Mortgage & Real Estate Tips and News "Better Informed & Educated Moving Forward"

Back in 2000, when I started up the website for Pinnacle Mortgage Group in Anaheim Hills, CA; www.LowRatesOnline.net, I made it a point to dedicate a Button and Webpage explaing the importance to the consumer of making sure their mortgage and real estate broker, agent and Trusted Advisor was licensed and in good standing. I further went on to link the Dept. of Real Estate's page to check a broker/agent license status.  I did this for two reasons; first, to help them think about who they were about to let handle their most important financial decisions of property purchase or refinance. And 2nd but not least, to give us honest and ethical hard working Licensed brokers the credit we Deserve! Especially if you have any additional training with recognition like Certified Mortgage Planner, or  C.R.M or Realtor, etc.!  I intended that button and page on my site to separate us from the "quick buck, fair weather" phony's that jump on or off the Industry Bandwagon whenever the market Heats Up. Usually under someone else's "Rent a Broker" License number too!!  Below are some of the Details of the new Law;

Starting July 1, 2009, California real estate licensees will be required to have their license numbers printed and displayed on all solicitation materials intended to be the first point of contact with clients. This is due to the passing of Senate Bill 1461, a law that makes it mandatory for license numbers to be printed on everything from business cards, advertising flyers, stationery to all other materials used for communication within a professional relationship between you and your client. However, this will not include any advertisements in print or internet media and those 'for sale' yard signs.

The definition used in the new law about putting your license on all "solicitation materials intended to be the first point of contact" seems somewhat vague, however, the bill allows the DRE Commissioner to draft regulations that identify on which materials an agent must disclose their license identification number and on which ones it is not required. Furthermore, the new bill will require that the agent's license number appear on all property purchase agreements. Since the standard purchase agreement, currently printed by the California Association of Realtors (CAR) already contains a place for that information, it will make it easier for that transition. Also, now that your license number will be on all contracts, it will also make it much easier for the escrow companies to do their part to ascertain that they don't issue any commission checks to any unlicensed persons.

So, be proud of your license and number - show it off because you worked hard for it! Why not start adding it to your cards and letterhead Today?  In just over 7 months it will  be the law.

The Truth about Your Credit & Score

Your credit history should be no mystery to you, but with the fico scoring models it's become a maze of confusion. In fact, many folks we speak with, initially think they have great credit and scores when they are applying for a loan. Then after filling out the application, they learn to their amazement that they have a few "blemishes" that are being reported and that furthermore, will affect their new interest rate and loan terms.

With the advent of "credit scoring", most lenders/investors have decided it's more prudent to reward those with excellent credit histories and high scores by offering the "best rates" to those customers than one's with marginal or lower scores.  The best way to determine what interest rate and terms you'd receive is to simply contact us directly by phone, or by completing a short, secure and confidential online loan app. on our website; www.LowRatesOnline.net  and clicking on Apply for Low Rate Here button. Upon receipt of your quick app. (all sections completed) we will run your Free credit check and pre-qualify you for the desired loan type and convey rates, terms, fees and options available to you at that time.  It is furthermore recommended that you know your credit scores well in advance (30 to 90 days min.) of applying for new credit/loans.  This will give you & us some time to "correct the possible errors" and re-raise your scores up to levels for the best rates, if that is what's required.

Credit Repair

Unfortunately, we all have had some credit blemishes in our past that does affect our credit history, depending upon how recent and type of derog. An expert at Pinnacle can show you how to address those areas, try to get them removed, and move towards a more attractive interest rate and terms for your loan needs. Bear in mind, "correcting" one's credit doesn't happen over-night and depending on each person's particular situation, it may take a bit longer than expected or hoped for!  Pinnacle adhere's to the "customer for life" philosophy and we have helped hundreds of borrowers and clients with credit problems and issues get Better Rates because of "going the extra mile" for them!  Some issues and items can be removed for no cost, while others might require a small fee per item.  It depends and varies from each client and each piece of credit.  Give us a call and let's find out where you stand and what can be done, if anything is even required, or you simply already qualify for a great rate for that refi, new home, or commercial loan. We can help........give Pinnacle Mortgage Group a call and one of our Loan Advisors will be glad to assist your needs and goals

I just watched a television commercial about an LLC company formed by attorneys (??) who've Now started offering Loan Modifications.  This guy portraying an attorney pitches the benefits of using a legal firm and team to arrange the home owners loan modification.  He goes on to state the only thing that I did agree with - that the home owner should be cautious so not to use the services of unscrupulous mortgage brokers and agents who put these unsuspecting borrowers into these bad sub-prime loans in the first place.  As some of those brokers who fled the business last year are jumping back in the business now to make a fast buck once again with Mod's and credit repair.  So Caveat Emptor!

While it is glaringly obvious (based on the mass exodus from the industry of sub-prime only brokers and lenders across the Country) that there were too many "bad apples" in my industry who not only tipped over the apple cart but rather, ran it off a steep cliff.  There are still plenty of honest, ethical and professional mortgage brokers out there, Pinnacle being one of those for the last 24 years I'm proud to say, who've stayed in this business, weathering the fire storm set off from all these bad loans.  While those at the top of the financial food chain started pointing all their fingers at mortgage brokers 12 months ago, from the start I knew where to look and point.  It has now been established that most of the blame of this financial and housing crisis is squarely placed on the shoulders of those who created "the sub-prime paper being written, packaged and sold to global investors"; Wall Street Investment Bankers and yes our Treasury Dept. gave it their Seal of Approval when the gettin' was good.  Their voracious appetite and greed for more, more, more. until the "ponzi scheme" ran it's course, and this house of cards fell and shook the economic world collectively is why we're all tightening are belts another notch and hoping we make it through this-  I've no doubt we will.  OK enough about the "why" ramblings, back on point.

Back to this slick law firm offering Loan Modifications (I thought attorneys made $250 to $1000 per hour?) and their T.V. ad  -  Here is  What caused me to drop the T.V. remote and turn on my laptop to write blog immediately;  After 20 or 30 seconds of this attorney actor telling the viewer to stay away from basically All mortgage brokers and use attorneys or rather Them specifically for your Loan Modification, because attorneys are (here's where I lost it in laughter) more ethical than mortgage or real estate brokers??  I instantly recalled a dozen Lawyer Jokes about "sharks" and the bottom of the ocean, you've no doubt heard them as well.  I chuckled and kept watching - at the very end of their T.V. (probably wasn't cheap to run either) commercial, There it Was in fine print disclosure at the bottom of the screen.  I had to stop and rewind to get another look at what flashed on screen for all of 3 seconds - it said and I quote " testimonials of actual clients are portrayed by Paid Actors!   I'm sure they have their legal bases covered, but I've got one simple question; why couldn't they have dug up a few Real Satisfied Clients who would've surely loved to get their "15 minutes of fame" on Television in lieu of any monetary compensation, right??  

The only response I can give after watching this hilarious commercial spot for Loan Mod's is simply this;  Interview (phone or in person) your potential Loan Modification Consultant and if you like him or her, then do a bit more due diligence and check-out their broker of record and their agent licensing and training as well.  This is easily done and I make it easy as well; my website has a link directly to the CA Dept. of Real Estate page to check License Status.  In summation - Check BBB status, CA Dept. of R.E. license status, Department of Corp  CFL license status, etc.  Ultimately I advise using who comes Referred, first and foremost, but if that is not the option for you, always read the Fine Print!!

As Pete Townsend of The Who, so eloquently wrote years ago; "We don't get fooled again"!