How To Have More Money And Less Stress At The End Of The Month...

 If you are carrying credit card debt the payments can be overwhelming.

On average, for every $10,000 of credit card debt your payment would be around $300 a month.

Something to consider...

Get cash out of your house to pay off all your credit card debt.

The payment on adding $10,000 to a thirty year mortgage at a 6.5% face rate would be $63, saving you $237 a month for every $10,000 of credit card debt you have.

This would alleviate stress in your life.  Less stress = happier life.

If a debt consolidation loan makes sense for you, or someone you know - please reach out to our office and see what we can do for you.

That's it for today!

Thanks for reading!

Brett

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How To Get Out Of A Reverse Mortgage If You Want...

 I wanted to clear up a common misconception about Reverse Mortgages.

Please watch this very short video I just made explaining how Reverse Mortgages are more flexible than you might think…  http://somup.com/c3f1lJO67W

If you or someone you know wants to know if a Reverse Mortgage makes sense for you - please contact our office and let's see if we can answer your questions.

That’s it for today!

Have a great day!

Brett

Get Pre Approved For A Loan Here
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How Bank Statement Loans Work...

 These loans are designed for self employed people that have trouble proving their income through traditional means.

Very simply we take the aggregate deposits of your bank statements (can be personal or business) and use this for your income.

Variables of Bank Statement loans…

24 Months of bank statements.

12 Months of bank statements.

2 Months of bank statements.

1 Month bank statement.

The reason we offer multiple options for months is that sometimes a 12 month average won’t work as good for the borrower as one month.

We offer down payments as low as 10% on owner occupied bank statement programs.

We also offer multiple ways of calculating deposits, which is very helpful if there are issues with one calculation method.

Rates on these programs are usually only modestly higher than normal conforming rates.

If you or someone you know may benefit from this loan to purchase or refinance a house, please reach out to our offices.

Thanks for reading!

Have a great day!

Brett

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

 

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 To Structure A Purchase From A Family Member...

 Did you realize that when buying a house from an immediate family member – the buyer doesn’t necessarily have to come out of pocket for a down payment? (As long as it’s an owner occupied residence for seller and buyer.)

…this is because the guidelines allow the seller to “gift” equity to the buyer.

So, the down payment can be a gift from the seller. …in addition to this, the seller can also pay the buyer’s closing costs, and prepaid expenses (taxes and insurance).

Reach out to us if you have any questions on how this works.

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 On This Loan Product...

 Did you know there is a 3% down Conventional loan for first time home buyers?

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 can be a gift.

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

5) Purchase and rate/term transactions.

6) No up front MI (like you would have on FHA).

9) Loan amounts up to conforming limits ($726,200 in Texas).

This is a great product.

If you meet the credit criteria listed above, and you only want to put 3% down on a house – then call us and we can help you with this.

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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No Money Down On This Loan To Purchase Your Home...

 Would you like to buy a nice home in the country or an outlying suburb with no money down?

Here’s a program that might work for you…

It’s called USDA, and here are some details on this program…

-Zero down payment.
-No Cash Reserve Requirement. No cash contribution requirement
-Unlimited seller concessions
-Unrestricted gifts, not necessary to document source, no seasoning
-First time home buyers allowed, but not limited to first time home buyers

If you want to purchase a house, but you don't think you have the money for the down payment this program may be an option for you.  Contact our office to see if you qualify.

Thanks for reading!

Have a great day!

Brett

 

Get Pre Approved For A Loan Here
My Previous Blog