Quick Tips On The Mortgage World

Wednesday, November 25, 2015

Thanksgiving Fun Facts…

I hope you guys have a safe and happy Thanksgiving!

Now, down to business…

Fun facts about Thanksgiving and Turkeys…

Did you know:

-The pilgrims didn’t use forks; they ate with spoons, knives, and their fingers.

-Benjamin Franklin wanted the turkey to be the national bird of the United States.

-Abraham Lincoln issued a ‘Thanksgiving Proclamation’ on third October 1863 and officially set aside the last Thursday of November as the national day for Thanksgiving.

-Although, Thanksgiving is widely considered an American holiday, it is also celebrated on the second Monday in October in Canada.

-The heaviest turkey ever raised was 86 pounds, about the size of a large dog.

-Turkey has more protein than chicken or beef.

-Male turkeys gobble. Hens do not. They make a clucking noise.

Thanks for reading!

Brett

Monday, November 23, 2015

Amazing Terms For Fannie Mae Foreclosures…

If you are looking to buy a home, and want a really good deal and amazing terms on your financing you might look at Fannie Mae foreclosures.

I wanted you to be aware of a special loan program Fannie Mae has created for Fannie Mae owned property.

It’s called HomePath. It allows a low down payment and flexible mortgage terms.

Here are some of the great features of this loan…

1) Only 3% down payment. …and, this down payment can be a gift, or even a loan from your employer!

2) No lender requested appraisal!

3) No mortgage insurance! …This is a biggie.

4) Generous seller contributions for closing costs.

5) Available for primary residences, second homes, and investment properties.

Have your Realtor do a search for Home Path homes in your area. They are usually competitively priced, and you can’t beat the loan terms!

That’s it for today.

Thanks for reading!

Brett

Wednesday, November 18, 2015

Make Sure You Do This Before You Apply For A Loan…

I touch on this from time to time, but it’s important so I want to revisit it…

One of the most important things you will have to do when you apply for a loan is to show that you have the money for the down payment.

This is called sourcing in the mortgage industry.

For instance, the down payment on an FHA loan is 3.5%.

If the seller is paying your closing costs – you will still have to pay your 3.5% down payment.

You can have this money in your checking account or savings account now. You can borrow it from your retirement account.

…You can even get the down payment as a gift.

…but, it’s crucial that we are able to show where it’s coming from.

I can tell you that cash is a problem when it comes to sourcing your down payment. You will need to put it in the bank and leave it for 60 days before we can use it.

If you aren’t sure where your down payment is coming from – find out now.

..before you apply for a loan.

That’s it for today.

Thanks for reading!

Brett

Monday, November 16, 2015

Two Things To Make You More Productive…

This tip isn’t about mortgages.

It’s about being more productive.

Many of you use Gmail. I use Gmail. I like many things about it, but I won’t go into all the details here.

One of the cool things about Gmail is that you can add things to it to make yourself more productive. Some of these things are free, some cost a modest amount of money.

I wanted to tell you about two things specifically you can download into your Gmail to turn it into a CRM (customer relationship manager).

One is called Boomerang. Boomerang does many things, but one of the things I like the most is that you can tell it to have an email show up in your inbox at any time in the future to remind you of something.

Another add on for Gmail I like is called Active Inbox. This add on allows you to integrate tasking to your emails, and also has many follow up features.

Both of these add ons allow you to be more productive and make it easier to stay on top of relationships with customers as well as friends and family.

…just wanted to share!

Have a good, safe week!

Thanks for reading!

Brett

Wednesday, November 11, 2015

Things Not To Do Prior To Applying For A Mortgage…

Mortgage tip: If you are about to get into the loan process to buy or refinance a house – don’t go out and buy things on credit.

It sounds simple, and you would think most people would know this without being told.

…but, I have a loan right now where a borrower got himself into trouble from doing just this very thing.

There are three possible complications:

1) You have to explain the inquiries on your credit.

2) It will raise your debt to income ratio if you take on additional credit.

3) If you finance an amount over 50% of the available credit it could negatively affect your credit score.

So, while you are in the loan process – don’t apply for anything that would involve credit. (appliances, lawn equipment, etc.)

That’s it for today.

Thanks for reading!

Brett

Monday, November 9, 2015

Don’t Miss Your Window To Refinance…

With the jobs report last week being better than anticipated it’s becoming increasingly likely the Fed may hike rates in December.

Rates have been low for a long time, but it won’t last forever.

If you have been considering refinancing for a lower term, lower payment, to get cash out, to pay property taxes, etc. …now is the time to do it.

Have a good, safe week!

Thanks for reading!

Brett

Wednesday, November 4, 2015

This Bill Is Due This Time Of Year…

This is the time of year counties are sending their property tax bills out.

There are two issues I see every year with regard to property taxes. …Issues that put people in tough spots.

1) Some people just don’t have the money saved up to pay their property taxes. …They might have had the money, but had to use it on an emergency. …or any number of other things.

2) Some people that have an escrow account on their mortgage – but their mortgage company didn’t collect properly. This often results in an arrearage… Which means your payments go way up until the escrow is caught up.

If you are in either one of these situations – there’s usually an easy fix for it. …Refinancing.

We can often refinance someone in either one of these situations, and we pay the property taxes through the new refinance loan.. …Not only that, but usually at a lower rate and payment than they have now.

Please let me know if you have more questions about how this refinance works.

I hope you have a great day! Thanks for reading!

Brett

Monday, November 2, 2015

Texas Cash Out Loan Guidelines…

A few of quick notes on some of our guidelines for Texas Cash Out loans…

1) We can do Texas Cash Out loans down to credit scores of 620.
2) We can do up to 10 acres for urban areas.
3) We can do up to 20 acres for rural properties.
4) 1 day off the market with a 70% LTV for properties that have been listed.
5) Payment of current property taxes are not considered a Texas Cash Out loan.

I hope you have a great day! Thanks for reading!

Brett