How To Pick Your Wine Like a Pro

First....Prepare, prepare, prepare!  Prior to tasting different wines make sure to avoid coffee, sodas or any other strongly flavored food or drinks!!!  Also avoid any heavy perfume or cologne---it can overpower the wine's aromatic features.  Pour the wine into a glass about 1/3 full and freely swirl to expose it to oxygen which opens up it's aromas and flavors.  Grasping the bowl of the glass can affect its temperature so hold the glass by the stem with your thumb and forefinger.

Second...The Eyes Have It! Color can tell you a lot about a wine.  Hold your glass at angle against a white background.  A young red wine may have deep dark purple colors while an older aged red wine will have brownish or brick colors.  A deep golden white wine may suggest barrel aging or an older wine.

Third...The Nose Knows! Grasp the stem of the glass base while keeping it on the table and give the glass a good swirl. Place your nose in the glass and deeply inhale a couple of whiffs.  You are identifying fruit characteristics...berry or stone fruit; earth...soil, mushrooms; vegetation...herbs, green veggies; nuts...almonds, walnuts; or wood influence...oak, smokiness. "Off" aromas of vinegar, wet paper or nail polish remover are signs that the wine has issues.

Fourth....Sip and Savor! When you sip it's important to let the wine reach all areas of your mouth.  Sweet, salty, sour and bitter taste elements are in different areas of the palate.  Assessing the levels of flavors, tannins, body and acidity should be your goal. Flavors should correspond with the aromas you've evaluated,  Does the flavor disappear quickly or linger?  Faint, rich or bold flavors??? Tannins are astringent and can dry your mouth and gums.  Body is the weight of the wine in your mouth.  Does the Acidity make the wine mouth watering?

Finally....Time to Make a Decision!  This is where your overall impressions come into play.  Think about the balance of acidity, tannin, fruit flavors...are they in balance?   Do any over power the others?  Does the wine feel rich or delicate?  Can you sense the quality?  Once, you've come up with your conclusions, it's purchase time!!  Cheers!!! 


Linda Shank Broker Owner Linda Shank and Company is a 32 year real estate veteran in Phoenix's Southeast Valley.  Contact her at www.ISellAZSunshine.com

Why is there a Limit on the Number of Financed Properties?

In 2008 Fannie Mae reduced the number of allowable financed properties from ten to five, only to reverse it a year later.  Unfortunately, a majority of the lenders have refused to change back to the ten mortgage cap.   Banks are licking their wounds with all of the foreclosed investment properties from back in the day.  Remember the 100% stated, investment program? Every bank is different.   Most banks will only permit up to four mortgages, maybe five, as long as the fifth property is a primary residence.  The lenders allowing financing for up to ten properties typically do not offer the best brother-in-law rates and may only loan on one property, limiting their investment exposure. Question:  A buyer would like to finance two investment properties.   He already owns three properties.  But there is a fourth his ex-wife received in the divorce and his name is still on the mortgage.   He is having a hard time finding a lender?  Why?   The issue with the property in the ex-wife's name is tricky.  Fannie Mae's guidelines state that if you have a court order (such as divorce decree); the lender is not required to evaluate the payment history.     Conventional Wisdom tells us that as long as there is a divorce decree that spells out the transfer of title to the ex-wife and she can provide bank statements and/or cancelled checks proving she has been making the payments out of her own checking account, that would be cool with the lender.  But lender's don't think that way in today's market.    The bank's will have their own interpretation. FYI:  Some lenders gauge the number of mortgages NOT properties.  So, if you have three investment loans, and a first and second on your primary, that may be considered five mortgages. Yes, It Is True: One bank will not allow out of state borrowers to finance investment properties.  It is gonna hurt if the loan officer is not aware of that cute nuance until underwriting.

FHA APPRAISAL REQUIREMENTS - GENERAL RULES TO REMEMBER

Think of Safety and Soundness as best describing the FHA Appraisal Requirements as listed below:

Safety - FHA underwriting guidelines require that lenders review the appraisal to see if the appraiser has made note of property conditions that will affect the health and safety of the occupants.

Soundness - FHA underwriting guidelines require that lenders review the appraisal to see if the appraiser has made note of property conditions that jeopardize the soundness and structural integrity of the home.

When an FHA appraisers do an appraisal they are making sure that their aren't any safety hazards and that home is structurally sound. 


Linda Shank Broker Owner Linda Shank and Company is a 32 year real estate veteran in Phoenix's Southeast Valley.  Contact her at www.ISellAZSunshine.com

Are You Eligible for HAMP-Home Affordable Modification Program?

In order to be considered for a loan modification under HAMP, you must meet the following basic criteria:

1. Primary Residence -This must be your primary residence.
2. Date - The loan must be dated prior to January 1, 2009.
3. Size Limit - The loan must be equal to or less than $729,750.
4. Hardship - Borrower must demonstrate a hardship or change in circumstances which make it more difficult to pay the loan such as a reduction in household income, increase in necessary medical bills or a significant increase in the monthly loan payment due to an interest rate increase.
5. Debt to Income Ratio - First loan payment which includes principal, interest, taxes, insurance and HOA dues equals more than 31% of the borrower's current gross income.
6. Current Income - Borrower must show adequate current income to make the reduced payment if the modification is allowed.


Lender loan modifications can be a forbearance agreement, interest rate reductions, conversion of ARM's to fixed rate loans, deferral of past due payments and in rare instances even principal reductions.

Unfortunately, negative equity is not sufficient grounds for a modification!!!!  So it's best to explore other options (with a lawyer or real estate broker) such as a short sale before walking away from a home and letting it go into Foreclosure.




Linda Shank Broker Owner Linda Shank and Company is a 32 year real estate veteran in Phoenix's Southeast Valley.  Contact her at www.ISellAZSunshine.com

Fannie Mae Conventional Loans are now requiring a 2nd Credit Report

Lenders must now obtain a 2nd credit report, no earlier than 7 days prior to funding, on all conventional loans.  Any new credit inquiries must be explained, and any new credit obligations must be re-underwritten with those debts included in the qualifying ratios.

Jay Starks @ Bell Mortgage states they will not be required to obtain a new credit score and they will not be charging the borrower for the additional credit report at this time.

Jay further comments that he would not be surprised to see FHA and VA follow this path. And, it is possible that investors may decide this is a great idea and require lenders to do the same on all loan files regardless of what the agencies mandate.

Linda Shank Broker Owner Linda Shank and Company is a 32 year real estate veteran in Phoenix's Southeast Valley.  Contact her at www.ISellAZSunshine.com