How To Lower Your Monthly Bills With A Debt Consolidation Loan...

 If you have credit card debt it’s a good time to consider a consolidation loan.

If you have $20,000 in credit card debt your monthly payment on that could be between $400 and $800, depending on the minimum payment your credit card company requires.

That same $20,000 as part of a mortgage payment would only cost around $82 a month.

This can free up alot of monthly cash for you and your family, which you can then use to pay off debt or whatever you want.

If you would like to see how your numbers look for a consolidation loan – contact our offices.

That’s it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
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How To Get More Than 80% Of Your Cash Out To Pay Off Your Spouse...

 In Texas we have some unusual rules when it comes to getting cash out of our homes.

For owner occupied residences, we are limited to 80% max loan to value ratio.

When it comes to a divorce, if one spouse is keeping the house they will often have to pay the departing spouse their share of the equity in the home. A cash out mortgage is often necessary to get this done.

However, the traditional Texas Home Equity loan could make that difficult due to the cap at 80% of the available equity.

Enter the Owelty loan. This is specifically for a divorce where cash is needed to pay the departing spouse. You can get cash out to pay off the departing spouse, even if the loan amount exceeds 80% LTV.

You would simply have the attorney handling the divorce work up an Owelty Agreement as part of the decree.

Not many loan officers know this loan exists, so if you find yourself in this situation – give our office a call. We can help you!

That’s it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
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Mortgage Rate Update...

 Mortgage rates began the week with a modest move back up and over the 7% threshold, but managed to erase some of those losses Tuesday.

The improvement followed Tuesday's Retail Sales data which came out weaker than expected.

Mortgage rates are based on trading levels in the bond market.

Bonds pay attention to multiple cues at any given time.

Retail Sales isn't as big of a report as the Consumer Price Index (CPI) or The Employment Situation (the jobs report), but it's a respectable supporting act.

Sales growth was surprisingly high in the data that came out in March and April.  May's report showed a correction back to 0.0% growth.

Tuesday's report came in just barely positive at 0.1--a far cry from the 0.6 level 2 months ago and below the median forecast of 0.2.

In addition, it included a revision to May's report from 0.0 to -0.2.  All told, it painted a less upbeat picture for the American consumer compared to a few months ago.

A slower economy is less able to sustain higher interest rates for a variety of reasons--not the least of which being the suggestion of slower price growth.

With that, bond traders bought more bonds, thus pushing bond prices higher and yields (aka "rates") lower.

That's it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
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Grant Money Available For These Professions...

 I wanted to let you know we have a 2% to 5% downpayment and closing cost assistance program called “Homes for Texas Heroes”.

If you are in one of the following professions you may qualify for this purchase program:

Professional Educators, Which Includes The Following Full-Time Positions In A Public School District: School Teachers, Teacher Aides, School Librarians, School Counselors, And School Nurses
Police Officers And Public Security Officers
Firefighters And EMS Personnel
Veterans Or Active Military
Correction Officers And Juvenile Corrections Officers
Nursing Faculty And Allied Health Faculty

If you or someone you know may need this program, just reach out to our office and we’ll see if we can help.

That’s it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
My Previous Blog

Two Most Common Questions On Reverse Mortgages...

 I wanted to address the two most common questions that I get regarding reverse mortgages…

Question: What happens if I die? Will the lender be taking my house?

Answer:   No. After You Pass Away, Your Heirs May Pay The Loan Balance In Full With Cash Or By Refinancing The Debt And They Can Keep Your Home.

Question: What happens if the loan balance becomes greater than the value of my home?

Answer:  No Matter How Large The Loan Balance Becomes, You Have The Right To Continue To Live In The House. The Lender Cannot Take Over Your Home As Long As It Is Your Principal Residence. Besides, You Will NEVER Owe The Lender More Than The Value Of Your Home. HUD Will Pay The Shortage For You, If There Is Any.

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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How To Get A Mortgage With Less Than 2 Years Of Work History...

 In the mortgage world there are rules we have to follow.

Such as, rules about how long a person has to work to get a mortgage.

Guidelines to get a conventional mortgage say you need at least two years of work history.

However, sometimes it’s possible to get a conventional loan with less than two years of work history.

If we run an application with less than two years work history through the automated underwriting engine, and it takes it – then you are good to go.

I had this happen last week.  Got an automated approval on a woman with about 1.5 years of work history.  Approval.  Now she’s out looking for a house.

So, you never know until you run it.  If you or someone you know is  in the situation, let our office take a look at it.

That’s it for today.

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
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Here's A Great No Money Down Program For You...

 

If you are looking for a home in the outer suburbs or in a rural area make sure your realtor knows about this great USDA 100% financing program.

-Up to 100% of the Appraised Value – Total LTV of 102% –

-No Down Payment Required

-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

-Collections over 1 year may not need to be paid (cannot be a pattern and depends upon credit score).

-Non-traditional credit may substitute for lack of credit history

-Repair Escrow financed in loan up to $10,000 or 10% of loan

That’s it for today!

Have a good day! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here
My Previous Blog