Saturday, May 5, 2018

Mortgage Financing Made Easy--Contact Me Today!

Pamela Madore
Pamela Madore Mortgage
NMLS #289635

I have found that most people feel that the most difficult part of getting a home is to get the financing.  While that may be true in some cases I have found that many people have been told that they couldn't get a mortgage when in fact they really can.
Pamela Madore Mortgage


How is this possible?  Let me take a minute to bore you and tell you how the process works.  


There are different kinds of loans.  The 3 most common types of loans that you will hear about are FHA, VA, and Conventional.  These 3 types of loans when put in the context of "vanilla" type loans all have certain strict guidelines that you must meet when you go to a "vanilla" bank.  When I say that, what I mean is that they will only take the cream of the crop.
Pamela Madore Mortgage


How many cream of the crop people are out there?  I have found that there are many, many more people that are NOT cream of the crop.  Most of us had have blemishes here and there.  We run into problems and get laid off and get behind, etc.  "Vanilla" banks can't help you.  These are the prominent banks in town.

So what is your alternative?  Rent?  For the rest of your life?

No.  Let me give you some alternatives.  I am a Mortgage Broker and what that means is that you tell me your situation and I search lenders all over the U.S. that will do your loan.

Let me give you a couple of examples:


  • Scores down to 580 easily
  • Scores down to 500 a little harder
  • For investors--not really any scores
  • Self-employed and show no income?  Just give me bank statements.
  • Mobile homes?  Can do most types.  Even single wides.
  • Want to fix and flip a house?  See me.
  • Only have an ITIN.  Let's talk. (I don't speak Spanish but have people that help me)
  • Had a foreclosure?  Bankruptcy?  I have "second chance" programs.
There are tons of other types of programs available.  Each scenario is different.

The way I like to work is if you don't qualify TODAY, I will give you a game plan, and stay in touch until we get you there.  I have been doing this since before most of you were born.  LOL  Let me help.

Pamela Madore Mortgage
You can email me, text me, call me, FB me or simply go to my website and give me your information.  Leave me some details in the comments section and I will call you back.

Added bonus.  I am a Realtor at Keller Williams Realty.  If you don't already have a Realtor I can help you find a house, too.

Don't be shy or embarrassed.  If there is a will, there is a way!

Look forward to hearing from you!


Pamela Madore
Pamela Madore Mortgage
3955 S. Soncy
Amarillo, TX 79119
806-290-1920
http://iloveamarillo.com
pamelamadoremortgage@gmail.com
FB Pamela Pickering Madore







Friday, May 4, 2018

Here Is A Desperate Cry For Help! ME!!

Pamela Madore
Keller Williams Realty
Pamela Madore Mortgage
http://www.iloveamarillo.com/contact/

Have you ever done something and thought oh (imagine the word) I can't believe I did that?  How stupid!  Well, I did it.

I am teaching an amazing class at Keller Williams Realty called Ignite.  It is mostly for new agents but new and old come.  It is a 4 week class meeting 3 times a week.  

Part of the homework for them is to increase the people in their address book by 200 in the 4 weeks.  

Well,  if you are like just about everyone else in the world, you will find reasons why that is too much to do in the amount of time we have.  Granted it is a lot.  However, if we are going to build our businesses we need our friends and family and networking contacts to help us.  Agreed?

So we are near the end and the goals are not where they should be. Actually we have one week left.  

So, me and my big mouth, I told them that I could get 200 new contacts in my address book in one week.  Can you believe I actually said that!!!?>??!!

So this is where you come in.  This is me on my knees ---actually most people respond to be a dog better---begging you to help.  

HELP MY MOM SO I CAN GET A PUP CUP AT SB!!



What I need is for you to go to my website at :

I LOVE AMARILLO

and register.  Please.  It only takes a minute.  In the comments section please tell me something about yourself.


Just as an aside:  I am a Realtor at Keller Williams Realty and a mortgage broker at Pamela Madore Mortgage.  I can help you with your financing and with your house.  One stop shop.  :-)  I sort of specialize in the difficult.  So in the comments, if you are interested in buying, selling, getting pre-qualified, or getting a real estate license, please let me know.

I soooooooooooooooooooooo  appreciate your help.  I have to show my students that it is possible to do. Besides, after I do it they all owe me a Starbucks card!

Thanks!

Pam

PS  If you have a business that you would like to add me into your address book let's reciprocate.  Help each other.  Deal?

Pamela Madore
Keller Williams Realty
Pamela Madore Mortgage
3955 S. Soncy
Amarillo, TX 79118
806-290-1920
http://iloveamarillo.com




Sunday, March 25, 2018

Getting A Mortgage Loan? Consider An FHA.

Pamela Madore
Pamela Madore Mortgage
806-290-1920

Who Can Qualify For An FHA Mortgage? Consider an FHA.



Don't be fooled.  Many people think that you have to be low-income.  Others think you have to be a first-time homebuyer.  Neither are true.

An FHA loan is a federally insured loan.  FHA stands for Federal Housing Administration.  The loan does not come directly through FHA.  The loan is comes from a lender or bank. 

The connection is through mortgage insurance.  FHA mortgage insurance's acronym is MIP which is mortgage insurance premium.  The MIP is both an upfront premium that is allowed to be financed into the loan.  There is additionally a monthly premium that is part of your escrow account. (taxes, insurance, MIP)

Have questions?

In the event that the borrower defaults on the loan, the mortgage premium serves to offset the loss to the original lender. 

That is a simple version of how the program works.

So.  Who can qualify? 

The orginal lender has to follow FHA guidelines in order to obtain the FHA insurance.  So what are these guidelines?

Let's get rid of the idea that you have to have a low income.  That is simply not true.  You can make as much money as you want.  I suppose Warren Buffet could qualify for an FHA loan if he wanted to. :-)

Second, you can get an FHA loan even if you have had one before.  There are certain exceptions where you can have 2 FHA loans at the same time but as a rule, you need to pay off the first one before getting a second one.

An FHA loan requires a minimum of 3.5% as a down payment.   So, as an example, you would need a down payment of $7000 on a $200,000 house. 

There is a limit to the amount of money you can borrow.  This limit is set by FHA based on county.  The limit in Potter/Randall county is currently at $294,515 for a single family house or mobile home. The purchase price can be any amount.

FHA loans must be owner occupied.  Investors are excluded.  You can also buy a duplex, tri-plex or quadraplex as loan as you live in one unit.  The maxium mortgage amount on these are $377,075, $455,800 and $566,425 respectively.

The house must also meet FHA guidelines.  We often say that it must be safe, sound, and sanitary.  The most common reason that a house won't pass for FHA is on a house built before 1978 and has chipped or peeling paint.  Prior to 1978 some paint had lead in it and FHA find that to be a hazard.

You can also buy a double-wide mobile mobile home.  It has to be retro-fitted with an approved FHA foundation and have not been moved from one location to another.  It must have been new when placed on the site.

FHA credit scores and underwriting guidelines are a little more flexible than a conventional loan so it is very popular.  The interest rates are the same as normal interest rates on any other type of loan. 

Overall, FHA is an excellent choice for a mortgage.  You don't need a lot of money.  Your can get buy with a few credit dings.  And you can be very flexible on the type of property you buy.

For more information or to apply for an FHA loan,  contact me.   I would be happy to go over details of your situation and if for some reason you can't qualify today, I will help you prepare to become qualified.

Call today~!   Have an unusual situation?  Check here.


Pamela Madore
Pamela Madore Mortgage
3955 S. Soncy
Amarillo, TX 79119
806-290-1920
pamelamadoremortgage@gmail.com
NMLS 289635
NMLS 1560825



Wednesday, March 7, 2018

Ten Steps To Becoming a Succesful Real Estate Agent

Pamela Madore
Keller Williams Realty
pamelamadore.com
806-290-1920


Pamela Madore


Ten Steps To Becoming a Successful Real Estate Agent

Is there magic in becoming financially successful?   Is there magic in making  a cake or rebuilding an engine?

No.  It might come easier to some people than others but there are steps to follow to make that engine new again.  All you have to do is follow the steps.  Here are the steps to become A Successful Real Estate Agent

YOUR BIG WHY

What in the world does that mean?  It is simple.  It is the reason that you become desperate to become successful.  It can be curing cancer or buying a new car.  Our whys can constantly be changing but they have to be BIG.  Big enough to cause you to push yourself beyond what you every thought possible.

SCRIPTS

Would you like fries with that?  High school kids working at McDonalds are taught that script.  They say it over and over until they don't even think about what to say.  The very same thing happens in your Real Estate career.  Keller Williams Realty has hundreds of written, proven scripts to give you confidence to always know what to say next.

LEAD GENERATING

As much as we would like for our phone to constantly be ringing with new clients that is not realistic.  --At least not in the beginning of your career.-- You have to make your phone ring.  You have to find people that want to buy or sell a house.  Many people thing this is the hardest part but if you were dedicated and learned your scripts it won't be.       



TECHNOLOGY

Keller Williams Realty is dedicated to providing top-notch, unlimited, off the charts technology for  each and every agent.  Leadership is constantly reaching up into more in depth technological ideas and then "dumbing them down" so an average agent like you and me can easily and effectively use the technology as part of our lead generating.

DATABASE

This is your book of business.  This is what you continually add to and nurture and pamper until it is literally worth  hundreds of thousands of dollars.  Did you ever consider what a dentist is actually selling when he sells his business?  He is acutally selling his "book of business" or his database.  This is something that you will take very good care of your entire career.

APPOINTMENTS

Keller Williams has in place both buyer and seller presentations that you only need to personalize.  They are thorough and an extremely necessary step in your ten steps.  Your scripts have taught you how to get appointments to come to the office or to make a listing appointment.  Your presentations will give you confidence and remind you how important this appointment is and the best way for you to approach it.

CONTRACTS

Contracts are both buyer contracts (buyer representation agreements) and listing contracts.  In the case of a buyer contract, the details of your responsibility to your client is and in turn what you can expect from your client.  In the case of a listing contract the same details apply and the listing is an agreement that specifies more details about the particular property for sale.

Under this same category is also the actual contract to purchase with you either as the agent representing the buyer or the agent representing the seller.  Keller Williams Realty provides excellent training on how to prepare these contracts.



NEGOTIATIONS

It is rare that you will write a contract or receive a contract that is 100% acceptable to both parties.  Nor do home inspections often come back without the buyer wanting at least some repair from the seller.  This is a time for your negotiation skills to shine.  You must always remember who you represent and negotiate in their favor.  We have many classes to help you learn negotiation tactics.

CLOSINGS

We all must remember that the day of closing can be a very stressful time for both buyers and sellers.  It is often "good" stress but stress nonetheless.  It is your job to be the "stress reliever" and be sure that everyone walks away from the closing table with a smile.  

MONEY

Even though your Big Why may not be about money it is still our scorecard.  When you start the Ten Steps To Becoming a Successful  Real Estate Agent, you will set monetary goals.  When you walk away from the closing table with a check in your hand you will understand what I mean.  

10 Steps to Becoming A Successful Real Estate Agent


Not all real estate companies have the models, systems, and tools in place for you to be able to effectively accomplish the ten steps.  Keller Williams has deliberately and on purpose set all of these 10 steps in order for you.  

You can follow the steps and live the KW promise of -- A Career Worth Having, A Business Worth Owning, A Life Worth Living and a Legacy Worth Leaving.  

Or you can skip some of the steps or stop trying to become your very best at them, or you can work toward self-mastery and become that Successful Real Estate Agent.

You choose.

Contact me for more details.

Pamela Madore
Keller Williams Realty
3955 S. Soncy
Amarillo, TX 79119
http://pamelamadore.com
806-290-1920
pammadore@kw.com

Information About Broker Services
Consumer Protection Notice


Keller Williams Realty





Monday, March 5, 2018

I Want To Buy a House But Don't Know Where To Start

Pamela Madore
Keller Williams Realty
Pamela Madore Mortgage
806-290-1920




 I Want To Buy a House But Don't Know Where To Start


Pamela Madore
Start right here.  I can help you buy your first home, your second home or investment properties!

Unless you are a cash buyer you will need a mortgage.  There is no sense to go and look at properties until you know that you can buy a house.  Although, it is fun to look online and that is OK.  It will give you an idea of what you like and how much the houses cost.

Once you decide you want to buy a house, the first step is to get pre-approved/approved for a mortgage.  You have many different options on how this works.

First, find someone that you trust and that knows a lot about the mortgage industry.  I hope you choose me.   😎  

Here are some myths about mortgages:


  • I can't buy because I have bad credit
  • I can't buy because I don't have any credit
  • I am self-employed and don't show any income
  • I don't yet have a SS number--only an ITIN
  • I don't have a big down payment so I can't buy
  • I can't buy because I had a bankruptcy/foreclosure
Many banks and mortgage companies offer only a limited amount of mortgage programs so if you go to one of them and they say you can't buy, you may stop there.   

Don't stop.  Since those companies only offer a few programs that doesn't mean that there isn't a mortgage out there that will work for you.  You only have to find it.  Ask questions.

How To Get a Mortgage


I am a Mortgage Broker which is much like an insurance broker.  Insurance brokers "shop" until they find someone that will insure you and try to get you the best rate.  I am much the same.  Instead of having a very limited amount of programs, I have many, many.  

Lots of times I have exactly what you need. Another amazing advantage you have in using a Mortgage Broker is that I run your credit once.  If you go from bank to bank, each one will run your credit.  I don't do that.  I use the same credit reprot for each lender that looks at your circumstances.

Where to start?  Always start with how to get a mortgage.  When you go to look at properties and you have a mortgage pre-approval it is like you have a blank check!


Pamela Madore
Keller Williams Realty
Pamela Madore Mortgage
NMLS #289635
3955 S. Soncy
Amarillo, TX 79110
pammadore@kw.com
http://iloveamarillo.com
http://pamelamadore.com/





Saturday, March 3, 2018

Have Questions About Real Estate or Mortgages or Getting a License? Ask Pam

Pamela Madore
Keller Williams Realty
Pamela Madore
Pamela Madore Mortgage
#289635

Have Questions About Real Estate or Mortgages or Getting a License? Ask Pam

In my many years in this business I have answered thousands of questions for people.  You would think that all the questions have been asked and answered.  

Not true.  Every day something new happens.  There is a new question.  A situation that has not happened before--or at least one that I have not heard of.

So I need your help.  I have started on online FB forum Ask Pam Online .  Take a moment and go to the page, like and follow and ask a question.  Or if someone has asked a question and you have the answer or a comment , please feel free!

Our world is constantly changing and with it comes changes in every aspect of our lives.  We need to have safe (free) places to ask questions and, hopefully, get answers.

I am not an attorney.  The answers will all be the opinions and experiences of me or some of my co-workers and contacts that might have a better answer.

Remember, no question is stupid.  If it were, I would be counted the stupidest of them all!

So please, let's make this fun and informative and share information with each other!

Click here.   #askpam   #askpamonline

Pamela Madore
Licensed Real Estate Agent
Keller Williams Realty

Pamela Madore
License Mortgage Broker
Pamela Madore Mortgage
#289635

3955 S. Soncy
Amairllo, TX 79119
806-290-1920
askpamonline@gmail.com

Information About Broker Services

Consumer Protection Notice

Saturday, February 10, 2018

I Don't Have a Social Security Number and I Want To Buy A House

Pamela Madore
Pamela Madore Mortgage
NMLS 289635

I Don't Have a Social Security Number and I Want To Buy A House


It's OK.  I can help.

If you don't have a SS# then you probably have an ITIN number.  In some instances you may have both.  You employer uses a social security number to pay you and when you file taxes you use your ITIN number.  


Here are some general requirements that many of the lenders I use require:

20% down---10% can be a gift
credit score
2 years tax returns


Downpayment

Most lenders require a minimum of 20% for a down payment.  Many buyers don't keep all of their money in the bank but we will have to show it is in a bank account. We will need to show that it has been in the bank (or credit union) for at least 30 days.

Credit score

Many people think you can't have a credit score with an ITIN.  That is not true.  In order to get the best mortgage you will need a credit score and the higher it is the better your interest rate.

2 Years Tax Returns

If you are a W-2 employee than we will need a copy of your last two years W-2s and your tax returns. I will also need current paystubs.   If you are self-employed we will  need the last 2 years tax returns and, depending on the time of year, a year-to-date profit and loss statement.  In either case they should be filed with your ITIN.

There are a number of banks and credit card companies that you give you a loan/credit card with an ITIN and report it to the credit bureau to build your score.  I recently saw someone with a loan at ANB and an Ashley Furniture card.  Both were reporting to the credit bureau and since the buyer had made payments on time, his score was acceptable for the mortgage program he wanted.

Here are a list of places you can check to see if you can get credit.  You should always first check the bank you have your checking and savings with.

Bank of America
Wells Fargo
Capital One
Access Credit Union
Aaron's 
Sun Loan
Amarillo National Bank
Happy State Bank
Walmart

I don't know for sure that these institutions will give credit with an ITIN because I notice that sometimes guidelines change and at one time they would and then they won't.  Check these places and others as well.

If you don't have any credit on your credit report it is possible that we can "build" credit but getting letters from your landlord, utility companies,  insurance company and cell phone companies.  This does not always work for lenders so my advice is to start today applying to get a credit card or loan.

Let me just say a little something about ID.  You will probably have a passport and a maticular.  It is important to try to get some sort of US picture ID.  When it comes time to close on the house the notary will want something US.  Sometimes your bank will give you a debit card with your picture on it.  Sometimes your doctor or dentist takes your picture to go with your records.  You could go to Sam's club and get a picture card.  Try to get as many as you can to make that process easier.

Please let me know if you have any questions or just want to see if you are ready yet.  You can email me at pamelamadoremortgage@gmail.com or call/text at 806-290-1920.

Do it now!  Contact me!

Pamela Madore
Pamela Madore Mortgage
3955 S. Soncy
Amarillo, TX 79159
806-290-1920
pamelamadoremortgage@gmail.com
NMLS #289635
NMLS # 1560825