Quick Tips On The Mortgage World

Tuesday, September 23, 2014

Important Tip For FHA Refinances…

Recently, the Federal Housing Administration announced that they are halting the policy of allowing lenders to collect interest to the end of the month when the homeowner’s FHA mortgage is paid off. Beginning in January of 2015, lenders will be able to collect interest until the day the loan is paid off.

It should be noted that for the millions of homeowners who currently have home loans insured through FHA, there is no change in policy. The new policy affects only those who obtain new FHA loans in January of 2015.

Key tip: For present home owners it is important to time refinances and sales of houses to allow time to get the payoff to the present lender before the end of the month. Otherwise, you could owe a full month of extra interest.

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Wednesday, September 17, 2014

What I Specialize In…

I probably don’t do this enough, but I wanted to take a minute to explain to exactly what I do.

…that is to say what I’m good at. …what I specialize in.

Yes, I’m in the mortgage industry. I make loans for people to buy and refinance houses.

I can do all the mortgage loans any other bank or mortgage company can do.

I can give you great rates – just like them.

…but, what I’m really good at is getting loans closed that other mortgage companies can’t.

Sometimes its low credit scores, or high debt to income ratios. …sometimes it’s no trade lines.

…but, for what ever reason the original mortgage company they went to couldn’t get the loan approved.

I can’t tell you how many of these type of loans I get closed!

Two out of every five loans I do some other mortgage company turned down!

…So, if you are having trouble getting approved for a mortgage – give me a call or shoot me an email! …I just might be able to help you out!

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Monday, September 15, 2014

Fed Meeting On Wed. May Cause Rate Bump…

I have a mortgage rate update for you…

The Fed has their meeting on Wednesday. This meeting will include their policy announcements, as well as the Fed’s economic projections.

It is expected that the Fed will say they are going to continue their tapering of Bond purchases. This news will likely cause a bump in mortgage rates, because after all it’s the Fed’s Bond purchases that are keeping mortgage rates as low as they are.

Hopefully there won’t be any other bombshell’s that come out of the meeting, because the markets always seem to over react to this type of news.

At this point the rate market is still low, so if you have been considering refinancing – it’s still a good time to do it!

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Wednesday, September 10, 2014

Interest Rate Update…

A quick note about interest rates…

This past week’s jobs report gave us evidence that the economy is not about to overheat and thus the Federal Reserve Board is not likely to move on increasing interest rates more quickly than originally anticipated.

According to the pundits at the Wall Street Journal – wage growth has not been strong enough to contribute to concerns about inflation at this point in time.

When you add the aforementioned concerns about world conflicts, it appears the Fed is more likely to keep rates low until sometime next year.

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Monday, September 8, 2014

Things You May Not Know About A Neat No Down Program…

You would be surprised but there are many realtors out there that are unaware of the USDA program.

If you are looking for a home in the outter suburbs or in a rural area make sure your realtor knows about this great 100% financing program.

Here are some quick bullit points on the USDA program…

Up to 100% of the Appraised Value – Total LTV of 102% -

No Down Payment Required

No Cash Reserve Requirement. No cash contribution requirement

Unlimited seller concessions

Unrestricted gifts, not necessary to document source, no seasoning

First time home buyers allowed, but not limited to first time home buyers

Completed Short Sales are NOT regarded as a foreclosure or negative credit. We will need a clear CAIVRS and an adequate letter of explanation

Collections over 1 year may not need to be paid (cannot be a pattern and depends upon credit score).

Non-traditional credit may substitute for lack of credit history

Repair Escrow financed in loan up to $10,000 or 10% of loan

If you have more questions about getting qualified for this program just shoot me an email or give me a call.

Have a good day today! …and thanks for reading.

Brett

Friday, September 5, 2014

Little Known Tip On FHA Streamline Refi…

If you have an FHA loan and are considering a streamline refinance – you might want to wait until December to complete it.

Here’s why…

FHA has strict rules on maximum loan amounts for Streamline Refinances.

…In other words they have limits to how much closing costs, and prepaid taxes and insurance that can be rolled into the new loan.

The problem comes from funding your new escrow account. This time of year (fall) we have to collect around 13 or 14 months of taxes to put into your new escrow account. We have to do this so there’s enough money in the new account to pay the taxes when the bill comes out.

…Consequently, the borrower usually ends up having to bring money to get their Streamline Refinance loan closed, because the total of the closing costs plus the new escrow account funding exceeds the FHA max loan amount.

Your county generally will send out the tax bill in late November. Your mortgage company generally will pay this bill in December.

Once the tax bill has been paid by your mortgage company – then we only have to collect 3 months of taxes to put into your new escrow account.

That’s why you might want to wait until December to complete your Streamline Refi – unless you don’t mind bringing money to close.

Have a good weekend!

…and thanks for reading.

Brett

How To Buy A House With No Money Down, Have A Super Low Rate, And Be In The Area You Want.

Tuesday, September 2, 2014

I Wanted To Give You These Two Reports I Wrote…

I’ve recently written two Special Reports.

You might find them interesting, and if you don’t need them now perhaps you know someone who might benefit from them. …If so, please feel free to forward this to them.

Here are the reports…

How Realtors Can Sleep Better At Night, Have Less Stress, And Have More Cash In The Bank.

Use them in good health!

Have a good day today! …and thanks for reading.

Brett