Two timely quotes:

1. “When the paradigm shifts…your past success means nothing.” - unknown

2. “We can't solve problems by using the same kind of thinking 

we used when we created them.” - Albert Einstein

What happens when we collide these two ideas together in these crazy times?

We see that your past is not going to support your future. And we see that you have to change your thinking to survive and thrive in the new, post-Corona paradigm.

In short. The world and its rules just changed. And to respond, we must change.

How do you need to change?

It’s a big question, but how you answer it could define your entire future.

We must stop burying our heads in the sand. We must stop searching for someone else to blame. We must take control of our own lives.

It all starts by asking, “What new kind of thinking do I need to embrace?”

It’s a big responsibility, but at least it’s yours,

Robert Kiyosaki

Surprise! Surprise! In what should come as no surprise at all is news today that JP Morgan Chase is suspending origination of all HELOC loans. A HELOC is short for a Home Equity Line of Credit. In other words what they are telling us is that they believe that home values will begin their decline as a result of the pandemic and job losses as a result. They might be thinking that they may not get a huge bailout like they did in the Great Recession of 2008. That is my opinion today as I watch from the sidelines.

Afternoon all. What is meant by the word escrow? Escrow is the person or entity entrusted with the collection of all items and documents necessary for a real estate closing. Title companies and attorneys are often escrow agents. These entities are non-interested third parties to a transaction and their function is to make sure all facets to a transaction is as it should be.

What are closing costs? Closing costs are expenses incidental to a sale of real estate, such as loan fees, title fees, appraisal fees, etc. Are you aware that as a buyer you can ask for a seller to help pay some or a good portion of those fees for you? Ask your attorney or real estate professional for more information about this topic.

As mentioned earlier here, we have been in the real estate and mortgage arena for over forty years. In the next few days we are going to give some definitions of some industry terms you may or may not know. Today we are going to discuss a POINT. A point is 1 per cent of the amount of the loan. There is also what's known as a point letter. A point letter is a letter from a lender which guarantees the number of points on a loan for a given time.

Another day in the Pandemic world! We are all reading the same headlines. As things start to worsen the scammers will be out everywhere. Please do not give out information to anyone you don't know and trust. Many of us are old(I'm one). Don't let your guard down. The IRS does not call you. The IRS does not send you emails! You should never respond to any email or call that is asking you for your sensitive information. In this pandemic time the criminals will be out in force. Look at your bank info daily. Protect yourself from getting cleaned out over night. If you see a charge on a credit card you don't recognize, report it, contest it. Be safe and be wary!

“People have been asked to put their lives and livelihoods on hold, at significant economic and personal cost,” Powell said in a Brookings Institution webcast. “We are moving with alarming speed from 50-year lows in unemployment to what will likely be very high, although temporary, levels.”

 

Powell called for a national discussion about what it will take to reopen the economy, but he urged caution about moving too quickly and triggering another spike in coronavirus cases and deaths. Treasury Secretary Steven Mnuchin has said it’s possible businesses can reopen in May. Powell said sometime after July is more likely. 

Words from Fed Chair Jerome Powell

For those of us that have been around for awhile, we have lived through several upheavals in the world of real estate. For me, being newly licensed in the late 1970's, I was able to get introduced to the Resolution Trust days. This was an entity created to help deal with the Savings and Loan crisis of the day. Today's younger people may have never come across the term Savings and Loan. Savings and Loan companies were where you went to save your money and buy a home. The housing bust of the late 70's pretty much put an end to that house buying model. There was soon to be a replacement model for that business, but more about that later. I write this today, because once again the pandemic we are currently in will bring great change to the marketplace. We are here to help you as much as we can. Stay tuned.

We have posted information on our Facebook page entitled On Your Way Home Realty. That information is about what to do to get your 2020 Stimulus check as quickly as possible. We will also attempt later today to bring that information to this site. Please check back here. Thank You.

In this difficult time we would like to assure you that we will be here for your real estate needs when this pandemic situation comes to a close or some other conclusion. We specialize in loans that are through the United States Department of Agriculture and are for a great portion of the United States. We also are knowledgeable in all facets of real estate and mortgage financing. We are beginning an opt-in campaign whereby we can send information that may be of help to anyone at any time. We don't believe in spam and you are free to opt out at any time. Thank You and be safe wherever you are!!

One of the things we hope to accomplish at this site is to help you prepare for your future home buying adventure. As mentioned in previous posts here, we have been at this for more than a minute. Stay tuned as we embark on this journey. Things in the real estate world will be much different than before as a result of this pandemic we are living and will come out of at some point. Will things be different, oh they certainly will be!! There will be a new norm to replace what we used to know. We intend to embark on that journey with you! Stay safe out there!

I have been away from this blog for 13 years, but we are back stronger and wiser than ever. I've renamed the blog and changed the title to On Your Way Home Realty. I have been here in this life as a real estate agent for 42 years and as a real estate broker for 32 years. I have also managed four different mortgage companies over the years as well. This isn't about me though, it's about YOU. We are here to help you in anyway that we can. I hope to have a long blog career, even though the time is "late in the game" for me.

Credit Info From 13 years ago, Still pertinent today

If you have credit scores that are way down, we may be able to give a few tips that will bring you back to good credit health. We've been down that hard road before and we know how to come out of the darkness. If you think we can help, please post. We've been in the real estate and mortgage business for over forty two years. If you are looking to recover, I would think you would like to talk to someone that has recovered. I've had great credit, credit that has been trashed, and lived in nice houses and have been homeless. This was originally posted in 2007 and is still pertinent today.