History Of The Jack-'o-Lantern...

Good Morning!

 

Since today is Halloween I'll dispense with mortgage stuff for today.

 

...Instead, here is the history of the Jack-'o-lantern.

 

According to the History Channel...

 

The legend is of a man named Jack. Jack invited the devil for a drink.

 

Jack did not want to pay for his drink, so he made a deal with the devil.

 

The devil turned himself into coins, but instead of paying for the drink, Jack kept the coins.

 

Later freeing the devil, he promised to change him back if he did not steal his soul.

 

Upon his own death, God would not let Jack into heaven because of his past and the

devil would not let him into hell.

 

Instead, the devil gave Jack a piece of coal, which Jack placed into a turnip. The legend goes that Jack used the turnip and coal to

light his way as he looked for a final resting place. The original jack-’o-lanterns in Ireland were carved out of turnips or potatoes.

 

 

Have a fun and safe Halloween!

 

 

Thanks for reading!

 

 

Brett

 

 

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Tax Bills Come Out This Time Of Year...

Good Morning!

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

 

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Giant Loan With Low Down Payment...

Good Morning!

 

Sometimes I like to spotlight a particular product we offer.

 

Today it's a high loan to value Jumbo Loan.

 

We have a 95% loan to value Jumbo loan up to $1,500,000!  It's unusual to find such a low down payment on such a high loan amount.

 

This product requires a 720 credit score.

 

We only need one year of tax returns for self employed borrowers.

 

...Or, two years of W-2's and a pay stub.

 

There is no mortgage insurance on this loan!

 

If you or someone you know needs a loan like this - give me a call or shoot us an email.

 

That's it for today!

 

Thanks for reading!

 

Brett

 

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If You Rent Do This...

Good Morning!

If you are a renter how do you pay your rent?

Would you like to purchase a home someday?

If so, please keep this in mind… How you pay your rent is IMPORTANT!

When you apply for a mortgage the underwriter will most likely want you to be able to prove you paid the rent.

If you rent from an apartment complex it’s a bit easier to do. We can just get them to fill out a verification of rent form.

However, if you rent from an individual – you must PROVE you paid the rent.

That means we will need cancelled rent checks. …If you pay your rent with cash – DON’T!

Start writing checks for rent!

If you pay with money orders then put your paycheck in a bank account, then every month draw out the money for the money order – and keep the money order receipts!

…but the best is to write checks for rent!

That’s it for today!

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

Brett

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Who Can Give A Gift On An FHA Loan...

Good Morning!

 

I wanted to touch on when gifts are allowed (and not allowed) on FHA loans as well.

 

Here’s who can’t give you a gift on an FHA loan…

 

The gift donor may not be a person or entity with an interest in the sale of the property, such as the seller, real estate agent or broker, builder, or any entity associated with them.

 

Gifts from these sources are considered inducements to purchase and must be subtracted from the sales price for mortgage calculation purposes.

 

Here’s who can give you a gift on an FHA loan…

 

Your parents or immediate family.

 

The realtor can give you a gift if the realtor is your immediate family.

 

You can also get a gift from a legitimate grant program (city, county, state, or national).

 

Have a great day! Thanks for reading!

 

Brett

 

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Jumbo Texas Cash Out Loans Down To 660 Credit Score...

Good Morning!

 

Did you know we do Jumbo Cash Out loans for Texas owner occupied homes with credit scores down to 660?   ...And, at 80% loan to value ratio!

 

When you need a Jumbo Cash Out loan most lenders will cut you off if you have less than a 700 credit score.

 

Not us.  We got you!

 

So, if you or someone you know is in this boat - give us a call or shoot me an email.

 

Have a great day, and thanks for reading!

 

Brett

 

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Minimum Down For Different Loan Programs...

Good Morning!

 

One of the most common questions I get from borrowers is “How much will I have to put down to get a mortgage?”

 

Here are your minimum down payment options on the loan products currently available in the market place.

 

Loan Programs…

 

VA loan: No down payment necessary. No monthly MI. This is the best loan going if you can qualify for it.

 

USDA: No down payment necessary. Low monthly MI. Mainly for rural areas or outlying suburbs. Has geographic and income restrictions.

 

FHA: The minimum down payment is 3.5%. Great rates, has up front and monthly mortgage insurance.

 

Conventional: You will need 3% down for Conventional loans.

 

That’s it for today!

 

Have a good day! …and thanks for reading.

 

Brett

 

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How Credit Can Affect Your Payment...

Good Morning!

Have you ever wondered how credit affects your mortgage payment?

Most people know your credit affects the rate you get on your loan.
…and, your credit can even effect the amount you pay for Home Owners Insurance.

However, there is another part of your payment that your credit also effects. …Your mortgage insurance payment on Conventional loans.

Let me give you some examples of how your mortgage insurance rates can vary due to credit score.

These numbers are based on a $100,000 loan at 95% loan to value ratio.

MI Payment Chart…

Credit Score Range	MI Payment Amount
> 760	$45
720 to 759	$51.6
680 to 719	$74.17
620 to 679	$95.83

The lesson here is protect and monitor your credit as much as you can. Keeping your scores up can save you alot of money!

That’s it for today!

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

Brett

 

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Little Used 3% Down Loan...

Good Morning!

Did you know we have a Conventional loan product with just 3% down?   ...and, you only need a 620 credit score to get it.

It’s a great product to use when purchasing a home!

One thing to keep in mind on this program is the maximum seller help (with closing costs and prepaids) is 3%.

If you would like to see if you qualify for this program just shoot me an email or give me a call. …I’ll be happy to help you!

 

That’s it for today!

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

Brett

 

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How You Can Have Less Stress In Your Life...

Good morning!

 

No mortgage talk for today...

 

They say the average person can only remember about 7 things in short term memory at any one time.

 

Once number 8 comes in something drops off the back and you forget about it.  That's when your eyes pop open in bed at night when you remember the thing that you forgot earlier.

 

It creates a lot of stress if you don't have a way of capturing these "to do's, and other important things" that you try to keep in short term memory.

 

If you want to reduce the amount of stress in your life come up with a reliable way of capturing these "to do's" when they pop into your head.  It can be paper and a pen, a checklist on your cell phone, etc.

 

Once your mind sees that you have a reliable way to capture these "to do's" it will relax, and you will have less stress.

 

Happiness is having a clear uncluttered mind.

 

That's it for today!

 

Have a good week!

 

Thanks.

 

Brett

 

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