Calculate What Paying A Little Extra Each Month Can Do For You...

Good Morning!

Wanted to let you know we updated the Mortgage Calculator on our web site.

If you have ever wondered how much extra you would need to pay each month to knock a year, five years, ten years, etc. off your loan - you should check it out.

You can calculate it quickly.  

Sometimes it's more cost effective for you to just pay a little extra each month than refinance.

Here is the link:  https://www.berkshirelending.com/mortgage-calculator/

That's it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
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Rates In The 2's Are Possible...

Good Morning!

Just a note on rates.  ...they are low!  ...very low!

If you haven't considered refinancing - you should, because rates in the 2's are possible.

If you would like us to take a look for you, and get you some numbers please contact us.  We would love to help you out!

That's it for today!

Have a great day!

Brett

Get Pre Approved For A Loan Here
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How To Refinance Your Jumbo Loan...

Good Morning!

I wanted to show you how we've been refinancing Jumbo loans lately.

If you have a Jumbo you know the rates are aweful still.

So, how do you take advantage of the low convnetional rates, and refinance your loan?

I'll show you how: Check out this short video I just did for you... http://somup.com/cYirFh6fSD

That's it for today!

Have a great day!

Brett

Get Pre Approved For A Loan Here
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What Not To Do While Getting A Mortgage...

Good Morning!  

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.

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

There are two possible complications: 1) You have to explain the inquiries on your credit., and 2) It will raise your debt to income ratio if you take on additional credit.

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

Get Pre Approved For A Loan Here
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Two Quick Credit Tips For You...

 Good Morning!

Here are two quick credit tips for you…

1) 30% of your score is made up of the ratio between your available credit vs your actual balances on revolving credit accounts (like credit cards).

You don’t want to charge these accounts over 50% of the available balance, and it's even better if you can keep it under 30% of the available balance.

2) 15% of your credit score comes from the length of time each account has been open, and the length of time since the account’s most recent action.

So, it’s impossible for someone who is new to credit to have a perfect credit score.

A longer credit history provides more information and offers a better picture of long-term financial behavior.

So, to improve your credit score, individuals without a history should begin using credit, and those with credit should maintain long standing accounts.

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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How Forbearance Can Affect You...

Good Morning!

I just saw that active Forbearances declined by 435,000 last week.  This is an encouraging sign.

Remember, from a loan perspective it's very difficult to get a loan if you are currently in Forbearance, and the loan is behind.  Lenders will insist the loan be brought current, and removed from Forbearance before they will give you a loan.

Rates are low right now - a very good time to lock in to a low rate!

That's it for today.

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
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When Not To Use FHA...

Good Morning!

I can't believe it's already into July!  I hope you are having a good summer.

I wanted to give you a quick update on something - if you are shopping for a home and your credit score is between 620 and 660 (and you need a mortgage) FHA is a poor choice right now.  

Pricing on FHA in this score range is still out of whack, and you would be better off going with a Conventional mortgage.

Hopefully, the market will continue to get better on FHA and come back to where it was before, but we aren't there yet.

That's it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
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How To Get A Mortgage When You Have Filed An Extension On Your Taxes...

Good Morning!

What do you do if you are in the process of applying for a loan and you have filed an extension on your taxes?

Your loan officer asks you for last year's tax return, but you can’t give it to him or her because you filed an extension.

Easy! …You give your loan officer the extension you filed for last year's taxes, plus your previous two years' tax returns.

Now, if your extension shows you owe money to the IRS the underwriter may ask you to show proof you paid this money. Keep this in mind.

That’s it for today!

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

Brett

Get Pre Approved For A Loan Here
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Can You Be Too Old To Get A Mortgage?...

Good Morning!

The other day I had a borrower ask me if they could apply for a 30 year mortgage even though they were 78 years old.

I can see why they asked this question. …The odds are they may not be around for another 30 years.

Just so you know… It’s against the law for mortgage companies to discriminate against a mortgage applicant for being older.

Even if you were 90 years old you could still apply for a 30 year mortgage.

That’s it for today!

Have a good day! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here
My Previous Blog

Good Morning!

The other day I had a borrower ask me if they could apply for a 30 year mortgage even though they were 78 years old.

I can see why they asked this question. …The odds are they may not be around for another 30 years.

Just so you know… It’s against the law for mortgage companies to discriminate against a mortgage applicant for being older.

Even if you were 90 years old you could still apply for a 30 year mortgage.

That’s it for today!

Have a good day! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here
My Previous Blog