Quick Tips On The Mortgage World

Wednesday, December 26, 2018

How Gov. Shut Down Will Affect Mortgage Business…

Good Morning!

I hope you guys had a great Christmas!

Quick note on how the government shut down may affect you if you are currently in the mortgage process…

One of the last conditions completed on most loans is a validation through the IRS’s system to verify the income documents (tax returns / w-2’s) given to your loan officer are the same ones that were received by the government.

It’s really a quality control condition.

This validation process looks like it wil be shut down during the government shut down. …So, if you are under a closing dead line it could affect you.

Hopefully the shut down won’t last that long.

That’s it for today!

Thanks for reading!

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Wednesday, December 19, 2018

Ways to deal with closing costs when you refinance...

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Good morning!

When is it best to roll closing costs into a refinance loan?

Keep in mind there are three ways to handle closing costs on a refinance loan…

1) The borrower can pay them out of their pocket at closing.

2) The mortgage company can pay them by charging a higher rate.

3) We can keep the rate low and roll the closing costs into the loan.

Generally...

If you are planning on staying in the home over 4 years – it’s not a bad idea to roll closing costs into the loan.

If you are planning on selling your home within the next 4 years – it’s not a bad idea to let the mortgage company pay your closing costs and going with a bit higher rate.

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

Brett

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