Todd Rickun, Mortgage Advisor, NMLS# 281553

at 11014 W Park Pl, Milwaukee, 53224 United States

Conventional, Jumbo, FHA, FHA 203k and VA as well as Fannie Mae HomePath loans for purchasing or refinancing your home.

Todd Rickun, Mortgage Advisor, NMLS# 281553
11014 W Park Pl
Milwaukee , WI 53224
United States
Contact Phone
P: (414) 429-8501


For more than 15 years Todd Rickun’s commitment to creating financial opportunities for his clients through a seamless loan process has benefited new homeowners and those refinancing. Todd takes the time to thoroughly explain the loan process, mortgage products, and the importance of responsible homeownership. He will find the most appropriate type of mortgage product tailored toward his client’s needs and interests and is dedicated to creating “clients for a lifetime. ” Dedicated to creating a smooth process from preapproval to the closing table, yet able to navigate the twists and turns associated with lending today. Todd’s dedication and comprehensive understanding of the mortgage banking industry allows him to provide the highest quality of professional service and exercise his passion in helping homeowners fulfill their homebuying dreams. Todd demonstrates financial professionalism in the service and support he provides to his clients, and business partners and exemplifies AmeriCU’s dedication to maintaining a strong customer focus and relationship orientation, reinforcing our corporate model of “Building Relationships and Creating Opportunities. Coventional, JUMBO'S, Government. 203K rehabilitation, FANNIE MAE & FREDDIE MAC are a few of the many products Todd is now offering through AmeriCU. NMLS#281553

Company Rating

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As of Jan 1, 2015 I am proud to announce my association with STONEGATE MORTGAGE as a Mortgage Advisor. Prompt service, processing and underwriting, along with ALWAYS competeive rates. Feel free contacting me @ 414-429-8501

Published on 2015-02-12 21:31:16 GMT

MORTGAGE RATES AT 2014 LOWS!!! A BRIEF EXPLANATION AS TO WHY NEGATIVE ECONOMIC NEWS CAN BE GOOD FOR MORTGAGE RATES It's counterintuitive that negative economic news can actually be good for home loan rates, but there's a pretty simple explanation, and once you "get it" it makes perfect sense. First, remember that big money managers in search of higher returns avoid holding onto cash by investing in both Stocks and Bonds. Second, despite what the financial media often reports, home loan rates are based on the performance of Mortgage Backed Securities—a type of Bond. Putting these two facts together, it begins to make sense that when the economy is "on fire" and economic reports are on the uptrend, investors tend to put more money into Stocks. That's because Stocks offer higher returns, even though they are generally more risky. However, in order to put money into Stocks, investors must remove some of their money from less-risky Bonds. The result is a decreased demand in Bonds causing Bond prices to worsen, and therefore home loan rates to go higher. On the other hand, when the economy is sluggish and economic reports are negative, money managers tend to take money out of higher-risk Stocks and move it into less-volatile Bonds. As demand for Bonds increase, Bond pricing improves and home loan rates go down. While it may seem odd that home loan rates improve wen economic news is sluggish, it actually makes sense when you look at the bigger picture

Published on 2014-05-09 20:17:31 GMT

Mortgage rates continue to drop. Take advantage of these low rates. Call me with any questions...

Published on 2014-05-02 20:27:08 GMT

Crucial Facts about FHA Loans everyone who is planning on purchasing should read. By: Marcie Geffner / RISMedia In the wake of the housing bubble’s collapse, FHA loans have taken on renewed importance for today’s mortgage borrowers. Simply stated, an FHA loan is a mortgage insured by the Federal Housing Administration, a government agency within the U.S. Department of Housing and Urban Development. Borrowers with FHA loans pay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan. Because of that insurance, lenders can, and do offer FHA loans at attractive interest rates and with less stringent and more flexible qualification requirements. Here are seven facts all buyers should know about FHA loans. Less-than-perfect credit is ok: The FHA doesn’t mandate a minimum credit score, according to Vicki Bott, HUD deputy assistant secretary for single-family housing. Instead, each borrower’s creditworthiness is considered in context. Some leeway is allowed, even for borrowers who’ve filed for bankruptcy. That said, however, lenders can overlay their own requirements on top of the FHA’s guidelines. Some lenders might require a minimum credit score. Ask prospective lenders about such a requirement if your credit is less than perfect. “Lenders underwrite FHA loans to ensure that the customer has the willingness and capability to repay the loan, but we do have flexibility beyond pure credit score to look at the borrower’s financial situation,” Bott says. Minimum down payment is 3.5 percent: The FHA requires a down payment of just 3.5 percent of the purchase price of the home. That’s a fraction of the percentage typically required on most other loans and a “huge attraction,” says Dennis Geist, vice president of government programs at Wells Fargo Home Mortgage in Carlsbad, Calif. Borrowers can use their own savings to make the down payment. But other allowed sources of cash include a gift from a family member, or a grant from a state or local government down payment assistance program. Closing costs may be covered: The FHA allows home sellers, builders and lenders to pay some of the borrower’s closing costs, such as an appraisal, credit report or title expenses. For example, a builder might offer to pay closing costs as an inducement for the borrower to buy a new home. Lenders typically charge a higher interest rate on the loan if they agree to pay closing costs. Borrowers can use the good faith estimate of closing costs, commonly known as the GFE, to compare interest rates and closing costs on different loans and figure out which option makes the most sense. Lender must be FHA-approved: Because the FHA is not a lender, but rather an insurance fund, borrowers need to get their loan through an FHA-approved lender (as opposed to directly from the FHA). Not all FHA-approved lenders offer the same interest rate and costs, even on the same FHA loan. That’s another reason Bott says borrowers should shop around. “We encourage consumers from a cost, service and underwriting standard to shop around many lenders or mortgage brokers to make sure they understand what the best fit is for their particular situation,” she says. Mortgage insurance is a must: Two mortgage insurance premiums are required on all FHA loans: The upfront premium is 2.25 percent of the loan amount, and the annual premium is 0.55 percent of the loan amount. The upfront premium must be paid when the borrower gets the loan but can be financed as part of the loan amount. The annual premium is paid in chunks of 1/12th of the total along with each month’s mortgage payment. “The perception is that that sounds expensive,” Geist says. However, he added, borrowers need to compare the FHA-insured loan to a loan that’s not FHA-insured (and consequently requires a much larger down payment). In many cases, the FHA loan is still the best choice, he says. Extra cash available for repair: The FHA has a special loan product for borrowers who need extra cash to make repairs to their homes. The chief advantage of this type of loan, called a 203(k), is that the loan amounts is based, not on the current appraised value of the home, but on the projected value after the repairs are completed. A so-called “streamlined” 203(k) allows the borrower to finance up to $35,000 in nonstructural repairs, such as painting and replacing cabinets or fixtures, Geist says. Financial hardship relief allowed: FHA insurance isn’t intended to be an easy out for borrowers who feel unhappy about their mortgage payments. But loan servicers can offer some relief to borrowers who have an FHA-insured loan, have suffered a serious financial hardship and are struggling to make their payments. That relief might be a temporary period of forbearance, a loan modification that would lower the interest rate or extend the payback period, or a deferral of part of the loan balance at no interest.

Published on 2014-03-11 22:26:03 GMT

Parents and younger buyers, please be aware of this situation Todd TerjeYour student loan is tanking the mortgage market By: Kerri Ann Panchuk / Housingwire The percentage of student loans classified as delinquent shot up by 13% in 2013, as other types of credit, auto, credit cards and mortgages continued to see notable payment improvements, data from the Federal Reserve Bank of New York claims. There’s only one conclusion that can be drawn from this, student loans are the new mortgages. Everyone under a certain age seems to have at least one education debt to pay off. And they are more expensive than ever as this debt sector expands to a tally of $1 trillion-plus in outstanding student loans. With this expansion, comes fewer Americans who are financially stable or qualified enough to buy new or existing homes. But how troubling is the data, really? It’s a trend the CFPB already highlighted last year. And while the market may want to believe these headwinds are temporal. Analysts in the structured finance space continue to see it as a real problem with potentially explosive outcomes. What makes the issue appear worse on paper is the fact the government is backing much of this debt in a fashion eerily similar to its support of the housing market back in 2006 and 2007. "The federal government is the risk-taker on the vast majority of student loans,” said Ron D’Vari, CEO of NewOak Capital. "Similar to the experience witnessed in the growth and risk-taking in the housing market, the rapid expansion of the student loan market, combined with the benefits afforded by government guarantees, is a source of concern. Regulators are on the lookout for abusive practices, with particular focus on student loan servicers and lenders working with for-profit colleges." It's not just the government being on the hook that has D'Vari frightened. He also worries student debt levels have created "an indebted class of consumers" that will impact future buyers of cars and homes. And it's not going away. In fact, D'Vari, who closely followed the housing crisis, says the Securities and Exchange Commission is shooting off subpoenas, while the Consumer Financial Protection Bureau is studying an apparent misalignment of incentives in the market. D'Vari's take: "Follow the money because the next financial litigation battle is going to be an education about higher education

Published on 2014-02-25 23:16:22 GMT

Be Quiet Chicken Little. The Sky is NOT Falling -------------------------------------------------------------------------------- Be Quiet Chicken Little. The Sky is NOT Falling Posted: 10 Feb 2014 04:00 AM PST There has been much speculation about what is causing the falling sales numbers in the most recent Existing Home Sales Reports (EHS) from the National Association of Realtors (NAR). Some have claimed that rising interest rates have scared buyers out of the market. Others have claimed that consumers are just losing confidence in the housing recovery fearing a new bubble may be forming. We want to look at the validity of these two assumptions. MORTGAGE INTEREST RATES ASSUMPTION: Rising interest rates have forced buyers back onto the fence. Evidence offered up by those in this camp comes directly from the EHS Report from NAR. Three of the last four reports revealed that sales were below sales from the same month the previous year. THE REALITY: Though it is true year-over-year sales have fallen nationally, a closer look at the report reveals major regional differences. Sales in the West Region are down 10.7% versus the same month last year. Sales in the Midwest Region are also down but by less than 1%. The Northeast Region is up 3.2% and the Southern Region is up 4.6%. If the issue is interest rates, why is one region virtually unchanged and two of the remaining three regions up in sales? We don’t believe rates are the challenge. CONSUMER CONFIDENCE in REAL ESTATE is ERODING ASSUMPTION: The pace of the recent price increases has caused many to fear the emergence of a new housing b If the lack of sales is not the result of increasing interest rates or decreasing consumer confidence, what actually is happening? We believe it can be broken down to three words: LACK of INVENTORY. BOTTOM LINE With the economy improving and with homeowners gaining back some equity they lost when prices fell, we believe there will be many homes coming unto the market this spring. A recent survey revealed that 71% of homeowners are at least considering selling their home in 2014. If you are thinking of selling, beating this increased competition to the market before spring might make sense – and might enable you to get the best price possible for your home

Published on 2014-02-10 23:53:09 GMT

What Is an FHA 203k Loan? This loan can help you buy and repair a fixer-upper By Gilan Gertz FHA 203k loans are offered by the Federal Housing Administration, a government agency. The federal government designed these loans to encourage lenders to fund seemingly risky home purchases. Goals of neighborhood revitalization and greater homeownership opportunities also drove the creation of this loan. FHA 203k loans are designated for houses that are damaged or sorely in need of rehabilitation. The loan covers not only the cost of the property but also the cost of necessary home repairs. The down payment requirement is low, and eligibility criteria are loose. Homeowners whose homes need improvement can also refinance with these loans. A vast range of repairs, including room additions, bathroom remodeling, roofing, flooring and air conditioning systems can be funded with these loans. Which houses qualify? There are two types of FHA 203k loans, regular and streamlined. Regular 203k loans are for homes that need structural repairs, and streamlined loans are for those that need non-structural repairs. In order to qualify, homeowners must plan to live in the home they are repairing. The following types of residences qualify: Tear-downs: As long as part of the foundation will remain, houses that need to be destroyed and rebuilt are eligible. Existing construction that is at least a year old. Single-family, two-family, three-family or four-family dwellings. Condos: if they have been approved for FHA loans. Mixed-use properties: If you are repairing only the home portion, a mixed residential/commercial property can qualify. Homes needing to be moved to rest on a new foundation. Which repairs qualify? The FHA has specific guidelines as to which types of repairs qualify for 203k loans. The lender will also stipulate which repairs you can make. Allowable repairs include: Disability access Heating, ventilation and air conditioning Plumbing Roofing and flooring Energy conservation Kitchen remodeling New appliances Room additions Decks and patios Bathroom remodeling Room additions or second-story additions New siding Finishing an attic or basement Site grading Labor costs must be included in the loan, even if the homeowner performs the repairs. The repairs must be completed within six months