It Takes Almost 20 Years For This To Happen...

 Hello!

Here is something to consider if you were thinking about refinancing from a 30 year mortgage to a 15 year mortgage…

It takes 19 years and 4 months to pay your principal down by half on a 30 year amortization.

Recommended action…

If you can handle a slightly higher mortgage payment it’s a smart play to refinance to a 15 year mortgage!

If you would like to see if you qualify for a mortgage right now – just contact our office and we'll be happy to help you.

That’s it for today!

Have a good day! …and thanks for reading.

Brett

 

 

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Something You Didn't Know About Thanksgiving...

 Hello!

Since Thanksgiving is tomorrow I wanted to give you a fun fact that perhaps you didn't know about Thanksgiving...

The first Thanksgiving was actually a three-day affair.

Today, Thanksgiving takes place over one decadent day — maybe two if you count Black Friday history.

But the original Pilgrims went all out.

In November 1621, the settlers' first corn harvest proved so successful, Governor William Bradford reportedly invited the Plymouth colonists' Native American allies to enjoy the fruits of their labor.

Members of the Wampanoag tribe came bearing food to share. They had so much bounty, the revelers decided to extend the affair.

Have a great Thanksgiving!

Brett

 

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How Long Do You Have To Wait To Get A Mortgage After Bankruptcy...

 Hello!

I wanted to let you know how the major mortgage programs treat Chapter 7 bankruptcy…

FHA: 2 years from discharge date, but not less than 12 months w/extenuating circumstances.

VA: 2 years from completion date.

USDA:  3 years from discharge date.

Fannie Mae: 4 years from discharge date, or dismissal date.

Freddie Mac: 4 years from discharge date or dismissal date.

That’s it for today!

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

Brett

 

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Quick credit tip for you...

 Hello!

 

Did you realize that 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.

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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Max Conventional Loan Higher...

 Hello!

Just wanted to let you know we are working on increased maximum Conventional loan amounts of $625,000 in Texas now.

This is significant, because you can now use a Conventional loan to purchase a home that would have required a Jumbo loan previously.  This means less down payment and lower rates.

If you would like to get pricing on a Conventional loan for you, just contact our offices and we'll get it for you!

That's it for today!

Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
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How To Save A Ton Of Money On Your Mortgage...

 Hello!

For those of you that could afford a higher monthly mortgage payment I recommend you consider reducing the term on your loan.

For instance, going from a 30 year loan to a 10 year loan will save you a BUNCH of money.

…money you could have accumulated in a retirement account, or sending your children to a good school, etc.

Take a look at the chart below. You can see the interest savings is significant.

The payment on a 10 year loan is roughly twice as high as a 30 year payment. …but if you can at all afford the payment it’s a very smart thing to do.

…just think of having your house completely paid off in 10 years!

Loan Amount	$100,000	$200,000	$300,000	$400,000
Interest Rate	3%	3%	3%	3%
Term	10 Years	10 Years	10 Years	10 Years
Principle & Interest Payment	$965	$1,931	$2,896	$3,862
Interest Paid Over Life Of Loan	$15,872	$31,745	$47,618	$63,491
Interest Savings On 10 Year Over A 30 Year Loan At 4.5%.	$55,996	$111,994	$167,989	$223,987
(Assume 80% loan to value ratio)

If you would like to see what your payment would be on a 10 year loan – give us a call or shoot us an email. We’ll be happy to help you out with it.

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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One Solution To An Escrow Shortage...

 Hello!

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 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 – one possible fix is to refinance.

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.

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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Can't Qualify For A Loan Using Your Tax Returns? Try This...

 Hello!

If you are self employed and can’t use your tax returns to prove income there are loan options for you.

You can use your bank statement deposits to prove income.

We have 10% down bank statement loans for purchase and refinance with good credit.

Let us know if you are in this situation.

We’ll be happy to help you with your home purchase!

Hope you have a great day!

Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
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