Ingrid B. Quinn

NMLS ID #211652 Arizona, Loan Consultant


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Advantages of Working with a Local Lender

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One of the greatest advantages of working with a local lender is that they are better able to communicate with you.

We live in the age of technology and making use of the newest developments is important in any business, but nothing can replace a good face to face conversation. I maintain an open door policy with my clients. Day or night I am available. I personally get to know each of my borrowers and can update them within moments on their loan status and what, if anything is required. Accessibility is an important ingredient for success.

Another advantage of a local mortgage professional is knowledge of the local market.
When you use a local lender, they have expert knowledge of the local market. Why would you use a lender that doesn’t know your area? There are intricacies to the mortgage process that are very area specific; it’s very difficult for a national lender to know all of them for every state. Every area of the country has regional differences, when it comes to closing home loans and purchasing real estate.

Finally, your local mortgage lender will likely be connected to the other professionals involved in the purchase or refinance.

There are many different aspects to a home purchase or refinance. The major people involved are the borrower(s), the lender, the real estate agent, and the title company and inspection professionals. When you work with a local lender, you will receive help navigating the process. By knowing the ins and outs of each part of the process, a local lender is able to keep things on schedule, identify issues and communicate more effectively each step of the way.

If you have any questions or comments please feel free to email me at Ingird.Quinn@cobaltmortgage.com or visit me at http://www.ScottsdaleMortgageExpert.com or http://www.CobaltMortgage.com/IngridQuinn.


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Fannie Mae Closing Cost Assistance

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FNMA has announced that homebuyers may receive up to 3.5% of the sales price in closing cost assistance on purchase offers submitted on HomePath properties between 2/14/14 and 3/31/14 when purchasing during the First Look period. During the First Look period, owner-occupied buyers are able to submit offers, giving them the opportunity to purchase homes without competition from investors. The First Look period has recently been extended from 15 days to 20 days. Purchases must close on or before 5/31/14.

The incentive will offer qualified buyers up to 3.5% of the final sales price to pay closing costs. If closing costs do not total the 3.5%, the buyer is not able to take the left over amount as a credit back. The incentive is not available on second homes or investment properties.

Prospective buyers can search for properties and easily identify how many days remain on a property’s First Look period by visiting http://www.HomePath.com. “For more information regarding this incentive, please visit the Fannie Mae website for complete details:

http://www.fanniemae.com/portal/about-us/media/corporate-news/2014/6079.htm

Consult your local Realtor for additional information on how to submit an offer to HomePath.

For questions about the Fannie Mae HomePath mortgage financing, please contact me at Ingrid.quinn@cobaltmortgage.com or visit my website at http://www.cobaltmortgage.com/ingridquinn or http://www.scottsdalemortgageexpert.com.


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Tax Time and Staying In Touch

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It’s that time of year again, when everyone is gathering their paperwork from 2013 and preparing to file their tax returns. Clients, who have either purchased a home or refinanced a current home mortgage in 2013, need to retain their final closing statement from their transaction for tax purposes.

Their tax preparer or online self preparing system will ask them for information from their settlement/closing statement. Clients will need to keep this paperwork handy to determine the amount of charges in relation to their recent transaction that can be used as a deduction on their taxes.
Tax payers have questions about what is going to be deductible and it’s always good to have them ask their preparer for that information. The http://www.irs.gov website is also very helpful. Also, remind them that they will get a year end summary 1098 from their mortgage company about interest, property taxes and mortgage insurance paid for the tax year. If the loan has been sold to a new servicer, it is also good to remind them that they will receive more than one 1098.

This is a great time for realtors to reconnect with their clients from the previous year. Sending your client a copy of their final HUD (closing statement) is a helpful service you can provide and is one of the activities you can plan on an annual basis when doing your yearly business plan. You can securely retain the final HUDs throughout the year and when January 2015 rolls around, you have them at your fingertips to forward to each client with a thank you and a reminder for referrals.

What else are you doing to stay in touch with your client during the year? I appreciate your feedback. To contact me please, email Ingrid.quinn@cobaltmortgage.com or visit my website at http://www.scottsdalemortgageexpert.com or http://www.cobaltmortgage.com/ingridquinn.