Fannie Refi or Refinance Plus

Are you looking to see if you fit into the guidelines for the Fannie Mae program designed to help current home owners with a good pay history on their current home loan but may not have enough equity in their home due to poor market conditions, but want to take advantage of the super low rates our market is offering?
The Fannie Mae Refi Plus very possibly is your answer. This loan provides a competitively-priced, streamline refinance option to qualified borrowers who currently have a Fannie Mae® loan. This option is only available to Fannie Mae customers who have demonstrated their ability to repay their mortgage and have verified their information as part of their original loan. As a result, these borrowers may qualify to refinance with minimal documentation requirements.
If your existing loan did not come with monthly mortgage insurance, you may refinance under this loan and have a new loan to value over that 80% threshold that normal would call for a demanded mortgage insurance, but you will not be required to have it...that is if your middle credit score from the three credit bureaus is above 700. In general, this loan is available for new borrowers with a minimum credit score of 620.
Here is a list of loans that can NOT be paid off with the refi plus:

• 2nd liens
• Interest-only loans
• 3/1 Fixed Period ARMs
• Balloon mortgages
• MyCommunityMortgage®
• HomeStyle® Renovation
• Flex 97
• Loans subject to any outstanding repurchase request from Fannie Mae

The cost for this refinance can be slightly cheaper than a normal refinance due to the possibility of having appraisal waivers or exterior appraisal needs only.

Too see if your loan is a Fannie Mae loan and possibly eligible for this opportunity, go here.
If you are interested in seeing if your home is eligible and you are approved, my team can do that work for you if you would just call us at 469-450-2723...we'll need your current loan number from your current mortgage statement, your current interest rate, the balance on any loans you have on the property, and the type of loan you have.
"DON'T KEEP US A SECRET"!

Biweekly Mortgage NewsLetter

If you are interested in receiving this Biweekly Newsletter every other Monday, please email me at brad.lynch@servicefirstmtg.com and I'll be sure you get them.

SFMC Advocate's Cognition Circular
September 2009
Dear Brad,
As Your Mortgage Consultants for Life at Service First Mortgage, Brad Lynch & Michael Greiner are always interested in your feedback or thoughts. Therefore, please email or call us with things you think we are not including but would like for us to include in our biweekly newsletter.
Brad - bl@fmillc.com
Michael - mg@fmillc.comWe look forward to hearing from you as always!

Sincerely,

Brad Lynch &
Michael GreinerService First MortgageBrad Lynch 469-450-2723 bl@fmillc.com
Michael Greiner 972-261-1055 mg@fmillc.com

Shattering Windows Myths
Since we are seeing so much rain lately.
- Thank ABC 7 News for this cool picture!
There are a number of outdated beliefs about storms and window safety that the Institute for Business & Home Safety (IBHS) would like to set straight. For instance, "Open the windows during a storm to relieve the pressure that could build up and cause more damage." If you've never heard this advice before, don't pay any attention to it now. If you or someone you know believes it, read on for the IBHS's expert recommendations:
1. Do NOT open windows during a storm. This doesn't relieve pressure - it just lets damaging wind and rain into your home.
2. Tape does NOT protect your windows from flying debris. It might keep more of the glass together when impacted, but will not keep it in place.
3. Window film does NOT provide much protection from the impact of debris. It does, however, hold glass shards together when the window breaks. Also, some thicker "structural" film has passed the "small missile" test, which applies to things like gravel and similarly sized objects.

Stressed Out? Take These Steps Our work lives are often filled with what can seem like unbearable amounts of stress. And while some of those stresses are unavoidable, there's a lot you can do to start to whittle those high levels of stress down to something that feels at least manageable. Here are a few suggestions: Know when to say "No." That means you have to first understand your own limits. Then set limits on others so they don't encroach on your time by pressuring you to take on tasks or responsibilities that will throw you out of balance. If possible, avoid people who consistently stress you out. If your boss is the culprit, you might not be able to do this. And you can't steer clear of everyone who inadvertently or occasionally causes you anxiety. But you can avoid people who have a history of leaving you feeling stressed after you've tried to change the situation and they haven't responded. Don't expose yourself to unnecessary environmental stressors. For instance, if you read the news on the Internet during your break, but it leaves you feeling tense, stop reading the news on your break. Do something that relaxes you instead: Go for a short walk, knit, meditate, work a puzzle. Learn to manage your time. Letting projects go until the deadline is upon you will undoubtedly cause you stress. Work at a steady pace - and don't procrastinate. Procrastination can affect the quality of your work and leave you feeling anxious and strained for prolonged periods.
About Service First Mortgage
At Service First Mortgage, we work "By Referral Only". This makes it possible for us to spend 100% of our time with our current loyal clients for life, rather than chasing down our next "deal". If you or someone you know needs a mortgage consultant they can trust, please give us a call or email us.
"Don't Keep Us a Secret"!
Service First MortgageBrad Lynch 469-450-2723 bl@fmillc.com
Michael Greiner 972-261-1055 mg@fmillc.com

In This Issue
Shattering Windows Myth
Stressed Out? Take These Steps
Quotes
Mortgage Consultant for Life Featured Article...From Recession to Recovery
Today's Rates
30yr fixed 4.875%
15yr fixed 4.375%
FHA 30yr 4.875%
VA 30yr 4.875%

Rates above do very depending on loan size, and purchase of "points".
Quotes

The best time to plant a tree was 20 years ago. The second best time is now.- Chinese Proverb My dad always used to say, "If you're falling off a cliff, you may as well try to fly. You have nothing to lose."- Captain John Sheridan Everyone driving slower than you is an idiot. Everyone driving faster than you is a maniac.- George Carlin
Mortgage Blog For Life
Mortgage Calculator
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Quiz Question:
To be answered in next Newsletter edition:

The terms ruck, lineout, and maul pertain to what sport?
Previous quiz answer was:
Question: What is the team of Moses Horwitz,
Louis Feinberg, and Jerome Horwitz more popularly known as?Answer: The Three Stooges.Source: www.threestooges.com
From Recession to Recovery. What's in Stake?
As we move into a recovery from recession, we don't necessarily go from a constant increase from month to month of unemployment numbers to back to average. First we see a decline in the increase...and we have. Ted Jones, Chief Economist of Stewart Title North Texas, says that every recovery in our nations history from recession was sparked by an increase in the real estate market, and we recently saw that in reports.
The Federal Reserve Chairman, Ben Bernanke said that the Central Bank plans to keep rates low. Ben's focus to keep rates low will hopefullly minimize inflation and typical mortgage rate hikes that forecasts have suggested for the coming year...although some guru's of the money world still believe we will see rates at least in the 7% range by this time next year. You can't afford the same house today if you buy in a year at 7%....that's a huge monthly difference.

Frisco Mortgage News, FHA and Taylor Bean and Whitaker

The Federal Housing Administration or FHA suspended Taylor, Bean & Whitaker Mortgage Corp. Tuesday from making loans insured by the federal agency. This is another blow to one of the largest FHA lenders left, and how long they will be suspended, I don't know yet.
JAMES R. HAGERTY and LINGLING WEI wrote,
"The FHA said the Ocala, Fla.-based lender failed to submit a required annual financial report and to disclose to the FHA "certain irregular transactions that raised concerns of fraud." Taylor Bean has 30 days to appeal the suspension.
More
Colonial and Taylor Bean Offices Raided
Taylor Bean was the 12th largest U.S. mortgage lender in the first six months of this year, according to Inside Mortgage Finance, a trade publication. Among originators of FHA loans, Taylor Bean was the third largest in May, with a market share of 4%, according to the publication. Only Bank of America Corp. and Wells Fargo & Co. were larger.
Taylor Bean's woes are a major blow for hundreds of brokers and smaller mortgage banks that sell the loans they originate to the privately owned company. Those small mortgage companies will have to scramble to find new partners if they are to remain in the booming FHA lending business.
FHA loans have surged in popularity over the past two years as other sources of mortgage funding have dried up.

Lee B. Farkas, chairman of Taylor Bean, said in response to questions that he was unaware of the FHA action.

Ginnie Mae, a government agency that guarantees payments to holders of securities backed by FHA loans, said Taylor Bean is also barred from issuing securities backed by Ginnie. Ginnie said it will take control of nearly $25 billion of mortgage securities issued by Taylor Bean.
The moves came a day after federal agents raided the Florida offices of Colonial BancGroup Inc. and Taylor Bean. Taylor had been leading a group of investors that proposed to shore up Colonial by taking a stake in the Alabama-based bank but that transaction fell through last week amid heavy losses at Colonial."

Wow, right!?!?! It was said over a year now that the true broker would slowly be pushed out of this industry, and this is another blow to support that fact.