broad solutions lending: Reverse Mortgages - 04/09/08 04:58 AM
What is the best way to approach someone about a 'Reverse Mortgage'? I have spoken to several people and they are very interested, but I was not the initiator of the conversation. It's kinda hard telling someone "hey, you look 62 or over, how much equity do you have in your home" There has to be a more subtle way to bring this up in conversation. I truly believe this program is most helpful to those living on Social Security or some other type of 'fixed-income'. There is also the option of being out of your home for 11 months out … (3 comments)

broad solutions lending: Frisco, Tx paying closing costs? - 04/05/08 09:50 AM
Individuals living and working in Frisco can have the city of Frisco pay their closing costs, up to 10,000. The home has to be valued at $130,000 or less, which is probably the hardest part of the transaction.... finding a home in Frisco for under $130K. Interest rates have steadily declined in this last week, so take advantage while you can. 30 yr under 5.75%... 15 yr under 5%  We are loving the rates down here. I find more borrowers interested in skipping payments rather than lowering the rate. Weird? … (4 comments)

broad solutions lending: Utilize the programs at hand... - 04/02/08 06:02 AM
If you have a client who is a teacher/ firefighter/ or police officer then make yourself aware of the HUD programs allowing them to receive 50% off of the price of their home. This program has been in place for a while now but never gets a mention. The 'teacher next door' program is FHA insured and allows the borrower to move in for almost nothing and profit once they choose to move out(minimum 3 years) Please respond with any pros and cons you may have towards this program. I have never closed one of these but seems like an excellent opportunity for those involved. … (4 comments)

broad solutions lending: Mortgage Rates in TX are holding steady. - 03/31/08 04:35 AM
Looking to refinance or purchase? Now is a great time for both. 30 yr Conventional purchase loans are at 6.125 while 15 yr. is coming in much lower at 5.125. Now, if you choose to go FHA you are looking at 30 yr @ 5.625 and 15 yr @ 5.00. This is just a snapshot of today's rates and could change quickly. Let's assume you are purchasing a home for $150,000 with an FHA loan. FHA minimum down payment is 3% while conventional is 5%. Your down payment is 4,500 and closing costs are approximately 6,000 with an up-front MIP rolled in. … (1 comments)

broad solutions lending: Bond market is making me sea-sick - 03/28/08 08:12 AM
If anyone has paid any attention to the Mortgage rates in the last week you will probably agree with me. I have gone from 'hero' to 'zero' in no time. My clients are wanting to gamble too much and not pull the trigger and allow me to lock in a rate. They (rates) are very low at the moment... as in 30 year-fixed in the 5.5 range.... 15 yr near 4.875. ...  I would strongly urge anyone interested in purchasing a home to take the plunge now before you lose your chance.... hind-sight is always 20-20 … (6 comments)

 

James Boone

Frisco, TX

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Broad Solutions Lending

Address: 7600 Stonebrook Pkwy ste. 200, Frisco, TX, 75034

Office: 972(668) 562-6205

Mobile: (469) 742-1153



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