Wehners Wisdom Fall 2012

Karen S. Wehner ♦ Wehner & Associates ♦ 4565 Wilson St, Minnetonka, MN 55343 ♦ Phone: (952) 937-5072

This Quarter’s Successful Client, Gayle G.

I’ve known Gayle since the early 90’s! She and her husband had a very successful law practice specializing in two major areas – estate planning and Veterans law.They raised three very special children – Ryan, Toby and Corinne. Gayle herself, in tandem with Tom, has accomplished some amazing things, and faced life’s challenges with courage, passion and a positive attitude.  Gayle and I started working together on their three children’s college accounts as the first investments they did. Corinne now teaches special education. Toby is a savvy businessman who has turned around a struggling restaurant, and has created a successful business for himself at a young age. Ryan works behind the scenes in IT for an international company. The challenges came, like they do for all of us. Through the years they did their part when Tom’s mother spent many years with Alzheimer’s. Corinne has needed a couple of surgeries along the way. The most recent, and probably the biggest challenge, has been Tom’s battle with cancer.  He passed away in May of 2008, and Gayle has done an amazing job during the past few years – helped Toby with the restaurant, dealt with her father’s passing, and gave Corinne an absolutely gorgeous wedding in their backyard! It’s been a joy to welcome her second grandchild Max, who will be a year old in February!  She’s weathered the economic storm with personal conviction. Lately, she sold their home in Edina for more than any realtor told her she could get! Gayle is one special lady I’m blessed to learn from, to know and serve! Let’s celebrate this beautiful woman who is an example of excellence in every way! Thank you, Gayle!

Shopping for a Mortgage?

Here’s a big consumer tip - don’t settle for what one mortgage company will offer or just be willing to pay the rate they quote you!  Here’s what I learned recently from personal experience - I’m happy to share to help others. After 4months of delay, I found myself frustrated at the constant new information needed, the documents, and the lack of coordination between members of the processing team.  I finally picked up the phone and got in touch with a young man recommended to me by a realtor friend.  What a difference! The lending standards are different, the appraisal guidelines are different, and the way they interpret the rules are different between companies.  Now, I’m a pretty good solid applicant – the three legs of my mortgage stool are solid – income, mortgage to value ratio, and credit. There wasn’t anything particularly unusual – all I wanted was a lower house payment because interest rates had dropped significantly from the current mortgage I have. It has been a time consuming and very stressful endeavor. If you’re interested in refinancing here is a list of my top 10 suggestions (the first 5 this quarter, the others to follow in the winter newsletter):

1) Have 2 years of tax returns with W2’s and 1099 documents ready to go.

2) Check your credit score ahead of time to see where you fall. Anything over 750 fits in the excellent category!

3) Be prepared to write letters of explanation if you haven’t been at your job, are self-employed, or have any situation that doesn’t fit into a box.

4) Ask questions, ask questions, and be very upfront with the mortgage banker – let them know what you expect, and what you’re looking for, and share as much as you can about your situation so you don’t waste time going around in circles - the more the banker knows ahead of time, the more likely they can give you the best possible scenario.

5) Don’t expect an appraisal that will match what you would ask for the house!

The bank is using this appraisal for determining how much they are willing to lend you, and with all the financial upheaval, they have tightened -almost beyond reason – the guidelines around the appraisal and how the value is calculated.

Don’t Forget to Vote

I know we’re all sick of politics, and the ads. It doesn’t matter what candidate you support, it’s important to express yourself. Voting is one of the most important things you can do for your country – it will keep our system alive! As imperfect as it is, our country is still the best on earth, and it’s because we have freedom!  Exercise your right on November 6!

Have a Great Rest of the Year!

Enjoy the coming year end, and as a reminder, please let’s get together to update your accounts if we haven’t done so already! Thanks for the opportunity to serve!