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Q & A on Financing
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Q-  I heard that following the 10 year Bond is
helpful when deciding when to lock an interest

A-  The FNMA 6% Mortgage Backed Securities
are a better indicator of what is going to
happen.  Rises in this pricing will make it
harder for mortgage lenders to sell their loan
packages on the open market thus lenders
must be competitive and raise their prices they
charge on new loans.  Yes, the 5-10-30 year
Bonds can run at about the same levels based
on market information but they can also have
very different reactions to certain kinds of news
as well.
Q- Why is Buying a home a better choice
than Renting?

A-  Tax implications have always made
buying a reasonable home more
profitable than staying in a rental.  Over
the long term.  Weigh your financial
situation to see which option works best.

Here are a couple reasons:
1- It takes 13 months total to evict you
if a tragedy should prevent you from
earning a living and making the
mortgage payment.
2- The monies you spend on repairing
the property are tax deductible and the
appreciation on your principal
residence are protected up to
$250,000 per person as a rolling
home to home profit margin as long
as it 's reinvested-until you do not
choose to continue reinvesting it and
then it's taxed above that amount at
the then tax rate of your claimed
earnings -when you'll most likely have
already retired.
Q- How can I find a mortgage that will be
good for me?  I don't have much down
payment money and my credit isn't that

A-  With the fall of Sub Prime lending-
products that can help you get into a
mortgage can only be found thru Banks
that offer
FHA Loans...Richand Financial
is one of these accredited FHA/VA
lending institutions.

You can ask for more information with a
lending representative by
contacting them

Also, in many cases, your credit is
probably better than you think!  It only
takes 2 years of on time payments to
re-establish your scores.  FHA is not
credit score driven like most lenders in
sub prime were either.  Even borrower's
with limited credit or no credit have a
chance to become homeowners.

Now, with
FHASecure homeowners that
see a reset of their mortgage payments
coming and want to refinance out of the
situation -can!  Contact a Lending
Representative here and talk to them.  
Even if you are in foreclosure, in default,
on a Forbearance plan with your lender,
or in a Loan Modification, you can choose
to refinance or purchase into a home that
is more affordable... even if your loan
would be at over 100% of the value of your
current home...there are so many great
benefits to talking with a professional-
you are best informed to talk with a
specialist- today.  You will wonder why
you worried when you could be sleeping
better when you know how to proceed
after all!
> > >  Asking for a Rate Quote- Our industry did not require licensing to sell you financing for your largest investment... now they
do because the government realized there were too many abuses happening to people that used an unqualified Loan Officer to
manage a homeowner financing investment.  Now, in Illinois a Loan Officer must be licensed to even ask you for financial
information.  This is your first protection!  Ask to see their Loan Officer License.  Or check their name on the
State of Illinois
Licensing Site.

      1- if they give you a rate quote without asking about your financial situation- run!  They don't  know any
           more about mortgages than you do!   - they tend to lie to get your business then leave you without your cash and
           you won't even notice how powerful proper counseling can be!  You are looking for someone to properly set you
           up so you save money on the cost of interest over 30 years!  
Mortgage Planners do this best because they invest in
           their financing knowledge.

If they tell you they can't do anything without running your credit, you are on the right track!  If they don't tell you all               
            3 credit scores or they do not ask if you have already run your credit recently- time to run again!

If they question you on your home ownership goals-if you'll be going long term, retirement plans, if they tell
            you something about the interest rate trends (prime rate, inflation, current indicators)- doesn't it follow that they may
            actually be more knowledgeable on the subject?  NOW, you've got a fighting chance that they will help you far
            more than just getting you a mortgage-

            A Great Loan Officer- will show you how to "use a mortgage to your Benefit!"

            A Great Loan Officer- will show you over time what your payments will do to help you even "Make Money!"

            A Loan Officer that shows you how to make passive income and spend less for what you have is worth more than
            the price on a Good Faith Estimate-naming babies after a great loan officer-well a simple referral would
            be enough to make our day!-  
We'd rather be Thanking You for your business!

   ...back to reading Good Faith Estimates...  if your Loan Officer doesn't go thru and outline what your paying to whom
  and when-then you will need to know
how to read a Good Faith Estimate but isn't it easier to have your loan officer tell
  you as part of their services?
One last thought... if the people you surround yourself with don't know anymore than you do... why are you entrusting them
with your most expensive assets, your home and your financial future???
Q- I had a foreclosure recently
and it was due to my Adjustable
Rate Mortgage resetting can I
buy another home or refinance
my mortgage even though my
mortgage is more than my home
is worth?

A-  Yes, there are 5 basic
guidelines you will need to meet
to be qualified for financing-
your Richland Professional to
review them with you!
Q- I have been hearing about Mortgage Planning lately.  I do not have much
money because I am a single mother, would it benefit me to try talking with a
Mortgage Planner?

A-  As with all things, you will not know for sure until you have had the opportunity
to sit down and discuss your situation with a Planner.  I do suggest that you do
immediately, however.  The reason being this.  Part of the money you save each
week for emergencies could be going into a planned investment earning much
more than it would in the bank.  If you do not know how to invest - a financial
planner can help you do this.  You mention you have a child, if it is easier to put
something towards their later education now- compounding interest on a
growing pot of money will over the years pay for college!  For instance, If your child
is over 3 years old- you are LATE!
 It is FREE-    It is life Changing!     Do it Now!
Do you know How to read a Good
Faith Estimate?

Most American's just want to purchase
a Home!  Let's face it -I won't need this
information so why learn it-mentality.

Well here's why:

1- There are many loan officers,
bankers, brokers and just as many
options out there for financing.  One
needs to know which one gives the
best price.  However, price is
subjective.  Ask yourself these basic
questions and you'll have the answers
you need to find competent, qualified
counsel to address your mortgaging

a- will I be staying in the home for an
extended period of time (7yrs. or over)?

b- if not is an Adjustable Mortgage an

c- is an Interest Only Option something
I can gain value thru for my spending

d- look at the real estate market-  our
current trend is Buy/Fix and Hold,
Appreciation is stable however selling
timesare long and financing is harder
to get so the pool of available
homebuyers is less available.  This
current short
term trend is called a Buyer's Market - it
tends to be short lived, lasting a couple
years at most,

e- Now call a couple loan officers up
and see what they have to say-

NEXT............> > > > > > > >
Q- I'd like to shop around but I hear
mixed feelings about doing this, like my
score will go down?

A-  Actually, your score will only go down
if you are allowing your credit report to be
pulled repeatedly and although you can
do this multiple times during a 14 day
period... doing this after day 15,
will drop
your scores

If you'd like to know more about
shopping for Loan Officers and the type
of professional you should be using read
up on
Shopping for a Mortgage.
FHA Avoid Fraud Video Clips

English and Spanish
Versions Available

Brought to you by Freddie Mac
Renters get a hand fom Eviction Sheriff's    Cook County Sheriff's finally put their foot down on evictions of Renter's that have
paid rent and then were evicted without notice in many cases, read up on the judges ruling that will finally give a little relief to the
"little guys" and make the lender's more responsible about the way they evict tenants from their properties after a sheriff's sale!

Cook County foreclosures are running behind 90 days at current pace which means it takes longer to officially take over a
property from the seller... want to know how that affects you?  ASK?    
Q- Can I mix an FHA203K rehab financing with a Energy Efficient Mortgage

A- Yes!  EEM's help you finance needed repairs like new heating systems,
windows, insulation and roofing projects -but the advantage is that the savings in
energy bills is credited in full towards your payments!  It actually shows you
having more available income so you can afford the higher payments for the
energy upgrades.