ENVOY MORTGAGE Blog

Envoy Corporate President's Blog

March 9th, 2010 1:45 PM

I’ve been sitting in my office pondering the back of our “Corporate Identity” card, the one with our name/logo on the front, and our mission, vision, and values on the back.

Our first value is Put People First. It occurred to me that we may have left a word out: Other. Can you guess where it would go?

In 2010 America, our culture bombards us with images of People Who Have It All Together. Depending on what’s being sold, they alternately are rich, smart, desirable, powerful, or all the above. The temptation to emulate them overwhelms us. Individually, and as a society, we focus on molding ourselves into the best composite Person With Most of It Together that we can manage. And that’s OK. As human beings we are vain by nature.

But the by-product of this incessant media blitz is a culture of self-absorption. Increasingly missing is a concern for others, for the broader good, and yes, for our relative individual insignificance. As our communities have splintered our sense of belonging to a group of people that we care about—and that cares about us—has diminished. How do I look? What will I make? What’s required of me? I have to do what?

Our business and government institutions—for the last hundred years the envy of the world—have lost their collective sense of responsibility to others. Shamefully profligate, our nation, and our government, spend like there is no tomorrow. Instead of prudently laying a financial foundation for the next generation, Americans demand to spend what they don’t make. Gimmee, gimmee, gimmee … how sad!

There is a better way. Put Other People First. In your personal and business lives, put other people first. Re-order your thought sequence. What works for the other person? Can that work for me? Can I accommodate them and still achieve my objectives? Are my objectives too high? Should I meet the other person’s objectives and lower my own? How can I approach my work in a way that makes it easiest on those I deal with? Consistent with maintaining the integrity of our processes and relationships, what can I do to better support my customers? Put Other People First.

Throughout history, those meeting the most needs of the most people have been the greatest service providers—the greatest winners—in their industries … and guess what? We’re in the SERVICE BUSINESS. Whatever your job description, YOU are a service provider to others, either inside or outside Envoy.

By putting others first you approach your customers from the right perspective. Your needs initially are ignored; they are off the table. What does my customer need? Do I understand their needs fully? How can I best serve them in this situation? Does this solution work inside our normal way of doing business? If so, your needs are met. If not, can your needs be reduced so that the customer can be served best?

Every one of us loves to deal with a person who is concerned about and accommodates our individual needs, whether the matter is business or personal. If you’re an originator, you want to be known as the SERVICE KING or QUEEN. Put your needs aside and watch your referrals grow. This is not to be confused with letting your customers walk all over you; your needs are legitimate, and important! But by re-ordering when and how they get considered, your customer service index will increase dramatically.

And it could be that my (or your) personal needs are too high. Perhaps I can get by with less; less money, less getting my own way, less everything. Perhaps I can find joy in being of outstanding personal service to someone else. Could that be the way I am meant to live?

Put Other People First. They (and you) will enjoy it!

Rick Thompson

President

Envoy Mortgage

Posted by Gary Bussard on March 9th, 2010 1:45 PMPost a Comment (0)

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5 Tips to Raise Your Credit Scores Fast!

March 1st, 2010 11:15 PM

See the attached video on how to raise your credit scores fast!!

5 Tips to Raise Your Credit Scores Fast!

http://www.youtube.com/watch?v=CQyK0vWMYHQ

Gary Bussard

Envoy Mortgage

Posted by Gary Bussard on March 1st, 2010 11:15 PMPost a Comment (0)

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Practical Advice for New Homeowners...

February 26th, 2010 10:43 AM

Home News
Practical Advice for New Homeowners

There's nothing more exciting than opening the door to your first new home and knowing that it's actually yours, that you actually own it! No landlord bothering you about every little thing. No silly rules about what colors you can paint or what renovations you want to make. Finally you can do whatever you want to do in your home!

And while this is a great feeling, and the pride you feel is natural and well deserved, don't allow yourself to get too carried away with your newfound freedom. You worked hard to earn this opportunity and you don't want to potentially jeopardize your investment by letting your emotions get the better of you.

If you've recently bought your first home or you plan to do so soon, take a few moments to think about the practical side of home ownership before you start making any major changes or renovations. Doing this will help ensure that your first home becomes the personalized place you always wanted and worked so hard to get.

Get properly insured – Before you decide to build or tear down anything, be sure that you are properly insured. Even if you enjoyed the full $8,000 tax credit for first-time home buyers (or the full $6,500 tax credit now available to qualified "repeat" buyers), sit down with your insurance provider and make sure you're covered on all fronts before you do anything. It doesn't make sense to spend your tax money upgrading your home if you're not protected in advance.

Maintenance before makeover – It's true that you no longer have a landlord looking over your shoulder for every little thing. But, you also don't have a landlord to turn to if something should go wrong. So, before you think about beautifying your new home, think first about fortifying it. Invest in necessary repairs first and avoid surprises down the road.

Go with the pros – When the time does comes to make those changes, be sure to hire the best, most qualified people. This doesn't mean you can't paint or do the little things that can make a big difference. But when it comes to the big stuff, hire the pros for the best results and to avoid injury. Remember, your new home is an investment and it deserves the highest care and attention you can give it.

We can help you find your new home and help with the financing! Give us a call at

(314) 993-6690 for more information.

Posted by Gary Bussard on February 26th, 2010 10:43 AMPost a Comment (0)

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Tips for Safe Online Shopping.....

February 26th, 2010 10:39 AM

Finance News
5 Tips for Safe Online Shopping

Here are a few websites that will help you find the best deals on services or products and let you keep more cash in your pocket.

InsuranceRates.com. This new site from the folks at InsWeb.com lets you shop for auto insurance rates without divulging too much personal information. Insurance expert Kimberly Lankford says the site provides quotes from a lot more companies than InsWeb did. It also lets you request your top priority for the quotes -- established company, multi-policy discount, ability to buy online or just price.

MiNeeds.com. If you're looking for a contractor, lawyer, photographer or any service provider, you could get out the phone book and call every listing to get price quotes. Or you could post your need on MiNeeds.com and get bids back from local providers, along with credentials, ratings, reviews and more. This site helps take the hassle out of finding affordable service professionals. However, MiNeeds.com really caters only to major markets (although its cities by state list includes practically every city).

Mr. Free Stuff. The name pretty much says it all: The site lists offers for free stuff daily. What we really like is the site's blog, which has loads of ideas on how to get or do things for free – such as free date ideas, free ways to burglar-proof your house and free things to do in Orlando.

Netted. Sign up at this site, which launched in February 2010, to get free daily e-mails that highlight Web sites, smartphone applications and services that make life better. Many of the recommended online tools will help you save money, but be forewarned that Netted isn't dedicated solely to discovering personal-finance related sites. But that's okay -- saving money isn't the only thing that makes life better.

eDeals.com. This coupon code site isn't new, but it just teamed up in February with direct marketing company Valpak to provide printable, local coupons. Shoppers click on the printable coupons tab at eDeals.com, which recognizes their location and provides coupons for services and restaurants in that area.

Be sure to give us a call or check out our website: www.4stlloans.com for current mortgage rates and information or call us at (314) 993-6690.

Posted by Gary Bussard on February 26th, 2010 10:39 AMPost a Comment (0)

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Home Buyer's Tax Credit - About to End...

February 26th, 2010 10:35 AM

Home Buyer's Tax Credit About to End

You're probably up to your neck by now in forms and paperwork as the April 15th income tax deadline approaches. Maybe you've already completed your taxes, paid your bill, or are awaiting your refund check. Either way, now is the perfect time to revisit the extended and expanded Home Buyer's Tax Credit.

Why? Because now, as you calculate your tax bill or your refund, you can finally see in real terms just how beneficial a tax credit of up to $8,000 can be to your bottom line.

Here's the basics:

Qualified 2009 and 2010 first-time home buyers can get up to 10% of the home's purchase price or a maximum of $8,000. In November 2009, legislation extended a tax credit of up to $6,500 (or up 10% of the home's purchase price) to long-time residents of the same primary residence if they purchase a new main home. To qualify, eligible taxpayers must show that they lived in their previous homes for a five-consecutive-year period during the eight-year period ending on the closing date of the new home.

Important details to remember:

1) You don't have to pay it back (as long as you stay in your qualified home for at least 36 months).

2) If you qualify for the credit, you can still apply it to this year's taxes, even if you've already filed your returns, or save it for your 2010 returns.

3) This is a true tax credit, not a deduction. If you qualify for the full credit, there will be an actual dollar-for-dollar reduction of up to $8,000 (or up to $6,500 for qualified repeat buyers) on your tax bill now or in 2010.

4) New income qualification limits have been put in place that expanded the pool of qualified buyers.

5) If you purchased a qualified home or plan to after reading this article, you must have a contract in place by April 30, 2010 (with closing to take place by June 30, 2010), so don't wait!

There are, of course, other details and qualification requirements and restrictions that you'll need to consider. But don't hesitate to give us a call if you have any questions. Also, if you happen to have your completed 2009 tax return handy, we'll help you calculate how much money you can get if you purchase a home and qualify for the full credit.

If you know anyone who is looking to buy, sell or refinance a home, please forward their name and telephone number to us. We will happily provide the same high level of service that we have provided to you. The greatest compliment you could possibly give us is the referral of your friends and family.

Posted by Gary Bussard on February 26th, 2010 10:35 AMPost a Comment (0)

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Happy Holidays!!!

December 15th, 2009 11:03 AM

The holidays are about gathering together with friends and family. It's also a time of reflection and gratitude. With this in mind, we wish you the happiest of holidays, and thank you for making this year a special one for us. Your friendship has been a true gift. Gary Bussard - Envoy Mortgage

Posted by Gary Bussard on December 15th, 2009 11:03 AMPost a Comment (0)

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Special Alert!! Upcoming Fed Meeting Could Affect You...

December 8th, 2009 5:07 PM

Special Alert: Upcoming Fed Meeting Could Affect You

The Fed is meeting December 15th and 16th, and its actions could impact home loan rates! Don't Wait. Call me before the Fed acts so we can review your situation and determine if there's anything you need to do.

(314) 993-6690

Posted by Gary Bussard on December 8th, 2009 5:07 PMPost a Comment (0)

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Some Advice for First-Time Homebuyers

October 27th, 2009 3:06 PM

Advice for First-Time Homebuyers

Thinking about buying your first home? There's a lot of good reasons to do so right now - bargain prices, low mortgage interest rates and that $8,000 first-time homebuyer tax credit. But for the first-time homebuyer, it can be intimidating.

To begin with, it's an awfully big investment - potentially, the biggest you'll ever make - and making the wrong choices can make it even more expensive. But it can also be one of the best and most satisfying decisions you'll ever make. So how to make sure you're making the right choices? Fortunately, there are some general guidelines you can follow that help ensure you're making a good decision.

Shop around

One of the first things you should do when contemplating buying a home is get to know your local real estate market. Check out listings, both online and in the paper. Go to a bunch of open houses to see what's available in different price ranges around what you think you might be able to pay. At this point, you're not really looking for a home, you're getting a feel for what your money will buy.

Find a good real estate agent

Ask around, talk to friends who've bought a house, get a buyer's agent to represent you. In most states, the realtor's fees are paid by the seller, so there's no reason for you not to get one - plus they're supposed to look out for your interests.

How much home do you want?

Think carefully about this. A big yard is nice if you have kids or a dog, but will require more work to maintain. A fixer-upper may sound attractive, but how handy are you with tools? Those do-it-yourself shows and guidebooks make it look easy, but the unavoidable rule of any kind of home repairs are the unexpected little problems that inevitably crop up and which the books said nothing about. Don't expect a big lifestyle change just because you're buying a house - choose something that fits the way you live now, with a few enhancements.

Figure out your budget

How much house can you afford? The general guideline is that you can spend 28 percent of your monthly pre-tax household income on a mortgage payment, including taxes and insurance. But do you want to spend that much? Would you be happier with less house and more to spend on things like vacations or saving for retirement? You don't want to tie up so much in your house that it's crowding out the other things you want in life.

Anticipate future expenses

What else are you likely to buy in the next few years? Is your car getting old? Are you planning to start a family? Are you or your spouse thinking about going back to school? And don't forget home maintenance and repairs - a new roof, septic field or furnace can set you back thousands of dollars, in addition to the regular maintenance and occasional repairs all homes need. And the older the home, the more you need to allow for.

Don't buy the first house you like

Yes, you might miss a great bargain now and then, but it's not likely. There are a lot of homes on the market right now. Some real estate agents will tell you that when you find a house you like, you should buy it. Of course they do. They want to sell you a house. The fact is, even if you miss out on this house, you'll more than likely find others that you like just as much, if not more, particularly in a buyers' market like we have today.

Learn your credit score

You can purchase this from one of the three major credit reporting agencies - Equifax, Experion and Transunion. You'll need to pay for the score itself - only your credit history is available once a year without charge. Once you have your score, you can see what average mortgage rates are for people in your state with your credit rating, which will help you in shopping for a mortgage. You can check with www.Myfico.com to see what the average rate is for someone with your credit score and see how rates in your state compare to others.

Shop around again

You don't want to just shop around for a house, you want to shop around for a mortgage as well. You'll want to get prequalified, so you'll know how much you can borrow and at what interest rate, as well as being able to make a concrete offer as soon as you find the house you like. But also, you want to find a lender that offers the best terms you can get on a mortgage. Compare loan offers from several lenders, be sure to consider closing costs and be leery of signing any agreement until you're ready to commit.

Consider a mortgage broker

A mortgage broker can sort through a wide range of lenders to help you find he best offer. You'll typically pay a slightly higher interest rate than if you found the lender yourself - that's how the broker gets paid - but a broker's greater expertise and resources might still be able to get you a better rate than you could find on your own, particularly if you have blemished credit.

Don't think of your home as an investment

Yes, it's an investment in that you'll have a lot of money tied up in it, but don't look at it as something that's going to make a profit. First and foremost, it's a residence. Besides, there are other places you can put your money that historically outperform real estate. Better to do that than sink extra money into a bigger house in hopes you can sell it for a fat profit a few years down the line.

I am both an Agent and a Broker - I can Save you money!! Call me at

314-993-6690.

Posted by Gary Bussard on October 27th, 2009 3:06 PMPost a Comment (0)

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Should You Pay Discount Points on Your Mortgage?

October 27th, 2009 3:00 PM

Should You Pay Discount Points on Your Mortgage?

Mortgage interest rates are unusually low right now, close to all-time lows for a 30-year fixed rate loan. So with rates already so low, is it worth paying points to try to get the rate even lower?

If you're thinking about buying a home or refinancing your current mortgage, you're probably at least somewhat familiar with points. Basically, paying points allows you to get a lower interest rate. In essence, you're paying some of the interest up front, so you don't have to pay as much over the life of the loan.

It's a fairly straightforward concept, but one that can be confusing for a lot of borrowers. Part of this is because mortgages can be fairly complex transactions, with a lot of other fees and terminology involved, and points are just another thing to keep track of. But the bigger challenge tends to knowing whether or not it's worthwhile to pay for points in the first place.

A point one percentage point - that's where the name comes from. When you take out a mortgage, either to purchase or refinance, each point you buy costs you 1 percent of the loan total - or $10 per $1,000 of the mortgage value. In return, each point you pay reduces your interest rate by a certain amount - usually 1/8th of a percent, but that can vary from lender to lender.

So assuming you're taking out a $250,000 mortgage, each point will cost you $2,500. So if the lender is offering a 5.25 percent interest rate, paying two points would cost you $5,000 and enable you to bring the rate down to 5.00 percent, based on a reduction of 1/8th a percent for each point paid. As a result, your monthly mortgage payment is reduced.

Calculating the break-even point

But do you want to do this? The main question is, will you remain in the house long enough to make it worthwhile? That is, how long will it take to reach the "break even" point, where the savings on your monthly mortgage payments equal what you paid in points?

The answer is typically a long time, unless you're getting more than a 1/8th of a percent reduction on each point. In the example above, it would take you 130 months - almost 11 years - to recover the $5,000 you paid in points, based on a savings of $38.46 cents in interest each month (based on the example above, a 5.00 percent rate would produce a monthly payment of $1,342.05). For many, that may seem like a relatively small savings over a long time, particularly in light of the big chunk of money you're paying up front for points.

However, it's not quite that simple. The lower interest rate also enables you to pay down the principal more rapidly. To find out how quickly, you can use an amortization table, which is commonly offered along with many mortgage calculators, such as the ones offered at right on this site. Running the numbers on this loan, you can see that after 130 months, the balance">remaining balance on the 5.00 percent loan would be $1,618 less than on the 5.25 percent loan. So in reality, you'll hit the "break even" point a few years sooner that a straightforward calculation would suggest.

Tax deductions also a factor

There are other factors involved as well, such as the deductions you can take on your taxes for mortgage interest payments, which will affect the final numbers. (Since points are essentially interest, you can deduct those as well, but only for the year when you close on the mortgage - you can't spread them out over the life of the loan.) But generally, you'll need to be in the home about seven or eight years to make it worthwhile to buy points.

It's generally not a good idea to buy points if you're not putting at least 20 percent down on your home purchase or have a loan-to-value ratio of 80 percent or less on a refinance. Otherwise, you're probably better off putting any money you might spend on points toward your down payment, to eliminate the need for private mortgage insurance or hasten the day you can get rid of it. Since private mortgage insurance typically costs about half a percent of your original loan value per year, the potential savings are typically greater than what you might save by paying points.

Please Call me with any questions! Gary Bussard 314-993-6690

Posted by Gary Bussard on October 27th, 2009 3:00 PMPost a Comment (0)

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Advice for First-Time Homebuyers

September 30th, 2009 2:28 PM

Advice for First-Time Homebuyers

Thinking about buying your first home? There's a lot of good reasons to do so right now - bargain prices, low mortgage interest rates and that $8,000 first-time homebuyer tax credit. But for the first-time homebuyer, it can be intimidating.

Shop around

Find a good real estate agent

Ask around, talk to friends who've bought a house, get a buyers agent to represent you. In most states, the realtor's fees are paid by the seller, so there's no reason for you not to get one - plus they're supposed to look out for your interests. If you are searching for one, call us at 314-993-6023!

How much home do you want?

Figure out your budget

Anticipate future expenses

Don't buy the first house you like

Learn your credit score

Shop around again

Consider a mortgage broker

A Mortgage Broker like Gary Bussard at Envoy Mortgage, can sort through a wide range of lenders to help you find he best offer. You'll typically pay a slightly higher interest rate than if you found the lender yourself - that's how the broker gets paid - but a broker's greater expertise and resources might still be able to get you a better rate than you could find on your own, particularly if you have blemished credit.

Don't think of your home as an investment

Posted by Gary Bussard on September 30th, 2009 2:28 PMPost a Comment (0)

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