Investment Mortgage Guy » Uncategorized

Do Not Worry

admin — Sun, 19 Jul 2009 14:21:46 +0000

The Bible commands us not to worry. Luke 12: 22 -26 says “Then Jesus said to his disciples:Therefore I tell you, do not worry about your life, what you will eat or about your body, what you will wear. Life is more than food, the body more than clothes. Consider the ravens, they do not reap or sow, they have no storeroom or barn, yet God feeds them. And how much more valuable are you than the birds. Who of you by worrying can add a single hour to his life? Since you cannot do this very thing, why do you worry about the rest?

The world’s view of worrying however has been made to look a lot different. The world has actually made worrying look like a responsible task. After all, not worrying about your kids, job or family just doesn’t seem like the right thing to do. God, however wants us to be in a place of trust and peace with our responsibiities. This is a not a passive sit back and do nothing approach. In fact, it’s just the opposite. His intention is for us to be on a daily walk and commune with him. When we are, he will guide us moment by moment on the steps and decisions we need to make. Thus if we have HIM, it’s all we need. Everything else will be shown or given to us when he knows we need it.

I recently went on a five-day fast and God revealed to me my issue with this. As I looked at my life, I tend to worry about everything. I worry about what people think of me, my finances, my loans (I’m a Mortgage Banker), and on and on. Worry is fear. Fear is from Satan. Thus if I am living in worry. I am not living in God. The goal for myself and my challenge to you is to take your thoughts captive (as Paul teaches us in 2 Corinthians 10:5) and leave worry behind so you can start to focus on trusting in Him. For everything!

Proverbs 3:5-6 says “Trust the Lord with all your heart, Lean not on your own understanding; in all your ways acknowledge him and he will make your path straight.” (My favorite verse in the Bible)

Make it great day! – No Worries!

Rob Bonahoom

Be Careful about Waiting for Mortgage Rates to Hit 4%

admin — Sat, 20 Dec 2008 05:59:51 +0000

Many people are holding off on the refinance or purchase of their next investment property on hopes that the rumors of the government stepping in and forcing rates into the 4% range become reality.

Instead of simply buying based on the emotional aspect of a great 4% rate, look at the fundamentals of the transaction. If the deal makes sense, don’t wait. Many professionals believe that rates will never reach these unpreceded levels.

Here is an article to support my postion….

Mortgage Rate Article

Rob Bonahoom

Mortgage Coach

3% Interest Rate with Indymac Bank

admin — Wed, 24 Sep 2008 02:15:14 +0000

Indymac Bank has been working hard to keep homeowners in their homes If your mortgage is about to adjust and your with Indymac Bank, you may qualify for a loan modification that could lower your interest rate to 3% Here are some factors that will help you qualify:
1) You need to be at least 60 days late on your mortgage
2) You need to prove you make enough income to afford the payments yet not make so much they can’t justify lowering your rate
3) You will qualify easier if your interest rate is currently adjustable

I think we will see many mortgage companies following suit like this in the near future

Rob Bonahoom
Mortgage Coach
952-808-2820
Rbonahoom@houseloan com

How will the fall of Lehman Brothers affect your morgage?

admin — Thu, 18 Sep 2008 03:37:47 +0000

What does Fannie Mae, Freddie Mac, Lehman Brothers and AIG have in common?

They are all suffering huge unforseen losses from mortgages that are going delinquent. Add a major housing slump, a hint of recession and a dash of credit crunch and you have a recipe for disaster in the mortgage world. For years, borrowers who fell behind on mortgages and bills tapped their good friend Mr Equity to bail them out of trouble. Their homes were turned into ATM machines and coverd up some real fundamenal issues for many Americans and their spending and saving habits.

But the little guy isn’t the only one to blame. Mortgage Brokers bloomed on every street corner helping the average guy tap his Equity Tree, assuring him that the lower payments will definately save him from his troubles.

But then of course we had the wholesale lenders who encouraged the broker to be extremely agressive in originating loans. They created loans products that made no common sense but since everyone was doing it, it seemed ok.

And don’t leave out Wall Street, who rated these bonds very high since they had a low default rate for many years. They cut too many corners on underwiting the true risk of these loans, lining thier pockets with the profits.

So back to my question, how will the bankruptcy of Lehman brothers affect your mortgage? If you have a mortgage now and never get another one. You will be fine. It shouldn’t affect you very much. If you will need another mortgage down the road, don’t get freaked, but be prepard to demonstrate your ability to repay. The loans of the future will require complete background checks and a solid credit rating. Provable income and asset reserves will also be required. You can also expect them to be tough on your collateral. But hey – what do you expect when this mess is going to cost billions and billions to America.

Written by

Rob Bonahoom
Mortgage Coach
952-808-2820
rbonahoom@houseloan.com