credit history along with other factors will qualify you for an FHA loan.
  • payday loans - richmond va Low up-front mortgage insurance rate. The FHA requires mortgage insurance to protect itself from loan defaults, but premiums are only 1.75 percent of the loan amount. The premium can be paid directly by the borrower or rolled into the loan amount.

In the past FHA loans were considered “risky” or too much trouble for lenders, with strict regulations and requirements that had to be met before an FHA loan would be approved. Borrowers who applied for an FHA loan were also sometimes considered high-risk, because usually they would not qualify for conventional funding. Relaxed guidelines combined with the state of the market have taken the stigma off of these loans and made them a great choice for nearly any borrower.

Other Considerations
While FHA loans offer less stringent terms than you would find with conventional loan requirements, they are also designed to ensure responsible homeownership. FHA loans impose ratios on borrowers’ debts in relation to their income. The FHA also requires you to pay 1% of the loan amount as an upfront mortgage insurance premium. In addition, annual mortgage insurance payments are also required, divided into monthly payments of 1.10% to 1.15% for 30-year loans, according to the loan-to-value ratio.

If you’re looking to purchase a new home or refinance a current mortgage, but are worried you don’t have enough for a down payment or that your credit is too low, remember that FHA loans may present a perfect option.

Kathleen O’Brien
Loan Officer
W.J. Bradley Mortgage Capital, LLC

The Loan Process

The home loan process can be intimidating. It’s a transaction with many aspects that may be unfamiliar to you. Understanding how the process works is a great way to remove a lot of the stress you may feel when making such an important decision.

Below are the 10 core steps of the loan process that must occur in order for your loan to be funded. If you have any questions, don’t hesitate to contact me for a free, no-obligation consultation.

  1. http://hiddenacres.ca/site/?m=pay-day-loans-no-checking-account You and I review your mortgage options based on your specific financial needs. There are a lot of choices and it is my goal to help you find the program that you are most comfortable with and to ensure you are completely educated on the features associated with your choice.
  2. http://cfpaldomoro.it/?m=payday-loans-compare Complete the loan application. I will take your application and ask you to provide important documentation, such as pay stubs, W2s, bank statements, etc., at an early point in the process.
  3. http://selinathompson.co.uk/?m=easy-payday-loan-today Your personal documentation is gathered. The title of the home and all verifications are ordered when you are refinancing or have a purchase contract. The title company will send disclosures for you to complete and return.
  4. zero deposit home loans uk Appraisal of the home is ordered. If you are refinancing, the appraiser will call you to set up an appointment. If you are purchasing a new home, the appraiser will use the lock box to access the property.
  5. payday loan lubbock tx Loan is submitted to our professional underwriting team for review. This is the first review of your application to check all the information is there and all the numbers are adding up properly.
  6. You receive periodic loan status updates throughout the process.You will be receiving emails and follow-up phone calls from me, updating you at various points throughout the loan process.

    In addition, I can check on the status of your loan at any time, and can even look up the name of the person who has it at any moment in case we need to contact them for a status update or to provide them with additional information. I am here to support and inform you throughout the entire process.
  7. Loan is submitted to underwriter for final approval. The underwriter reviews your documentation and determines whether the information listed on the application meets the guidelines. WJB has some of the fastest turn times in the industry for review of loans, which helps ensure you will go to closing when you planned, with no costly delays.
  8. Title company sets up an appointment to sign documents. Once the title company receives the loan documentation, they will call you to set up an appointment. At this time they will give you the final closing figures.
  9. Signed documentation is sent to funder. The loan will go through quality control in which a funder makes sure everything is in the file to make it compliant with state and federal law.
  10. Loan funds and you have a new mortgage. For a new home purchase, once the title company receives the funds, they will send the deed to the county recorder’s office to be registered and filed. After the loan has recorded, the transaction is complete and your agent may now give you the keys to your new home. For a refinance, no deed needs to be sent, but the terms of your loan are documented and filed.

 

 

 

 

–W.J. Bradley Mortgage Capital

Kathleen O’Brien
Loan Officer
W.J. Bradley Mortgage Capital, LLC

Hot Market Hot Deal Hot Water

It is no secret that Denver and Colorado Real Estate is flying off the shelves so to speak. According to Metrolist in May our average sales price is up to $308,537 which is an 8.62% increase from last year.  The average days on the market is 48 days. This is a 14% change from last month and a 38% change from last year.

Some could call this Colorado Market a “HOT” one. With multiple buyers and sellers getting multiple offers and above asking prices.

With a “hot” market there seems to come a lot of “HOT” deals from different Real Estate Professionals. I have seen things such as “list your home for 1%” or “full service agents at a fraction of the cost”. There are some that are even making promise to buyers that my mouth slightly drops open upon hearing some of the promises that are being made.

This blog I want to address two things. One, if it seems to good to be true….it probably is. Two, hot markets bring out the wood works of just getting the deal done and not looking out for the best interest of clients.

TO GOOD TO BE TRUE:

In this market, it is difficult for owners to see value in paying someone a commission to sell their home when they could through a sign in the yard and have folks crawling over their yard in a matter of days. To that I am happy to say is good news. I am very excited that you are able to procure interest in someone purchasing your home. Now what?

Recently my business partner and I have been running into a lot of folks wanting to do a for sale by owner. They call and ask us for advice. We have begun by telling these folks to call a title company to find out what they need to get the Deed to their home transferred. What are the costs involved? If there is a loan being done what do they need to do as a seller to protect themselves. To which the title company states the price to have the title and deed changed as well as all the contracts and forms that will be needed. To which you can find all of these forms on DORA’s website. (Click HERE to view them) They can not give you advice on how to fill them out.

Then if the seller decides to continue with listing their homes themselves, the next phone call we typically get is, “We got an offer now what?” To which we state review it and respond. Or another question we get is “The buyers agent is willing to help us negotiate the deal, what do you think?” The response I typically give is, think of it as a football game. Two teams and one coach. Someones best interests may not always be represented.

If the seller still continues as they are savvy and understand the contracts, regulations and ramification the next call we get is. The appraisal came in too low now what?  Well, either lower your price or try to fight the appraisal with the buyers lender.

The other thing we are seeing in this market is some agencies/agents are clamming a 1% listing fee and full service. If one chooses to go this route please make sure you really get what “full service means”. I would also suggest to call a second agent who charges a 6% commission and ask what their “full service” means.

I recently had a good friend call me to possibly list their home. We chatted and I gave them the information. Needless to say a few weeks later they informed me they were moving forward with a different agent because they were less expensive. I was not upset nor angry. If they felt that was what was best for them then I supported the choice. Well, a few more weeks went by and guess who I was getting calls from. “My agent is not answering their phone” “I need to find this kind of contractor” “The inspection came back and the buyers are asking for (blank) what does this mean” It broke my heart to hear my friend fight every step of the way to try and figure out what was going on and what needed to be done. I will report that they have since closed, but it was a very bumpy road for them.

I know every situation is different. I just hope that if this is a route you are thinking of doing to do some research and make sure that the “killer” deal is not going to kill you.

Just keep an eye out and do a little research an avoid some hot water some folks are finding themselves in.

ABC’s of Applying for a Mortgage

When you are ready to apply for a home loan or a refinance of your current loan, you’ll need to gather documents that will give your loan officer information on your financial situation in order to process your application. You may need to provide some or all of this documentation during the application process. If you apply online or over the phone, you’ll need to either fax, email or mail these documents.

Below is a list of some of the items we usually need you to provide. This is not a comprehensive list but it will get us started with processing your loan.

Income verification:

Pay stubs for the last 30 days
W-2 forms for the last two years
Child support/alimony
Awards letter for Social Security and 1099 for disability income
When income is derived from rental property, commission, interest or other sources of income besides salary, tax returns may be required

Sources of funds/down payment:

Bank statements for the last three months, including savings, checking and investment accounts
Stock and securities account statements for the last three months
HUD settlement statement if using funds from the sale of property
For gift funds — a gift letter, evidence of transfer and sometimes evidence of withdrawal

If you are self-employed:

Signed completed tax returns for the past two years
Business profit-and-loss statement year-to-date for current year if more than three months have passed since the end of the tax year
Current balance sheet
Copies of your business license

Payment history:

Cancelled rent or mortgage payment checks for past 12 months, if not available on credit report
Child support/alimony
Bankruptcy/Consumer Credit counseling proof, if received

Additional information, if applicable:

Purchase agreement, including legal property descriptions and any addendum
Divorce decree
Explanation of discrepancies in credit

It may seem like a lot of work, but these documents help us determine how much financing you may qualify for. Plus these are all items you should be able to readily access. As always, if you have any questions or need help, I am just a phone call or an email away.

 

 

 

This information was provided by:

Kathleen O’Brien
Loan Officer
W.J. Bradley Mortgage Capital, LLC
Office: 303-320-4015

 

Top Home Ownership Tax Questions

 

Which tax benefits do home owners miss? Will you get audited if you take the home office deduction? Find out the answers to these questions and more before Tax Day.

 

There are a lot of home ownership tax benefits — if you don’t forget to take them. To make sure you get your due, HouseLogic asked tax expert Abe Schneier, a senior technical manager with the American Institute of CPAs, for tax-filing tips.

HouseLogic: What’s the most common home-related tax deduction or credit claimed by home owners?

Abe Schneier: The mortgage interest deduction, [which the NATIONAL ASSOCIATION OF REALTORS® estimates amounts to about $3,000 in tax savings for the average itemizing home owner] and [the deduction for] real property taxes.

HL: Which tax provision do home owners often overlook?

AS: You can deduct mortgage insurance premiums [or PMI] if you were required to get PMI as a condition of receiving financing on your home. Some people will overlook that, although it’s typically disclosed on the 1099 that you receive from the bank, along with all the deductible information you need.

HL note: The PMI deduction has been extended through 2013 and is retroactive for 2012.

[Another area of tax-filing confusion is] whether you’ve correctly treated any points you paid if you refinanced. In a new home purchase, the points can be deducted [in the tax year you paid them]. But typically in a refinancing, you have to amortize and deduct any points you paid over the life of the mortgage, and people tend to forget that after a couple of years.

HL: What’s the No. 1 mistake home owners make when filing their taxes?

AS: Because you receive a statement from the bank with details [such as] how muchmortgage interest you paid over the year, and how much the bank pays on your behalf in real estate taxes, the number of mistakes has dropped.

But if you’re in a state where you pay the real estate taxes on your own — the bank doesn’t handle it for you — [people] make mistakes because sometimes real estate tax bills include other items besides pure real estate taxes. It could be trash collection fees; it could be snow removal fees that the state or county is assessing on the real estate tax bill. Since the items are included in the same bill, home owners sometimes deduct [those fees] regardless of whether the items are actually taxes.

HL: What’s the single most important piece of advice for people filing their taxes as a first-time home owner?

AS: You have to take a look at your closing statement from when you bought the house. It’s commonly called the HUD-1 form and you receive it at the closing. Occasionally, there are fees such as prepaid taxes or interest at closing that can be deductible.

HL: What tax advice do you have for someone who’s owned their home for 10 or 20 years?

AS: If you’ve been a longtime home owner and you’ve been through refinancings, you have to be careful about how much interest you’ve deducted, especially if you have a home equity loan or equity line. A lot of people who’ve refinanced have sizable equity lines. The maximum outstanding home equity debt that’s deductible is $100,000; the maximum deductible amount of interest paid on mortgage debt is $1 million.

HL: What home improvement-related records should home owners keep?

AS: Absolutely keep your receipts for couple of reasons:

1. You want to make sure — if there are any warranties attached to the work that was done — that you maintain those records and you have something to go back to the person who did the work in case something doesn’t function properly.

2. If you’ve added value to the home — you’ve added a deck, you’ve added a room, you’ve added something new to house — you’ll need to know what the gain is on that capital improvement when you sell the house.

HL note: Tax rules let you add capital improvement expenses to the cost basis of your home, and a higher cost basis lowers the total profit or capital gain you’re required to pay taxes on. Of course, most home owners are exempted from taxes on the first $500,000 in profit for joint filers ($250,000 for single filers). So it doesn’t apply to too many people.

HL: How do I tell the difference between a capital improvement and a repair?

AS: Typically a repair is [done] to allow an item, like a home furnace or air conditioner, to continue. But if you were to replace the heating unit, that’s not a repair.

HL: Does taking any home-related tax benefits, such as the home office deduction, make a taxpayer more likely to be audited?

AS: Only if numbers look out of the ordinary — for instance, if one year you were writing off $20,000 in mortgage interest debt and the next year you’re writing off $100,000 in mortgage interest. Taking the home office deduction in and of itself doesn’t usually generate an audit. However, if you claim nominal income and significantly higher expenses in an effort to create artificial losses, the IRS will see that there’s something else going on there.

HL: Once filing season is over, when should home owners start thinking about next year’s taxes?

AS: Well, hopefully, when you visit your CPA to give information about or pick up [this year’s] tax return, your CPA has spoken with you about your plans for [next year]:

  • If any major improvements are scheduled
  • If you’re planning on moving
  • How to organize any expenditures for fixing up the home before sale

If you’re planning to do any of those things, talk with your CPA so that you’re prepared with documentation and so that the [tax pro] can help minimize your tax situation.

 

 

By: Natasha Padgitt