HOW TO PLAY THE INTEREST RATE GAME

I say “game” because sometimes it feels that way. The fed announces a rate cut, the banks and wholesale lenders lower their rates. Then, sometimes within hours, rates start to creep back up. It becomes a game to actually get locked in at the lowest rate and beat the banks.

The trick to winning at this game is to talk to us BEFORE the rates hit rock bottom. The clients who’d been in dialogue with us before the huge rate cut Wednesday benefitted because we already knew what they needed to make a refinance work for them. We were only able to lock 17 clients before rates started going back up. So, call us and let’s get you on our RATE WATCH so that we can lock you in at the right time to win the right interest rate for you. 317.846.1250

“POWER LOCK” Program gives you the power to lock today and still go lower

You have the best of both worlds with our Power Lock Program.  Lock in your interest rate today and protect yourself from interest rates unexpectedly going up.  Also, you get a lower rate if rates continue to drop. 

 You have nothing to lose.  Why wouldn’t you make a smart financial decision and lock in your low interest rate today?  Call me at 846-1250 to find out how to take advantage of this exclusive “Power Lock” program. 

ATTN REALTORS – How Much is Your Lender Costing You??

Let’s face it, most realtors gauge their success by the volume of business they do.  Great realtors gauge their success not by the volume but by the income they earn.  I would like to show you how you can increase your NET PROFIT!

1)      Take your YTD gross revenue thru October 31, 2008 and divide by ten.  This is the gross income you earn on average each month for 2008.  Now take this number and divide by the approximate number of hours you work each month.  This equals your hourly rate.  Many of us are surprised to see how valuable our time is and how much we are actually worth!

2)      Now, figure out how much time you spend each day or week on unnecessary phone calls to the typical mortgage loan officer.  Do you find yourself calling for status on things?  Has the appraisal been ordered?  Are they approved yet?  Where are the closing docs?  When will I see the HUD?

3)       Warning:  This is where most realtors feel sick to their stomach!  Multiply your hourly rate times the number of hours you spend following up on typical mortgage issues.  Let’s say your hourly rate is $150 per hour and you spend 2 hours per week making unnecessary phone calls to lenders.  That is $1,200 per month and $14,400 per year that it is costing you to do business with those lenders.

MAK Mortgage understands that you are a business owner and all business owners must have systems to be profitable.  Our belief is that you deserve to have proactive communication from start to finish on the status of your client’s mortgage application.  Our systems give you weekly Tuesday Updates, closing packages to the title company 3-5 days prior to closing and our exclusive ON-TIME Closing Guarantee. 

Our systems allow us to answer all of your questions BEFORE they become questions.   

You now have the freedom to do what makes you money…..sell homes.  If you would like to see how the MAK Mortgage systems can increase your Net Profit, CALL ME TODAY!  (317)846-1250

P.S. These systems also make your client a RAVING FAN that will result in repeat and referral business for YOU! As a trusted advisor, you CAN control what mortgage company your buyer chooses.

Most Common Mistake Buyers Are Making Today – read all about it

Bob and Mary are excited to be buying their first house.  They want to put as little down as possible, no more than 5%.  They call their lender and the first question they ask over the phone is, “What’s your rate?”.  The loan officer answers their question.  Take a look at the two perceived options and decide which option is best for Bob and Mary:

 

Option 1:  FHA Loan with a 30 year fixed rate of 6.50%

–OR–

Option 2:  Conventional loan with first mortgage 30 year fixed rate of 6.625% and a second mortgage rate of 9.24%.

 

Let me share with you that Bob and Mary chose Option 1.  Of course they did.  It has the lowest interest rate, right?  Option 2 is .125% higher on the first mortgage and 9.24% on the second mortgage, are you kidding me?

 

What happened next put $11,700 back in Bob and Mary’s pocket.  Bob’s cousin, who is a Certified Public Accountant, suggested they get a second opinion with MAK Mortgage.  They were relieved to know they could meet in person at our office to understand the mortgage process after all that they’ve heard on the news.  We shared Option 2 with them and showed them that after 10 years of owning their home they would owe $11,700 less on their mortgage balance (more down for their next home!) and the monthly payment was identical to Option 1.

 

Too many clients are put in an FHA loan when it’s not the best option.  This happens for many reasons:  1. The lender no longer has Option 2 to offer their clients due to current market conditions.  2. Option 1 is easier and yields a bigger commission for the loan officer.  3. The loan officer gave the client what they asked for, the best “rate”.

 

This is simply the difference between a consultant and a traditional loan officer.  The best rate in the wrong program equals financial disaster.

 

Who is the next buyer that would benefit from getting a second opinion from a consultant at MAK Mortgage.  One call might be worth $11,700 or more.  (317)846-1250

TIMING IS EVERYTHING, RIGHT?

While none of us have a crystal ball and I have to meet a broker (stock, mortgage, or otherwise) who can truly predict the bottom or the time to buy, lock in or sell, TODAY IS THE DAY to lock in your mortgage interest rate.  Just last week, rates were threatening to break the 7% mark.  The rate trend has reversed in the last several days and is just now flirting below 6%.  In fact, MAK Mortgage can lock in at 5.75%*.

So, as the saying goes, Timing Is Everything. This is the TIME to LOCK IN.  Call the trusted advisors at MAK Mortgage for straight-forward, honest anwers, every time.  (317) 846-1250

*APR is 5.796%.  30 year fixed rated with no points.  Loan amount $300,001 – $417,000.  Purchase transaction only.  FICO score 720 or higher.  Minimum 10% down payment. 

10% Down and NO PMI is Still Offered at MAK Mortgage

Due to recent market conditions, conventional and FHA mortgage rates are approaching 7.00%.  This has many buyers putting things on hold.  MAK Mortgage still offers an exclusive program with a fixed rate of 6.25% with only 10% down and No PMI.

If you are a Realtor or a Financial Planner, take care of your client and show them a better mortgage option.  Introduce them to Mark at MAK Mortgage – they will thank you for it!

*25 year fixed rate Home Equity line of Credit.  APR is 6.318% based on a $200,000 loan amount.  Minimum payments of interest only for the first 10 years.  After year 10, principal balance is amortized over the remaining 15 years.  Subject to lender approval.  Rates subject to change at any time.  For realtor informational purposes only.

Trey’s Tee Off for a Cure – Huge Success!!!

Wow – what an inspiring, uplifting, challenging, emotional event.  All at the same time.  Last Monday was Mark’s brother’s first annual Trey Gray Tee Off for a Cure to support the Huntington’s Disease Society of America.  First of all, we learned first hand the effort, energy and cooperation that it takes of volunteers across state lines to pull off this type of fundraiser.  Second, we got to experience Trey’s support system of his friends and music colleagues in Nashville.  We are thankful that he is blessed with such wonderful allies down there.  Last, we admire Trey and his wife Lisa for taking on the task of raising awareness and funds to fight HD, a neurodegenerative disease.   Trey’s dream is to raise enough money to seed the development of an HD Center of Excellence at Vanderbilt University.  After experiencing what we did last weekend, we have no doubt that his dream will be fulfilled. 

We want to thank our friends and family here for their outpouring of support, prayers and personal donations to help Trey fight his fight – not only in battling HD himself but also to help him fund his dream to help future generations of HD victims and families.  The donations of our friends and family along with ours from MAK Mortgage were matched by an anonymous donor for a GRAND TOTAL of $12,000!!!  Thank you all!

The event itself was a great time.  We had the fortune of golfing with Kix Brooks of Brooks and Dunn and Bill Walsh a neurologist from Vanderbilt.  It was a gorgeous day!  Here are some pics -

Bill Walsh, Rhonda, Mark, Kix Brooks

Trey and his wife Lisa with Kix Brooks

Mark as Auctioneer with partner-in-crime Trey

Local Chapter President Available to Serve You

As many of you know I am in my 2nd term as the Indianapolis Chapter President of the Indiana Association of Mortgage Brokers. During my tenure, INAMB has been proactive in working with our Legislators & the Secretary of State in passing laws to raise the bar & get the bad actors out of the mortgage business.  We have made great progress & much information is being sent thru the media regarding these changes. The new law put many mortgage brokers out of business. It is imperative that you, your family & friends work with a trusted professional. Don’t let someone you know go down the wrong path.  Share with them your MAK Mortgage experience ~ they’ll thank you for it!

P.S. Call me to learn how the new law affects you!  317.846.1250

 

 

 

 

We Do Make A Difference

We really can make a difference in people’s lives.  It is easy to caught up in the details of the day-to-day business of mortgages.  I was struck and reminded today what it’s all about when we received a call from a recently closed client.  She called to thank us for being so wonderful and helping her and her family in this tough market.

…was in great despair since my financing did not go thru with TWO lenders – potentially my dream house was in jeopardy.  Until MAK Mortgage was introduced to me I thought I would not be able to buy my dream home.  I have since highly recommended you to my physician friends.  (T. O’Neal, Carmel buyer)

Realtor saved her client $300 every month. Wanna know the Secret

One of the Realtors who followed Mark’s simple advice last week, saved her client $300 each month. This client is so happy about the Realtor’s proactive service that she is now a RAVING FAN, telling all of her friends about her awesome real estate agent.  Wow – that one phone call will pay off, big time!  For both the client and the Realtor.

If you are a Realtor reading this and want to know the secret.  Here it is.  Just follow these three simple steps.

1     Call each buyer you have worked with who closed between March and yesterday with a loan amount above $250,000.  Anything less probably is no benefit.

2     Let them know that due to the recent announcement regarding Fannie Mae and Freddie Mac, interest rates have dropped .50% and they appear to be in a position to save a lot of money.

3     Ask if it would be okay if MAK Mortgage can give them a call today to see if they can benefit from this recent drop in interest rates.

Your clients are going to LOVE YOU for thinking of them and presenting this valuable opportunity to save them thousands of dollars.  Just be sure to call us right away (317) 846-1250 and let us know who is ready to save money!