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					       PIONEER NEWS
Pioneer Mortgage Services, L.L.C                                                          Lic. #MB.803395.000

                                                                                                     Volume 8


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-Rate Loans
variable.” The best question a person could ask
                                                      Terminology
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
                                                               Trivia Questions
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
Stephen Reed
                                                               easy one. Newark has never been the capital of
                                                               Ohio.

Sympathy to the Families of:                                   This volumes trivia questions:
                                                                1) What company uses the most potatoes?
Tera Kuyper
                                                                       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
                                                                        d) September
New Homes
                                                               3) In what year did college football allow the 2
Joby & Trish Morrow
                                                                  point conversion?
Tawny Williams                                                          a) 1932 b) 1946 c) 1958 d) 1970
Penny Henderer
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.
                                                    Commercial Cleaning:

Other Services                                      Marvin Mix 614-774-9337 (Ohio)

If you need assistance in other areas you might     Trophies & Awards:
call:
                                                    Scott Hann 513-777-8456 (Ohio)
Security Systems:
                                                    Home Repair/Remodeling:
Keith Davis 614-325-8686 (Columbus)
                                                    Bill Crockett 614-657-3594 (Central Ohio)
Attorney:
                                                    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:
 homes@pamkreber.com    (Columbus)
                                                    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)
                                                    Painting:
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)
Insurance:
                                                    Interior Decorating:
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
  Amount
 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
statistic.
    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
the home.
   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

2007                                             2008
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

2009                                             2010
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




                                        Glenn Wheeler
                            Work: 866-604-7334     Cell: 614-282-2978

				
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