Luxury Homes At Affordable Prices
I am proud to be working for imortgage. I have been in the mortgage industry for over 12 years and as a Certified Mortgage Planning Specialist (CMPS) carry the highest certification in the industry. I do encourage you to go online and check out the CMPS website at www.cmpsinstitute.org. This website contains information directed to the mortgage consumer and information about the requirements for a mortgage lender to carry the certification.
Founded in May 1999, imortgage offers low-cost mortgage loans. imortgage customers are homebuyers looking for a quick, simple and economical approach to obtaining mortgage loans.
The founders of imortgage, Dean Bloxom and Jay Johnson, have combined their 40 years experience in real estate and cutting-edge technology to create a cost-effective alternative to traditional mortgage companies.
Locally, imortgage's branch office is located in Fresno. The Branch Manager is Dan Mueller, who received his degree in finance from Fresno State. He has been in residential and construction finance since 1989 in the Central Valley.
The main goal of imortgage is to provide mortgage loans using automated systems that save time and reduce costs, passing considerable savings on to the consumer.
To put it simply, imortgage helps consumers, homebuilders, and banks take advantage of a quick and straightforward loan process, saving them time, energy and money. imortgage makes getting a mortgage... simple as that.
Sean Connolly; 559-432-2727 / 559-905-0728
1111 E. Herndon Ave. #111, Fresno, CA 93720
Featured Articles From imortgage
How to Successfully Get a Mortgage in 2010
Getting a mortgage in 2010 is a little more complicated than it has been in the past due to the challenging economy and increased government regulation of the mortgage industry. In fact, it's like a giant hurricane has swept through the housing and mortgage markets, leaving chunks of debris and danger in its wake. But never fear; that's why I am here! As your Certified Mortgage Planning Specialist, my role is to walk by your side, be your personal guide, and set you up for success every step of the way. Here are a few of the challenges that we will tackle together as we navigate the danger zone known as the 2010 mortgage process!
New Good Faith Estimate
The US government has created a new version of the disclosure form known as the Good Faith Estimate (GFE). The old GFE itemized all your closing costs and illustrated your "cash-to-close" - the amount of cash you would need to bring to the closing if you are buying a home, or the net proceeds you would recieve at the closing from a cash-out refinance. The new GFE lumps in you closing costs under certain categories instead of itemizing them, and does not illustrate your cash-to-close. Also, if the seller is paying closing costs or points on your behalf, this is not reflected on the new GFE. In other words, it will look as though you are paying these fees even though the seller is paying them.
As your Certified Mortgage Planning Specialist, I go above and beyond the government's minimum requirements for my clients. In fact, I have created special systems and easy-to-understand forms to help illustrate the total costs associated with the loan options available to you. Please contact me for more details.
New Appraisal Guidelines
Most mortgage loans these days are either insured by the Federal Housing Administration (FHA) or sold to Fannie Mae or Freddie Mac. This means that mortgage banks and brokers need to follow the rules set by Fannie, Freddie, and the FHA. In 2009, Fannie and Freddie adopted new rules surrounding the home appraisal process. In 2010, the FHA followed suit and implemented many of the same guidelines. What this means for you is that the appraisal process is going to be more stringent and inflexible, costly, and time consuming than it has been in the past.
In fact, may appraisals are now conducted by appraisers who may not live in your community, resulting in value estimates that may not agree with your own opinion of what your home may be worth. Also, many appraisals now go through multiple layers of screening and are handled by Appraisal Management Companies, resulting in higher costs and fees. Finally, loan originators are prohibited in most cases from ordering appraisals or communicating with appraisers. Even so, it is important to keep in mind that an appraisal is simply somebody's opinion of what your home would sell for in today's market. You and I are entitled to disagree with the appraiser and have a different opinion, but the lending guidelines that we need to follow require us to use the appraiser's opinion when calculating your loan amount and strategy.
As your Certified Mortgage Planning Specialist, my committment to you is that I will help you understand the appraisal report once it is completed. If there are any errors, I will do what I can to get them corrected. Most importantly, I will work hand in hand with you to adjust the mortgage strategy as neccessary if the appraiser's opinion of value comes in below what you or I think your home may be worth.
New Disclosure Rules
The US Congress has enacted some new laws, and the Federal Reserve Board has issued some new guidelines that could delay the loan process. For example, if the APR on your loan changes by more than 0.125% before the closing, the lender needs to issue new disclosure forms and give you time to review the new forms.
Here are just a few examples of what could cause the APR to change:
*You decide to lock in your interest rate or get a rate lock extension *You decide to reduce your loan amount *You are getting an adjustable rate mortgage and the index value changes *Your credit score changes before closing, resulting in a higher rate or higher fees *You decide to pay more or less points than what you initially requested
As your Certified Mortgage Planning Specialist, my committment to you is that I will help you avoid costly delays to the best of my ability by planning with you ahead of time and setting you up for success. While I can't control everything that happens during the loan process, I do have the experience to know what pitfalls to look out for and help you plan accordingly.
Higher Credit Score Guidelines
As stated above, most mortgage loans these days are either insured by the Federal Housing Administration (FHA) or sold to Fannie Mae or Freddie Mac. This means that mortgage banks and brokers need to follow the rules set by Fannie, Freddie, and the FHA - all of whom have issued stricter credit scoring guidelines. I know it sounds ridiculous, but if your credit score is less than 740 (gasp!) you may get hit with higher fees if your loan is being sold to Fannie or Freddie! Most of my clients are responsible individuals who take pride in paying their bills on time and maintaining a good credit rating. However, many Americans have recently been hit with unexpected financial difficulties due to the challenging economy.
In fact, many credit card companies have reduced the credit limits on accounts that have never been late. This is causing credit scores to go down across the board for people who have never been late on any payments in their life! If you fall into this category, or if you have some challenges with your credit score, you may get hit with higher costs when if comes to getting a mortgage. As your Certified Mortgage Planning Specialist, I will work with you to evaluate your options and point out strategies and ideas for increasing your credit score and getting a great deal on your mortgage.
Please contact me for more information on any of these items and how they may impact your situation. As always, I am here for you every step of the way. Together, we will make getting a mortgage in 2010 a very rewarding experience for you and your family!
Tips For First Time Home Buyers
Almost all home buyers feel confused, even those who have purchased a home before. It's easy to forget some of the home buying steps you've followed in the past. Here are some tips on how to begin:
Educate yourself about the home buying process and where you want to live. You can talk to realtors, mortgage brokers, loan officers, or even friends who've recently moved into your area. Also, the public library might be a good resource.
Once you find answers to these questions, you'll have a much better idea of the basic home buying process in your area.
*If I decide to work with an agent, will the agent help me compose my offer? *Will an agent give me a sample copy of typical disclosures? What kind of disclosures are sellers required to give to their buyers? Does it differ by city or area? *Is a home inspection standard in the area? Are there other types of inspections recommended? How much does an inspection usually cost, and who pays the cost, buyer or seller? When is the inspection usually done, before or after an offer or closing? *If I want to be sure the deed to the title is problem free, do I need to contact a title company? Does someone else do this for me? What is the average cost for this service? *Who will put together final paperwork for signing (otherwise known as a settlement agent)? Several options could include title company, real estate broker, attorney, etc. *Other than loan costs, what's the average total cost for other closing fees? What is the average total cost of closing fees, other than the cost of the loan? What are included in these fees; such as taxes, agency fees, etc? *Once my offer has been accepted, how long does it normally take to close on a home? What might hold closing up or make it difficult? *What can I, as the buyer, do to ensure things go smoothly?