If a man walked up to you and said, "I hold in my hand something that will give you an edge to be better than ANY of your competition."  If he told you that you were being selected to have this 'something' and that it wouldn't be offered to people for long...would you take it?

What if this 'something' cost absolutely nothing, came with 'no strings attached', and had a proven record of making you better?  It sounds like only a fool would turn this down, right?

That 'something' is exactly what we're now giving to the next 19 Realtors or Builders.  We've opened our Stun The Competition email education program again, but only to a select few. 

This program is not for everyone...in fact, if you're way too busy with listings and sales right now, have a 'system' in place to move buyers from prospects to closed deals, or are a wiley vetran of the real estate business and really don't want to try new techniques...then this is definately NOT for you!

However, if you are a person who likes to receive proven sales and marketing tips from nationally recognized professionals, can take information and ideas and implement them into your practice, and have a burning desire to be the absolute best in the business...then you can't afford to miss this opportunity.

This program is only open for the next 19 realtors or builders that sign up.  There is NO COST, NO OBILIGATION, and absolutely NO STRINGS ATTACHED.

If you are one of these people who want the edge or know of someone that would benefit from this information then sign up IMMEDIATLY at http://www.legacylendinggroup.com/agents.html.

Here's just a sample of some of the things you'll learn:

• 7 Steps to Immediately Increase Your Sales By 20% or More
• Top 10 E's to Motivate and Influence an Audience
• Why Referral Sources Go Sour  and,
• The Power of Persuasion: Logic, Emotion, and Character

If you're planning on making a career out of your current business then you really can't afford to miss this opportunity. 

Go here immediatly and sign up now.

You have most likely heard about the $8,000 first time homebuyer tax credit made available to anyone purchasing a primary residence that has not owned a home in the last three years.  This program has helped many people "get off the fence" and purchase their first home.

Originally this program had an expiration date of November 30, 2009, which meant that the transaction had to close previous to this date.  This is still the case... however, there is a proposed bill currently awaiting approval that would effectively extend this $8,000 tax credit through April 30, 2010.

It is important to note that this bill has not passed the house yet, however most of the "experts" say that they anticipate this bill to be signed into law sometime this week.  Our company  applauds this legislation as we feel that it is actually making a measurable impact & putting money back into consumer's pockets.

Another proposed addition to this new tax-credit extension is a $6,500 credit for CURRENT HOME OWNERS wanting to upgrade to a newer home.  It is currently proposed that if you've lived in your current home for 5 years or more and purchase a new home before the April 30th deadline, you'll be able to receive a $6,500 credit!  That should really help keep the positive housing news going.

Lastly, for those of you who haven't had a chance to tune into the Financial Insights radio program on 630 AM each weekday from 4:00-5:00 please do so.  Or, you can listen live on the web at http://www.kido.net/pages/main. We are privileged to have been invited as guests on the show and will be taking phone calls & discussing mortgage related topics this coming Thursday November 5th.  The phone number to call in is 208-342-6363. Call in, we'd love to hear from you.

Make it a great week!

We've worked very hard over the last challenging year to not only maintain business, but actually grow our firm.  With that in mind we're excited to announce what is new and exciting

for Legacy Lending Group.

We were approached in March with an opportunity to be a part of a local financial radio talk how. The host and planners of the show have done business with Legacy Lending Group and were encouraged by our business philosophy & practices. They invited us to join their team as they felt we would be able to add value to the show.  After a six month due diligence process, we have decided to participate in this venture.

The mission of the show is to provide financial expertise & information to a broad base of listeners leading to increased financial planning awareness and eventually financial security to those who listen and act on sound advice.  This is not a 'mortgage specific' show.  It will cover a great range of financial topics.  We feel strongly that you'll really enjoy the format and content.

The radio is a great medium to reach a broad audience. We are a part of a team of local experts that will also take part in this daily radio show, including a local financial adviser firm, a CPA firm, estate planning firm, and real estate professionals that are among the best in their field. An individual that hosted a financial radio show for the last eight years will serve as the full-time host of the program.

We hope you will consider tuning into the show yourself and providing any feedback you may have.

The show will be broadcast Monday thru Friday on 630 AM from 4:00 pm to 5:00 pm.

If you can't get it on your radio then log on and listen to it on-line.  http://www.580kido.com/pages/main

Last week I introduced you to the new article I wrote call "The 5 Biggest Deal-Killers of Your Next Home Mortgage - Which One Will You Make?"

We talked briefly about the first and second mistake.  First, not knowing the status of your credit at all times and second, assuming that because you're an A+ borrower you won't have to jump through any lending hoops.

Today we're going to talk about the third, fourth, and fifth deal-killers.  These three issues are getting more scrutiny than ever before.

3.  Debt-to-Income (DTI) Ratio. 

This ratio measures the amount of total monthly debt against the amount of total gross income of the borrower.  Before the mortgage meltdown if a borrower had a high DTI we were able to explain it away with other strong compensating factors of the borrower's file.  Now, however, there is less wiggle room then ever before.

So, what can you do about your DTI ratio?  Eliminate any unnecessary debt.  Don't know what that means?  Remember when Dad used to talk to you about "needs" versus "wants"?  Well, that should get you started here too.

If you're current debt-to-income ratio is higher than 50% you need to figure out how to eliminate monthly installment payments.

Items used to calculate DTI are house payments, auto, boat, RV, or motorcycle payments, student loans, credit card monthly payments, department store and other revolving accounts (tire stores, Chevron cards, etc.), lines of credit, quick cash loans (i.e. Money Tree), and any other monthly installment loans or accounts.

If you don't NEED it, get rid of it.

4.  My buddy's little boy always asks me "Hey, how much money you got?" 

Now, no one expects you to have enough money in the bank to pay cash for your house…but the bank sure makes it seem like it!

Listen, don't get discouraged here…we're all in the same boat.  We'd all love to have a million bucks in the bank just lying around waiting on us, but let's face it very few people have adequate liquid assets these days.

The biggest deal we look at when talking about assets is a term banks use called 'reserves'.  Essentially they want to know if you slip on your next ice skating trip and are out of work for a few months, how long will you be able to make your house payment.  Most of the time the banks will want to see a 'reserve' (remember, that's just a fancy banker term for savings) of six month's worth of your current mortgage payment (with taxes and insurance).

So, for example, let's say that your new proposed mortgage payment is going to be $1,220 including taxes and insurance.  In most cases, you'll need to have $7,320 sitting on the sidelines somewhere.  Now, this is NOT the case with FHA, VA, and most first-time homebuyer programs.  

Bottom line…the bank wants to see that you have the ability to save a little money and use it if you need to.  They want to see liquid assets such as 401k, checking and/or savings accounts, stocks, bonds, CD's, IRA's or any kind of other account.  

In other words…No, Bubba, you're 1979 fully restored, totally radical AMC All-wheel drive Eagle (do you remember those things?) does not constitute as an asset to the bank.  Even though you're SURE it's worth a mint, they'll want to see something in the bank.

5.  SHOW ME THE MONEY, JERRY! 

The amount of money you make each month is really irrelevant to the transaction as long as you can document enough monthly income to cover your DTI.  However, when it comes to making money, the banks want to see a track record of being able to make money.  So, employment history comes into effect here.

If you're one of those people who have made a career out of changing careers then there are a couple things you'll want to know when looking to get a new mortgage.  First, nearly every single loan product out there is going to require a two-year work history WITHOUT any gap in employment.  That means if you decided to take a three-month 'fishing sabbatical' last year you're going to have a hard time convincing the bank to give you some money.

Second, Verification of Employment forms are ordered on nearly all loans now.  What's that you ask?  That's a form that's sent over to your employer to verify your wages, date of hire, last pay raise, and a couple other minor employment questions.  You wouldn't think this would be that big of a deal, but we've had several loans held up because of this one little piece of paper.  So you'll be best to let the boss know someone from the bank will be calling, faxing, or emailing over a paper.  We need it back, don't throw it away…thank you very much!

Unfortunately, these aren't the only things killing deals these days, but if I had to load my quiver full of deal-killing arrows it would have these five for sure.  Most of the problems I see on a day-to-day basis would fall in one of these five categories.  There are ways to work with or around the issues in order to get your deal done.  That is why it's so important to work with a professional.

I'm in this business to stay.  I'm not just waiting it out until I find something better.  I strive to become educated in the industry so I can provide you the best possible option currently available.  So, even though Cousin Eddie told you he'd "Hook you up" with your next mortgage…you may want to consider dealing with someone who knows how to structure the deal to make it work.  

If you have something specific you'd like to ask me about your personal deal then shoot me an email or call.  I'm happy to answer your questions and help you prepare to avoid "The 5 Biggest Deal-Killers of Your Next Home Mortgage."

Let's hit on some house cleaning items first...

Interest rates have stayed very low for the last week which has surprised a lot of us 'industry smart-guys'.  I know I've told you this in past emails, but if you're thinking of refinancing or buying a home you really don't have much time to jump on these handsome rates.

I'm here to answer questions...so if you're curious about numbers or rates, please give me a ring here at the office and I'll be happy to answer your questions.  And as always, there will be no 'selling' you on anything.  That I promise!  Give me a ring...888-9394.

Or, better yet...you know a bunch of people that could use my services.  If you believe we could help them save a buck or two...or if they're wanting to buy a home and have question then "Refer a Friend" on our website.  It'll take you less than 60 seconds to fill out the form and I'll take over from there.  We won't call them without your permission.  Here's the link.

http://www.idaholegacylending.com/refer-a-friend.aspx

OK, now onto the important stuff.

Over the last month or so we've talked about some homeowner scams.  Today we're going to continue with this topic since it's near and dear to me personally this week.

Brandie and I returned from a family vacation recently.  The day of our return I received a call from the bank telling me that my personal business account was over-drawn.  Now, understand that we don't use that account for anything other than fuel, meals, and taxes...so needless to say we were little concerned.  We went in to the bank and reviewed the last weeks spending history.  We were shocked to see that over $4,100 had been spent in three days all over Southern California.  The only problem was that wewas in Idaho and not SoCal.

After an investigation by the bank the scam was found.  On our return trip we'd purchased a room at a hotel over the phone.  We used our debit card (like many of us do without thinking anything wrong with it).  The thief took that number and re-programmed another card.  With that new fraudulant card they went all over the area on a three-day spending spree.

Now, I'm not going to go into what I'd personally like to do to this thief (only because you probably think of me as a nice guy and I don't want to ruin that impression!!), but I've learned from this very personal experience and want to share some tips how to hep you avoid the same problem.  Also, it helps to have a very good bank to work with...Thank you Idaho Independent Bank in Nampa.  You guys rock!!

Here's a link to an article written for The Consumerist.  It does a great job explaining some simple things you can do to avoid any potential micro-identy theft problems like the guy in our office did.

http://tinyurl.com/kwuz6f

Have a great day!

Jason

Normally I wouldn't post these type of pictures here...but you see, I have a brother who is really lame.  He doesn't have a Facebook account and his email has a little, tiny limit so he can't receive my pictures.  So, in order to show him how much fun he's going to be missing out this weekend I'm going to post the photos from my birthday fishing trip with Brandie here.