mktg market changes guaranteed rate solutions040609
DESCRIPTION
Realtors see what partnering with Guaranteed Rate can mean for your businessTRANSCRIPT
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• Market Changes
• Guaranteed Rate Solutions
• Why choose Guaranteed Rate
Agenda
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Market Changes
• Federal Housing Bailout and Government Stimulus Package
• Second Mortgages• CLTV > 85% are not eligible.• Stated Income eliminated• Non- Owner properties eliminated
• Jumbo Loans• Market liquidity has led to more restrictive guidelines (i.e. higher credit scores, etc..)
• FICO Restrictions• PMI requires a higher min FICO• Monthly premiums vary based on FICO score• Higher score = Lower premiums
• Elimination of programs- Stated/No Doc
• Declining Markets• More stringent appraisal requirements. Tougher to support value.• Additional PMI restrictions (Condos > 90% LTV, Non-owner properties ineligible, higher FICO scores
required, etc.)
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Guaranteed Rate Mortgage Solutions
• FHA & VA Loans
• Conventional Fixed and Adjustable Rate Mortgages
• Jumbo Loan programs
• Affordable Housing Programs
• First Time Home Buyer Programs
• Lowest Rates in the Market
• Realtor Advantage Program
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FHA Loans
• Guaranteed Rate is a government approved FHA mortgage bank
• Lower down payment – only 3.5% required
• Gift funds OK for down payment
• More flexible credit guidelines make it easier to qualify
• Lower Minimum FICO score, no income limits
• Non-Occupying co-borrowers allowed
• Loan Amounts vary by county (Go to https://entp.hud.gov/idapp/html/hicostlook.cfm for
loan amounts)
• Not just for first-time home buyers
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VA Loans
• ZERO down payment is required in most cases
• NO monthly Mortgage Insurance
• Relaxed credit standards, so perfect credit is NOT required
• NO income caps
• NO reserves required
• Flexible underwriting with expanded debt ratios
• Seller or other parties may contribute up to 4% of the
Veteran’s closing costs
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Conventional & Jumbo Loan Programs
Conventional Fixed & Adjustable Rate Mortgages:
• SFH – 5% Down (Max 95% LTV)
• Condos – 5% Down in Chicago area (Max 95% LTV); 10% Down
elsewhere –Chicago MSA counties:
https://www.efanniemae.com/sf/refmaterials/hudmedinc/hudincomeresults.jsp
Jumbo Loans – Adjustable Rate Mortgages:
• Programs available up to $3,000,000 (varies by state – check for LTV/CLTV restrictions)
• 90% Loan To Value Programs (varies by state)
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• 3% Down Payment Programs (Fannie Mae’s My Community &
Freddie Mac’s Home Possible) designed to help first time homebuyers
• Higher LTV thresholds allowed under the program (depending on
number of units and property location) – 97% LTV
• 1-4 unit primary residences allowed
• Additional flexibilities for teachers, firefighters, law enforcement officers,
healthcare workers and military personnel (varies by state & county)
• Closing costs can be paid from gift from a related person
• Reduced mortgage insurance coverage levels
Affordable Housing Programs
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Home Buyer Programs
First-Time Home Buyer Tax Credit• Up to $8,000 for homes purchased on or between January 1 -
December 1, 2009
• Does not have to be repaid
• Equal to 10% of the home’s purchase price up to a maximum of $8,000
• Single taxpayers with incomes up to $75,000; married couples with incomes up to $150,000
Builder-Paid PI • Principal & Interest paid by builder for first 6 months
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Guaranteed Rate Advantage
• Lowest Rates – Guaranteed!
• More Products and Better Pricing
• Faster Turnaround and Better Service: We Control the Transaction:
• In House Underwriting Department
• In-House Closing Department
• In-House Funding Department
• In-House Secondary Marketing Department – Best Pricing
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Realtor Partner Program
Value-added marketing tools to help Realtors build their
business:
• Broker Open Catering
• Virtual Tours
• Home Loan Analysis Sheets
• Daily Mortgage Rate Search Engine
• Neighborhood Reports
• Just Listed – Just Sold Postcards
• Co-Branded Custom Marketing (Postcards, Quarterly Newsletter, Flyers, Signage)
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About Guaranteed Rate
Guaranteed Rate was founded in 2000 and since its inception has experienced double digit growth each year, becoming the largest independent mortgage company in the nation -- and is growing strong.
Headquartered in Chicago, with over 600 employees companywide and offices throughout the U.S. and currently licensed in 43 states.
As a mortgage bank, we offer the best of both worlds --- the financial strength of a large bank and the flexibility of a mortgage broker.
Closed Loan Volume of $4 Billion for 2008
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Guaranteed Rate In the News