Sky Fort

 
I sold out and got help for the new playset we bought the boys.  Anything called the Sky Fort was over my head so I brought in Big Andy!

I Am a Boring Lender

When I first began working as a mortgage broker the more lenders you were signed up with the more rate sheets you received. A rate sheet is a PDF document from the lender you signed up with – Chase, Wells Fargo or Bank of America, etc. These rate sheets used to be 8 or 10 pages long. There were a variety of transactions and way too many options and programs. To be honest, I don’t think the loan officers or brokers even knew what some of the programs were. There was a day when account reps would come to your office about every two or three weeks or so to talk about new programs.
 
Again, I think that was – and it has been proven – the demise of some of our mortgage industry because with those programs, when their risk category got too aggressive some of those ARM (Adjustable Rate Mortgages) programs were just not as attractive for anybody – the mortgage market or the homeowners. Now when I get rate sheets, they are between two and four pages long. I think it is great! It has gone back to the days of “would you like a 30 yr. fixed or a 20 yr fixed or a 15 yr fixed?’ Rarely do I talk about ARMS unless I have a client who is buying a home for an investment property and might sell. Or perhaps my client is going to graduate school or they have a contracted job for only a 3 year term. Then that program might be a viable option.
 
To recap, the mortgage industry has become pretty boring! As Dave Ramsey says, he would much prefer that you come in with 20% down and do a 15 year fixed but some of us do not have that capability. We also are not certain that we will not be moving, so why get a 15 year fixed when you can spread those payments out and make it a little cheaper each month. If you look at the amortization of that loan over 15 and 30 years and see the difference in the finance charges over the life of the loan, the benefit of doing a 15 year fixed becomes pretty obvious.
 
I’d like to close with one of my favorite stories. When NASA first sent astronauts into space, they realized that a ball point pen would not work in zero gravity. A million dollar investment and two years of research resulted in a pen that could write in space on almost any surface and at temperatures ranging from well below freezing to over 300 degrees Celsius. When confronted with the same problem, the Russians used a pencil.
 
Sometimes we can make things just a little too complicated when the easy side is where we need to stay! My thanks to my former boss at Specialized Bicycle for the gift of a Russian space pen and the story!  I had no idea you could buy the Russian Space Pencil.

Mix & Mingle

Frisco Sunrise Rotary for our monthly Mix & Mingle at Randy’s Steakhouse located in Historic Downtown Frisco.  Monday, July 27, 7:00PM to 9:00PM

Frisco Sunrise Rotary

We meet at 7:30am each Tuesday morning at Randy’s Steakhouse and our speaker this week is Rotary District Governor Dave McSpadden.

Hoops in the Square

Hoops in the Square, September 26th.  3 on 3 basketball tournament

Frisco Family Fun Ride

Luke and I went to the Frisco Family Fun Ride this weekend at Frisco Square.  He and I set up the booth for the Frisco Cycling Club and then heading out for a ride.  Great event with only one scare.  My buddy’s son had a crash that saw him taken away in an ambulance but he is back at home and resting up with a few new Spiderman Action figures from the Frisco Cycling Club!

 

Quote by Nora Ephron

“If pregnancy were a book they would cut the last two chapters.” 

What is Fatherhood?

To the men of Tankard, I have been thinking a lot about Fatherhood recently.  In just a few days we will have child numbers 3 and 4 when the twin girls get here.  My wife is at 35 weeks now and our doc says be ready at any time.  I searched Wikipedia to see what it had to say and confirmed my suspicion.  Staying involved with our kids is the right way to go.  “children who experience significant father involvement tend to exhibit higher scores on assessments of cognitive development, enhanced social skills and fewer behavior problems”
 
But what to do with our kids aside from all the sports or music events we take them to.  How about a free bike ride around City Hall?  Below is what is going on this Saturday from 10am till noon at Frisco Square.  Load up the SUV with the bikes and come on over and join us.  Stop by the Frisco Cycling Club booth for a great coupon that you can use that day at a nice place called Lochrann’s right around the corner!
 
Don’t miss the biggest family event of the year!  Especially since it’s FREE!!!!!!
 
The 3rd Annual Frisco Family Fun Ride is THIS Saturday!!!  Bring your family and meet your friends and neighbors at Frisco Square on July 25, 2009, from 10am – Noon and ride your bike around a ½ mile loop that is closed to all vehicular traffic.  As in years past, the Frisco Family Fun Ride is a FREE event. 

 

Register on-line for your free goody-bag and ride number.  The event is for all skill levels – from trailers to tricycles and training wheels to advanced riders, the Frisco Family Fun Ride has something for everyone.  Enjoy the expo which will feature local family friendly businesses and don’t forget the silent auction that is always a huge hit and full of amazing items to bid on.  We have everything from autographed sports memorabilia to art pieces to family outings. 

 

This year the event will also host a BMX demo that will feature local BMX talent.  Don’t miss out on all the fun and remember its FREE!
 

Saturday Ride

 
The boys and I go out each Saturday to ride and daddy was lazy this week.  Luke is the man and pulled Seth for me!

What’s the Ideal Day to Close on Your New Home?

Do you think that the last day of the month is the best day to close on your home purchase?  It may not be true. Closing on the last day does not allow for any unforeseen circumstances.  What about selling a home in the morning and buying one that afternoon?  Very common but boy is that one a gamble.  Let me illustrate this by relating a true story.
 
A client of mine was closing the sale of their home at one Title Company in the morning. Immediately following that closing they were to go to a second title company to complete the purchase of their new home. A problem developed when the folks buying my client’s home could not get their loan papers to the title company on time. We were set for a Thursday closing. We moved it to Friday and still no papers. We moved it yet again to Monday but still no papers. We finally heard on Tuesday that the client was officially withdrawing their offer due to their inability to arrange financing. They went through three different lenders with no success (wish they would have called me).
 
What that did was leave my clients high and dry. Without the sale of their present home, they were unable to close on their new home and were forced to withdraw their contract.

So now you have a couple with three children and a fourth on the way in a house that is completely packed up ready to move. They must now unpack and prepare their house to be relisted for sale. They must also decide whether or not to go through with the purchase of that new home and try to handle two mortgage payments or to wait and see if their present home sells quickly and avoid the double mortgage.
 
Remember, I am a Mortgage Broker, not a Realtor, so I what I tell you is of my opinion and you should always trust the advice of your Agent!
 
What most lenders will tell you is that closing both homes on the same day is normal and it should always be done that way. I would like people to consider closing on the sale of their house on a Monday or Tuesday. Then negotiate a ‘lease back agreement’; this simply means that you would lease the home you just sold from the new owners for two days. You would then close on your new home on Wednesday or Thursday of the week before the end of the month. This gives you ample time for the proceeds of the sale to reach your bank; it also makes sure you have time to gather all of the documentation you need for the next closing. Should anything go wrong with the sale of your home, you now have a few day window to work out any problems. It also enables you to leave your home intact until the sale is final….then you can pack up your house.
 
Again, I am a Broker and am not paid to give you real-estate advice; a Realtor is, so this is just my opinion.