Archive for the ‘Mortgage Tips’ Category

New Press Release Out Today for Navigating the Mortgage Maze!

Friday, 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.

Foxbusiness.com Interview Video Links

Tuesday, February 17th, 2009

Here’s the link to see clips from yesterday’s interview discussing free tips for refinancing and loan modifications.

Clip #1 – Why NOW is the time to re-finance

Clip #2 – Renting vs. Buying

Clip #3 – Mortgage Tips for When You Lose Your Job

Clip #4 – Top 3 Things to Ask When Refinancing

FoxBusiness.com Tips – Dealing with Mortgage Delinquency

Tuesday, February 17th, 2009

After my interview on FOXbusiness.com yesterday with Jenna Lee, Connell McShane and Dagen McDowell, it was clear from the e-mails that there are many people dealing with catastrophic issues in paying their mortgages and, of great concern, many are waiting on government intervention to solve the problem. Although we hope to have answers and helpful solutions tomorrow as to what the government plans to do, there will still be a period of time to enact those policies. From my experience, that takes some time – something many people do not have. Therefore, I feel those struggling should continue to take steps in the interim to prepare so as to alleviate their situation. For those who are in those situations, here are some simple steps to get started. More advice will be forthcoming:

1. Try to Stay Current: A foreclosure is devastating to a person’s credit and future access to credit, therefore we want to avoid at all costs. Try to maintain the mortgage current.
2. Establish a Budget: Determine all income and all outgo to understand where money is going;
3. Reduce and Remove Expenses: Reduce those expenses that are necessary as possible (lowered insurance premiums, reduced utility usage and costs, re-assessed real estate taxes, food, clothing and transportation budgets) and remove those that are unnecessary;
4. Add Income or Sell Personal Belongings: If necessary, seek part-time work or supplementary income or sell of un-needed items (through things like Craig’s List, etc.)
5. Negotiate Unsecured Debt Payment Plans: If payments are still too high to afford mortgage payments, negotiate with unsecured creditors on modified payments and immediately stop using credit cards and debt. Again, the desire is to pay back the debt, just on modified terms.
6. Determine Maximum Affordable Mortgage Payment: Once all previous steps have been done, determine the maximum you can afford. If you can afford mortgage the payments going forward, stick to your budget and ride out the storm. If you can afford your mortgage payments but cannot make up past due payments OR still cannot afford full mortgage payments, then;
7. Contact Lender to Discuss Modification: Now contact your lender to discuss modification options. This can include a forbearance where you agree to make up the past due payments over time, or a deferral of the past due payments to the end of the loan (thereby bringing it up to date) or a true modification of the loan terms including payment and/or rate reduction and/or term increase. Have all income verification and budget information ready. Prepare plan of what you have done to reduce and remove expenses or increase income. Show the Lender you have done your homework. Try to meet face-to-face if possible. If not satisfied, contact attorney to help with negotiations.

For more information contact my website at www.mortgagempowered.com or purchase my book – Navigating the Mortgage Maze: the Simple Truth About Financing Your home at www.navigatethemortgagemaze.com

Wishing you the very best in life,
Dale Vermillion
dale@dalevermillion.com