Quick Tips On The Mortgage World

Monday, March 20, 2017

Suggestion For You, And Few Tips…

Suggestion: If you bought your home with an FHA loan, and you have been there more than a few years you might want to look at refinancing into a Conventional loan. Many neighborhoods are appreciating rapidly these days. If your loan to value ratio is under 80% you could refinance to a Conventional and drop your MI!

If you would like to see if it’s possible for you to drop your FHA MI, then please contact me and we’ll see if that’s a vaible option for you.

Few quick things…

1) We are closing VA loans in under 30 days. So, if ya need to close your VA loan quickly, or know someone who does please contact me.

2) Remember, we have this 1% down conventional program.

3) How to buy a house with a Reverse mortgage.

That’s it for today!

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

Brett

Monday, March 13, 2017

Fed Hike Coming Wednesday…

The Fed is hiking rates again Wednesday. This represents an acceleration of their strategy.

It’s been a long long time since the Fed has hiked rates within a quarter of their previous rate hike.

…So, if you have been thinking about purchasing a home or refinancing – now is the time to do it, because rates will inevitably begin to rise.

Contact me and we can discuss some options for you.

That’s it for today!

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

Brett

Wednesday, March 8, 2017

You Don’t Need Much Income For This Amazing Loan…

You don’t have to make very much money at all to get a Reverse Purchase Mortgage.

I’ll quickly show you how the underwriter will calculate the income. It’s not based on debt to income ratio. It’s based on residual income.

Here’s the formula…

Borrower’s current income – $$$$.

– Housing Expenses (taxes, insurance, HOA, etc.)
– Sq. Footage of subject x .14 sq ft.
– Liabilities from Credit Report

= Residual Income

The underwriter will then check the residual income against a chart for your family size in your area. For instance, in Texas for a 2 person family if the residual income is $886 or more then you are fine.

You can easily make less than $30,000 a year and purchase a $250,000 or $300,000 house as long as you have the down payment.

…and, the best part – NO MONTHLY PAYMENTS, EVER!

If you want to look into a Reverse Purchase for you or someone you know, give me a call or shoot me an email!

That’s it for today!

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

Brett

Monday, March 6, 2017

Make Sure You Have This Before You Go House Hunting…

I’ve covered this before, but I think it’s worth repeating…

Before you go out house hunting make sure you have enough money available to get your house closed.

…I know it sounds simple, but many people don’t realize the amount of funds they will need available to get into a house.

Here is a simple breakdown of your out of the out of pocket costs you could expect by loan program.

1) VA: 100% loan. No down payment.

2) USDA: 100% loan. No down payment

3) FHA: Minimum 3.5% down payment.

4) Conventional: 5% minimum down payment. (I also have a 3% down, and a 1% down Conventional)

…but you can expect more out of pocket than just the down payment. There are two other costs you can expect to pay when you purchase a home…

1) One, is prepaids. This is pre paid interest, taxes, and insurance. Typically your prepaids will run 1% to 2.5% of a sales price.

2) Then there’s your closing costs… Typically closing costs (from all entities – title, appraisal, mortgage, survey, etc.) will add another 1% to 2% to a sales price.

Be prepared for these additional costs. However, there are a couple of ways to help you lower the closing costs and prepaid expenses.

Contact me and we can discuss some options for you.

That’s it for today!

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

Brett

Pre Approved For A Loan Here.

Wednesday, March 1, 2017

Compelling Reason To Lower Your Loan Term...

Good Morning!

Did you know it takes 19 years and 4 months to pay your principle down by half on a 30 year amortization?

If you can handle the payment on a shorter term it will save you a ton of money in the long run.

To give you an idea: A 20 year mortgage payment is roughly 25% higher than a 30 year payment. ...and, a 15 year payment is about 50% higher than a 30 year payment.

If you would like to see numbers on a lower term for your specific situation please get it touch with me and I'll be happy to get that done for you!

That's it for today!

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

Brett