Do This And Have Less Stress...

Good Morning!

I’ve written about this before, but its important so I didn't want to let the year go by without touching on it again.

My job as a loan officer allows me to have a unique perspective into people’s lives.

I can see how much money people make, and how much money they have in the bank.

I do loans for people who make less than $20,000 a year, and I do loans for people who make well over $250,000 a year. …It doesn’t matter if you make a lot of money, or very little money – there is a common problem that I see again and again…

…No savings.

This isn’t true in every case, but I see it very often.

People tend to spend what they make. …even many of the borrowers I have who make a lot of money don’t tend to save their money.

My advice to you?… Pay yourself first.

Open a savings account, and before you pay any other bills – pay yourself first. …pay it just like it was a car payment or an electric bill. …Make it a percentage (10%) of your total income.

Pay it every month. …it will build up faster than you think.

There is a special comfort that you will gain when you see that you have a comfortable cushion in the bank. …I want that feeling for you.

This feeling of comfort will percolate into other areas of your life – less fights about money – less stress at work – happy mom and dad makes for happy kids, etc.

That’s it for today!

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

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Happy Holidays!

Good Morning!

Some of you have been getting my updates for years, and I want you to know I appreciate you!

Hope everyone has a great holiday!  

Spend time with your family, and put memories in your memory banks!

Talk to ya next week!

Thanks for reading!

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How An Owlety Loan Works With Divorce...

Good Morning!

Often when you get divorced and once spouse keeps the house, per the terms of the divorce you must refinance your home to get your Ex spouse off the house and get them their share of the equity.

The problem is – you have been told by a loan officer that they can’t help you get cash out because your loan to value ratio is over the 80% threshold required for a cash out loan in Texas.

Your solution is an Owlety loan. Many loan officers are unfamiliar with this loan – but an Owlety loan will allow you to refinance a home and get cash out to your ex-spouse over the Texas cash out 80% limit.

…In fact, we don’t treat it like a cash out loan at all. We treat the loan like a normal rate/term refinance.

If you are in this situation – contact me. I can get this loan done for you and help you out of this sticky situation!

That’s it for today!

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

Get Pre Approved For A Loan Here
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Two Ways To Avoid Paying Mortgage Insurance...

Good Morning!

If you have a conventional loan, and your loan to value ratio is over 80% – you will be paying monthly mortgage insurance to the lender.

No one likes paying monthly mortgage insurance.  It’s extra money added to your payment every month, and it’s doesn’t help pay down the balance of the loan.

If you want a conventional loan and your LTV is over 80%, but don’t want to pay monthly mortgage insurance there are two ways to avoid this…

1)   One would be Lender Paid Mortgage Insurance.  We pay the MI for you.  The rate generally is .25 to .375 higher, but there is no monthly mortgage insurance.

2)  Get a piggy pack loan.  This is where we make two loans for you.  …A first mortgage at 80%, and a second mortgage at 15%.  This way you just put down 5%, and there is no monthly mortgage insurance payment.

Thanks for reading!

Have a good day!

Get Pre Approved For A Loan Here
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FHA Loan Limits Going Up In 2020...

Good Morning!

Good news - FHA loan limits are going up in most counties.

For instance, in Dallas county the max FHA loan for 2020 is $404,800.

This is great news!  More people will be able to qualify for homes, due to FHA being more flexible on credit scores and debt to income ratios.

To find out the limit for your county you can go to this web site...  https://entp.hud.gov/idapp/html/hicostlook.cfm

That's it for today!

Thanks for reading!

Get Pre Approved For A Loan Here
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Know This Before You Try To Buy A House...

Good Morning!

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. (There is also a 97% conventional for first time home buyers).

…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.

Closing costs and prepaid taxes, insurance, and interest can be paid by...  Buyer, Seller, Loan Officer, Agent.  Or any combination of these.

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

Get Pre Approved For A Loan Here
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Christmas Note, And Property Tax Reminder...

Good Morning!

Can you believe it's already December?

Christmas will be here before you know it.

I hope you get to spend time with those you love, and get to put alot of memories into your memory bank.

Reminder – property tax bills are due at the end of January.

If you have a non escrowed loan and don’t have the money to pay the tax bill, or don’t want to pay the tax bill then I want to offer you a solution…

We can refinance your loan and roll in your tax bill into the new loan. This way you can get your taxes paid, and skip a couple of months payments in the process!

That’s it for today!

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

Get Pre Approved For A Loan Here
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New Higher Loan Limits On Conventional Mortgages...

Good Morning!

I have good news - Fannie Mae is raising their max loan amounts for most counties in the US to $510,400.

The reason this is good news is the rates are lower, and the down payments are lower on Conventional loans than Jumbo loans.

Before, if you wanted a 510k loan amount you would have had to pay Jumbo pricing, and now you can get Conventional pricing.

Good for everyone!

That's it for today!

Hope you had a great holiday!

Get Pre Approved For A Loan Here
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