Pioneer Mortgage Services, L.L.C Lic. #MB.803395.000
Am I on a Variable Rate? make the same mistake that many others have
made, by going to banks or other mortgage
I have received so many phone calls in the
companies. Have them give me a call and I will
last three months from people thinking that they
make sure that they get the best deal possible.
were on a variable rate mortgage. They all tell me
We are looking out for their future.
that they were under the impression that they
had a fixed rate. I usually tell them, “you were,
for two or three years and then it becomes
variable.” The best question a person could ask
about their loan is, “How long will my rate be
fixed?” Here are some tips to help you recognize Start rate (teaser rate): This is the starting rate of
if you have received a variable rate. Did you see the variable. It is often referred to as the teaser rate,
any of the following? since it is lower than the fully indexed rate. This is
often done to entice people into the loan since the start
1) ARM- Adjustable Rate Mortgage
rate is low.
2) Adjustable Rate Rider
Adjustment Period: This is the length of time for
3) 1st change date 6/08 which the rate is fixed. Therefore if the adjustment
period is six months, then the rate will remain fixed for
I do put some people on a variable rate but
six months, after which time it will adjust.
this is usually when I am cleaning up your credit
with a debt consolidation loan. This is done so Adjustment Cap: This is the maximum the rate can
that you can successfully obtain a fixed rate adjust up or down each adjustment period.
mortgage in the future.
Lifetime Cap: The maximum rate over the life of the
In the past six months I have talked to at least loan, which is usually 6% or 7% higher than the start
100 people who have purchased a home with no rate.
money down and signed up for a variable rate on
a 100% loan. Unless you have received a great
deal and moved into instant equity, you have Land Contracts
really put yourself in a terrible situation. Why?
Everyone is always surprised when I tell them
You move into your new home and everything is
great, but two years later your payment goes up that I can refinance land contracts and that you
and now you need to refinance. Guess what? can get cash out. The key is to pay by check for
You have no equity and you can’t refinance six months, if you have paid for 12 months and
because homes in Ohio appreciate at about 3%.
your credit is over 500, call me quickly.
I have been in this business for ten years and
have seen it all. If you have friends or relatives
that are in the market for financing don’t let them
Congratulations Client of the Month
Celina Schorr on the birth of her child. The client of the month goes to Tawny
Bryce Potts on making all state in football for Williams. Tawny works for CIT Group and is
Maysville High School. expecting her first child this summer. I greatly
Ryan Brooks and Ashley Bigham on their appreciate all of the referrals you have sent to
pregnancy. Pioneer Mortgage. Best wishes to you and Jason
on the birth of your child.
Paul and Angel Jones on their pregnancy.
Eric & Lisa Brunney on the birth of their baby girl.
Food and Drinks for Sleep
Referrals Having problems getting to sleep? Here are
some different foods and drinks that have been
I would like to thank the following for the referrals known to help you sleep.
in the last 2 months.
Bananas Potatoes Turkey
Mark Kaido Patty Hanby
Oatmeal Almonds Chamomile Tea
Dave Ferguson John Kistler
Bill Hopper Carl Meyer Warm Milk Honey Whole Wheat Bread
Lisa Farley Kathy Rowland
Dale Bishop George & Shirley Piatt Correction
Bobby Damron Barb Phillips
In the most recent newsletter, we received
Janet Sexton Mary Rollins
numerous calls about Kroger’s opening in 1983.
Ken Greene Shelva Wadlington It should have read, “In 1883 Barney Kroger
Kim Rausch Matthew Getz invested his life savings of $372.00 in opening a
Ralph & Jane Kreischer Tony English grocery store in Cincinnati.
Wishing a Speedy Recovery
Janice Shook & Patty Hanby’s father
The winners for the last trivia questions
Donnie & Shawn Ward’s grandson
were Frank Sanford from Johnstown and Monte
John Bargar’s sister Charlotte Silverman from Cincinnati. Woody Hayes
Lois Jenkins coached at Denison prior to Miami. That question
tricked a lot of you. The second question was an
easy one. Newark has never been the capital of
Sympathy to the Families of: This volumes trivia questions:
1) What company uses the most potatoes?
a) Lays b) McDonalds c) Waffle House
Steve Ranalli d) Der Dutchman of Plain City
Dave Powell 2) What month are most bears born?
a) February b) May c) July
3) In what year did college football allow the 2
Joby & Trish Morrow
Tawny Williams a) 1932 b) 1946 c) 1958 d) 1970
Save A Little Money
The next time you need to find someone’s Locksmith:
phone number, call 1-800-FREE411. You will
Jerry McCleary 614-207-4632 (Central Ohio)
get your number free of charge and also, the
number will be correct. Many times when I have Golden Retriever Pups:
called directory assistance I have been given the
wrong number. Since I have been using Suzie Hindel 740-404-2617 (Central Ohio)
FREE411 I have not had that problem.
Other Services Marvin Mix 614-774-9337 (Ohio)
If you need assistance in other areas you might Trophies & Awards:
Scott Hann 513-777-8456 (Ohio)
Keith Davis 614-325-8686 (Columbus)
Bill Crockett 614-657-3594 (Central Ohio)
Joe Mullins 614-496-7381 (Central Ohio)
Mark Kaido 740-452-7555 (Zanesville)
Jeff Merklin 937-642-4070 (Central Ohio) Siding & Roofing:
Real Estate: Sam Vura 330-465-7795 (Northern Ohio)
Joe & Pam Kreber 614-529-3772 ext. 2 Used Car Sales:
Ricky Ward 614-443-2277
Ryan Phillips 614-419-2418 (Columbus)
Matt Miller or Brian Daniels 614-922-1333
Eric Brunney 614-975-5826 (Central Ohio)
Susan McCollister 740-455-4300 (Zanesville)
Disc Jockeys: John Kistler 740-928-1703 (Central Ohio)
John Nolan 740-453-7395 (Zanesville) First Time Home Buyers:
Brian Minnehan 614-778-8316 (Central Ohio)
Clayton Ross 614-561-0927 (Columbus)
Jeff Veith 614-733-0108 ( Central Ohio)
Laura Casella 614-430-0027 (Columbus)
Rod Smith 740-454-7732 (Zanesville)
Real Estate & Family Law:
John Tracy 614-545-4500 (Central Ohio)
Carl Meyer 614-444-2144
Auto Body Repair:
Jerry Williams 614-878-4547(Central Ohio) Buying Old Coins:
Auto Mechanic: Jesse Warnock 614-432-9540
Scott Rowland 614-870-7900 (Central Ohio) Credit Repair:
Tires: Ed Garrett 800-267-9902 (Ohio)
Joe Buckey Tire 740-450-9384 (SE Ohio) Men’s Fashion & Corporate Merchandising:
5% off with this newsletter Kathy Buckey 740-452-9394
Financed 6.00% 6.25% 6.50% 6.75% 7.00% 7.50%
$50,000.00 $299.78 $307.86 $316.06 $324.30 $332.65 $349.61
$60,000.00 $359.73 $369.43 $379.24 $389.16 $399.18 $419.53
$80,000.00 $479.64 $492.57 $505.65 $518.88 $532.24 $559.37
$90,000.00 $539.60 $554.15 $568.86 $583.74 $598.77 $629.29
$100,000.00 $599.55 $615.72 $632.07 $648.60 $665.30 $699.21
$120,000.00 $719.46 $738.86 $758.48 $778.32 $798.36 $839.06
$130,000.00 $799.42 $800.43 $821.69 $843.18 $864.89 $908.98
$150,000.00 $899.33 $923.58 $948.10 $972.90 $997.95 $1,048.82
$160,000.00 $959.28 $985.15 $1,011.31 $1,037.76 $1,064.48 $1,118.74
$180,000.00 $1,079.19 $1,108.29 $1,137.72 $1,167.48 $1,197.54 $1,258.59
$190,000.00 $1,139.15 $1,169.86 $1,200.93 $1,232.34 $1,264.07 $1,328.51
$200,000.00 $1,199.10 $1,231.43 $1,264.14 $1,297.20 $1,330.60 $1,398.43
$220,000.00 $1,319.01 $1,354.58 $1,390.54 $1,426.92 $1,463.66 $1,538.27
$240,000.00 $1,438.92 $1,477.72 $1,516.96 $1,556.64 $1,596.72 $1,678.11
$260,000.00 $1,558.83 $1,600.86 $1,643.37 $1,686.36 $1,729.78 $1,817.95
$280,000.00 $1,678.74 $1,724.01 $1,769.79 $1,816.07 $1,862.84 $1,957.80
$300,000.00 $1,798.65 $1,847.15 $1,896.20 $1,945.79 $1,995.90 $2,097.64
$350,000.00 $2,098.42 $2,155.01 $2,212.23 $2,270.09 $2,328.55 $2,447.25
$400,000.00 $2,398.20 $2,462.87 $2,528.27 $2,594.39 $2,661.20 $2,796.85
$450,000.00 $2,697.97 $2,770.73 $2,844.30 $2,918.69 $2,993.86 $3,146.46
$500,000.00 $2,997.75 $3,078.59 $3,160.34 $3,242.99 $3,326.51 $3,496.07
Monthly payments based on 30years - Principle and interest only does not include taxes and insurance
How to Avoid Foreclosure
Business Week Online
By Maya Roney
If you suddenly find yourself faced with the possibility of losing your home because of economic disaster or
your own negligence, don’t panic—there are steps you can take to avoid becoming another foreclosure
Others have not been so lucky. According to foreclosure listing database Realty Trac, 1.26 million
foreclosure filings were reported in 2006, up 42% from 2005, with an average rate of one filing for every 92
households. James Saccacio, chief executive officer of Realty Trac, said that the increase in foreclosures last
year was driven both by a general deceleration in home sales across the country and the impact of increases
in monthly payments on adjustable rate mortgages (ARMs).
ARMs are set at a lower initial rate that resets to reflect current rates more closely after a fixed period of
time, usually one, three, five, seven or 10 years. Some $407 billion in ARMs reset in 2006 according to
Fannie Mae. As monthly rates shot up, many unsuspecting homeowners became unable to afford their
payments, forcing them into foreclosure.
Don’t Rule Out Refinancing
At the first sight of danger, get in touch with your lender to see if there are alternative loan products
available. This is especially important if you know the payment on your ARM is about to go up and you have
even the slightest doubt about being able to afford the higher rate. Because of embarrassment or false hope
that financial difficulties will blow over, many people do not act quickly enough.
“By addressing the problem as early in the process as possible, you can avoid the trouble before it
happens,” says Rick Sharga, vice president for marketing at Realty Trac.
Foreclosure laws vary by state, so make sure you know exactly how much time you can buy. New
Yorkers, consider yourselves lucky—you have 455 days from the time you are delinquent on your loan
payments before a lender can take possession of the house. Texans, you better hustle, because the pre-
forclosure period is just 27 days, shortest in the U.S.
Rework It or Sell It
If refinancing isn’t an option, ask your lender about loan modification. Remember, Sharga says, banks
want to avoid foreclosure, too. They lose money every time they foreclose on a house, and a high rate of
default could even lead to the loss of a license.
Forbearance is an agreement that allows you to pay less than the full amount of your loan payment, or
sometimes nothing at all, during a certain period of time. Mortgage companies may consider you for this
option if you can prove that funds from a tax refund, bonus, or elsewhere will bring an end to your tight
financial situation at a specific time in the near future.
How to Find Bank Owned Properties
So, you want to find some good deals on houses? All you have to do is go on any county auditor website
and go to Property Search. You will want to search by property owner. Look up properties owned by JP
Morgan Chase, Wells Fargo and EMC. You will be able to see what the home was bought for and also what
the sales history was. On the Franklin county website, if you click on Image, you will be able to see a photo of
When you find a home this way be sure to call me, and I will be happy to do the financing. We have a
lender that will do 100% financing on investment properties with a 660 credit score.
We now have access to lenders who can finance loans in Florida,
Kentucky and California.
Ohio State Football Schedules
Sept. 1- Youngstown State Aug. 30- Youngstown State
Sept. 8- Akron Sept. 6- Ohio
Sept. 15- at Washington Sept. 13- at Southern California
Sept. 22- Northwestern Sept. 20- Troy
Sept. 29- at Minnesota Sept. 27- Minnesota
Oct. 6- at Purdue Oct. 4- at Wisconsin
Oct. 13- Kent State Oct. 11- Purdue
Oct. 20- Michigan State Oct. 18- at Michigan State
Oct. 27- at Penn State Oct. 25- Penn State
Nov. 3- Wisconsin Nov. 1- Bye
Nov. 10- Illinois Nov. 8- at Northwestern
Nov. 17- at Michigan Nov. 15- at Illinois
Nov. 22- Michigan
Sept. 5- Army Sept. 4- Marshall
Sept. 12- Southern California Sept. 11- Miami, Fla.
Sept. 19- vs. Toledo at Cleveland Sept. 18- at Army
Sept. 26- Illinois Sept. 25- at Illinois
Oct. 3- at Indiana Oct. 2- Indiana
Oct. 10- Wisconsin Oct. 9- at Wisconsin
Oct. 17- at Purdue Oct. 16- Purdue
Oct. 24- Minnesota Oct. 23- at Minnesota
Oct. 31- New Mexico State Oct. 30- TBA
Nov. 7- at Penn State Nov. 6- Penn State
Nov. 14- Iowa Nov. 13- at Iowa
Nov. 21- at Michigan Nov. 20- Michigan
Work: 866-604-7334 Cell: 614-282-2978