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