Mortgage Revolution – Seizing This Moment!

Dustin | Education, adventure, dustin360, goals, mortgage, motivation, social media, videos | no comments

I am really not a fan of public speaking… it isn’t my strength.  When asked if I would consider sharing some of my video knowledge at the upcoming Mortgage Revolution, my initial thought was “hell no”.  The fear of speaking in front of a crowd ranks right up there with my disdain for spiders (nature’s perfect death machine).  But when I began to reflect on my experiences from the original MRev that was held in Atlanta, I realized how much that event, and the friendships I made, influenced my success and business today.  The initial concepts of “The Story of Dave” video, Frankie (the colorful loan officer), and my website were all conceived as I passionately debated with my peers about the importance of “seizing this moment”.  I didn’t realize it at the time, but it was the catalyst for the re-imagining of my entire business.

Check out my Mortgage Revolution video.

Mortgage Revolution represents everything that is right about the lending industry.  All profits are donated to various charitable organizations and is filled with volunteers with one common goal… to educate one another so that together we can make a positive impact in our industry that we each love so much.

My personal hope is that I present some of the most engaging content on how to create killer visual videos that go viral.  If I can just share my tips, thoughts, and passion for the importance video can play in our lives, perhaps it may spark a fire internally in just a few professionals that can only be doused by the satisfaction of taking immediate and measurable action.  If I can just see that “ah-ha” moment click in someone’s eyes, then all the preparation and anxiousness leading up to the event will be worth it for me.

To those who have expressed unwavering support for me, my videos, and my involvement with Mortgage Revolution… I sincerely appreciate your belief in me.

Look out New York… here I come!!

FHA Changes – The Only Consistent is Change

Dustin | Home Buying Process, Mortgage Approval Process, Mortgage News, Mortgage Payments, Mortgage Programs, Mortgage Rates, Refinance Process, home buying, mortgage, real estate | no comments

As French Author François de la Rochefoucauld so perfectly stated, “The only thing constant in life is change.”  Well, those words certainly ring true for the mortgage industry, which has seen a significant shift in guidelines, interest rates, and regulatory oversight.  So, what is next?

FHA has been given the authority to change the amount charged to borrowers for the up front and annual mortgage insurance premiums… and they wasted little time making some adjustments.

This is going to impact how Realtors write up FHA purchase agreements, as well as the monthly payments borrowers might expect when buying or refinancing their home.

The new premium amounts will be effective on all FHA case numbers assigned on or after October 4, 2010 – so borrowers that already have an FHA transaction in process won’t be impacted, but new FHA clients who come into process on, or after, October 4th will be subject to the new guidelines.

Here’s what you need to know:

• The Up Front Mortgage Insurance premium is now 1.0% for all standard FHA programs, including on purchase money mortgages. This is a significant change from the 2.25% Up Front Mortgage Insurance typically in place on FHA 30 year Fixed Rate transactions.

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The Students Become The Teacher – Lessons Learned

Dustin | Education, Home Buying Process, Mortgage Approval Process, home buying, mortgage, real estate, uncategorized | no comments

I have had the pleasure of co-teaching a First Time Homebuyer class at Portland Community College over the last 6 plus years with my good friends, David Axness and Ryan Kofman.  There is just something terrifying and exhilarating about going back to school, standing in the front of the classroom, and sharing your experiences with a group of anxious “soon-to-be” homebuyers.  We get a great response each time we teach the class and that fuels our excitement for upcoming classes.  As good as the class may be, I think there can be even more value when former students share their “lessons learned” after successfully navigating through their own homeownership journey.  Recently I asked some of my former students/clients to share their thoughts with tomorrow’s homebuyers.  Here is a sample of what they had to say:

What is one thing you wish you would have done differently when you look back at your first home purchase experience?

Ashley said, “I recently purchased my first home at the end of 2009. We have been living in our new home for about a month. I do not have previous experience to compare to, however I feel I made a very sound business investment by purchasing our home at this time when the market is in a downturn.  Making sure you have a realtor who is working in your best interest is really important to finding an affordable home that works for your lifestyle. The realtor we used was very knowledgeable about the market and understood what we were looking for. I don’t believe we would be homeowners without all the hard work our realtor put into making sure we found our perfect home.

Sandra said, “Look closer at how my new development was developed and whether the conditions of approval to build it had been adhered to. An example is large mature trees that were intended to be saved should have been protected much better when they graded for initial site development and built the homes. The rules were not followed very closely by the developer, the City didn’t enforce very well, and the owners (for trees on private lots and trees on HOA property) got stuck with trees that later died and were very expensive to have removed.”

What tip/advice would you give to someone who is looking at buying their first home?

Ashley said, “Identify qualities of a home you can and cannot live without, how long you plan on living in the home, the degree of upgrades you want to tackle, and the amount of time and money allotted for projects. Work with a realtor that understands what you are looking for and who has your best interest at heart. Don’t be afraid to ask questions!!!”

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Interest Rates Drop to 50+ Year Low

Dustin | Mortgage Payments, Mortgage Programs, Mortgage Rates, Refinance Process, interest rates | no comments

I track the mortgage rate market closely.  I read about the economic conditions that affect interest rates and receive mortgage bond alerts throughout the day so I can stay ahead of a somewhat turbulent interest rate environment.  Even with all the resources I have access to, I am still shocked to wake up this morning and see just how far rates have fallen.  It has been such a sudden and underreported dip, I am not sure if most homeowners are aware just how low interest rates have dropped.  Which is what prompted me to write about why it may be the perfect time to refinance.

Rates Hit a 50 Year Low

In June of 2009, my office had record volume largely due to the unbelievably low interest rates.  We helped countless homeowners reduce their overall mortgage payments.  As low as rates were at that time, can you believe they are almost .750% or better today?  It is the lowest interest rate average since Freddie Mac began tracking interest rates in the 1970’s and believed to be the lowest rates since the 1950’s.

For well qualified borrowers I am locking conventional 30 year fixed rates at 4.250% (APR 4.399%).

Breaking Down the Numbers

To give you an idea of how much money these rates could save you, I thought I would break down the numbers to better illustrate the savings.  Take a look at a couple of hypothetical scenarios (assumes 750 credit score, 35% DTI, loan amount $275,000, and 25% equity in your home):

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My Dustin360 List

Dustin | Blog, adventure, family, goals, motivation | 1 comment

I have only one true fear – well technically two fears, if you want to count spiders.  The thing that really keeps me up at night, is the fear of living an unremarkable life.  The idea of being mired in daily mediocrity just seems like a tremendous waste of our potential.  As kids, most of us had dreams that were limited only by the size of our imaginations.  Nothing seemed impossible!  As we begin to reach adulthood, our sense of adventure and wonderment for the world is replaced by the weight of our obligations.

Don’t get me wrong, I want to be a productive member of society.  I have a family, full-time job, and responsibilities that I have committed to.  Most days, these activities and the people in my life provide me with more than enough challenges and excitement.

But that’s not good enough!

There is an insatiable desire to achieve more with my life.  The only way to satisfy this thirst is to stop talking about it – and just start doing it!!  A few years ago I began writing down my goals.  They ranged from the simple, to the flat out dangerous.  There were no rules to what I listed, if I could dream it, and it inspired me, I added it to my list.  I would figure out the logistics when the time was right.

Why am I sharing this with you?  Two reasons: 1) I know I am not the only one out there who feels that they can do so much more with their life.  I hope my list, and eventual successes, inspire you to write out your goals and take action.  2) By sharing my goals with all my friends, family, and followers, it offers a level of accountability I have never had before.  I am blessed to have some brilliant people in my life and they encourage me to reach for greatness everyday and I hope you will as well.

With that being said, here is my Dustin360 List:

Professional

100 Facebook fans (Yes – thanks for the support… help me get to 250 fans)
250 Facebook fans
500 Facebook fans
1000 Facebook fans
5000 Facebook fans
Become a significant part of Loan Toolbox and/or Mortgage Market Guide (Got a voicemail from Sue Woodard November 2009.  One of the best days of my life)
Speak in front of an audience (50+)
Speak in front of an audience (100+)
Speak in front of an audience (200+)
Speak in front of an audience (500+)
Speak in front of an audience (1000+)
Have the top producing mortgage branch for my company (Complete 2009.  Amazing if people really knew the struggles I had to overcome in my life to get there.  My entire team’s passion and hard work finally paid off)
Become top producing mortgage branch in a quarter (complete 2009)
Meet Tim Braheem
Be a significant factor in helping a loan officer develop into a superstar producer
Work an average of 25 hours per week (down from 60+)
Create a video that gets 10,000 views (Complete.  Overcoming Obstacles video I made via Edgevolution)
Create a video that gets 25,000 views (Complete… Overcoming Obstacles)
Create a video that gets 100,000 views
Build a creative design/think space in my mortgage office
Write an e-book
Become proficient with Adobe Photoshop
Create my own personal brand/lending website (Complete.  Your looking at it.)
Re-design NWMA website
Become a friend with my Big 4 mortgage lending icons (Sue Woodard, Tim Braheem, Dave Savage, & Todd Duncan)… Have the great fortune of knowing Sue Woodard and Dave Savage thus far.  Truly great leaders in the lending industry.
50 YouTube Subscribers to follow dustin360 channel
100 YouTube Subscribers to follow dustin360 channel
250 YouTube Subscribers to follow dustin360 channel
500 YouTube Subscribers to follow dustin360 channel
Win an award for a website I created

Adventure

Swim with sharks (Complete.  Did this in the Bahamas 2010)
Narrowly escape with my life (unscathed)
Hike the Oregon section of the Pacific Crest Trail
Hike the entire Pacific Crest Trail
Sail in the Carribean for 1 month
Try and surf (Did this in 2010 in Hawaii with my son Nick)
Participate in a Baja race
Run with the bulls
Drive a Ferrari
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