Reverse Mortgage Loan Blog

Seminars offered on buying homes in current market  

Some economists are predicting great home sales for 2009 just as other economists are predicting grim home sales, but one local mortgage company is taking action to try to stimulate the economy for itself and its potential client base.

First Mortgage Corp., with offices in Flossmoor, Joliet and Dyer, Ind., is hosting four mortgage seminars under the main theme, “The Brains, the Courage and the Heart to Make Your Dreams Come True.”

One-hour seminars will be held at 9 a.m., 10 a.m., 11 a.m. and noon Saturday at the Tinley Park Convention Center, 18501 S. Harlem Ave., Tinley Park.

“Getting everyone motivated to make informed purchases in the current housing industry is the key reason for these seminars,” said Tim Trauscht, vice president of First Mortgage’s Flossmoor office. “This seminar will get you successfully down the yellow brick road to homeownership.”

The seminars will discuss the advantages of today’s home financing market for potential and current homeowners. The seminars will run concurrently and repeat each hour. Participants may attend all four.

The seminars include:

• The Brains – First Time Homebuyers.

• The Courage – Repeat Homebuyers (moving up or downsizing).

• The Heart – Reverse Mortgages.

• Make Your Dreams Come True – Rebuilding Communities – the FHA 203(k) Renovation Loan.

To add some fun and excitement, First Mortgage entered into a licensing agreement with Warner Bros. Consumer Products for the use of images from the timeless film, “The Wizard of Oz.”

Some employees at the seminar will be dressed as characters from the movie.

There will be refreshments and prizes for attendees.

The licensing agreement is through its membership with Lenders One Mortgage Cooperative, a national alliance of mortgage bankers.

“As one of the most recognized movies in history, the members of Lenders One cooperative will be able to be the friends that help along the way when a family is on a quest to get home,” said Tom Mencke, president of First Mortgage Corp.

According to the National Association of Realtors, economists predict existing home sales to rise to 5.3 million in 2009, up 6 percent from the estimated 5 million sales in 2008. The market is expected to continue to favor buyers because of the imbalance between supply and demand.

“There’s no scarcity of shelter in this country,” said Luis Soto, vice president of operations. “There’s a surplus of homes and it’s a buyer’s market out there today.”

According to the Freddie Mac Primary Mortgage Market Survey, rates on mortgage loans are the lowest in its 37-year history.

“We’re out to motivate buyers and re-financers to get that loan now before rates go up again,” Soto said. “The current market conditions, low rates, low home values, and government actions to stimulate economy warrant consumers to investigate the future possibilities.”

The First-Time Homebuyer Seminar will focus on the $7,500 federal tax credit, the current lending market, tips to improve your credit score, how to capitalize on the current buyer’s market, the latest mortgage terminology, steps to buying a home, and different financing options.

“Interest rates are at a historic low and the new $7,500 tax credit for first-time homebuyers creates the opportunity of a lifetime,” said Trauscht. “It’s like an instant savings account or a rainy day fund.”

The tax credit is available for those who purchase before July 1, and it works like an interest-free loan that must be repaid over a 15-year period.

“In the past, anyone could buy a house,” Trauscht said. “Today, the sub prime market is gone, and everyone must be prequalified to buy a home. It will be a long time before the lending industry forgets what happened.”

The Second Time Homebuyers Seminar will focus on current home owners’ concerns such as refinancing, selling their homes in the current market, moving up or downsizing and purchasing contingencies.

The Reverse Mortgages Seminar will focus on financial concerns facing seniors, reverse mortgage benefits, borrower’s requirements, common misconceptions, how a reverse mortgage protects the homeowner, eligible types of properties, and what one can do with the funds.

“Reverse mortgages are a powerful financial tool to help retired homeowners 62 years or older obtain tax-free income or cash flow,” Soto said. “It enables homeowners to access the equity in their home to strengthen personal and financial independence without a monthly payment burden.”

The Rebuilding Communities Seminar will focus on the Federal Housing Administration 203(k) renovation mortgages, eligible renovation costs, typical projects, and selecting contractors. The 203(k) program is a purchase or refinance rehabilitation loan program that allows a borrower with limited funds to purchase, or refinance, and fix up a one- to four-unit property.

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