Monday, December 10, 2012

Reduction of 22% in Foreclosures

I believe it’s safe to say our housing market is improving. Home prices are rising in some areas and leveling off in others. Interest rates are still historically low, lenders are actually funded more loans to qualified home buyers. Homes are being sold and reducing the inventories.  Fewer home owners are falling behind on their mortgages. All these factors represent that we are pulling out of the worst housing market since the depression.

Another reason for the drop in foreclosures is that lenders are working with more home owners to keep them in their home. Modifications are up and that is good news. A jump of 62% in principal reduction modification in Oct/Nov. Others are getting a reduction in rate and payment amount giving 5 to 7 years of temporary relief to the homeowner.

Whatever the reason things are looking up and our housing market is coming back.

If you are still struggling and have been denied in the past for a modification call your lender directly and apply again.

If you have questions I have provided some links that can help you get information. I am also available to help with any questions you might have.

Avoid Foreclosure link to HUD

Requesting a Modification

Thank you for visiting my blog, please leave your comments and questions they are always welcome. Join or follow for future post and updates.

Roxy Redenbaugh
ACMC Loan Consultant
Commercial & Residential
Branch Manager
NMLS #269926

Monday, September 10, 2012

HARP 2.0 Expanded to include Second Homes and Investment Properties

The Home Affordable Refinance Program (HARP) is designed to assist homeowners in refinancing their mortgages – even if they owe more than the home’s current value. This program has been expanded to include second homes and investment properties.

Allow unlimited LTV ratios on the new loans and additional underwriting flexibilities (loans with LTVs of >105.01% are limited to fully amortizing fixed-rate mortgages with a maximum term of 30 years). This loan program is stable and encouraged to provide borrowers who have interest only or adjustable rate mortgage to refinance into a more stable loan product. HARP also provides a solution for borrowers with LTVs above 80% who currently may not be able to refinance because of mortgage insurance (MI) coverage requirements:
There is not a limit to CLTV or HCLTV for existing subordinate financing. All existing subordinate financing must be resubordinated by the current lienholder without regard to any limit on CLTV or HCLTV. Note, however, that the lender must calculate the CLTV for the new loan and provide it to Fannie Mae.
Another great feature of the HARP program is MOST about 90% of submissions are receiving a waiver for the appraisal meaning no current evaluation is needed for your new HARP loan.
If you would like more information on HARP please contact me. 808-637-0011 or to apply go directly to;  once you have filled out the application I’ll contact you to get started.
To see if your current loan is a Fannie Mae or Freddie Mac click on the links and look up your loan, it's fast and easy to do. 

Roxy Redenbaugh
ACMC Loan Consultant
Branch Manager
NMLS #269926

Tuesday, May 29, 2012

Consumer Sentiment Jumps to Four Year High

While historically low mortgage rates and attractive home prices are important to make the housing market attractive, it is actually how a consumers feels about the economy and their own situation that drives demand.

U.S. consumer sentiment rose to its highest level in more than four years in May as Americans stayed optimistic about the job market, while higher income households expected to see bigger wage increases, a survey released on Friday showed. The Thomson Reuters/University of Michigan's final reading on the overall index on consumer sentiment rose to 79.3 from 76.4 in April, topping forecasts for 77.8 and an initial May reading of the same.

It was the highest level since October 2007.

Half of all consumers said the economy had improved during the past year, while buying plans for vehicles and household durables also improved. The gauge of buying plans rose to 132 from 126.

It looks like a strong season for housing now that we have strong consumer sentiment and historically low rates and excellent 
home prices.

Roxy Redenbaugh
ACMC Loan Consultant
Branch Manager
NMLS #269926

Friday, April 27, 2012

Quote For The Day

A wise man is superior to any insults which can be put upon him, and the best reply to unseemly behavior is patience and moderation.


Happy Aloha Friday, have a wonderful weekend!

Thursday, April 26, 2012

SBA 504 set to expire Sept 27, 2012 Have you refinanced your small business yet?

We are hoping Congress grants an extension of this commercial loan product.
The SBA 504 was established to offer small businesses access to long-term fixed asset financing at a low interest rate to encourage small business growth in our declining economy it was suppose to be temporary. However I would as well as many others in our industry like to see this loan product continue, we are not out of the woods yet.

The benefits to the business owner are savings with a lower interest rate but also if there is more than 10% equity they can get working capital for eligible business expenses. Growing our economy is crucial and small business growth is key to jobs. The 50 million in SBA504 loans as of Feb 2012 created over 2 million jobs. That is growth we need to continue. Here are some basic guidelines for qualifying.

  • Income restrictions due apply; net worth cannot be more than $15 million and average net income of $5 million or less after federal income taxes for the preceding two years from application
  • The small business must be occupied at least 51% of the property at the time of application
  • The property must have been acquired at least two years prior to application
  • The loan must be current and no late payment of 30 day or more in the last 12 months
  • Property is based on current appraised value
  • Up to 90% of current appraised value may be financed
  • No Nonprofits are allowed under this program

OR just call me!

Thank you for stopping by my blog, leave your comments and ideas they are welcomed and encouraged! Follow my blog by clicking on the follow this blog to your right.

Roxy Redenbaugh
ACMC Loan Consultant
Branch Manager
NMLS #269926

Tuesday, April 17, 2012

April is Fair Housing Month – Do you think that President Johnson would be happy to see how this Act of 1968 has changed our country or would he be disappointed that it hasn't done enough?

Did you know that President Johnson signed into law Title VIII of the Civil Rights Act of 1968, it is more commonly known as the Fair Housing Act. All this at the tail end of the Civil rights movement.
Although the Civil Rights Act of 1866 prohibited discrimination in housing there were no federal enforcement provisions in place. The 1968 act expanded on previous acts, concerning sale, rental and financing of housing based on race, religion and national origin, gender was added in 1974 and people with disabilities and families with children was added in 1988. 
 These laws are supposed to protect us from discrimination and give us a platform to fight against  discrimination should we experience it. We do have a right to live in any neighborhood, home or building of our choosing. It’s unfortunate we still live in a time where these laws are needed but they are needed. Too many of us still experience discrimination.

This month of April is time to celebrate the Fair Housing Act. It has done so much good and needs to be recognized as one of the truly great additions to American law. We have come a long way and we need to celebrate that but clearly acts of discrimination continue at an alarming rate in spite of these laws. You do have a place to go and fight discrimination. But is it enough? How do we change the social behavior that require these laws? Will it take another 43 years or maybe 100? How do you think?

Thank you for stopping by my blog, please take a minute to leave a comment or voice your opinion.
Don’t forget to follow my blog for future posts.

Roxy Redenbaugh
ACMC, Loan Consultant
Branch Manager
NMLS #269926

Friday, April 13, 2012

Quote For The Day

A true friend never gets in your way unless you happen to be going down.

Arnold H. Glasow

Thank you for stopping by my blog, have a wonderful weekend!


Thursday, April 12, 2012

Top 10 Tips for FSBO Buyers

In Real Estate a phase you learn quickly is Caveat emptor this is Latin for buyer beware. I am going to give you some very important tips that will help you when shopping for a home. Its nice to be able to take advantage of some of the great opportunities in the FSBO market or For Sale by Owner, in some cases these homes are listed below market value.  FSBO sellers typically are selling their home to save money on the Realtor fee which is typically 5% - 6% of the sell price of the home. In theory the FSBO home is priced lower to attract more buyers, but as always be careful and make sure you check values before you make an offer. Here’s some must do tips for any FSBO buyer to follow.

         1.   GET Qualified; This is step one regardless of who you buy your home from. YOU need to know the amount you can qualify to purchase. This will also let the FSBO seller know you are a serious buyer because you will be able to provide them with a letter stating you are qualified from your lender.

2.       Once you find a home get a CMA or Comparative Market Analysis, some Realtors even though they are not involved in the deal will assist you. If you cannot find a Realtor there are several online sources you can use to help you find comparative homes in the same neighborhood.

3.       Making an offer and contracts, you’ll want to have an attorney review your purchase contract, make sure you have everything you want in the contract down to the appliances and back yard BBQ if you want it, remember everything is negotiable including your close date. Give yourself time to get financing, inspections and always give yourself a way OUT of the contract should you change your mind due to anyone of the circumstances we just mentioned.

4.       As the buyer you get to choose the title/escrow company I encourage you to shop around as fees vary a lot. When you receive the Preliminary Report on the property make sure you review it carefully for any title issues.  If you don’t understand something ask your escrow officer to explain it, they are there to help you.

5.       Get permission from the seller to get a C.L.U.E. Report from this is a 7 year history of insurance claims on the property.

6.       Request the seller fill out a property disclosure form. This form should list any defects know to the seller on and up to a given date.

7.       Get a HOME inspection by someone of your choosing. I recommend you be present during this home inspection to go over it with the inspector. Most people don’t take advantage of this and it’s a missed opportunity in my opinion.

8.       Get a Termite Inspection. Even if the seller has one done already and has all the work done. Get another one by a company of your own choosing.

9.       Having your own Realtor even with a FSBO transaction… yes this is possible. Many FSBO sellers are willing to pay a negotiated percentage of the selling price to a real estate agent with a buyer. This means you, the buyer would be represented.

10.   Remember buying property alone is not for wimps so be diligent and do your homework.
Ask lots of questions and don’t take anything for granted, assume nothing or think anyone else is looking out for you. YOU’RE are on your own!

IF you don’t want to go it alone, get a Realtor… they will watch your back!

Thank you for stopping by my blog, I welcome your comments and ideas, please follow my blog if you are not already. 

Roxy Redenbaugh
ACMC, Loan Consultant
Branch Manager

Friday, April 6, 2012

Quote For The Day! Happy Easter!

God, our Creator, has stored within our minds and personalities, great potential strength and ability. Prayer helps us tap and develop these powers.

Abdul Kalam

Happy Easter!

Have a wonder Easter weekend and God Bless you and your family!

Tuesday, April 3, 2012

Tuesday's Saving Money Tip #19 This one could get you to Hawaii!

How much money do you think could be saved by taking your lunch to work? Maybe you already take your lunch most of the time but a few days a week you go out. Let’s conservatively say you spend $7 each time you go out and you do this twice a week. That’s $728 annually you could save by taking your lunch on those days too. Now if you are married double that $1456. Making your lunch cost pennies in comparison so just think of what your family could do with this extra savings.  That could be an extra mortgage payment at the end of the year saving you thousands in interest and will help you pay off your mortgage sooner or do something FUN like buy two ticket’s too Hawaii!! 
Just sayin!

Thanks for stopping by, your comments and ideas are always


Quote For The Day " this one is my own"

Being truthful to your child will go a long way in his/her growth, don’t give into dishing out nonsense and bullshit just because the question is difficult or embarrassing. When a child is young and their growing sense of observation is at its peak in the early years this is when to educate your child about life.  
Don’t miss the opportunity!

Roxy Redenbaugh

Monday, April 2, 2012

Top 10 Tips for the FSBO " For Sale By Owner"

1. Your Market; knowing your market is probably the most important aspect of preparing to sell your home. There are many different markets in our country even though our nation’s housing market is struggling in general. Some areas or neighborhoods are doing better than others and some are doing quite well. We are in a recovery status as a nation, hopefully that is reflective in your neighborhood.

2. Determined your home’s value;  you can do this by running a report on homes sold in your area that are familiar to your own home over the past 3 to 6 months.
You can check listings in your area. You can check websites like and for help in determining your value.  

3. Timing; this goes back to knowing your market and determining your value and knowing when is the best time to sell because a few months can make a world of difference in a fast changing market. If your area is declining, getting out quickly can be very important if you are to save any equity, you may have to wait for a  while in a recovering market to gain equity.

4. Having Professionals you can call on; Even though you want to do this task alone or without a Realtor you will need other professionals. Depending on your state you will need a Title/Escrow company and/or an Attorney. You may also want to consider an attorney to help you with your purchase contract or at the very least to review it before you and buyer enter into it. Getting the forms you need ahead of time and knowing what they contain is very important. You don’t want any surprises or questions when it comes time to sign your contracts and forms. US Legal

5. Preparing your home; this step is skipped by so many and is so important it should be at the top. We all have a tendency to have blinders on when it comes to our own home. The clutter seems to build mysterious without our knowledge. Well this is the time to take off the blinders even if you have to hire someone to help you. Your home may need a professional stager. But first clear out the junk, oh I mean clutter, if your livingroom looks like toys r us blew up, box all the toys up or move them to your child’s room and try to organize them neatly. Remove all personal photos from your walls and replace with artwork instead. You don’t want your buyers getting distracted looking at your pictures instead of your home.  Then once you’ve clear out the house now you have to KEEP IT CLEAN! Good Luck with that!
6. Qualified buyers; you want to make sure you are showing your home to qualified buyers, make sure when someone calls to make an appointment to see your home you ASK if they are qualified with a lender. If they are not you should refer them to your mortgage professional to get Pre-qualified so you know you are dealing with a qualified buyer. If they are then ask them to bring their letter of prequalification or fax it to you prior to meeting them.  The last thing you need to a bunch of looky lous wasting your time.

7. Advertising and Marketing; social media is a great place to start, a website or landing page with lots of pictures and videos of your home are all necessary. Using sites to market your home is also an important tool here some sites to take a look at HouseBuyersNetwork and Owners.

8. Open House; now you are ready to open your house to the public, advertising is in place, you’ve staged your home; you have your contracts and forms in hand and understand them. Take the kids and dogs/cats to your parents and show off your home. Hopefully you are a good negotiator and salesman/woman you will need to be. Buyers are tough!

9. Be prepared for extra costs; with a contract comes inspections if you haven’t done any yourself you may find added repairs need to be completed before the sell of your home can close. To avoid the unknown you could have these inspections done prior, just remember most buyers will want to complete their own inspections. But if you have already done your own and any repairs you will be confident in knowing you’ve completed the work needed.

10. When/IF all your efforts fail; don’t get to discouraged when or if this happens, selling a home is not easy work. You still have some options. At this point you could list it with a Flat Fee MLS company but be prepare to pay a co-op fee to the selling agent.  But this is still less expensive than listing with a Realtor. But this way your home is listed on the MLS for all the Realtors to see and market. Your chance for a sell just increased. 

I write this article for the FSBO but my advice to you all is to find yourself a great Realtor because even though you may save money by selling it yourself it would only take one law suit to completely wipe you out or make your life a living hell. One mistake!
A great Realtor is worth their weight in GOLD even at $1680 an ounce. Call one and if you don’t know one call me I’ll help you find one in your area.

Thank you for stopping by my blog, please leave a comment and let me know if this article was helpful or if you enjoyed it.

If you are not already following my blog please follow for future posts.

Roxy Redenbaugh
ACMC, Loan Consultant
Branch Manager

Friday, March 30, 2012

"Stairway To Heaven" Oahu's Forbidden Trail

The Stairway to Heaven  or Haiku Ladder was originally built by the US Coast Guard in 1942 and was a wooden ladder spike into the cliff it was used to monitor the radar communications that could pick up signals some 6600 miles away from the station located at the top. It’s a very steep and dangerous hike to the top with some 3900+ steps on Oahu’s Haiku Valley cliffs. 

It was closed to the public in 1987 because of accidents due to the terribly worn and dangerous condition of the stairs. In 2003 the City of Honolulu spent $875,000 to repair the stairs but the stairs remain closed due to land use rights issues and liability.

However this does not stop of thousands of hiker each year that take on the challenge of this dangerous hike and the constant present of the guards who man the entrance gate and turn hiker away by the hundreds each day including Sunday. It’s said if you can get pasted the guards either before there shift begins in the very early morning hours 4AM – 5AM or during their breaks you can sneak past and make your way to the stairs. Beware you can be sited if caught. If you are coming down from your hike however they are known to just ask about the view or how your hike was today.

If you are lucky to be young enough or in excellent physical condition to make this adventurous journey please don’t forget it is very dangerous and many people have been injured, this hike will take anywhere from 4 to 6 hours both ways so make sure like any hike you pack penalty of food and water, ware comfortable shoes and take a jacket, it’s cold at the top or even a blanket if you can.  Beware while descending the stairs they are likely to be wet and slippery, go slow!

Remember to leave the top and trail better then you found it, please take all your garbage with you as no one is going to clean up after you and there are no park rangers or guides. I hate to be a killjoy but this hike is still illegal so do it at your own risk.  Make sure you have a cell phone to call emergency services should you need them.  Good Luck and enjoy the hike if you dare go!

Thank you for stopping by my blog, I do my best to try and make it interesting, I encourage and welcome your ideas, comments and questions. You can also follow my blog by clicking on the "follow this blog" on the right side of my blog home page. Have a great weekend and aloha!

Roxy ... 

HUD Awards low-income HIV/AIDS Housing Programs 33 Million!

Yesterday HUD announced more than 1200 low-income persons living with HIV/AIDS will continue to receive permanent housing with a 33 Million dollar grant. This funding is offered through Housing Opportunities for Persons with AIDS Program (HOPWA) supports Local 18 in 17 states.

I was happy to see Hawaii has two organizations that will be receiving a share of those funds.
 Maui AIDS Foundation of Wailuku and Gregory House programs in Honolulu. Congratulation to both organizations and thank you for your continued hard work in providing much needed services for those individuals living our beautiful state.  

These funds are vital to the organizations and thousands of lives that are affected. Please help support these foundations in your area. See the list below of the other states and programs that will be receiving this grant money.

To read the full HUD press release go to;

HOPWA 2012 Permanent Supportive Housing Renewal Grants
AlaskaState of Alaska- Alaska Housing Finance CorporationAnchorage$781,269.00
CaliforniaCity of Los Angeles Housing DepartmentLos Angeles$1,501,500.00
County of Alameda Housing and Community Development DepartmentHayward$1,483,179.00
Tenderloin AIDS Resource CenterSan Francisco$1,276,170.00
Salvation Army AlegriaLong Beach$1,062,519.00
DelawareMinistry of Caring, Inc.Wilmington$790,298.00
HawaiiMaui AIDS FoundationWailuku$1,440,477.00
Gregory House ProgramsHonolulu$1,390,650.00
IllinoisCity of Chicago, Department of Public HealthChicago$1,487,815.00
AIDS Foundation of ChicagoChicago$1,476,160.00
Chicago House & Social Service Agency, Inc.Chicago$1,285,370.00
MassachusettsCommunity Healthlink, Inc.Worcester$899,274.00
AIDS Action Committee of MassachusettsBoston$1,415,025.00
MarylandCity of Baltimore Office of Human ServicesBaltimore$1,405,950.00
MaineFrannie Peabody Center  (Housing Assistance Program)Portland$1,054,799.00
Frannie Peabody Center (Outreach to Rural Maine)Portland$1,309,169.00
Frannie Peabody Center (Racial and Ethnic Minority Outreach Program)Portland$1,432,653.00
MichiganCass Community Social Services, Inc.Detroit$1,348,970.00
MissouriInterfaith Residence Dba Doorways (Central and Southern Missouri)Saint Louis$1,109,912.00
Interfaith Residence Dba Doorways (Southern Illinois)Saint Louis$965,658.00
MontanaState of Montana Department of Public Health and Human Services (includes projects in North Dakota and South DakotaHelena$1,482,040.00
New HampshireCity of Nashua Division of Public Health and Community ServiceNashua$1,430,000.00
State of New Hampshire Bureau of Homeless and Housing ServicesConcord$734,770.00
New YorkBailey House, Inc.New York$1,081,922.00
PennsylvaniaCalcutta HousePhiladelphia$837,303.00
TexasCity of DallasDallas$746,853.00
VermontBurlington Housing AuthorityBurlington$392,906.00
WisconsinAIDS Resource Center of WisconsinMilwaukee$1,310,577.00

Thank you for stopping by my blog remember your comments and suggestions are always welcome follow my blog for future posts.

Roxy Redenbaugh
ACMC Loan Consultant
Branch Manager
NMLS #269926

Wednesday, March 28, 2012

Quote For The Day

Don't judge each day by the harvest you reap but by the seeds that you plant.

Robert Louis Stevenson

Hope you all have a wonderful day. I am going to sit on the beach with my dog and have a wordless Wednesday literally! After work of course!

As always thank you for stopping by my blog I appreciate your support and your comments. 

Tuesday, March 27, 2012

Tuesday’s Saving Money Tip #18 Secrets to Online Shopping

I’ve learned to shop online to save time and money but did you know you could also earn money by shopping online. It’s true, but first I’d like to talk about the advantages of shopping online.  The obvious is you don’t have to leave home. You save money by not getting in your car and using fuel. I live in the country so driving to the mall or Wal-Mart is about 20 plus miles one way @ 4.39 a gal, I know I am saving when I can shop online. Getting my order delivered to my door is like Christmas every time I get something. No hassle with parking! Plus when you shop online most products offer reviews comments before you buy. I also order and ship gifts all over the country from my shopping portals. But what about the things like attorneys, services and other things you wouldn’t normally think you could do online, you can and save BIG. I’ve been using these links for years and they are good solid companies that network with other companies to give you discounts for going through their portals or links. It’s really that simple.
It’s called affiliate networking and you can get your own website portals FREE and shop all your want through your own portal and save money! Best of all you can earn money if you want by telling people about it like I am doing right now. But you don’t have to market your shopping portal you can just shop at the thousands of merchants that are available in your shopping portal.
Some of the merchants are Wal-Mart, Target, Sketchers, Vistaprint, 1800flowers, and thousands of others and many have free shipping.  You can also get free $300 Gas and Grocery vouchers every time you place an order.  I’ve only done that once because I am bad about hanging onto receipts but it’s a huge savings.

You can have many shopping portals or websites as this is offered by many companies. Just make sure it’s FREE. I only do FREE stuff online. Never pay for anything you can get free!

I started doing this by accident a couple years ago because a friend told me about it just like I am telling you about it now. So I signed up for the free website portal and off I went reading it and following the directions until I wanted to pull my hair out. But over the years I’ve come to appreciate the knowledge I’ve gained and the money I’ve saved buying things online. In the beginning the hardest part was remembering to go through my own website portal to do any shopping online, but money soon started coming in monthly and money talks so now I always go through my own website to purchase anything online and lucky for me I have others that do too!
I save money, make money and I now I am giving you an opportunity to do the same.
Here is the link to one of my portals. Sign up it’s FREE you’ve got nothing to lose… and lots of money to save! It’s a busy site but it’s worth your time! Have fun exploring!

I just signed up for another shopping network called BigCrumbs I've been researching it for awhile and it too looks promising check it out  Roxy's BigCrumbsPortal this site also pays every month and has many great benefits and thousands of retailers. Shop til your drop! This site is FREE too, always FREE never do anything unless it's FREE! Words to live by online!

Thanks for stopping by my blog, don’t forget the leave a comment and follow my blog. 


HUD Secretary Announces Today that 72.6 Million to Public Housing Agencies in ALL 50 States

These funds will go to permanent housing and case management for more than 10,000 homeless veterans. One out of every six men and women in shelters served in our military. This is an effort by the Obama Administration, HUD and the VA working together to end homeless among our veteran population by 2015.

Although I think this 10,000 figure barely scratches the surfaces and the true number of homeless vets is much higher it’s a start to recognizing a huge problem in our country. These men and women should not be forgotten and left homeless. We clearly need to do more.

If you would like to see the full HUD press release click on this link

Thank you for stopping by my blog, don't forgot to leave a comment. You can follow my blog for future posts by clicking on the follow this blog box on the right side of my blog page. 

Roxy Redenbaugh
ACMC, Loan Consultant
Branch Manager

Monday, March 26, 2012

Bank of America Starts a pilot program “Mortgage to Lease” for customer’s facing foreclosure

Bank of America the nation’s largest mortgage lender is making the news again this week with the start of a pilot program with 1000 of its mortgage customer’s in a “Mortgage to Lease” program.
To qualify the homeowner must have a mortgage loan with Bank of America, be at least 60 days late on their mortgage and be “underwater” owing more than their home is worth.

The homeowner agrees to transfer title to the bank and the bank agrees to forgive the mortgage debt.
In exchange the bank will lease the home back for a period of three years at or below rental market rate.
This will be less than the mortgage payment. The bank will be responsible for the taxes and insurance.

The potential benefits are to stabilize housing prizes in the surrounding neighborhood and keep distressed properties off the market in an effort to sell to investors.

This is a big step and long overdue but the wheels turn very slow in the corporate American. I hope this works and other banks follow. It would be nice to see vacant REO homes rented out by the banks as well. Housing in many areas of our country is limited and families are in need of housing while these homes sit vacant. It would be nice to see Lease with Option to purchase programs started by the banks. If no one is buying them why not! It would be a great way for people to work into homeownership over a period of time.

I think maybe even that same homeowner on BofA’s pilot program that had to give up his home should be given the option to buy it back if they are able. Just saying…

Here’s a video of CEO Steve Berkowitz from Move Inc. talking about our “Recovering Across the Board”
I thought it was pretty interesting, I hope you do too!

Thank you for stopping by my blog today, don’t forget to leave a comment.

Roxy Redenbaugh
ACMC, Loan Consultant
Branch Manager

Friday, March 23, 2012

2 Must See Historic Hotels Located on Famous Waikiki Beach

If you are planning a trip to Oahu, Hawaii’s most popular island and known for its famous Waikiki Beach you must take the time to visit these two historic hotels. If you are fortunate enough to be able to stay in one of these hotels you are in fact a very lucky traveler.  If you want to experience Waikiki and have a true Hawaiian style vacation this is the best of the best! They are both located in the heart of Waikiki and both beachfront. If however you cannot stay at one of the hotels you must go on a walking tour of each of these beautifully preserved historical hotels because you will be awestricken with all your sense enlightened. Be sure to enjoy lunch or a cocktail at one of the oceanside bars or cafĂ©. The shopping is a treat so give yourself ample time to explore.
Manoa Surfrider was built in 1901 by Walter Chamberlain Peacock a wealthy Waikiki home owner. The Manoa Hotel was the original name and opened on March 11, 1901 with 75 rooms.
It was the first hotel and was affectionately christened the “First Lady of Waikiki” the hotel has undergone many transformations but has maintained its elegant ambiance and Hawaiian sense of history. Today it has Waikiki’s first and only beachfront Moana Lani Spa opening in 2008 the new spa has 14 treatment rooms and a 1400 sq ft.workout fitness center.
The center courtyard boost a pool, bar and outdoor area with tables and chairs all beachfront under a huge banyan tree and their signature Veranda Restaurant where you can have a delightful lunch or afternoon English teatime.  You can also past the time or take a break by sitting on one of the many rocking chairs on the front porch and watch all the passersby on Kalakaua Ave. 
This is one of Hawaii’s finest hotels that compliments the legacy and Hawaiian sense of place.

Royal Hawaiian Resort or “The Pink Palace of the Pacific” as it is known by many. Built in 1927 at a cost of $4 million and took 18 months to build. Six stories and 400 rooms and in a Spanish- Moorish style and of course Pink, opened its doors February 1 1927. The hotel underwent a massive restoration in 2008 that closed the hotel for seven month. Meticulous research was done to preserve the elegant past of the hotel and maintain its historical sense. This hotel is another place to relax poolside or have a cocktail at the Mai Tai bar.  Just enjoy and don’t pass up the experience of the “Pink Palace of the Pacific”

Another travel tip I’d like to share and often asked is what is the best Airline? For me this is a no brainer if you are coming from the US mainland's West Coast... Hawaiian Air is an option take it! Hawaiian is always adding new cities so check and see if they are in your area. They are normally the best priced and by far the best airline to travel to Hawaii.  Their customer service is excellent, they still provide a meal FREE and offer upgraded meals you can purchase. Their First Class is wonderful. Enjoy your trip to Hawaii and be sure to look me up for some more great places to shop, eat and visit! Aloha and Mahalo for stopping by my blog!


Monday, March 19, 2012

Closing Costs.. Know your numbers before you go to the closing table! Some Helpful tips on what you can negotiate and what you can't....

It’s important to know the numbers and understand how you can negotiate with your lender and in some cases the seller to help you get these numbers down.

When you fill out a loan application the bank, loan officer or broker has 3 days to provide you with a good faith estimate. This good faith estimate (GFE) will show fees and credits. Because we now have a new (GFE) that is not easy for some to read I provide a fee sheet that breaks down all the fees line by line. If you don’t get this from your lender ask for it. HUD has also provided a book with a step by step of how to read it. Funny it was suppose to be less confusing for the consumer but yet they feel the need to explain how to read it. HUD Booklet

I’d like to go over a list of closing fees that cannot be negotiated because they are third party fees charged for services.

1.       Credit Report fee; This is paid by you upfront or by the lender and is needed to get your credit history so your loan can be priced out and have your credit analyzed for loan approval.
2.       Appraisal fee; This is also paid by you upfront in most cases and the price varies greatly depending on what part of the country your home is located. We are seeing many of the new refinancing programs where value can be determined using automated systems some lenders are waiving the need for physical inspections.
3.       Title and Escrow fees; Title insurance, escrow fee, notary, recording, courier, doc prep, and other misc fees are determined by your Title and Escrow company. You can shop for best pricing and if you are the buyer, you are allowed to pick the title company of your choosing. I’ve seen these vary so do call around and get a fee quote.  Ask for it in writing so they will know about you and honor the quote once you choose them.
4.       Flood Certificate; Lender will require this document to determine if your home is in a flood zone.
This cost is minimal but I’ve never closed a loan without it.
5.       If you are applying for VA, FHA, USDA or any other government type of loan; any fee associated with that loan program cannot be negotiated. They can however in most cases, be paid for by the seller and you or your Realtor can negotiate those terms.  

Now for those fees that are negotiable.

1.       Origination Fee or Broker Fee; This fee is charge to a borrower for the simple reason that it cost to process and complete your loan, i.e. “The Cost to do business”  
2.       Lender Fees; underwriting, processing, administration and application are the most common.
3.       Discount Points; These are based on a percentage of your loan amount, i.e. 1 Point is 1% of your loan amount. Each point you pay reduces the interest rate you will pay on your loan.

Now for your reoccurring or prepaid closing costs; These costs will be associated with your loan no matter where you go for your loan. They will vary only depending on the day of the month your loan closes.

1.       Interest per day on your new loan; Just that it’s the interest calculated on your new loan until your first payment of interest and principal start calculating. Remember your mortgage payment is always paid 30 in arrears. For example if you close your new loan on the 15th of June, your closing HUD statement would reflect 15 days of interest paid to your new loan, and your first payment would be due on August 1, July’s interest and principal is due August 1… another cool stat is in most cases when you refinance you get to skip a month of making a house payment.
2.       Insurance; Your homeowners insurance, I encourage everyone to shop their current company and get the best pricing on the market. If you haven’t you are probably paying too much.
If you are buying get several quotes for your new home early on and choose one. Getting this information to your loan officer early can save time at closing.
3.       Taxes; Property taxes vary from county to county in the US, it’s important to understand when they are due and how to pay them. Ask your escrow officer at your signing to explain due dates to you.
4.       Impounding both Insurance and taxes and paying them in your mortgage with each monthly payment;
This is a very important part of buying and refinancing a home. The lenders have taken it upon themselves to help you make this decision with a huge incentive. Let me explain,
If you have an 80% or above Loan-to-value (LTV) the lender requires an impound or escrow account be created at the onset of your loan, because your loan is considered at higher risk.
If you are at or below 80% LTV and you choose to NOT have an impound account. Because it is up to you, they charge you .250% hit to your pricing. This encourages borrowers to create an impound account with their lenders. The lenders do this so they know the taxes and insurance are getting paid on the property that secures their loan.

·         Buyers and Realtors when possible can negotiate with seller to help with the cost of closing. Most loan programs will allow for seller assistance of 3% to 6% of the purchase price and in most cases this is enough to cover all of the buyers closing costs leaving just the down payment to be covered by the buyer. This alone would help move more houses in this market. We are seeing more banks with foreclosures, REO’s doing this, don’t be afraid to ask!

Thank you for stopping by, I encourage you to leave your comments and questions. Follow my blog by clicking on one of the follow buttons on the right side of my blog or follow by email.

Roxy Redenbaugh
ACMC, Loan Consultant
Branch Manager
NMLS #269926

Saturday, March 17, 2012

Happy St Patrick's Day * Quote For The Day

You that would judge me, do not judge alone this book or that, come to this hallowed place where my friends' portraits hang and look thereon; Ireland's history in their lineaments trace; think where man's glory most begins and ends and say my glory was I had such friends.

William Butler Yeats

"I spent 90% of my money on women and drink. The rest I wasted"

- Soccer superstar George Best 

Hope you enjoy! Happy St Patty's Day everyone and thanks for stopping by.