Primary Residential Mortgage

Team Primary Photo Shoot with Gina Henderson

michelle — Tue, 16 Apr 2013 00:00:14 +0000

Update Your Headshot Event

If you are in the Glastonbury or Shelton, Connecticut area and are looking to update your headshot, stop by one of Team Primary’s Update Your Head Shot Events! Photos will be taken by professional photographer Gina Henderson. So come on down and get your new headshot done for just $30! For more information or to RSVP contact myself, Michelle Marquez at mmarquez@primeres.com or Carolyn Dionne at cdionne@primeres.com. You can also visit our Facebook Events tab at www.Facebook.com/TeamPrimary.

Glastonbury’s photo shoot will take place on Wednesday, April 24th from 11am-2pm at 730 Hebron Ave., Glastonbury, CT 06033

Shelton’s photo shoot will take place on Wednesday, May 8th from 11am-2pm at 3 Enterprise Dr., Suite 104 Shelton, CT 06484

Photos will be taken on a first come first serve basis so make sure you reserve your spot today!

Team Primary’s 4th Annual Easter Egg Hunt Recap

michelle — Fri, 05 Apr 2013 21:02:59 +0000

As a way to say thank you to all of our customers, business and referral partners, family, friends and future customers Primary Residential Mortgage, Inc. – Team Primary has an Easter egg hunt every good Friday! This fun and exciting event includes egg hunts for all ages, face painting, crafts, sack races, snacks and beverages, great prizes and so much more! This year we had an amazing turnout! The weather was beautiful and we had lots of attendees! Thank you all who came out and supported us and special thanks to our sponsor Collins, Deans and Melocowsky, LLC!

Here is sneak peek at how much fun we had…

Check out our Facebook page at www.Facebook.com/TeamPrimary and find all the great photos that were captured that day!

eHow.com Features PRMI’s President & CEO Dave Zitting

michelle — Tue, 02 Apr 2013 13:31:06 +0000

With more Americans than ever wanting to attain the dream of owning a home, eHow.com asked PRMI’s president & CEO Dave Zitting to lend his expertise in informing the more than 66 million monthly visitors to the Web site on how to qualify for a mortgage. Dave was quoted extensively on how important preapprovals are, the guidelines for receiving a conventional and jumbo mortgage loan, and what defines home equity.

The article, which can be found at eHow.com piece, is an excellent guide for first time home buyers.

Team Primary – A Year of Strength and Growth

rick — Mon, 31 Dec 2012 15:38:58 +0000

As we say goodbye to 2012 and hello to 2013; it’s always fun to reflect back on the year that we have had. For not only have we grown as a company over the last year, we have strengthened our partnerships and given back to the community that we so dearly care about.

We kicked off the year with adding a new Member to our Marketing Department, Mary Mercer and opened Team Primary Branches in Worcester, Massachusetts and Cranston, Rhode Island. In February we held our first of many “Update Your Head Shot Events”. Over 100 people took part in these events over the course of the year. It was a great way for them to update their marketing materials and promote their business ensuring a successful year!

At the PRMI National Conference in March, Team Primary received an award for top 10 branches in the United States. We kept going strong throughout the year and were recognized in our own state with the Top Workplaces award for Small Business 2012 by the Hartford Courant and Fox CT1 Media for the second year in a row. We also received a special award as “Top Doers” in which we were up against businesses large and small. That’s right, even the Hartford Courant and Fox 61 knows that when it comes to closing loans fast, Team Primary gets the job done!

As you all know, the local charity Crayons for Cancer is very near and dear to our hearts. We helped this great organization with various events such as our Charity Golf Tournament and our Comedy Night. Thank you to all who came out to help us support this important charity. With your help, Team Primary was able to raise over $6,500 for Crayons for Cancer. We will be presenting Connecticut Children’s Hospital with a check in the New Year along with delivering the toys everyone so generously donated to the Treasure Chest. Thank you for helping to make a difference to those families who so desperately need and appreciate it!

It was a busy year as Team Primary continued to grow. We welcomed, Pat Leighton, our new Operations Manager to ensure the smoothness of the loan process as our volume increased. And increased it did! We opened Branches in Norwich, CT ,Boston, MA, Mashpee, MA, Scarborough, ME & Nashua, NH and even hired our first Loan Officer in Florida.

One of the most exciting new products that Team Primary began to offer in 2012 was that of the Reverse Mortgage lead by Rob Wilson our Reverse Mortgage Manager. Rob now oversees his department that is continuing to grow and offering a great program for seniors over the age of 62 to help them stay in their homes, pay their taxes, etc!

Team Primary wanted to give back on last time before the year was out so we partnered with Little Elves for Little Angels- Connecticut, an organization that helps to bring Christmas joy to less fortunate children in the Connecticut area. We were so proud to be able to sponsor a little girl and help make her Christmas dreams come true!

We hope all our friends and family of Team Primary find health and happiness in the New Year. Remember, we are always here to answer any of your Mortgage questions and help your clients realize their dreams of home ownership in 2013.

Happy New Year,

Team Primary

Realtor Safety

rick — Tue, 22 May 2012 15:03:30 +0000

Realtors take a big risk when traveling alone to meet new clients, show properties and host open houses! It is important that realtors remain cautious and practice safety. Community Resource Officer Stacey Forish of the Manchester Police Department has provided us with some great resources regarding realtor safety and we would like to share them with you!

Here are a few important tools that we recommend using:

Pipl.com

Use pipl.com to search and find out more about your potential client(s) before meeting up with them for a showing. All you have to do is type in a name, phone number or email address and you’ve got instant information. Check it out now at www.pipl.com

Moby App

Moby allows you to privately share your location, check in, and even request help from the people who matter to you with a tap of the button.

iLiving App

Are you listing a vacant home? The iLiving app is a great source for adding furniture models to existing photos that leave the home looking empty. This helps prevent vandalism and/or break-ins by making the property look occupied.

#1 Tip from TeamPrimary

Don’t go alone, there’s safety in numbers! Team up with one of our mortgage loan officers when hosting an open house! We have mortgage loan officers available 7 days a week! You can find our loan officers by location on our office tab, at the top of our website at www.TeamPrimary.com!

Share this page with your friends and spread the word!

VA Mortgage: Giving Heroes the Home they Deserve

rick — Thu, 19 Apr 2012 13:44:39 +0000

Whether at times of war or times of peace, U.S. soldiers fought to preserve and protect the lives of the innocent. Their whole lives have been spent for the service of the people. It is an act of selflessness that cannot be denied. At the twilight of their lives, U.S. veterans deserve to have the best benefits that they should get. These include financial pension to help them in their financial needs, enough medicine to help them in their fight to survive, and more importantly, a home, to protect them from rain and too much sunlight.

Getting a home in Connecticut that each veteran deserves is much easier now with the VA Mortgage Loan. This is a type of loan specifically structured for the convenience of veterans. This mortgage loan gives a long-term financial support to American veterans. VA loans are given by federally qualified mortgage lenders and also guaranteed by the U.S. Veterans Administration. One of the companies that can actually help veterans in applying for a VA Mortgage is Primary Residential Mortgage, Inc. This company offers the best options for house mortgages in the Connecticut area.

If you know a veteran and want him or her to apply for a VA Mortgage in Connecticut for his or her retirement, then call, e-mail, or visit their website for more information. Their loan officers are ready to help you every day including weekends to give you and our veterans the best service that they deserve.

To apply for a VA loan is much easier than a conventional loan. First, the veteran must confirm his eligibility and submit it to his or her lending choice in the Connecticut area. If however, the veteran does not have enough money for a 20% down payment, it does not become a hindrance to get his new home. VA mortgage program will provide the amount with no mortgage insurance. The veteran will now be able to save a bigger amount of money to use for other important expenses such as food and medicine. What’s even better is that for a purchase of a house, this kind of mortgage can actually pay for the total amount of the house that the veteran plans to buy. If the veteran wants to refinance a home, the mortgage will cover up to 90% of the total cost of the house. Not a bad deal right?

With the benefits of this kind of loan, there is also a funding fee. This kind of fees are financed into the loan and paid to the Veteran’s Association. This is how the program replenishes its funds so that it will not run out of money for future veterans. This type of fee will also vary depending on what service in the army the veteran has been involved and if he had used this fee before.

The qualification of veterans to apply for this kind of mortgage loan is much lenient than other types of loans. Even with a knack for financial errors in the past, this does not become a problem. The answer is because this type of loan is backed up by the government.

If you know a veteran who needs a home, grab the opportunity by applying for a VA loan in Connecticut with Primary Residential Mortgage, Inc. Visit their website at www.teamprimary.com for additional information.

Help our heroes get the home they deserve.

Rural Environment Living: Start a Stress-free home

michelle — Mon, 09 Apr 2012 15:41:04 +0000

Life in the city can be very stressful. You can actually have a conversation with people who live in urban cities and most of them will tell you how great it is to live in the countryside where you can have fresh air every single day, run by the lawn, or pick fresh fruits or vegetables from your garden at your backyard. Yes, nothing compares to the Zen and peace of living in a quiet and simple neighborhood. If you are getting tired of the city and want a quiet place to live in Connecticut, then Primary Residential Mortgage, Inc. may help you reach your goal because they are offering the Rural Housing USDA Loan.

What exactly is a USDA Mortgage Loan? To give you a general idea, the USDA Mortgage loan is a 100% financing program that is insured by the U.S. Department of Agriculture. This kind of loan is actually popular in Connecticut because about 67% or two-thirds of the communities in this area qualify for this kind of program. Because this loan is handled by the Rural Development Department, it is called a rural loan.

There are actually many benefits of living in a rural area. For one, the environment is relaxing because there are no loud car noises to listen to. Traffic won’t be a problem because you can be sure that the people in your community will have lesser cars than the city. You can actually see the beautiful view of the sky and landscapes instead of tall buildings blocking your view. You’ll have the basic needs to live a peaceful and happy life.

For these things to become a reality, Primary Residential Mortgage, Inc. can give you the option of applying for a USDA mortgage loan. This is actually one of the most popular kinds of loans. One of the best benefits that you can get from this type of loan is that you can own a house with no down payment. Now that’s a deal that’s difficult to say no to. USDA loans mortgage insurance is much cheaper that is why you can save a lot of money compared to other loaning programs. If you buy from someone and you applied for the USDA loan, you don’t need to worry about the closing costs because the owner of the house that you’re buying will be the one to pay it. That’s one less thing to worry about when getting your own home in Connecticut.

Some loan programs actually give a fine when you don’t live in a house you bought under a mortgage for duration of time. This type of rule does not apply with the USDA Mortgage. If you have credit problems in the past, then you don’t need to worry about your application for this kind of loan because it doesn’t require perfect credit for you to apply. Interest in this type of loan is lower than other kinds of loan that is why it’s easier for you to pay the mortgage even if you pay late or early.

As much as there are benefits for this kind of loan, this also needs a little adjustment on the part of the buyer. This type of loan actually limits the places that you can buy a house. 2/3 of Connecticut is open for this type of loan so it shouldn’t be that much of a problem to you.

If everything that you’ve read so far convinced you to apply for this loan and live in Connecticut, then visit www.teamprimary.com for additional information regarding this type of loans. Living in the rural areas has never sounded this great. Now, it’s in your hands to live the life you’ve always wanted.

Primary Residential Mortgage, Inc. Commercial

michelle — Tue, 20 Mar 2012 13:37:55 +0000

Why All Realtors Need to Have a Process

michelle — Fri, 20 Jan 2012 17:10:32 +0000

Here is a great post written by our guest blogger, Thomas Scanlon with Borgida & Company, P.C. In this post you’ll find helpful tips on why it is necessary for Realtors to have a process, and how to go about the process in a successful way.

Do you have a process? Sure you do…..the only question is…is it followed?

Think though your process. Document it. Then follow it.

W. Edward Deming had this to say about process. “If you can’t describe what you are doing as a process, you do not know what you are doing.”

I don’t do this for a living but I’m guessing it might look something like this:

Listing

1) Meet with prospects to determine if there is a ‘fit’

2) Set expectations including estimated timelines and deliverables and address anticipated issues

3) Prepare market survey

4) Present findings

5) Obtain contract

6) Implement marketing plan

7) Provide continuous feedback

8) Etc.

Buying

1) Meet with prospects to determine if there is a ‘fit’

2) Set expectations and address anticipated issues

3) Qualify for mortgage

4) Draw up lists of :

Must haves
Want to haves

5) Etc.

Will some clients take you away from your process? You bet. Some will intentionally try…others will inadvertently do so.

The more your clients “go off the ranch” the:

More time you waste
Fewer deals you do
More your cash flow decreases

The best thing about your businesses…You Get To Choose Who You Do Business With…Choose Wisely!

Realtors….What’s Your Process?

For your mortgage needs, visit TeamPrimary.com or find us on facebook at www.Facebook.com/TeamPrimary!

Rising Credit Is the Norm Even at FHA

michelle — Wed, 04 Jan 2012 15:29:59 +0000

Here is an article found on NationalMortgageNews.com that I thought would be of interest to our readers. This article has great information about the changes in FHA credit score policies and what’s to come of it.

The Post:

Consumers are having a tough time qualifying for a mortgage these days, and even a federal program designed to provide financing for low- and moderate-income borrowers is winnowing out applicants with low credit scores.

Figures compiled by the Department of Housing and Urban Development show that the average credit score on an FHA-backed single-family loan is now at 700.

Just 3.3% of FHA-insured loans originated in the third quarter went to borrowers with 580-619 credit scores. Back in 2009, nearly 20% of FHA borrowers had credit scores in the 580-619 band.

Lenders have many reasons for tightening their underwriting and credit standards: they are under heightened scrutiny because of the housing bust, secondary market buyers are slamming them with buyback requests, and there are multiple investigations into their servicing and lending practices.

At the same time, FHA officials are concerned that too many borrowers are being denied home financing because of low credit scores.

One year ago, the National Community Reinvestment Coalition reported that lenders are refusing to consider borrowers with low credit scores for Federal Housing Administration loans.

HUD guidelines allow borrowers with a minimum credit score of 580 to qualify for low-downpayment FHA-insured loans if they meet the agency’s underwriting standards. But NCRC fair lending testers caught loan officers at nearly 40 banks saying they don’t make FHA loans to borrowers in the 580-640 credit score band. “The decision by some banks to not follow FHA’s policy is cutting off qualified borrowers from assessing credit,” John Taylor, president and chief executive of NCRC, said at the time.

NCRC challenged these banks to change their policies, which the activist group contends are often discriminatory and hurt working-class citizens who are trying to become homeowners.

Some of the 50 banks tested agreed to change their FHA credit score policies, according to NCRC spokesman Jesse Van Tol. But NCRC ended up filing complaints against 22 banks with HUD’s Office of Fair Housing.

That was one year ago and the Office of Fair Housing has not taken any action yet. “All the cases are still under investigation so we have no comment,” said HUD spokeswoman Shantae Goodloe.

Most of the 22 banks sell their FHA loans to aggregators and large banks that set the underwriting standards and credit score requirements. In other words, the 22 don’t have the latitude to set or change credit score policies, unless they decide to keep the loans on their balance sheets or become Ginnie Mae MBS issuers.

But the larger lenders that buy the FHA-insured loans are pursuing conservative policies in response to HUD enforcement actions and ongoing negotiations between state attorneys general and five of the biggest bank servicers.

“The government can’t have it both ways,” said FHA consultant Brian Chappelle. “You can’t be what the industry views as overzealous on enforcement and then expect lenders to expand their credit box and take on risks of new originations,” he said. Chappelle is a founder of Potomac Partners in Washington.

In response to NCRC’s findings, then-FHA commissioner David Stevens appealed to the major FHA-approved lenders to reconsider their policies.

In a December 2010 letter, Stevens asked lenders to look beyond credit scores and “consider all the factors that determine the borrower’s ability to repay the mortgage.”

He also noted that low credit scores could be caused by temporary setbacks and lenders should consider the reasons behind the credit score impairment. (Stevens is now the president and chief executive of the Mortgage Bankers Association.)

The appeal had some effect. In February, Quicken Loans lowered its minimum credit score to 580 from 620. “This change will open up credit to a significant group of people and allow them again to have access to purchase and refinance a loan,” said Quicken Loans chief economist Bob Walters.

NCRC has remained engaged and is in active negotiations with several large FHA lenders about their credit score policies, Van Tol said in an interview last month.

The NCRC spokesman noted that Chase Home Mortgage has changed its FHA credit score policies. A Chase spokesman told this publication that the changes were made in May, but declined to provide any details.

Even when the aggregators say they will consider borrowers with low credit scores, it doesn’t necessarily make it easy to originate the loans. They often charge risk adjustment fees when the credit score is below 640 or 620, which increases the cost of the loan and reduces the LO’s compensation unless the interest rate is pushed up.

And getting such loans approved and funded is usually a long, drawn-out affair that frustrates borrowers and loan officers alike.

Meanwhile, FHA has a monitoring system that flags lenders with high early default and claim rates. And it does not provide an incentive to make loans to borrowers with low credit scores.

Borrowers with a 580 to 620 credit score are four times more likely to default than borrowers with credit scores above 700.

The Neighborhood Watch system tracks default rates for each lender, comparing them to the average loan performance of all other lenders. If the average credit score is 700, lenders that make loans to borrowers with lower credit scores run the risk of ending up with a higher-than-average default and claim rates.

Read full article here