Sunday, February 28, 2010

Pag-IBIG Fund Expands Mandatory Coverage

Under the universal membership coverage which takes effect beginning January 2010, the following are mandatorily covered by the Fund: all employees who are compulsorily covered by the SSS; all employees who are subject to mandatory coverage by the GSIS; uniformed members of the Armed Forces of the Philippines, the Bureau of Fire Protection, the Bureau of Jail Management and Penology, and the Philippine National Police, Overseas Filipino Workers, and Filipinos employed by foreign-based employers, whether deployed in the country or abroad.

With this expanded coverage OFWs can enjoy the various benefits of being a member which include:

Savings. Members’ contributions are credited to their savings or the total accumulated value that earn dividends and fully guaranteed by the national government. In 2009,
Pag-IBIG declared tax-free dividends amounting to P8.5 billion with a dividend rate of 5%.

Short Term Loans. OFW-members can also avail of short-term loans that will help address their immediate financial needs such as payment for tuition fees, hospital bills, appliance purchases, minor home repairs, and even for small business capital.


Housing Loan. A member of good standing is eligible to avail of a home financing loan that has an interest rate of as low as 6% to 11.5% payable in 30 years. The maximum loan amount is P3 million. The loan can be used for the purchase of a fully developed lot within a residential area not exceeding 1,000 sq.m., purchase of a residential house and lot, townhouse or condominium unit, construction or completion of a residential unit on a lot owned by the member, home improvement and refinancing of an existing loan.

More about this story here: http://www.pagibigfund.gov.ph/nr_feb2010b.htm

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Friday, February 19, 2010

How To Be A Broker?

Here's what Brokers do:

  1. Brokers talk about what government is doing right -- the homebuyer tax credit tops the list -- and where it should mess out (could the Home Valuation Code of Conduct be the most reviled government policy of the 21st Century?). Many brokers would like the government to implement tougher licensing requirements that would raise the bar for entry to new agents.
  2. Brokers reveal their concerns about the disparities in rules and standards at the multiple listing services and Realtor associations they belong to -- and also say they couldn’t function without them. Brokers want their Realtor associations and MLSs to get tougher on rule breakers, help them straighten out agency representation issues like dual agency, and consolidate into larger regional, state or national organizations.
  3. Brokers say first-time homebuyers not only account for the largest share of home sales in many markets, but represent the fastest-growing segment of home sales in many of those markets. Second homes and move-up homes, on the other hand, are the most rapidly shrinking segment of their business.
  4. Brokers say they may be cutting down on expenses like office staff and marketing and advertising, but many are loathe to do the same when it comes to technology, agent recruitment and training -- areas in which many have actually boosted spending. Brokers generally aren’t pushing for better commission splits with agents or the fees they charge for providing services, either.
  5. Brokers said having experienced, trained agents is a bigger competitive advantage than the size of a company or its brand. Serving a niche market or creating an area of specialization was also seen as less important than staying abreast of technology and conducting online marketing.
Now are you ready to be a broker?
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Hope For Forclousres



The percentage of loans in the foreclosure process ticked up to a new record high in the final three months of 2009, and could continue to climb depending on the fate of a record number of borrowers who are "seriously delinquent," or behind on their payments by 90 days or more, the Mortgage Bankers Association said today.
However, the percentage of mortgages 30 days past due eased from the third quarter to the fourth, a concrete sign of a "beginning of the end" of an unprecedented wave of mortgage delinquencies that began in early 2007, MBA Chief Economist Jay Brinkmann said.
While the improvement in short-term delinquencies was good news, loans 90 days or more past due now account for half of all delinquencies -- the highest share in the history of the survey, Brinkmann said. A "sizable number" of those loans are in loan modification programs, he said.  more...

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