Ingrid B. Quinn

NMLS ID #211652 Arizona, Loan Consultant


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Will Technology Replace Realtors & LOs?

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Though many homebuyers start their home purchase process on the internet, do you really believe the whole transaction will or can be completed on a computer? I guess we may be there in some cases, but for most folks purchasing a home is the largest personal purchase that they may make. A Ferrari or Lamborghini may be more but would you buy one without driving one first? Most people want to walk into the home they are considering purchasing. There is something to be said about the “feel” of a home. The “smell” of the home may be equally important. Are you near a farm or business that if the wind blew a certain way you would be affected? I think it highly unlikely that Realtors will be replaced by technology. Technology has made the process easier though with e-signing contracts and presenting offers, though what happened to the good old days when a buyer’s agent could present an offer to a seller personally on their client’s behalf?

As far as the mortgage process, applications submitted online could be a whole different story. I do not feel that a computer can do my job 100%. Getting a loan for a client is not just about getting the loan. It’s about the service that I provide to the client. There is a relationship and trust established. In a matter of minutes, I know quite a lot about that borrower. Not everyone has a deal that will just sail through an automated system. Especially today in the mortgage market, it is important to have a partner who will navigate you through the lending process from start to finish. Not everyone who begins a prequalification process will be eligible to buy today. They need help with credit issues, saving money or whittling down debt to qualify for a home mortgage. It is important to find a knowledgeable lender who will work with you and stick with you through the process.

While the internet has been a great educational tool and a good place to start, the human experience is important in a real estate transaction. Don’t you agree? For questions or comments, please respond here or contact me Ingrid.quinn@cobaltmortgage.com or visit http://www.cobaltmortgage.com/ingridquinn or http://www.scottsdalemortgageexpert.com.


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Numbers and their Impact

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I read an interesting article by Lew Schelman in the November 4th National Mortgage News. He pointed out some interesting statistics and tidbits about how numbers correlate to certain home pricing strategies and some things to consider when coming up with the number to set a home’s sales price.

“Home sellers may not be afraid of certain numbers, at least not all of them. But according to Trulia, setting a price and “lucky” numbers go hand in hand.” Studying asking prices for homes since October 2011, Jed Kolko, Trulia’s chief economist, discovered that sales prices that end in 9 were the next most popular number after zero. 53% of all non-zero list prices on their site ended in 9. The next most common number was 5. Also, when home prices are reduced, they are more likely to have a 9 as the last number. When sellers are more eager to sell, the home price will also be more likely to have a 9.

When home prices were over $1,000,000, buyers are less likely to be influenced by the numbers game. Only 1 in 4 homes listed for $1,000,000 and up had a 9 as the last digit. The number 9 is also more popular in some markets, for example in up state New York. The number 4 is a number that can be unsettling in Chinese communities because the pronunciation of the number is similar to the word “death” in many Cantonese and Chinese dialects. On the flip side, the number 8 is “phonetically similar” to the words wealth or prosperity. The number 13 anywhere in the list price only appeared in the asking price of 13% of Trulia’s listings. In Nevada, lucky number 7 was more likely to be found in their listing numbers and the numbers 3 and 6 that represent positive and negative references in Christian numerology are more prevalent in a Bible Belt’s home prices.

So as an agent or a home seller, thinking about the numbers and their impact may be worthy of consideration in setting your sales price. Jed Kolko also wrote that “setting the right asking price for your home isn’t all science and it isn’t all art. Sellers and agents pick numbers to signal their strategy, and to appeal to the traditions and superstitions of local buyers.” Have you considered this when setting your selling prices?

I’d love to hear your feedback. I can be reached by email Ingrid.quinn@cobaltmortgage.com or leave a comment on my blog page. Visit me at http://www.scottsdalemortgageexpert.com or http://www.cobaltmortgage.com/ingridquinn.


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The Mortgage Business-Not How It Was

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It’s been a 30 year ride for me in this business. I thought it was time to reflect where the industry has been and where it may go. It certainly is not a boring job. I find it an exciting challenge to daily talk to people and work with them towards their goal of buying a home.

The industry has been in the news a lot in the last 7-8 years and there has not been a dull moment. There have been a lot of changes in the rules and just keeping up with those has been a huge undertaking, but it just takes me back to when I first started out. We verify everything. It’s the way it should be.

I have been through real estate booms and busts, trends come and go and so do people I have worked with. The industry has done some weeding out and hopefully most of the bad apples are gone and hopefully industry standards are where they should be.

What remains the same is that Americans still want to own their homes. I find that people place an enormous amount of trust in my hands and I do everything I can to make their homeownership goal a reality. What has changed, though, is the difference about how a mortgage is originated. The online channel has grown and the mortgage industry has finally automated the process to an almost paperless process. Yea!! Gone are the file folders of 3-8 inch thick loan files and pdf versions of documents loaded into our processing system has make copying and faxing a near thing of the past.

What I still feel is important is the relationship of the quality referral to an experienced and trusted lender. Though online access is readily available, the referral to your mortgage lender is important because they are handling all of your personal information and the trust factor is imperative as to who has your information.

A home purchase is close to if not the largest personal purchase you will make. Take the time to find your trusted advisor in this process. It will make the experience a smoother one. For questions or suggestions please feel free to contact me at Ingrid.quinn@cobaltmortgage.com or visit my websites http://www.scottsdalemortgageexpert.com or http://www.cobaltmortgage.com/ingridquinn.


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M.B.A. Shows Mortgage Applications Decreasing

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The Mortgage Bankers Association released a weekly survey as of Aug. 21st, 2013 that spoke about mortgage applications. We recently had been seeing the market increase at a rapid rate and it is surprising that applications would decrease so suddenly.
The MBA stated that their finding s shows, “The Market Composite Index, a measure of mortgage loan application volume, decreased 4.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 5 percent compared with the previous week.”
Form the press release we can see that this drop is not due to the lack of people buying home, but rather people no longer refinancing. “The seasonally adjusted Purchase Index increased 1 percent from one week earlier,” where as “The Refinance Index has dropped 62.1 percent from the recent peak reached during the week of May 3, 2013.”
It seems that this recent shift away from refinancing is really affecting the real-estate market. The MBA state that this change has greatly to do with rate changes in the past month, “The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.68 percent from 4.56 percent, with points increasing to 0.42 from 0.39 (including the origination fee) for 80 percent loan- to-value ratio (LTV) loans. The effective rate increased from last week.”
This is speaking on a national level. The MBA covers 75% of retail residential mortgage applications in the U.S. . People should not be afraid to purchase or refinance right now. Rates being in the mid 4’s are truly not bad. In the time I have spent working in the mortgage industry I have seen rates more than twice that and people were still buying homes.
Buyers need to be aware of that is happening in the market and not hesitate to ask questions and seek out answers. For the full press release please visit http://www.mortgagebankers.org/NewsandMedia/PressCenter/85394.htm .
For any questions of suggestions please feel free to email me at Ingrid.Quinn@cobaltmortgage.com of visit me at http://www.CobaltMortgae.com/IngridQuinn or http://www.ScottsdaleMortageExpert.com


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Foreclosures Are Vanishing!

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As of last Thursday the number of homeowners who are either facing foreclosure or are behind on their mortgage payment has dropped to the lowest point in the past five years.
The Mortgage Bankers Association (MBA) had a press release last week that stated, “The serious delinquency rate, the percentage of loans that are 90 days or more past due or in the process of foreclosure, was 5.88 percent, a decrease of 51 basis points from last quarter, and a decrease of 143 basis points from the second quarter of last year.”
The MBA talked about how the number of foreclosures we are seeing is more of a historical normal as opposed to the high rate of foreclosure we saw even a year ago. We are seeing the housing market improve each and every quarter.
The MBA said, “Most states are at or only slightly above longer-term averages, and some of the worst-hit states are showing improvement.”
Delinquencies and foreclosures have returned closer to their pre-crisis levels in states such as California and Arizona that don’t require mortgage companies to take back homes by appearing before a judge.
California and Arizona had foreclosure rates of 1.6% and 1.5%, putting them at No. 37 and No. 38 in foreclosures nationally. Those states had the third and fourth worst foreclosure rates in the country at the depth of the housing downturn.
Nationally, banks initiated foreclosure on around 0.6% of mortgages during the second quarter, down from a peak of 1.4% in 2009 but above a more normal level of 0.4%. “The rate of new foreclosures being started is still way too high, but it is down from the peak,” said Jay Brinkmann, Economist and SVP of Research and Economics.
Mr. Brinkman also said, “While overall economic growth and jobs creation have been less than robust, the improvements have not been consistent across the country or all sectors. The result is that those states with the weakest economic growth and the most sclerotic foreclosure systems have seen the slowest improvements in delinquency and foreclosure rates.”
All in all we can see that the housing market is still working its way back up even if it is not at the same rapid rate that we have been seeing in the past few months. However, it is nice to hear that the economic forecast for the near future looks good.
For questions or suggestions, please feel free to email me at Ingrid.Quinn@cobaltmortgage.com or visit me at http://www.CobaltMortgage.com/IngridQuinn or http://www.ScottsdaleMortgageExpert.com