Hello!
Rates are currently higher than they were, but they are still low.
We are still seeing rates as low as the mid to high 2's on a 30 yr fixed.
So, if you have been considering refinancing, or you found a property you want to purchase - please contact our office. We will be delighted to help you.
That's it for today!
Thanks for reading!
Brett
Hello!
I touch on this from time to time, but it’s important so I want to revisit it…
One of the most important things you will have to do when you apply for a loan is to show that you have the money for the down payment.
This is called sourcing in the mortgage industry.
Let's say your down payment is 5% of the sales price.
You can have this money in your checking account or savings account now. You can borrow it from your retirement account.
…You can even get the down payment as a gift.
…but, it’s crucial that we are able to show where it’s coming from.
I can tell you that cash is a problem when it comes to sourcing your down payment. You will need to put it in the bank and leave it for 60 days before we can use it.
If you aren’t sure where your down payment is coming from – find out now.
..before you apply for a loan.
That’s it for today.
Thanks for reading!
Brett
Hello!
Here are three things you need to be aware of for us to use your bonus income to get a mortgage…
1) We can’t use bonus income or overtime income unless you can prove you have been receiving this income for 2 years.
2) The employer has to indicate that the bonus or overtime income will likely continue.
3) We will use a two year average of bonus and/or overtime income. So, if you got alot this year, but not last year then we will have to use an average of both years.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
