The Divorce Loan...

Good Morning!

If you are getting a divorce, and you have to pay your spouse their share of the equity of your home don’t use a traditional Texas Home Equity loan to do it.

Use an Owelty loan to get the cash out of your home instead.

The advantage of using an Owelty Loan over a Texas Home Equity loan is that we treat them as a regular rate and term refinance (not cash out rates – which are higher).

You can also get above 80% of the value of your home with an Owelty Loan, and you can’t go above 80% with a Texas Home Equity loan.

So, if you are in this situation, or you know someone who is – and your loan officer has told you that you don’t have enough equity to cash out the ex-spouse, just tell them that you need an Owelty loan.

…or, better yet – just give us a call and we can help you!

That’s it for today!

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

Brett

Get Pre Approved For A Loan Here

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What To Do If You Can't Get A Loan Right Now...

Good Morning!

If you are wanting to purchase a home, but you aren’t able to qualify now – here’s what you need to do…

1) Isolate the reason you can’t get a mortgage now. (We can do this for you).

2) Make a plan to solve this problem.

If credit is the reason you can’t get a loan now – you need to know exactly where you are now.

…and, you need to know where you need to be for a loan.

We would like to help you create a plan.

I’ve seen many success stories of borrowers that had a plan to follow and did whatever it took to execute that plan. In a matter of a couple of months to six months, they are usually ready for a loan.

…not only that. It gives a person confidence and purpose when you have a clear goal, and a plan to achieve that goal.

So, contact us and we'll help create a plan for you. …and the best part is that we do this as a free service to you!

That’s it for today!

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

Brett

Get Pre Approved For A Loan Here

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Give Yourself An Advantage When You Make Your Offer To Buy...

Good Morning!

 

Hope you are well!

 

The real estate market (at least in most areas of Texas) is slowing down a bit.

 

Property is not appreciating quite like it was.  Homes are sitting on the market longer, etc.

 

In this market you need every advantage you can get as a buyer.

 

If you are thinking about buying a home in the near future I recommend you go ahead and get a TBD (to be determined) approval.  This is a legit full underwriting approval of your file before you find a home.

 

This will carry much more weight when you make an offer on a home, and increase the odds of your offer being accepted.

 

...and, when you do find a house we can close quickly because you are already approved!

 

If you want to get this done, let us know.  It's easy and we can do it quickly for you.

 

That's it for today!

 

Thanks for reading!

 

Brett

 

Get Pre Approved For A Loan Here

 

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When It's Not In Your Best Interest To Refinance...

Good Morning!

 

This may sound funny coming from a mortgage guy, but sometimes it's not necessary to refinance your mortgage to reduce the number of years left on your mortgage.

I have to tell people sometimes that it just doesn't make sense to refinance. The drop in rate isn't significant enough to warrant the costs of the refinance.

...but, what do these people do when they want to refinance to reduce the number of years on their mortgage?

One simple thing you can do is simply pay more each month on your current payment.

I'll give you an example...

On a $100,000 30 year mortgage - if you just add $120 to your payment every month you will pay your mortgage off in 20 years.
a

...If you add $250 to your payment on a $100,000 30 year mortgage you would pay the mortgage off in 15 years.

That's it for today!

...by the way, if you know of someone needing to be prequalified for a mortgage loan - I appreciate your referrals!

Thanks for reading! ...and, have a great day!

Brett

 

Get Pre Approved For A Loan Here

 

My Previous Blog

When It's Not In Your Best Interest To Refinance...

Good Morning!

 

This may sound funny coming from a mortgage guy, but sometimes it's not necessary to refinance your mortgage to reduce the number of years left on your mortgage.

I have to tell people sometimes that it just doesn't make sense to refinance. The drop in rate isn't significant enough to warrant the costs of the refinance.

...but, what do these people do when they want to refinance to reduce the number of years on their mortgage?

One simple thing you can do is simply pay more each month on your current payment.

I'll give you an example...

On a $100,000 30 year mortgage - if you just add $120 to your payment every month you will pay your mortgage off in 20 years.
a

...If you add $250 to your payment on a $100,000 30 year mortgage you would pay the mortgage off in 15 years.

That's it for today!

...by the way, if you know of someone needing to be prequalified for a mortgage loan - I appreciate your referrals!

Thanks for reading! ...and, have a great day!

Brett

 

Get Pre Approved For A Loan Here

 

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One Time Close With VA...

Good Morning!

 

Did you know we have a One Time Close program with our VA loans?   ...We do!

 

One Time Close (OTC) is a program that allows you to buy land and build a house all in one transaction.  ...Only one close for everything in other words.

 

...So, if you are a veteran and want to build a house let me know.  I'll give you an idea how this program works.

 

That's it for today!

 

Have a good day, and thanks for reading!

 

 

Brett

 

 

Get Pre Approved For A Loan Here

 

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How To Roll Repairs Into Your Home Purchase...

Good Morning!

 

I want to show you how to roll repairs into a purchase price.

 

I touch on this subject from time to time.

 

If you are buying a house that needs minor repairs – but the seller refuses to do them – what do you do?

 

This situation happens a lot, especially on bank owned homes.

 

The simple answer is to use an escrow hold back. …an escrow hold back is a small amount of money that is held out of the seller’s proceeds from the sale to make the repairs.

 

You have to write the escrow hold back right into the contract – under special provisions. To avoid having to rewrite this clause – be specific. Your realtor will need to write – “An escrow hold back in the amount of $______ will be used for (specific) repairs.”

 

One key with the escrow hold back is the repairs need to be minor – and they can’t take that long to finish. …an average amount of an escrow hold back is $1,500 to $5,000.

 

Knowing how to solve minor repair problems on an offer – can sometimes make the difference between getting a great deal on a house, or not buying it at all.

 

If this situation comes up with your deal – just give me a call – I can help you out.

 

That’s it for today!

 

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

 

Brett

 

 

Get Pre Approved For A Loan Here

 

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3% Down Up To $453,100

Good Morning!

 

Here’s an easy way to put down only 3%, pay no upfront Mortgage Insurance, and get a very competitive rate…

 

…It’s Fannie Mae’s 97% purchase product!

 

Here are some of the important features of this product…

 

1) Owner-occupied primary residence only.

 

2) Minimum 620 FICO score.

 

3) 3% down payment.

 

4) 1-unit attached and detached single-family residence, attached and detached PUDs.

 

5) Purchase and rate/term transactions.

 

6) 15, 20, 25, and 30-year loan terms.

 

7) No upfront MI (like you would have on FHA).

 

8) Loan amounts up to conforming limits ($453,100k in Texas).

 

This is a great product.

 

That’s it for today!

 

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

 

Brett

 

Get Pre Approved For A Loan Here

 

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Max Seller Help By Loan Program...

Good Morning!

 

I hope you had a great Labor Day!

 

Did you know when you purchase a home you can ask the seller to help pay your closing costs, prepaid taxes and insurance, and interest?

 

You can! I’ve listed the maximum seller contribution amounts per loan program below…

Program: Conventional (fannie/freddie), owner occupied…

 

1) 25% or more down payment = 9% allowed seller contribution.

 

2) Less than 25% down and up to 10% down payment = 6% allowed seller contribution.

 

3) Less than 10% down payment = 3% allowed seller contribution.

 

4) Fannie Mae Homepath: less than 25% down = 6% allowed contributions; 25% down or more = 9% allowed contributions.

 

Program: FHA

 

1) 6% maximum seller contribution.

 

Program: VA

 

1) 4% closing cost contribution.

 

Program: USDA

 

1) No limit to how much sellers can contribute (is limited by actual closing costs/prepaids). When a home appraises higher than the sales price, closing costs can be financed with USDA rural loans up to the difference between the sales price and appraised value.

 

That’s it for today!

 

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

 

Brett

 

Get Pre Approved For A Loan Here

 

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