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Our news media, whether national or local, might lead you to believe that mortgage loans aren’t available for purchase and refinances. This is just not true!

In Part One of Search Google™ Like a Pro, we shared some special search features that, according to Google™, less than 5% of users actually utilize when searching for information and sites online. Below you’ll find more great strategies to help you become a Google™ search master.

1) Define Intervention – You can use Google™ as a dictionary. To have Google™ define a word, simply type in the Define: operator followed by the word you want to look up. Example: define: intervention. You can also use Google™ to find synonyms by using the tilde symbol before a word. Example: ~money.

2) Another Plus – You can use Google™ as a calculator. Simply enter your problem. Examples: 12 *3= or 6*10+(sqrt 10)^3=. You can also convert many units of measure simply by entering the terms: 10.5 cm in inches.

3) Take Stock – Google™ provides current market data for stocks and funds. Just type in the ticker symbol. Example: GOOG. You can also convert currencies to see how much money you just made. Example: 150 GBP in USD.

4) Rain or Shine? – Who needs a weatherman? Just type the word weather followed by the city and state, U.S. zip code, or city and country. Example: weather Paris or weather 90210 or weather Australia.

5) What’s the Score? – Check scores and schedules of your favorite NBA, NFL, NHL, and MLB teams on Google™. Simply type in the team name or league for specific results.

6) Private Caller ID – Want to know who’s calling you? Type in the area code and number and find out. If you want to know the location of a specific area code, just type in the US area code.

7) eCard Catalogue – For Google™ book results, simply type in an author’s name or the book you’re looking for.

8) Did You Feel That? – Did we just have an earthquake? For information about recent earthquakes, type in earthquake followed by the city and state or U.S. zip code.

9) What’s in a Name? – Whether it’s a long-lost friend or someone you just met, type in a person’s name in quotation marks to find out any information available online about the person. Example: “Albert Einstein”.

10) Special Delivery? – If you’re tracking a package from UPS, FedEx or USPS, simply type in your tracking number to find out the status.

11) Pick Me Up at the Airport – Was your friend or family member’s plane delayed? You can find out by typing in the name of the airline and the flight number into the search box. You can also see delays at airports by typing in the three-letter airport code followed by the word airport.

12) Get Some Direction – Need a map or directions? Type in the name or U.S. zip code of a location and the word map for specific results. Click on the Google™ Map for further options, like driving directions.

At one point or another, we all use Google™ to help us search the Internet but, according to Google™, less than 5% of users actually utilize the special features that make finding whatever we’re looking for online so much easier. So, if you’re not in the 5% of users who are Google™ search masters, then keep reading. Here are a few search tips straight from Google™.

Exact Word or Phrase – Let’s say you turn to Google™ to find out who said this exact quote, “Great poetry requires great audiences.” If you type in the entire phrase, Google™ will return with more than 10 million responses. But if you put the same phrase within quote marks, Google™ returns 4 responses, and you see that Walt Whitman was credited with this quote according to the search results. You can also use the + symbol for finding exact words.

Searching Within a Site – Have you ever gone back to a site to try and find an article you read recently but can’t seem to find it again? Well, Google™ allows you to search for results within a specific website. Let’s say the website was NYtimes.com and the story was about the cost of college. All you have to do is type in college costs site:nytimes.com and you’ll only receive results from that specific site. You can combine tip one and tip number two to narrow it down even further: “college costs” site:nytimes.com for exact phrase results. You can also specify an entire class of sites to return results, such as .gov (government sites), .edu (university sites) and so on: “college costs” site:.gov.

Exclude Terms – Sometimes Google™ is too helpful and includes results for terms that you don’t want. To avoid this, simply type in your term and use the hyphen symbol immediately before a word to exclude extraneous terms. For example, let’s say you want to search the Internet for pirates. You can help limit the results with this technique: pirates –Caribbean. You can do this numerous times: pirates –Caribbean –Pittsburgh –movie –baseball. You can even combine tip number two and exclude an entire site: pirates –Caribbean –Pittsburgh –site:MLB.com.

Fill in the blanks or Wild Card – The * symbol on Google™ is called a Wild Card. Using it in a query in place of whole words will allow you to search for results that fill in the blanks of the missing Wild Card word. For example, let’s say you wanted to find out what bills the Governor voted on or who your favorite basketball team selected in the NBA draft. Simply type: Governor Smith voted * on or Lakers selected * in the NBA draft and Google™ will return results that fill in the blanks.

One OR the Other – Google™ considers all words in a query. But sometimes you don’t need all of the terms to find what you’re looking for. That’s when Google™’s OR operator can come in handy. By simply typing in OR (in caps) in between these terms you can limit the results and help find what you’re looking for much easier. For example, let’s say you wanted results for popular films, but only from 2004 and 2005. Simply type in: popular films 2004 OR 2005. You can combine other strategies to limit results even further: “popular films” 2004 OR 2005 or “popular films” 2004 OR 2005 –Italy –site:TMZ.com.

Stayed Tuned for More Tips in Search Google™ Like a Pro (Part Two).

The Federal Trade Commission (FTC) estimates that as many as 9 million Americans have their identities stolen each year. This means that an identity is stolen every 3 seconds, costing the average victim nearly $4,000 and nearly 175 hours to straighten out their problems and their credit. How can you protect yourself from the dangers of identity theft? Here are some suggestions.

Conduct a Credit Check-up – Visit www.annualcreditreport.com to obtain a free credit report every 12 months. Review all three of your credit reports and look for any suspicious activity, unusual or inaccurate names or addresses, or any inquiries that were done without your knowledge. In many states, you may place a 90-day “Fraud Alert” on your credit report, which further restricts access to your credit information. Simply call one of the three main credit bureaus to activate the alert. Here are the toll-free numbers: Equifax 1-800-525-6285; Experian® 1-888-397-3742; or TransUnion® 1-800-680-7289.

Don’t Give It Up – Avoid falling prey to phishing scams, both over the phone and through email. In a phishing scam, identity thieves pretend to be someone from your bank or a credit institution and simply ask you for your personal information. If someone contacts you and requests any personal information, don’t give it to them. Verify who is requesting the data and why, and then call the institution yourself. One extra phone call could save you a lot of trouble and money.

Stay off the Pharm – While phishing enables thieves to pilfer information from you, pharming is another kind of scam that consists of hijacking your computer and stealing your personal information. A pharming site is designed to look just like the website you’re trying to visit. However, enter your information on this fake site and not only can it track your moves within it, it may also direct your computer to give up other personal information at a later time. Be sure you are visiting the correct site, that the address in the navigation bar is correct before entering any information.

Return to Sender – Some scammers simply fill out a change of address form and divert your mail to another location. Others simply steal the mail they want right from your mailbox. The key to avoiding this scam is to know your statement delivery dates and pay close attention to any unusual delays in delivery. A lot of identity thieves do things the old-fashioned way: They rummage through your trash to collect your information that way. Be sure to shred any junk mail or other documents that may contain your personal information before you throw it away.

Opt-out of Special Offers – Visit www.optoutprescreen.com to cut down on the pre-approved offers from credit card and insurance companies. It’s also good idea to have your clients opt out as well, especially if they’re thinking about buying a home. When people apply for a mortgage, they often become “trigger leads” to the credit bureau, who sell your clients’ information to any number of companies. It only takes a few minutes to opt out, but it could spare your clients a ton of junk mail and could possibly save them from identity theft.

 

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You’ve been working really hard to increase your credit score. You’ve done everything you thought you were supposed to do to present yourself as a creditworthy individual. So, why did your score suddenly drop? What happened?

Unfortunately, this is a common occurrence with many consumers today, a situation that likely could’ve been avoided if you had only been working with a qualified credit improvement specialist from the beginning. Remember, there’s no shame in seeking help with your credit. Credit scoring models are based on a number of factors that, when combined, add up to a formula that might not seem logical to those who don’t deal with these kinds of issues on a daily basis.

The following are just a few examples of seemingly innocent actions that could cause your score to suddenly and dramatically drop.

I paid off my biggest credit card debt and closed the account, but my score dropped anyway. This is one of the most frustrating situations for many borrowers. You would think that paying off your biggest debt and closing your account would be a good thing – and it is. But, because of the five factors of credit we discussed in a previous article, this action could reflect poorly on your credit score because you chose to close the account. Depending on your situation, the account you closed could’ve been your oldest credit account with the highest credit limit, two major factors in calculating your score.

I maxed out my card, and even though I paid it off completely when I got my statement, my score still dropped. By maxing out your card, your overall credit ratios were adjusted. And even though you paid it off, your statement reflects your current status. In other words, your credit report shows that your account is maxed out, even if you pay it off the next day. The best thing you could’ve done here was to pay your bill before your statement arrived.

I was only one day late on my payment but I still received a 30-day late on my credit report. Unfortunately, your creditors do not distinguish the difference between one day and 30 days late. You must pay your monthly bills on time every time to avoid this penalty. Depending on which credit cards you have, you could suffer an additional penalty for being late on your credit card payments, even just one time. It’s called the universal default clause, which could increase your interest rates on all your credit cards up to 28-30%, even if you’re in good standing with your other accounts!

I paid off an old collection and my score dropped significantly. While it might seem illogical or even unfair, sometimes paying off a collection account can actually cause more harm than good. Remember, credit scoring models typically lend more weight to your recent activity than to the mistakes you might’ve made in the past. By paying off this old account, you may have inadvertently added more weight to this mistake from the past by making this item current.

Don’t be shy about asking for help when it comes to your credit score. Remember, your credit is the most valuable financial tool you have at your disposal, and having an expert on your side is always smarter than learning the hard way on your own.

If you or anyone you know has questions about credit. Give us a call at your convenience. We’ll be glad to review your credit and see what, if anything, needs to be done to help you meet your financial goals and needs.

 

Maybe when you are backed into a corner you are right where you need to be?

What is the Velocity of Money and How Does it Impact Home Loan Rates?

If you’ve been watching the economic news, you’ve probably noticed that market experts and traders have been keeping a close eye on the Commerce Department’s Personal Spending and Personal Income reports. Obviously, those reports provide insight into the health of our economy, but did you know they also influence home loan rates? That’s right, personal spending can actually influence the interest rates that are available when you purchase or refinance a home.

Here’s why. It has to do with something called the velocity of money. Even though the government keeps pumping money into the system, nothing happens until that money is spent or lent – and passes from one hand to another or one business to another. The speed at which this money passes between parties is called the velocity of money.

With the job market still very sluggish, consumers aren’t spending much money these days, and businesses are still reluctant to spend money to make investments in their business. With the present velocity at low levels, inflation remains subdued and that’s good for home loan rates. That’s because rates are tied to Mortgage Bonds and inflation is the archenemy of Bonds, so low inflation is good for Bonds and rates. However, once velocity increases, the excess money in the system will cause inflation – which is bad for rates, since even the slightest scent of inflation can cause home loan rates to worsen.

While we certainly want to see better economic recovery news in the near future, we have to remember that there’s an inverse relationship between good economic news and Bonds and home loan rates. Weak economic news normally causes money to flow out of Stocks and into Bonds, which helps Bonds and home loan rates improve. Strong economic news, on the other hand, normally has the opposite result.

Currently, home loan rates are at a historically low level, but that situation won’t last forever. That means now is an ideal time to purchase a home or refinance before the velocity of money – and rates – change. If you or anyone you know would like to learn more about the current economic situation and how to take advantage of historically low home loan rates, then please contact me.

I always get a lot of motivation from Jeffrey! If you haven’t read his books on selling you are really missing out. One of his live events is what originally got me started on video. Enjoy his thoughts on selling in a tough economy. Great stuff!

Annual Percentage Rate
What is the Real Cost of Financing?

Annual Percentage Rate (APR) is a tool that consumers can use as a starting point to compare loan programs. However, it’s important to keep in mind that APR is not a perfect system, and not all lenders calculate APR in the same way. While the Federal Truth-in-Lending Act does require any mortgage broker or lender to disclose APR to the consumer, there is no rule written in stone for calculating this number that each and every lender agrees upon.

The point of calculating APR is to let the consumer know what the actual cost of their financing is in the form of a yearly rate. APR factors in certain closing costs and fees associated with the loan, and spreads this total over the life of the loan along with the actual note rate. The objective is to give the consumer a clearer picture of what their actual costs are, and this inhibits lenders from hiding fees or upfront costs behind low interest rates in their advertising.

Fees that are generally included in the APR calculation are points, pre-paid interest, loan processing fees, underwriting fees, document preparation fees, and private mortgage insurance. On occasion, lenders will include a loan application fee and/or credit life insurance. Fees that are normally not included in the APR calculation are fees from Title, Escrow, attorney, notary, document preparation, home inspection, recording, transfer taxes, credit report and appraisal.

Remember, all lenders do not perform the calculation the same way. Moreover, APR does not consider the possibility of making pre-payments, moving or refinancing. Unless the interest rate is tied to a fixed instrument, APR is even more confusing. Calculating APRs on adjustable rate and balloon mortgages is more complex because we really have no way of knowing what future rates will be.

If all lenders calculated APR the same way, we could make easy comparisons when deciding on what loan program to go with. Since they don’t, the consumer should know that APR is simply a starting point for comparison. They should rely on the skills of a well-versed loan professional to assist them in obtaining the loan that meets their specific needs. The more important things to consider are how long the loan is needed. What are the long-term goals of the borrower? If the home buyer only expects to stay in the home for five years, there’s not a lot of sense in looking exclusively at 30-Year Fixed rates because the APR seems more reasonable. If a young couple is buying a home, knowing they will refinance in eight years to pay for their son’s college education, then once again, APR is not a realistic factor to take into consideration.

The Loan Executive should be prepared to answer questions about APR once the lender provides the Truth-in-Lending Disclosure Statement (Reg Z), such as why the “amount financed” listed in Box C is not the same as the actual loan amount, and why the APR is higher than the interest rate on the loan in most cases. The consumer will get a clear definition about the fees associated with their loan in the good-faith estimate, but the Truth-in-Lending Disclosure is often an area that is confusing to the borrower.

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