Monday, December 30, 2013

Venting, And Mortgage Rate News…


brett1 209x300 Venting, And Mortgage Rate News...Two days till the new year! …I hope you had a great 2013!
Mortgage Backed Securities are trading 1.8bps lower today than they were a month ago. …Hence, mortgage rates are higher.
Get used to it. Mortgage rates will likely creep higher as the new year goes on.
I want to pull back the curtain on the mortgage industry for a minute…
Question: If the company you work for told you the most you can make at your job is “x”, and you will never make more than “x”. …How would you feel about that? Angry? Yes.
That’s what the Federal Government is doing to the mortgage indsutry. New rules go into effect Jan 1 that limit the income mortgage companies, and loan officers can make on a loan.
We’ve been fighting it for months, but it is inevitable. It’s going to happen, and it’s not sitting well in the mortgage industry.
Imagine the government going to a car dealership and telling them the most they can sell their cars for? Ridiculous right?
That’s what’s happening in the mortgage industry.
The government is taking freedom of choice out of the free market. Anytime you remove competition and choice out of a market the public suffers.
The phrase “a more perfect union” is included in the preamble to the United States Constitution.
Lately it seems like it should read “a more perfect Soviet Union”.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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Monday, December 23, 2013

Mortgage Rate News & Christmas Gift To You…


brett1 209x300 Mortgage Rate News & Christmas Gift To You...One last post before Christmas!
As you may have heard the Fed announced last week they will begin to cut back on their bond purchases.
The stock market loved it. The bond & mortgage backed securities market = not so much.
The inevitable outcome will be that mortgage rates will begin to rise over time.
So, if you were on the fence before about refinancing – now’s the time!
One last thing… My Christmas wish for you is that you have now or find someone who loves you as much as this gentleman loves his wife:   Click here to see.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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Wednesday, December 18, 2013

Fannie’s Pricing Going Up In April – Not Good.


brett1 209x300 Fannies Pricing Going Up In April Not Good.As I write to you this morning I’m having trouble remembering the last time we had good news coming out of the mortgage industry.
…and this morning comes another tid bit from Fannie Mae that I would have to put into the “bad” category.
As of April 1st of 2014 Fannie is increasing their loan level pricing adjustments on their loans.
For instance, prior to this date if you had a 740 credit score, and you were getting a 95% loan Fannie’s pricing hit was 0.25%. In April of 2014 this same loan hit would go to 1.50%.
…Did I hear you say “ouch”?
Yes, that merits an “ouch”.
The end result will be higher rates for everyone. …and fewer loans being done thru Fannie Mae.
On another note – Fed meeting today. Could be a market mover. …will watch if for ya.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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Monday, December 16, 2013

Refinance Solution For Pesky Second Lien Holder…

brett1 209x300 Refinance Solution For Pesky Second Lien Holder...Ho, Ho, Ho!
I hope you are able to spend time with your family this Christmas season!
Few things…
The Fed is scheduled to meet this Wednesday. With a new chairwoman this meeting should be interesting. …and, could be a market mover. I’ll keep my eye’s out for ‘ya.
If you own your home free and clear, or have a non escrowed loan, and you don’t particularly want to write a check for your tax bill this year there is another way to pay your taxes. …You could refinance your home and roll your property taxes into the new loan.
Problem – Solution…
Are you unable to refinance your first mortgage because your second lien holder refuses to subordinate their lien position?
…if so, I have a solution for you.
I can refinance your first mortgage, and I don’t need a resubordination agreement signed by the second lien holder.
When values drop it’s not uncommon for second lien holders to refuse to subordinate their lien position on a refinance.
Be aware that you don’t need their permission to refinance your first mortgage!
If you are in this situation – shoot me an email or give me a call. I might be able to help you!
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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Wednesday, December 11, 2013

One Solution For High Debt To Income Ratios…


brett1 209x300 One Solution For High Debt To Income Ratios...Have you been told that your credit is good enough to get a loan, but your debt to income ratio is too high?
In other words you either need more income, or less bills.
Here is one possible solution to that.
FHA loans allow you to include a non-occupying co-borrower on the loan. …This would be someone that goes on the loan with you, but won’t be living in the house.
The benefit is you can use their added income to help you qualify for the loan.
There are some rules on non-occupying co-borrowers you need to be aware of…
1) For one unit properties only.
2) Non-occupying co-borrower is related to the borrower by blood, marriage, or law, or
3) Non-occupying co-borrower can document a family-type, long-standing relationship with the borrower unrelated to the loan transaction.
So, if you are in this situation, and would like to see if you would qualify – give me a call or shoot me an email. I’ll be happy to see if we can get you financed.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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Monday, December 9, 2013

New FHA Loan Limits For Your Texas County…


brett1 209x300 New FHA Loan Limits For Your Texas County...Ice Armageddon in Dallas this weekend.
I managed to survive. …Back at work today.
For those of you who were in it – I hope you and your family made it through safely.

Mortgage backed securities have taken a beating over the last 2 weeks resulting in higher mortgage rates. Last weeks jobs report didn’t help rates.
I’ll keep you updated going forward.

I wanted to give you an updated list of max FHA loans by county in Texas.  This is for single family homes…
County NameOne-Family
ANDERSON$271,050
ANDREWS$271,050
ANGELINA$271,050
ARANSAS$271,050
ARCHER$271,050
ARMSTRONG$271,050
ATASCOSA$332,500
AUSTIN$272,550
BAILEY$271,050
BANDERA$332,500
BASTROP$288,750
BAYLOR$271,050
BEE$271,050
BELL$271,050
BEXAR$332,500
BLANCO$271,050
BORDEN$271,050
BOSQUE$271,050
BOWIE$271,050
BRAZORIA$272,550
BRAZOS$271,050
BREWSTER$271,050
BRISCOE$271,050
BROOKS$271,050
BROWN$271,050
BURLESON$271,050
BURNET$271,050
CALDWELL$288,750
CALHOUN$271,050
CALLAHAN$271,050
CAMERON$271,050
CAMP$271,050
CARSON$271,050
CASS$271,050
CASTRO$271,050
CHAMBERS$272,550
CHEROKEE$271,050
CHILDRESS$271,050
CLAY$271,050
COCHRAN$271,050
COKE$271,050
COLEMAN$271,050
COLLIN$271,050
COLLINGSWORTH$271,050
COLORADO$271,050
COMAL$332,500
COMANCHE$271,050
CONCHO$271,050
COOKE$271,050
CORYELL$271,050
COTTLE$271,050
CRANE$271,050
CROCKETT$271,050
CROSBY$271,050
CULBERSON$271,050
DALLAM$271,050
DALLAS$271,050
DAWSON$271,050
DE WITT$271,050
DEAF SMITH$271,050
DELTA$271,050
DENTON$271,050
DICKENS$271,050
DIMMIT$271,050
DONLEY$271,050
DUVAL$271,050
EASTLAND$271,050
ECTOR$271,050
EDWARDS$271,050
EL PASO$271,050
ELLIS$271,050
ERATH$271,050
FALLS$271,050
FANNIN$271,050
FAYETTE$271,050
FISHER$271,050
FLOYD$271,050
FOARD$271,050
FORT BEND$272,550
FRANKLIN$271,050
FREESTONE$271,050
FRIO$271,050
GAINES$271,050
GALVESTON$272,550
GARZA$271,050
GILLESPIE$271,050
GLASSCOCK$271,050
GOLIAD$271,050
GONZALES$271,050
GRAY$271,050
GRAYSON$271,050
GREGG$271,050
GRIMES$271,050
GUADALUPE$332,500
HALE$271,050
HALL$271,050
HAMILTON$271,050
HANSFORD$271,050
HARDEMAN$271,050
HARDIN$271,050
HARRIS$272,550
HARRISON$271,050
HARTLEY$271,050
HASKELL$271,050
HAYS$288,750
HEMPHILL$271,050
HENDERSON$271,050
HIDALGO$271,050
HILL$271,050
HOCKLEY$271,050
HOOD$271,050
HOPKINS$271,050
HOUSTON$271,050
HOWARD$271,050
HUDSPETH$271,050
HUNT$271,050
HUTCHINSON$271,050
IRION$271,050
JACK$271,050
JACKSON$271,050
JASPER$271,050
JEFF DAVIS$271,250
JEFFERSON$271,050
JIM HOGG$271,050
JIM WELLS$271,050
JOHNSON$271,050
JONES$271,050
KARNES$271,050
KAUFMAN$271,050
KENDALL$332,500
KENEDY$271,050
KENT$271,050
KERR$271,050
KIMBLE$271,050
KING$271,050
KINNEY$271,050
KLEBERG$271,050
KNOX$271,050
LA SALLE$271,050
LAMAR$271,050
LAMB$271,050
LAMPASAS$271,050
LAVACA$271,050
LEE$271,050
LEON$271,050
LIBERTY$272,550
LIMESTONE$271,050
LIPSCOMB$271,050
LIVE OAK$271,050
LLANO$271,050
LOVING$271,050
LUBBOCK$271,050
LYNN$271,050
MADISON$271,050
MARION$271,050
MARTIN$271,050
MASON$271,050
MATAGORDA$271,050
MAVERICK$271,050
MCCULLOCH$271,050
MCLENNAN$271,050
MCMULLEN$271,050
MEDINA$332,500
MENARD$271,050
MIDLAND$271,050
MILAM$271,050
MILLS$271,050
MITCHELL$271,050
MONTAGUE$271,050
MONTGOMERY$272,550
MOORE$271,050
MORRIS$271,050
MOTLEY$271,050
NACOGDOCHES$271,050
NAVARRO$271,050
NEWTON$271,050
NOLAN$271,050
NUECES$271,050
OCHILTREE$271,050
OLDHAM$271,050
ORANGE$271,050
PALO PINTO$271,050
PANOLA$271,050
PARKER$271,050
PARMER$271,050
PECOS$271,050
POLK$271,050
POTTER$271,050
PRESIDIO$271,050
RAINS$271,050
RANDALL$271,050
REAGAN$271,050
REAL$271,050
RED RIVER$271,050
REEVES$271,050
REFUGIO$271,050
ROBERTS$271,050
ROBERTSON$271,050
ROCKWALL$271,050
RUNNELS$271,050
RUSK$271,050
SABINE$271,050
SAN AUGUSTINE$271,050
SAN JACINTO$272,550
SAN PATRICIO$271,050
SAN SABA$271,050
SCHLEICHER$271,050
SCURRY$271,050
SHACKELFORD$271,050
SHELBY$271,050
SHERMAN$271,050
SMITH$271,050
SOMERVELL$271,050
STARR$271,050
STEPHENS$271,050
STERLING$271,050
STONEWALL$271,050
SUTTON$271,050
SWISHER$271,050
TARRANT$271,050
TAYLOR$271,050
TERRELL$271,050
TERRY$271,050
THROCKMORTON$271,050
TITUS$271,050
TOM GREEN$271,050
TRAVIS$288,750
TRINITY$271,050
TYLER$271,050
UPSHUR$271,050
UPTON$271,050
UVALDE$271,050
VAL VERDE$271,050
VAN ZANDT$271,050
VICTORIA$271,050
WALKER$271,050
WALLER$272,550
WARD$271,050
WASHINGTON$271,050
WEBB$271,050
WHARTON$271,050
WHEELER$271,050
WICHITA$271,050
WILBARGER$271,050
WILLACY$271,050
WILLIAMSON$288,750
WILSON$332,500
WINKLER$271,050
WISE$271,050
WOOD$271,050
YOAKUM$271,050
YOUNG$271,050
ZAPATA$271,050
ZAVALA$271,050
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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