Jessica Elliott

Maybe you are buying your first home in Mississippi, or perhaps you are relocating to Mississippi from another state. Either way, it is important that you educate yourself on Mississippi home loans before shopping for a home and mortgage. This article explains what you will need to know before buying a home in Mississippi:

After Hurricane Katrina hit Mississippi in the summer of 2005, the entire state of Mississippi was made eligible for public assistance. However, the southern half of Mississippi incurred the majority of damage. 90% of structures in the Gulf Coast area were seriously damaged or destroyed.

The median value of a home in Mississippi is currently $71,400. Mississippi has a high rate of adjustable-rate mortgages and interest-only mortgages. Trends have turned to unconventional loan options as housing costs in Mississippi have been rising faster than incomes. Additionally, current interest rates in Mississippi are above the national average.

Mississippi does not have a mortgage tax. Additionally, Mississippi?s Fair Housing Act prohibits mortgage lending discrimination against individuals based on their race, color, religion, gender, familial status, or national origin. Currently, Mississippi does not have any anti-predatory lending laws in effect.

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Anonymous

My name is Charles Shadduck and on May 12, 2003 I received a floppy disk in the mail that contained “The Mortgage Manager” software. This free software and free mortgage management service is helping me. . . save $131,736.79 on my 30-yr. mortgage without refinancing; cut 9.3 years off my mortgage without increasing my payment; build equity in my home 300% faster and helps me audit my loan automatically to find lender mistakes (Which occur about 50% of the time according to the F.D.I.C.).

I paid nothing for the software or the service which is provided by - Information Brokerage Services, Inc., Mortgage Management Division, of Shawnee Mission, KS.

Anyone who wants to save substantially on their home mortgage may download the software for free at http://www.cfsenterprpises.net

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Jayson Brock

I have seen many post on websites, broker chat rooms, outpost, and comment sections about mortgage leads being bad and down right fraudulent. Well I have taken this question to the next level, “Are mortgage leads still worth buying?”The answer is of course. I ran an experiment in late July that tested major mortgage lead websites and this is what I generally found.

Mortgage leads are a much more competitive marketing tool compared to several years ago.

Online shoppers definitely do submit their application to more than one site when shopping online - this is the biggest issue noted through out our research.

Return policies are the biggest key to making this investment profitable.

Time spent on calling mortgage leads can be enormous if you let it.

The ROI on mortgage lead purchases is still high if you manage your purchases, people, and profits correctly.

The biggest issue with calling mortgage leads is that we as mortgage brokers and loan officers are spoiled or think that we are calling deals - not leads!

Leads have to be worked, worked, and worked some more. We bought 10 mortgage leads each from 5 top sources and the results were pretty good. We found that 3-4 were completely bad and the rest had to be called over 4 times just to make initial contact. In the end we had to work the leads for about 3 days and we received 3 applications and one deal went to the table. We found this in 3 of the companies we reviewed.

The outlook we have on the scenario is this - 10 leads for an average of $150.00 and we got 3 potential deals -2 deals we could not get because of the borrowers situation - which is not the lead companies fault - and the other one we had to work for over a week to get a deal struck and bring in 2245.00 in total fees to our net branch.

What a massive ROI - don’t you think?

Another scenario we had was a reorder with a company that we did not strike a deal with, but this time we bought $500.00 in leads and the return was the same. Did we complain, NO, we profited over $1500.00 for a $650.00 investment - that is an easy choice in my office.
After calling these leads we called and interviewed a few of the mortgage lead companies and asked them how they view their product and view the brokers that buy leads from them.

First we spoke with Dave Henry (http://www.leadorder.com) and he spoke with us about the cost of generating quality mortgage leads. Dave stated “Mortgage leads can cost between 8 dollars to 14 dollars just to generate, as long as you are using legal and ethical methods to generate mortgage leads. We do not participate in SPAM or incentive backed leads and that drives cost up and drives quantity down.”

“With cost going up it has forced 100% of all Lead Companies to work with other marketing companies - do not be fooled all of them do - this in turn can drive down quality because as a company you can not screen every lead. To combat this we have instituted a verification process that all our affiliate leads go through before hitting our system.”

Off the record Mr. Henry stated that he sees his company as a leader in Lead delivery, a big issue with most lead buyers. Their MLT, Mobile Lead Technology, a system powered by Yahoo actually sends a text message or page to a mobile device once a lead hits your email - We say that is a cool idea!

The second person we spoke with was Jayson Williams with Leadbull.com (http://www.leadbull.com) a mortgage lead company with one of the largest member databases on the web. Jayson states “Our system is simple and since we do put so many leads on our system from our own websites and other marketing companies we want all of them to be backed with the best return policy, so we credit back most request if they fall in our parameters. We want to make the experience easy and profitable. The main issue we find is brokers that call a lead 2-3 times do not get an answer and try to report as bad - just because a borrower does not answer the phone or call you back does not make it a bad lead.”

Jayson says “Our system is based on 3 principles - fair trade - good service - and affordable products. We know that most LOs or Brokers are new or have good employees below them and are responsible for keeping their leads flowing. This is why we offer such a vast array of products like aged leads that are good for telemarketing or new loans officers getting their feet wet. Our verified and exclusive leads come in at a slower rate but are packed with much success. These leads are good for the experienced employee that can close a hot deal and fast.”

We asked Jayson about exclusive and verified leads and he stated the main thing to remember is that “most lead companies are trustworthy and do sell their lead once or the stated amount of times, but the Internet has made it so easy for a borrower to submit an application to 3 different sites in a matter of seconds. This causes your exclusive $75.00 lead to be worked more than you expected - but that is the name of the game. The Internet makes them easy to get but more people are getting them - don’t be fooled the less that lead is sold the better but mix it up, do not put our eggs in one basket, but different types of leads and make sure the company has a good return policy.”

We want to thank these companies for their insight and we will add more about or research in the coming weeks. From our findings Mortgage Leads are still a viable source for generating revenue.

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Anonymous

Denver Co January 23 2004–Oliver Maldonado Mortgage Broker has not given the national no-call laws a 2nd thought although 80% of his business is generated through telemarketing. Oliver says “I really don’t care much about the national telemarketing law. I don’t like it and I believe it is a direct violation of our 1st amendment right to free speech. This national do not call law is also in my opinion a violation of our free enterprise system which is one of our biggest rights as Americans. The Government has also created monopolies by creating such an unfair law”.

Oliver Maldonado announces a door to door campaign he will begin within a month or so to do more mortgage business with homeowners and to sell his new book “The Mortgage Book”.
“I don’t care about the national no-call law. It won’t affect me one bit. I will obey and do business according to the law, but it won’t affect me at all. I’m going to go door to door to reach and help homeowners save money and lower their mortgage payments. I truly want to help homeowners and I won’t allow the national no call law to stop me from helping homeowners, I’ll just find additional ways of reaching them. Door to door is one way along with “The Mortgage Book” which I wrote to help get to more homeowners”, said Oliver.

According to Oliver the telemarketing industry was one of the largest industries in the country. A couple of years ago telemarketing in the United States alone generated over $700 Billion dollars in revenue annually.

There were over 7,000,000 Million telemarketing employees working in over 70,000 call centers in the United States! That number of course has changed and dropped dramatically since the national telemarketing law has taken affect. The devastation as a result of the new law to our economy has not yet been seen or calculated accurately.

For more information about Oliver Maldonado, you can visit www.olivermaldonado.com or call Oliver directly at 720-364-1884.

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Anonymous

July 6, 2004 — boberdoo.com LLC (http://www.boberdoo.com) announces the opening of LeadASP.com (http://www.leadasp.com) and is currently offering free mortgage broker web sites with the opening. Mortgage brokers throughout the United States can sign up for free use of LeadASP.com until the end of August. LeadASP.com brings together many features that brokers normally have to find in separate systems. These features include an online content management system, automatic lead trading, a newsletter system and an autoresponder system.

The main feature of LeadASP.com is the ability for mortgage brokers to automatically trade their mortgage leads. Online advertising in the mortgage industry is very expensive and not precise enough so that brokers only draw in the traffic that they want. Brokers often end up getting leads from their web sites that they are unable to use because the leads are from states where the brokers are not licensed to do business. With the LeadASP.com system these leads are automatically routed from one broker’s site to another broker’s email box who can use those leads. The broker, whose site generated the lead, then gets credit for that lead that was sent to another broker. Brokers with sites through LeadASP.com also have the ability to buy extra leads that are generated from other brokers’ sites.

“LeadASP.com has been under development for about 8 months now. We are unsure if it is too ahead of its time or not, but we do know that it is an amazing system that will save brokers money and also improve their ability to turn leads into sales,” said Brad Seiler, owner of boberdoo.com LLC. “Along with the ability to automatically trade leads, LeadASP.com has many other features, such as the newsletter and autoresponder system, that will help brokers turn rate shoppers into closed loans.” The LeadASP.com system also provides brokers with an online content management system so they can control the text on their web site. This feature can be used to post mortgage rates or describe the broker’s company. The LeadASP.com system can be used for free and stay hosted through LeadASP.com or brokers can download the site files that LeadASP.com creates and host the site elsewhere. Regardless of where the site is hosted, all of the features still work and can be controlled through the broker administration section at LeadASP.com.

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Eddie Tobey

Mortgage rates are the determining factor in choosing the type of loan and the lender. Rates influence the monthly payment that a borrower has to make towards repayment of the loan. The monthly installment of the mortgage is directly proportional to the term of the loan. For a thirty-year term, the monthly repayment will be less as compared to a ten-year term.

Forty-year mortgages are not yet popular among the borrowers. The main reason being that, a forty year mortgage term means, the money getting tied up for an extra ten years for the lenders and a longer repayment term for the borrowers. Further, the rate of interest charged for a forty-year period, is around eighth to a quarter percent more than the regular fixed-rate payment. As the term of repayment is longer, the equity of the borrower is built very slowly. Due to these reasons, it is not a preferred mortgage option for homebuyers who are looking at a move-up in a few years.

However, as forty-year mortgage rates offer lower monthly installments, it suits the needs of first-time homebuyers as well as borrower who otherwise do not qualify for any other option. Some companies put a limit on the percentage of income that a borrower can contribute towards the mortgage. Borrowers, who narrowly miss the requirements, can take advantage of these mortgage rates.

The reason why some credit companies are skeptical in offering the forty-year mortgage rate option to their customers is that, there are other existing ways of reducing monthly payments. Adjustable-rates option helps the borrowers bring down the repayment amount considerably. Interest only mortgage rates offer the borrower to go for even lower monthly payments. Therefore, before opting for a forty-year mortgage, borrowers have to be really sure they want this option, as compared to any others that are available.

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Hartley Pinn

Do you ever wonder where your time goes during the day? Well here is an eye opening mortgage training exercise you should try:

For one full day, write down what you are doing every 15 minutes. At the end of the day you will be amazed by how much time you spend doing ?non-dollar-productive? activities.

Non-dollar-productive activities are activities you do day in and day out that make you zero money? Like walking to the fax machine or using the copier.

In this mortgage training article you?ll discover how to walk into your office, do only what you enjoy doing for 2 to 4 hours and then go home. Would that improve your quality of life? Of course it would.

So how do you do that?

1) Make a list of the mortgage activities you want to do.
2) Make a list of everything you do not want to do.
3) Build a team of assistants to do all the things on your ?do not want to do? list so you can spend all your time on the ?want to do? items.

By the way, don?t limit your lists to just business responsibilities. You can and should extend your ?do not want to do? list to your personal life. You can hire a Personal Concierge to pick up your dry cleaning, wash your car, run errands, whatever.

Imagine how wonderful your life would be if you could spend every day only doing the things you enjoy most. That?s what life is all about.

To summarize, the basic idea here is to delegate all of your duties so you can only spend your time doing what you like best.

Here?s an example of how powerful this delegation process can be:

What if you were an excellent sales person - You loved selling loans. You arrange your schedule so you?re in the office from 10:00am to 12:00pm, take lunch, and return to the office for your afternoon shift from 1:00pm to 3:00pm (this is called time blocking).

Your team does everything except make closing calls. So your job during the four hours you?re in the office is to make closing calls. You make 10 closing calls, sell 8 - 9 loans, and go home for the day. You just made at least $24,000 in four hours and you?re done for the day!

Mortgage training team building tips

Below you will find a few pointers for hiring your assistants.

The interview process:

* Do a phone interview before meeting in person

Describe the position and your expectations.
Are they currently employed?
If so, why are they leaving their current employer?
Schedule a face to face meeting.

* Conduct 3 separate interviews on 3 different days.

* Conduct your interviews at 3 different times of the day (early morning, noon, late afternoon). You want to see how these people function at different times of the day.

* Check 3 ? 5 business references after the first interview. Personal references are easier to falsify. So be sure to call past employers.

* Give them a DISC test after the second interview. A DISC test is a personality profile that will give you valuable insight into whether or not this candidate would be a good fit for the position and for your team. To find one of these tests search goggle.com for ?disc test?.

Well that?s it. In order to maximize the effectiveness of this system, be sure to automate as many of your team?s duties as possible. Use technology and team building to your advantage and watch your production sky-rocket while cutting your time in the office to 10 hours a week.

Visit Hartley Pinn?s Mortgage Training Article Directory for a complementary mortgage lead generation e-course.

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Larry Holmes

The mortgage interest deduction just might be the most overrated tax saving strategy there is, and yet it is considered by many to be a primary reason for home ownership.

Look, I present financial seminars for thousands of people every year. During breaks people will invariably come up to me and ask me questions about their personal financial situation. I tell them to do five basic things?

1. Get out of debt and stay out of debt.
2. Save 3-6 months of expenses for emergencies and emergencies only.
3. Use the envelope budgeting system. It’s the best budgeting system ever developed.
4. Open a Roth IRA so that you can have tax-free investments and tax-free income for the rest of your life.
5. Pay off your mortgage so that you can own a home free and clear.

The one that always meets with the most resistance is the one about paying off a mortgage. People will often say, “I don’t want to pay off my mortgage because I need the tax deduction.”

That kind of logic gives me a headache. Here’s the deal: If you pay $1,000 a month in interest on your mortgage, and if you’re in the 28% tax bracket, you will still pay $720 a month in interest ($1,000 minus 28%). So it’s only a good deal compared to not getting any tax deduction at all or — in many cases — paying rent. A mortgage interest deduction does not “save” you money over not paying any interest at all.

In my entire career I’ve never heard anyone who owned a home free and clear say, “Gosh, I sure miss having that mortgage payment.” So once you’ve found a home that you want to live in for the rest of your life, work toward paying off your mortgage early. You’ll be glad you did.

(c) Larry Holmes

Larry Holmes invites you to visit http://www.smart-money-report.com/
Your common sense guide for financial and investment success.

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Nathan Pitzel

Debt Consolidation Loan, Home Equity Loan, Adjustable Rate Mortgages… Are these financial solution buzzwords perplexing you too? Don?t fret, like many Americans trying not only to comprehend all your options but understand how they might benefit you can be confounding.

With interest rates rising, the average FRM was up to 6.72% on Friday, May 12th from 5.50% a year ago the same time according to HSH Associates it?s imperative that consumers weigh their options carefully. Trendy financial advice today calls for consolidating debt or refinancing your mortgage or both. And, while I agree this is plausible advice, what?s most important is evaluating your specific situation then identifying the means to which will best solve your financial strife.

Ultimately the short-term goal is to get yourself in a situation where you can make a fair payment on a schedule or with a provider you?re comfortable with. The long-term goal for us all, is to become debt free. And, if you?re a homeowner, you are seeking to gain 100% equity in your property.

Through debt consolidation you can begin to guide yourself down a path toward financial well being. There are varying benefits of debt consolidation; below highlights what I consider the most favorable:

1. Clearing Your Debt Quicker: The primary goal for your consolidated loan is to become debt free. With no plan it generally takes 12-15 years to become debt free. Your debt consolidation target should be 3-5 years. After attaining your goal the purchasing options you?ve always dreamed of will become available to you.

2. Constructing a payment plan that best meets your payment abilities: Having a sound plan in place will give you peace of mind and a feeling of accomplishment. Without it you?ll miss payments and could potentially end up in a more dire position than when you started.

3. Consolidation: Sometimes it?s less about the amount we owe than the overwhelming number of different bills we?re managing each month. If you only have one person to pay the likelihood you?ll pass over a bill declines.

4. Lower Interest Rates: One of the most important secondary goals for your consolidated loan is to have a (much) lower interest rate than what you were previously paying. As time passes you, along with your pocket book, will begin to feel the relief.

Of course with all that seems so easy and sensible there are disadvantages. For example:

1. ?Piggybacking? ? Is a term loan providers tend to use for PPI (payment protection insurance). Lenders commonly ?piggyback? their loans with PPI payments. Be sure to ask what this is and covers when applying for your loan. Essentially this assures the lender, in the event of an accident or unemployment, your payments will continue to be made.

2. Borrowing against home equity ? This is the biggest risk, if you default on your loan you could lose your home.

After having weighed the pros and cons the next steps to becoming debt free is assessing your situation, determining an appropriate resolution, setting a goal then accomplishing it! Diligence throughout the process is imperative, being lazy and pulling the trigger on a ?quick fix? will only negatively affect you. If done properly Debt Consolidation will ultimately save you hundreds of dollars.

The three most popular forms of Debt Consolidation are Zero-percent Credit Cards, Debt Consolidation Loans and for home owners a Home Equity Loan or Line of credit.

For people who don?t own homes and have good credit a Zero-percent credit card is a nice option to reduce debt. However, if your credit is in question qualifying for a zero-percent or even reduced interest rate card will be difficult. If you?re sure you?ll qualify, be sensible when choosing a new lender, banks persuade consumers with low interest rates. However, if you miss a payment or two that enticing interest rate could climb significantly? leaving you back at square one.

In her Take care with your zero-percent credit card article Lucy Lazarony suggests, ?You’ll also want to be quick with your card payments. Pay late even once and that zero-percent interest rate will disappear for good.?

Another option for those who don?t own homes is a Debt Consolidation Loan. This is a nice option for those of you who may have more of an issue paying multiple vendors than paying at all. They sell convenience, a one-stop shop for all your credit issues.

Credit unions and banks have designed Debt Consolidation Loans as a means for you to consolidate your debts into one low monthly payment. Know that if you don?t have anything to secure your debt against you?re likely to receive higher rates.

As is the case with everything we?ve discussed, be prudent in researching offers.

Home Equity loans are the cr?me de la cr?me for homeowners or so it may seem. A Home Equity Loan is a second mortgage that lets you turn the equity you have in your home into cash. They?re great because interest on a home equity loan is often fully tax deductible. The biggest disadvantage is that, if you default on your payments you?ll lose your home. Obviously this is something to be heavily weighed when considering this option.

Set up a meeting with your bank or lender and ask them to take you through the process their policies and your options. Don?t be afraid to ask questions.

As you go through the process, consider the following before choosing your plan:

? What types of loans are available to me? If you?re a homeowner you can consider a Home Equity loan or line of credit. Additionally, for those who don?t own homes there are debt consolidation loans and zero-percent credit card balance transfers.

? Am I truly comfortable with borrowing money to get out of debt, Is this my best option?

? Where is my interest rate ceiling, if I go above this will the loan really help that much?

? Can I get a fixed rate or is a variable rate my only option? Generally speaking debt consolidators won?t offer you a fixed rate loan.

? Set goals for how much you want your monthly payments to be and for how long you want to be bound to this loan.

? Down the road, if you?re position to repay or refinance the loan are there consequences, what are they? Often lenders will impose redemption penalties for early settlement.

? Is the loan insured, what additional costs does that include?

? Finally, if you?re a home owner securing the loan against your home make sure penalties for late payment are communicated clearly. And, if you plan on moving in the near future are there consequences? Again, occasionally lenders will impose a penalty if you move or require the loan being paid in full before you move.

Hopefully now you?re ready, remember there are solutions out there for all of us. While it?s not easy, solving your debt problems is certainly possible. Like most things in life, you?re likely going to get out of it what you put into it.

Nathan Pitzel is an experienced free-lance writer focusing on home mortgage loans for Americans. You can read more debt consolidation related loan articles at Nationwide Mortgage Loans and get more information about home equity loans and mortgage refinancing. sources: Smart Home Equity Financing & Second Mortgage Loans.

? 2006 Copyright SmartHomeFinancing.com

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Ruth Stanhop

Being declined by a few lenders people generally stop from applying for a poor credit mortgage UK. The higher interest charged by the lenders for a poor credit mortgage UK also discourages them to apply. But the fact is that getting approval for this mortgage is not difficult in present day loan market. Barring a few lenders all the others are not fussy about a bad credit score.

Getting approval for a poor credit mortgage UK is easy for another reason. The mortgage market is flooded with lenders and there is constant competition among them. So they do not let a borrower go out of their hold easily. That is why it is not wise to give up your efforts only after declined by some lenders. After all a poor credit mortgage UK is replete with some such benefits which justify the hassle you face.

A poor credit mortgage UK opens the gate of becoming a houseowner and closes the chapter of tenancy. No more you have to pay rent. Rather the monthly installment paid by you will ultimately increase the equity in your house. It also indirectly gives you chance to better your credit record. Managing the poor credit mortgage UK properly by making regular repayment will automatically improve your credit score.

In the long run you can go for a refinance when a reasonable equity will be build up in your house. Thus you will have a good amount of cash in your hand. You can also lower your outgoings by choosing better interest rate. So chase the opportunity of being a homeowner with the help of a poor credit mortgage UK.

About The Author: The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting Adverse-Credit-First-Time-Buyer as a finance specialist.

For more information please visit http://www.adverse-credit-first-time-buyer.co.uk

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