Friday, October 11, 2013

Zillow Lender Review iPad Sweepstakes


Zillow Lender Review iPad Sweepstakes
ZILLOW® "2013 Lender Review" Sweepstakes Official Rules

Please read these Official Rules before entering this promotion (the "Promotion").   By participating in the Promotion, you agree to be bound by these Official Rules and represent that you satisfy all of the eligibility requirements below.

NO PURCHASE OR PAYMENT OF ANY KIND IS NECESSARY TO ENTER OR WIN THIS PROMOTION.

Eligibility:  The Promotion is open only to individuals, who are legal residents of the 50 United States or District of Columbia, age 18 or older (or the age of majority in entrant's state of residence), and who submitted a review during the Promotion Period (defined in the next paragraph) on a mortgage lender participating in Zillow Mortgage Marketplace. If you do not meet any of these requirements, or any other eligibility requirements in these Official Rules, you are not eligible to win a prize, and Zillow, Inc. ("Sponsor") reserves the right not to award prizes to you.  Directors, officers, and employees of Sponsor and Sponsor's advertising and promotion agencies, and their respective immediate family members and/or those living in the same household of each, are not eligible to win. Promotion is subject to all applicable federal, state and local laws and regulations and is void where prohibited.

Promotion Period:  There will be four (4) Promotion Periods (unless the Promotion is amended or terminated at Sponsor's sole discretion) as follows:
(1)    From 12:00 a.m. (all times Pacific Time) on January 1, 2013 until 11:59 p.m. on March 31, 2013;
(2)    From 12:00 a.m. (all times Pacific Time) on April 1, 2013 until 11:59 p.m. on June 30, 2013;
(3)    From 12:00 a.m. (all times Pacific Time) on July 1, 2013 until 11:59 p.m. on September 30, 2013; and
(4)    From 12:00 a.m. (all times Pacific Time) on October 1, 2013 until 11:59 p.m. on December 31, 2013.
(each, individually a "Promotion Period").  Except as otherwise expressly stated below (for mail-in entries), all entries must be received during the Promotion Period to be eligible to win the respective prize.

Entry:  Visit the Zillow website, located at www.zillow.com, and complete and submit a review form relating to your experience with a mortgage lender who has an account on Zillow. Note that reviews are subject to the Zillow Good Neighbor Policy and the Zillow Mortgage Marketplace Code of Conduct. If your review does not comply with these policies, or any other Zillow policies, Zillow may choose not to post your review, in which case you will not be entered into the Promotion. Alternatively, to enter without submitting a review on Zillow, clearly hand-print your full name, Zillow.com user screen name, mailing address, e-mail address, and daytime phone number on a 3" x 5" card, and mail that card in a hand-addressed envelope to Sponsor at: Zillow "2013 Lender Review " Sweepstakes, Zillow, Inc., 1301 Second Avenue, Floor 31, Seattle, WA 98101, Attn: Andrea Smolin. Mail-in entries must be postmarked no later than the last day of a Promotion Period and received within seven (7) days after the last day of such Promotion Period to be eligible during that Promotion Period. Ten (10) entries per person per Promotion Period. Entries become the property of Sponsor and will not be returned.

Prize:  One (1) winner from each Promotion Period will receive an Apple® iPad® (specific model and features selected at sole discretion of Sponsor) with an approximate estimated retail value of less than $500.00. Teleconnectivity not included. Sponsor reserves the right to substitute a prize of equal or greater value in its sole discretion. Odds of winning depend on number of eligible entries received.

Random Drawing: A winner will be selected in a random drawing from all eligible entries to be held no later than two (2) weeks after the last day of each Promotion Period.  The winner will be notified by U.S. mail and/or email within four (4) weeks after the last day of the respective Promotion Period. To claim a prize, the winner should follow the directions in winner's notification.  The prize winner may be required to execute an affidavit of eligibility and liability/publicity release within seven (7) days following the date of attempted notification. The prize will be awarded within thirty (30) days after winner verification. If a prize notification is returned as undeliverable, it will result in disqualification, and the prize will be awarded to an alternate winner in a separate random drawing. Prizes are not assignable or transferable, except to a surviving spouse. 

The prize is awarded "AS IS" and WITHOUT WARRANTY OF ANY KIND, express or implied (including, without limitation, any implied warranty of merchant-ability or fitness for a particular purpose), except that the prize will be subject to its manufacturer's standard warranty (if any). No substitutions or exchanges (including for cash) of any prize will be permitted, except that Sponsor reserves the right to substitute a prize of equal or greater value. The winner is responsible for all federal, state, local, sales and income taxes associated with receipt and/or use of any prize. Entry and acceptance of any prize constitutes permission to use winner's name, prize won, office affiliation, hometown and likeness for online posting and promotional purposes without further compensation, except where prohibited by law. Unless prohibited by law, winner will be required to sign and return an affidavit of eligibility, liability release, publicity release, tax forms, and other reasonable documentation provided by Sponsor before being awarded a prize.  If winner does not execute such documentation upon request, their prize will be forfeited and the prize will be awarded to an alternate winner.  The prize is guaranteed to be awarded. 

General: Sponsor will not be responsible for late, lost, illegible, incomplete, damaged or misdirected entries and accepts no responsibility for any injury, loss or damage of any kind resulting from an entrant's participation in the Promotion.  By entering the Promotion, each entrant agrees to these Official Rules and waives, and releases Sponsor and Sponsor's parents, subsidiaries, and affiliated companies, and all other businesses involved in this Promotion, as well as the employees, officers, directors and agents of each, from, all claims, costs, injuries, losses, or damages of any kind arising out of or in connection with the Promotion or delivery, misdelivery, acceptance, possession, use of or inability to use the prize (including, without limitation, claims, costs, injuries, losses and damages related to personal injuries, death, damage to or destruction of property, whether intentional or unintentional), whether under a theory of contract, tort (including negligence), warranty or other theory.  Sponsor reserves the right to amend these Official Rules or to terminate this Promotion.  Any provision of these Official Rules deemed unenforceable will be enforced to the extent permissible, and the remainder of these Official Rules will remain in effect.  Sponsor is not responsible for any typographical or other error in the printing of any Promotion materials, administration of the Promotion or in the announcement of any prize.  The Promotion and these Official Rules will be governed, construed and interpreted under the laws of the state of Washington.  Entrants agree to be bound by these Official Rules and by the decisions of Sponsor, which are final and binding in all respects.

Winner List; Rules Request:  For a winner list, visit http://www.zillow.com/wikipages/Lender-Review-iPad-Sweepstakes/ or send a self-addressed, stamped, business-size envelope anytime between four (4) weeks after the last day of a Promotion Period and one (1) year after the last day after a Promotion Period, to Sponsor at the address listed below, Attn: Zillow "2013 Lender Review " Sweepstakes Winner List (Andrea Smolin).  To obtain a copy of these Official Rules, visit http://www.zillow.com/wikipages/Lender-Review-iPad-Sweepstakes/ or send a stamped, self-addressed, business-size envelope to Sponsor at the address listed below, Attn: Zillow "2013 Lender Review" Sweepstakes Rules Request (Andrea Smolin).  Residents of WA and VT may omit return postage.

Sponsor:  ZILLOW, INC., 1301 Second Avenue, Floor 31, Seattle, WA 98101

Confidentiality:  Information provided by you to participate in this Promotion is subject to Sponsor's privacy policy at http://www.zillow.com/corp/Privacy.htm.

*****

Sweepstakes winners: Ted Montague, Krish Lakshminarayanan and Allyson Edwards.

Steven Banass
Director of Quality Control
truerate partners
350 Pfingsten Suite 103 l Northbrook, IL l 60062

Thursday, October 10, 2013

Glad you found us, Now SHOP US AROUND to be SURE!

Compare our Loan Proposal to the competition.

Now that you have found us, we ask that you do one thing… 
Compare our Loan Proposal to the competition.
Whether you are a first-time home buyer, refinancing your home or financing your third investment property, we strongly suggest that you compare our Loan Proposal with proposals from other mortgage providers.  After comparing our proposal to the competition.
The following information will help you compare loan proposals:
 Timing…
Interest Rates  are constantly changing;  to effectively compare interest rate and fee structures between two or more loan proposals you have to make sure they are created on the same day (preferably within one or two hours of each other).
Critical Information that impacts your interest rate and closing costs…
The following information have a significant impact on the interest rate and fee structure of your loan so it is important that the following terms be the same in each proposal:
  • Loan Amount & Purchase Price (or Appraised Value in the case of a refinance)
  • Lock Period (how long the interest rate is locked, e.g. 30, 45, 60 days)
  • Whether or not you will be required to escrow for property taxes and insurance
  • Loan Type (e.g. 30 year fixed rate, 3 or 5 year adjustable rate or interest only)
  • Credit Score of all borrowers
  • Property Type (SFR (Single Family Residence), Condominium, Town House) 
Accuracy and our guarantee…
We have created a four step process that guarantees the accuracy of our Initial Loan Proposal.
  1. We provide a detailed Initial Loan Proposal
  2. We encourage you to compare our Loan Proposal to others  you have received
  3. We lock your interest rate and provide you with a Final Loan Proposal
  4. We compare the Final Loan Proposal to your HUD-1 Settlement Statement.  We will make an adjustment if there is a discrepancy which  negatively impacts YOU.
Steven Banass
Director of Quality Control
truerate partners
350 Pfingsten Suite 103 l Northbrook, IL l 60062

Monday, September 30, 2013

Focus on Possible Government Shutdown: 5 Things to Know for the Week


The threat of a government shutdown looms as lawmakers reconvene Monday afternoon. Late Sunday, Congress showed no signs of an agreeable measure to thwart off a shutdown, possibly the first such occasion since 1996.
  • On Monday, AIG Bank will cease operations for retail deposit accounts. All existing accounts will be closed automatically. The bank had notified customers of the move in late July and all account transactions were no longer processed starting Sept. 13, in preparation of the account closures. AIG Bank is undergoing a transition from a traditional savings bank to a trust-only thrift.
  • As the last quarter of the year arrives, certain cash back credit cards will begin offering bonus cash back on new categories. Chase Freedom, Citi Dividend, Discover It and U.S. Bank Cash+ card members will have to enroll for the quarter’s new categories that earn 5% cash back.
  • For the government, the fiscal year begins Oct. 1, when the government may shut down because of divided policies on spending. A House bill was passed last week that would prevent a government shutdown, but it would delay the activation of the Affordable Care Act by one year. The Senate is likely to reject that bill. If there is a government shutdown, Americans can expect national parks and museums to close but postal service will be unaffected.
  • On Tuesday, each state’s health insurance exchange will go live as part of President Obama’s Affordable Care Act. Through March 2014, people can begin signing up for health care coverage. The Obama administration does not expect a major flood of enrollments in the initial weeks of availability. The President said that the exchanges will open, even in the event of a government shutdown.
  • The U.S. Bureaus of Labor Statistics will release the next jobs report on Friday. In recent months, the unemployment rate has dropped steadily to 7.3 percent in August. Since the Federal Reserve is using the jobless rate as the economic indicator to determine when it’ll raise interest rates, a decline rate is a good sign for savers. The central bank plans to hike rates when the unemployment rate drops to 6.5 percent.
  • Steven Banass
    Director of Quality Control
    truerate partners
    350 Pfingsten Suite 103 l Northbrook, IL l 60062

Wednesday, September 25, 2013

Mortgage Rates Fall to New 2-Month Lows

Mortgage Rates Fall to New 2-Month Lows
September 24, 2013
Mortgage rates were lower yet again, making for an astonishing 10th consecutive day without rates moving higher.  In the 13 days of rate sheets since the September 6th jobs report, rates have only risen once.  After only being able to claim 6-week lows yesterday, today's rate sheets are the best in at least 2 months (very close to 3 months).   Conforming, 30yr Fixed rates are now down to 4.375% for most efficient combination of closing costs and rate (best-execution) though several lenders have attractive buydowns to 4.25%.
With each passing day, we have more and more confirmation that the FOMC announcement and most recent Employment Situation Report marked and confirmed at least a short term turning point for interest rates.  This is the consolidation/correction that we'd been hoping for, and we're now a day or two into it. 
The future path of rates is fairly uncomplicated at the moment.  Markets are comfortable treating early September rates as near term highs as long as the economic data doesn't surprise to the upside.  That means that the fate of rates is tied to the economic reports that come out most mornings.  Stronger data will gradually persuade investors that the Fed will reduce the pace of bond buying sooner than later.
On some small scale, that was a risk this morning, but Consumer Confidence came in slightly weaker than forecast, and rates continued to improve. We'll face similar risks with tomorrow's data, but it will  either take a concerted effort from several reports or a strong Employment Situation report on Oct 4 to completely dash the dreams of this low-rate rebellion.  Between now and then we'll likely see some ups and downs, as opposed to the exclusively flat-to-sideways bias we've had since Sep 6th

Contact me today!

Steven Banass
Director of Quality Control
truerate partners
350 Pfingsten Suite 103 l Northbrook, IL l 60062

Monday, September 23, 2013

6 Homes Compared: What Can $200,000 Get You?

6 Homes Compared: What Can $200,000 Get You?


Saving up for a home that costs $200,000 isn't easy! Depending on the home’s location, you can live like a prince… or a pauper.
Two hundred thousand spent in different cities in the U.S. can get you drastically different properties. One of the homes in our slideshow comes with four beds and four bathrooms — another home comes with just one bathroom. That’s right, one bathroom, not even a bedroom!
Regardless of the property you decide to purchase, you’ll need to choose a payment plan and mortgage. Mortgage options will also vary from state to state.
Check out what $200,000 can get you these days…
Begin slideshow

Steven Banass
Director of Quality Control
truerate partners
350 Pfingsten Suite 103 l Northbrook, IL l 60062

Monday, September 16, 2013

6 Mortgage Mistakes to Avoid


Usually, buying a home and getting a mortgage can be an easy task if you get trusted advice from a real estate professional. You can end up getting a great deal on a mortgage or end up paying more than you really afford. But, with a major purchase such as a home, hasty decisions can end up costing hundreds of thousands of dollars in the long run.
Prospective mortgage borrowers have to take their time to cover all their bases, including must-do’s such as reviewing credit reports from all credit bureaus and shopping around for low mortgage rates.
These are some common mortgage mistakes that have tripped up many consumers and how you can avoid them:
Steven Banass
Director of Quality Control
truerate partners
350 Pfingsten Suite 103 l Northbrook, IL l 60062
Begin slideshow

Tuesday, September 10, 2013

What Exactly Is a Rent-to-Own Home?


A rent-to-own home, also known as a lease-to-own or lease-purchase home, is a house that is up for sell, but instead of selling directly, the seller will allow the buyer to pay rent on the home with an option for purchase.
The length of this transaction is usually between one and three years. In order to better understand how a rent-to-own option works, think of it in as a car lease for your house. As the buyer, you pay a rent, a rent premium, and an option fee in order to reduce the down payment for the house later.
This type of agreement can be mutually beneficial for both parties; however, it can also come with some hefty disadvantages.

Why use rent-to-own?

Why would a seller want to use a rent-to-own option? At a time when the housing market is stagnant, it may be the best option for a seller instead of paying two mortgages. A rent-to-own is advantageous for the seller as it allows them to make income on their house through the buyer’s rent payment. It also allows both parties time to develop their credit.
For buyers, this option enables them to enter an agreement to purchase a home when they currently do not have enough money for a down payment. Paying the rent premiums and the option fee will reduce the amount needed for a down payment on the home.
The purchase price, length of rent-to-own agreement, option fee, and rent premium are negotiable between the seller and buyer.

Purchase price and option fee

Before signing any contracts, it is usually best for both parties to consult or hire a real estate agent. Once the purchase price is put in place, it is set for the duration of the contract. Whether housing prices rise or fall, both parties must abide by the set purchase price. The option fee is a one-time upfront payment and the rent premium is a fixed monthly payment.
The option fee is usually between 1 and 5 percent. The option fee and the rent premiums are credited to the buying of the home and the seller takes in the rest of the rent as income.

What to be aware of

If at the end of the option period (the length of the agreement) the buyer decides not to buy, then the seller keeps the option fee and rent premiums as income. For example, if the parties agree to a price of $100,000, the option fee and rent premium total $5,000 when the option is exercised. From the standpoint of the lender, the price is $95,000 and a 5 percent down payment requirement would call for a down payment of $4,750 instead of $5,000.
One thing a buyer should seriously consider before entering into a rent-to-own agreement is whether or not they will qualify for a mortgage in three years. Although this is a great option for those who do not have good credit or a down payment ready at the present, it could be a lose-lose if the buyer’s credit or income doesn't fall within good standing later.
Be on the look out for a later article on the advantages/disadvantages for both parties in a rent-to-own agreement. If you would rather own, Use our How much Home do I qualify for tool.
Steven Banass
Director of Quality Control
truerate partners
350 Pfingsten Suite 103 l Northbrook, IL l 60062