Mortgage Market News - Phoenix, AZ

It's pretty huge actually, and something people often fail to see until it's too late.  for most people, your housing expense is most likely your largest part of your budget. When I lived in Maryland, I used to encourage people to consider other areas to live in when they couldn't qualify for a loan in the costly suburbs of Washington DC. Some people thought that was extreme, and it was. I eventually put my money where my mouth was and moved to a suburb of Phoenix, Arizona.  Granted, my move was not solely based on finances (my wife had become very ill), but we very quickly appreciated a 62.5% reduction in our housing expenses, without giving up much space.  This was a breath of fresh air to us because mot only was the real estate market much slower, but my wife had gone on unpaid disability due to an acute hormonal disorder stemming from a neuro-toxin which rendered her incapable or working (or doing any of life's daily functions).

Now I was in a position to experience what I had encouraged others to do, and you know what? I wish I had done it sooner. I did a calulcation and saw where I would have been ahead by nearly $100,000 if I had moved just two years sooner.  Most of this was due to paying a higher housing payment, taking out equity loans instead of cashing out, and taking huge real estate losses.  While I did enjoy much of the DC life, I realized that because I worked so much, I didn't have the time I desired to enjoy my family and friends.  I also hate cold weather.  I still work a pretty intense schedule, but the difference is that now we are working much more agressively towards our goals of financial freedom, rather than just working to pay bills. If it sounds strange to hear someone in the real estate business talk like that, guess what? We are normal every day people and we've got bills too.  In fact, there are fewer of us in the (mortgage / real estate) business becuase of the radical shift over the past few years.  Also, many of us who own businesses carry more financial responsibilities that the average person, so it's all relative.

Recently, I spoke with two people considering changing locations for the purposes of a better life.  One is leaving the DC area for New England, where he has a network of family and friends. Another person I spoke with is considering moving because the job market where he is (Florida) is not so great.

So if you are stuggling to make ends meet, facing a foreclosure, or just want a better quality of life, consider making a (seemingly) radical move to another area, where the real estate isn't as costly. Contact me and I will be glad to help you put together a game plan.

Wishing you success, and a lifestyle that few can dare to dream!

~ Anthony

It was very sad news to hear that a family who was blessed ot be chosen to receive a new home from ABC's Extreme Home Makeover, made a series of poor decisions resulting in a pending foreclosure.

I don't beleive that they should have been allowed to take out such a large mortgage against a home that was given to them. Perhaps Extreme Home Makeover will now put some sort of deed restriction on the homes - and they should be able to do this.

I sincerely pray that this is not going to be an epidemic. Those folks so such great work, and most of the people I do not beleive would ever squander their finances the way this family has.

You can read the full story here.

I talk to people very often who are always in search of the best mortgage rate. I understand the sentiment, but what consumers need to know is that rates change all the time - as in throughout the day. The worst thing you can do to youself is trash the relationship with your current mortgage lender because someone quoted you a better rate.

Keep in mind that for the most part, the money costs the same, it just depends on where you put the fees. some lenders hide fees in origination fees, others in discount points, and other don't hide them at all.

While its discouraging to see, it affects the borrowers more than it affect the lender that loses the business. I have also heard this one "they quoted this rate in writing, and then when I got to settlement, it was all different." Here is the sad part. At that point, I can't really help. Most likely that rate that was quoted is gone AND it would take a few weeks to start and process the loan. Oh yeah, now your deposit money is at risk if you don't settle, so what happens? The lending industry gets another bad rap. But they put it in writing? well, that is true and you can pursue them legally - AFTER you settle on your home for the higher rate which is now in front of you.

So you close the deal and call your lawyeronly to find out... the lender is now out of business. It's time to call Anthony to refinance.

Words to remember the next time that rate seems just too good to be true.

Thankfully more and more news stations are doing reports on this, but a sad and alarming trend in the foreclosure world is peolpe abandoning not only their homes, but their pets. I think people just get so scrambled and desperate that they lose their senses.  Also, pets are another mouth to feed so when money gets tight, the pets get left out of the equation. What's worse is that these pets are dying in these homes because they obviously can't live without food and water.

I am not sure what the solution is, but perhaps as real estate agents working with sellers facing foreclosure, if you see pets in the home make a point to ask them if they have made arrangement for thier pets.

Do you ever get people visiting your webiste that aren't from your local market? Chances are if you have any traffic at all, you probably do.  Many real estate and mortgage professionals disregard these visitors and miss out on a huge source of revenue from their website in the process.

So how can you make money from these people?

The first is obvious - REFERRALS! Active Rain makes it so simple for you to send referrals so you don't have any excuse.  I have sent two referrals within the past two weeks already (and I am a loan officer). I learned early on that I cannot serve every client, so I have a real estate license for the purpose of making referrals (lenders that's a bonus tip for you).

The second is affiliate marketing. Your visitors have obviously come to your website looking for information, so why not sell it to them? Lots of people will buy a "how to save thousands" on real estate or "how to get a home after a bankruptcy" type product and YOU can sell it to them - and you can do it without ever talking to them. How, you ask? Through the power of affiliate marketing.

Affiliate marketing is one of the best revenue generating secrets of all time in my opinion. You can make money while you sleep from your website and it is a blast to get checks in the mail out of the blue. And best of all, becoming an affiliate doesn't cost any money.

To learn more about affiliate marketing, I strongly recommend reading the Super Affiliate Handbook by Rosalind Gardner.  She is at the top of the game, and I am happy to say she is one of my colleagues.

I hope that helps. If you need hands on expertise to help you implement affiliate marketing, lead capture, or any other online business development related service, feel free to contact my Internet Marketing firm, Web Traffic Team.