Time to Get Started!

Many of you know that I have a passion for real estate and some of you even complain that I work at it way to much. Well guess what, I've listened to you and I'm turning over a new leaf.

Instead of working at this business day in and day out. Grinding it as my dad used to say... I've started a new venture that will let others 'grind it' with me!

I bet you thought I was going to say I was hanging it up, throwing in the towel or some nonsense like that? LOL

Come join me and learn what me and MY advisers already know. Real estate is the key to real wealth and growing a solid, long-term real estate business leads to true economic freedom.

Our first ever Networking and Education Event is scheduled for the this Saturday, April 25th, 2009 from 11am to 2:30pm. Find out all the details by visiting my site a http://metroarearc.com/

We will have nationally recognized speaker, author and real estate experts Andy Heller and Tony Youngs. Come sit down with them in a private 30 minute Q&A. Get up close and personal, it's a once in a life-time chance to get all your questions answered.

We'll have hot dogs and cola and lots of networking. Join in our breakout sessions and learn How to Finance your deals, learn How Important your floors can be in your rehab and visit with Author and Decorating Expert Barbara Heil-Sonnek and learn how to rent or sell your home faster!

Please come, the cost is only $29 at the door for non-members. FREE to members of MARC. If you are not a member of Metro Area Realty Clubs, join the day of the event and attend this event and all of our future events for free.

Please come and join me, this promises to be a day filled with education and networking! It' s a GIANT Cook-Out also, you know how much fun that can be! ;)

Ready To Refi? Here is the 411

Normally I reserve this blog for comments on residential real estate investment strategy, but today I'm going to stray from my normal regimen.

Interest rates are at all time lows. So far the only people that could refinance were those with a lot of equity in their home and perfect credit, but all that is about to change.

Many of us pay our bills on time and are responsible and we have bemoaned the fact that it seemed that all the help was only targeted at those who were irresponsible and didn’t pay their bills. Well now we are getting some help.

The issues facing many responsible home owners may be two fold.

1. The value of most property has dropped more than 25% and some as much as 50%. Refinancing for many people means they would have to add PMI at inflated premium prices. This means the savings from lower rates is wiped out by the addition of higher priced PMI.

2. Many responsible homeowners owe more on their home than it is actually worth.

The governements solution is the Making Home Affordable Program. This program has it’s own web site with details about checking to see if your home will qualify under the program.

The program allows lenders to refinance your home up 105% of it's current value. This means that even if you owe more than your home is now worth, you can still refiance at much lower rates without taking any penalty to the rate.

With regard to the PMI, if you do not currently have PMI then your new loan will not have PMI. And if you do have PMI then your new loan will have PMI but it will not be higher than what you currently pay! Now that's relief we can believe in!

If your loan was sold off to Fannie Mae or Freddie Mac in the secondary market it will qualify. But, there are separate rules to follow depending on which company bought your loan.

If your loan was purchased by Fannie Mae you will be eligible to complete a rate and term refinance of your 1st mortgage at the new lower rates with any lender or mortgage broker of your choice as long as the new loan is underwritten to Fannie Mae.

If your loan was purchased by Freddie Mac you will be eligible to complete a rate and term refinance of your 1st mortgage at the new lower rates with the lender that currently holds your mortgage. However, in order to keep your current lender honest and competitive you can seek out a mortgage broker that will take your loan to your lender through their wholesale channel.

All this may sound a little confusing so I’m offering up my email address and phone number and will assist you with any questions you may have free of charge. If you have specific questions or need more information please contact me at:

Michael Gross
Office Phone: 770-350-7373
Email: mgross@dividendamerica.com

I also have the web site where you can look up your loan to determine if you have a FannieMae or FreddieMac loan. Shoot me an email or give me a call. Happy to help in any way I can.

Michael D. Gross
President
Dividend America Mortgage
770-350-7370
http://dividendamerica.com/