New Press Release Out Today for Navigating the Mortgage Maze!

December 4th, 2009

Below is a press release that was released to the media today on my book – Navigating the Mortgage Maze: The Simple Truth about Financing Your Home (Moody Publishing):

Economic Stimulus and Low Rates Tempt Buyers to Bite Into the Housing Market—Chew on This Mortgage Expert’s Advice First

CHICAGO, IL – For many homebuyers and homeowners, historically low rates and the new tax incentives on housing in the government’s economic-stimulus bill are like manna from heaven. But if you’re a first-time buyer or looking to refinance your existing home, here’s something you should chew on first: the latest book by mortgage expert Dale Vermillion, Navigating Mortgage Maze: The Simple Truth About Financing Your Home.

Vermillion reveals more than just the facts about mortgages and proven ways to recapture personal wealth being wasted on interest and debt. He also offers truths about life itself that, if applied, can set you on the path to financial independence and true happiness. The result is a book that’s far more than a success formula or how-to guide.  The author learned the hard way that happiness is something money can’t buy. At the age of 14, his father was involved in a work accident that nearly took his life. Months later, his older brother died in a drowning incident. This left a void in Vermillion’s life that he attempted to fill with money, success and alcohol.  At age 20, he started out as a loan officer without a college degree. By age 30, he was a senior executive at a national mortgage company. He had achieved the kind of financial wealth he had always dreamed of, but he didn’t feel “wealthy.”

He remembers, “Emotionally, I could not understand how a loving God could take my brother, devastate our family, and let me wander into all kinds of troubles that led to pain, suffering and guilt. Yet I still knew that I needed to learn about God and test what the Bible claimed to be Truth. After doing so, I made a leap of faith and committed my life to Jesus Christ.”

Today, Vermillion is happily married with four children, and is now a prominent international speaker, consultant and industry expert. He has trained more than 500,000 mortgage professionals and consulted with 140 of the nation’s largest and most successful mortgage companies. He has also been featured in national publications like Good Housekeeping and on national programs, including FOX News and FOXBusiness.com, and can be heard frequently on Moody radio.

In March 2006, Vermillion founded MPPH, a nonprofit organization designed to provide food, shelter and other services to children and families across rural India.  In Navigating, he shares both his personal experiences and his professional expertise, helping readers avoid all the “turns” and “sharp corners”—those mistakes most first-time and
repeat mortgage buyers make when they go to finance or refinance their home—including the top 10 mortgage mistakes homeowners make. Other topics include:

  • How to buy a home or refinance your mortgage and put yourself in the best possible position for true financial strength and independence
  • How to understand the opportunities locked inside your home’s equity and use them to achieve your financial goals
  • How to approach mortgage financing as an investment, not a debt
  • How to eliminate the debt and take back control of your finances

The book also offers hope for individuals who do not have the equity or income to qualify for a mortgage, including specific steps a person can take to improve their financial situation, eliminate debt, and prepare for future mortgage opportunities.

Most of Vermillion’s book focuses on personal wealth building, but it also reveals the keys to finding life’s true riches. He concludes, “If I had focused this book on money alone, it would fall short of providing the life-changing knowledge I want readers to have in the critical areas of life that really matter—family, legacy and faith.”

To learn more or for review copies, contact Janis Backing, publicity manager for Moody Publishers, at 312-329-2108 or janis.backing@moody.edu.

What will it take to Fix the Mortgage and Real Estate Problem?

December 4th, 2009

Over the next several weeks I will be discussing several issues that continue to cause the mortgage industry and real estate market to spiral. There are some simple fixes that, if enacted by our government, could quickly stimulate economic improvement, jobs and improved liquidity for consumers. Stay tuned for more information starting next week.

Blog Contest Winner Announced!

July 31st, 2009

Congratulations to our first blog contest winner: Pete who left a comment on our blog!

Pete won a $25 gift card and a free copy of “Navigating the Mortgage Maze”!

Thank you to everyone who participated in our blog contest and we hope to do this again soon!

Contest Continues…

July 28th, 2009

The blog contest continues today.  If you would like to participate just leave a comment on the original post (http://blog.mortgagempowered.com/?p=160) from July 27.  You can also enter by twittering about the contest, just reference @dalevermillion.

Today’s Quick Tip: Know your credit score!  Use websites like annualcreditreport.com to get your free yearly report.

Blog Contest – Win A Starbucks Card and a copy of “Navigating the Mortgage Maze”

July 27th, 2009

We are announcing a new contest on our blog this week!  Here are the details:

This contest runs from today (Monday) to Friday, August 31 at 10:00 am.  It is open to U.S. residents only.

What will you win? A $25 Starbucks card and a copy of my book “Navigating the Mortgage Maze”.

How Do You Enter?
All you have to do is leave a comment on this blog post.  How do you do that?  Below this post you’ll find a link that says “# Comments”.  Click on that and then leave a comment in the “Reply” box.

You can also enter into the contest by tweeting or blogging about.

Tweeting: Please reference @dalevermillion.

Blogging: Please email info@dalevermillion.com with the link to the blog post.

A winner will be selected randomly and announced Friday afternoon.

Save $ by paying a little extra – Biweekly Payment Plan

July 21st, 2009

A biweekly payment plan is simply a method of paying one-half of your normal mortgage payment every two weeks (biweekly) instead of paying a full payment monthly. By paying one-half of your monthly payment every two weeks (because there are fifty-two weeks in a year), you in essence make twenty-six half payments, or thirteen full payments, over the course of the year.

Many lenders, or third party providers, will offer biweekly plans but actually put the money into an account and apply the payments once a month. This is called a “standard,” or pseudo, biweekly plan. Although you still receive substantial benefit, it is not to the same magnitude.

Apply one additional full payment to your mortgage on the same date each year. If you receive an annual bonus, this may be a good use for the money. Or, if you prefer, make 1/12 of an additional mortgage payment every month along with your normal mortgage payment. The key, in both cases, is to be sure to instruct the lender to apply the payments directly to principal.

There are also several Web sites that will provide free biweekly calculators so you can look at the impact of biweekly payments on your mortgage for yourself.

Buy Your Home Logically

July 14th, 2009

Brian Tracy, author of several great books, including The Psychology of Selling, has a great saying that applies here: “People seldom buy logically; instead they buy emotionally and then defend it with logic!”

Never approach a home from the standpoint of the value first and then work backward to the payment. Instead, first establish how much money is available to comfortably put down without depleting cash reserves and creating financial risk. Next, establish the maximum affordable payment, or MAP, for your short-term cash flow based on your budget. Last, establish the maximum term to achieve long-term debt freedom and retirement goals. Based on these three criteria, you can work forward into a home value that is truly affordable without compromising your overall financial picture.

Dealing with the Debt Monster

July 8th, 2009

When was the last time you sat down and added up every debt you have and every payment you owe? When was the last time you compared those debts and payments to every asset you own and every dollar you make? For most of us, we go through life, month after month, simply paying the bills as they come in and hoping there is money left at the end. This is no way to manage your debt. We must take a proactive approach.

The very first step to financial freedom and debt elimination is to completely understand your debt. This means knowing the who, what, when, and how of your debt: who you owe, what you owe, when it will be paid off, and how you will accomplish that.  Start by analyzing and totaling every debt and payment you have to determine your total liabilities. This is essential to debt elimination and wealth management.

Free Book Download – Navigating the Mortgage Maze

June 24th, 2009

Don’t miss out on the opportunity to download my book for FREE for a limited time.  You can find the download on the homepage of MortgageMpowered (http://mortgagempowered.com/).  Share it with friends or pass along the link.  We’re only having this up for a few more days.

Never Ask For or Buy Just the “Interest Rate”

June 19th, 2009

On my monthly radio broadcast on Moody Radio Chicago today (WMBI – 90.1 FM) we talked about the recent drop in rates again.  A couple of key tips regarding interest rates:

  1. It’s Not the Rate You Need to Know: When applying for a loan, never ask for just the “interest rate”, but always ask for the APR.  The APR is inclusive of fees and cost and is the ACTUAL cost for the loan on an annual percentage basis (if quoted accurately).  The interest rate alone does not.  Therefore, you may get quoted 5.00% interest, but after fees and costs have an APR of 5.50%.
  2. Check the APR: Once quoted an APR, always check it against a mortgage calculator (these are available free online at places like bankrate.com) to be sure it is accurate.  All you need is the loan amount, payment and term to check.  If the loan amount, payment and term you put in do not match the APR you were quoted, then you were misquoted and need to find out the truth.
  3. The Low Rate You See is Not Necessarily What You Get: Don’t be fooled – the low rates you see advertised are for the very best qualified.  This means 720 to 740 FICO or higher in today’s market, with verifiable income, maximum 80% loan-to-value and low debt ratios.  As your credit score drops and your equity usage or debt ratio increases, your rate most likely will too!  Also, there are lots of additional “premiums” for things like cash out, condominiums and the like.
  4. Rate IS NOT the #1 Consideration in Many Cases: As important as  rates and APR’s are, what’s more important is what you get for the rates and APR.  You can get a great rate and a bad loan or a competitive rate and a great loan.  It comes down to looking at more than just the rate and payment, but also: the term, the tax costs, the fees paid, the purpose for the loan and the all-encompassing cost or benefit.  In other words, if you got a greta rate, but extended your loan term, increased your taxes, paid unnecessary fees and did not capitalize on the best loan for your situation then it was not beneficial (this happens the majority of times in a rate and term refinance).  But if you cut your payments, terms, taxes, reduce debt, save money up front, improve your financial position and negotiate fair fees, you have really done yourself a great service!

To learn more,  get my book at www.mortgagempowered.com or at any major online book retailer like Amazon, Barnes and Noble, Christian Book Distributors, Books-a-Million, etc.

Let me leave you with this nugget of truth from Proverbs 24:3 – “By wisdom a house is built, and through understanding it is established”