mortgages: I Need a Mortgage. What Interest Rate Can I Get?
- 09/10/20 11:30 AM
I Need a Mortgage.
What Interest Rate Can I Get?
Multiple times a day, I hear the question ...
"What are the current interest rates" if I want to buy or refinance a home?
Oh boy ... Sounds like an easy question to ask a lender, doesn't it? But in reality, it's not. And that's a good and bad thing for consumers.
The good part: Mortgages have increasingly become more personal in nature. The interest rate earned and mortgage program utilized are tailored to the individual client and more reliant on the specific borrower asking the question.
The bad part: Consumers can experience a bit of frustration when they don't … (21 comments)
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mortgages: How to Decide: Is Refinancing the Right Decision for You?
- 03/31/20 02:02 PM
How to Decide:
Is Refinancing the Right Decision for You?
Because of ongoing events and the current low-interest rates being seen, many homeowners are contacting me and asking ...
"Would a Refinance of my present mortgage be a smart move?"
My answer to them is typically, "Well, it depends."
It's easy to see why most callers think my response should be a quick and simple yes or no.
Most articles I've run across do tend to portray it in that manner ... as "right or wrong" or in stark black and white terms, with an answer solely based on dollars and cents alone.
And that can be true … (14 comments)
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mortgages: Your Savings & Down Payment Secret Weapon: Your Tax Refund
- 03/20/20 01:08 PM
Your Savings & Down Payment Secret Weapon:Your Tax Refund Socking away money for any reason is no small fete these days ... But when the savings are for the purchase of a home, especially if your first home, the act of saving money can seem even more challenging ... and take on an even higher importance.
The act of obtaining the "golden carrot" of homeownership can become all-consuming and almost a life-altering spiritual journey. As a result, the journey can seem overwhelming at times and become even a bit frustrating for some.
As a Loan Originator, I know I can sound a bit like a … (8 comments)
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mortgages: Arriving Summer of 2020: The New FICO 10 Scoring Model. Here's What to Expect ...
- 03/04/20 11:40 AM
Arriving Summer of 2020: The New FICO 10 Scoring Model
Here's What to Expect ...
Hotter temperatures aren't the only thing that will soon be rolling in. A hot new FICO Scoring model will also make its entrance at some point during the upcoming summer months ...
A new credit scoring model isn't that surprising of a development. Since its inception in 1989, FICO Scoring has evolved and changed many times.
This new and latest version, called "FICO Score 10 and FICO Score 10 T", is to be released to credit bureaus this coming summer or early fall. It will feature some broadened elements to the calculation of credit scores.
The latter … (25 comments)
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mortgages: Refinancing ... is it right for me? How to find out ...
- 02/07/20 10:09 AM
Refinancing ... is it right for me? How to find out ... There are many factors that influence the rise and fall of mortgage interest rates ...
Case in point, right now the fear of a global coronavirus outbreak has the markets in a tither and that anxiety has resulted in lower and fluctuating interest rates. How long will the virus continue to influence the markets? Right now, that is unclear.
As typical, the lower interest rates have many asking questions and inquiring about refinancing ... Homeowners ask:
Can I Refinance? Is it smart to Refinance? What can I accomplish by Refinancing? Years … (9 comments)
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mortgages: The Many "Species" of Student Loans & How They Can Affect Your Home Buying
- 10/18/19 11:58 AM
The Many "Species" of Student Loans
& How They Can Affect Your Home Buying
Did you know that it is now thought that there are almost 18,000 bird species to be found across the world?
A recent study released by the American Museum of Natural History revealed a new accounting ... one that almost doubled the number previously known and detailed by researchers. This new larger number came as a surprise, as scientists have studied birds intently and been "birding" for a long time.
The new study also revealed that long-held beliefs and methods of scientific bird species classification were antiquated or wrong. Scientists now believe there is a "hidden" diversity … (47 comments)
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mortgages: How Financing Options are Affected by the Rise & Fall of Federal Reserve Interest Rates
- 09/26/19 10:41 AM
How Financing Options are Affected by the Rise & Fall of Federal Reserve Interest Rates My phone is ringing off the hook these days ...
The latest move by the Federal Reserve has garnered lots of attention and piqued the interest of many. Many of my callers are wondering: Have mortgage interest rates fallen? If so, how much have they fallen? How might this affect my current mortgage? How does this affect the financing options I have?
Answering those questions is not as easy as it might seem, as each caller (and consumer) possesses their own individual financial standing and credit history. As a result, … (25 comments)
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mortgages: Be Prepared! Act Proactively! Gather & Retain this Documentation & Info for Future Mortgage Application
- 07/22/19 12:19 PM
Be Prepared! Act Proactively!
Gather & Retain this Documentation & Info
for Future Mortgage Application
There is typically one bit of knowledge that the overwhelming majority of home buyers already know when they contact me for a mortgage ...
They know they'll need to provide "a boatload" of information and documentation to get their mortgage ball rolling.
What exactly does "a boatload" entail? Well, they're not sure about that.
And that's certainly understandable. Until you've actually gone through the process of pre-qualifying and applying for a mortgage, there's typically no exposure to or need for that having that kind of information.
But if you're someone that:
… (13 comments)
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mortgages: Don't you think I'm sexy??? If Not, You Should
- 05/16/19 09:46 AM
Don't You Think I'm Sexy???
If Not, You Should
Americans are fascinated with houses. The internet, advertising, magazine racks, and TV viewing schedules revolve around them.
No matter whether it's buying, building, repairing, remodeling, decorating, flipping, investing, improving, beautifying ... whew, it's covered in loving detail. There's a never-ending array and supply of conversation, advice, video, showcases, websites, and instruction surrounding each.
And who can blame people for being so fascinated?
Besides being beautiful, homes or "home" inspire us. They are fodder for dreams.
They provide us protection and security, both literally and in the financial sense. They wrap us in a sense of family … (20 comments)
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mortgages: Want an Advantage When It's Time to Buy? Be Ready With Your Mortgage Pre-Approval
- 04/08/19 12:49 PM
Want an Advantage When It's Time to Buy?
Be Ready With Your Mortgage Pre-Approval
A scenario I'm all too familiar with played out once again over this last weekend ...
A phone call came in from a prospective home buyer. They wanted to get pre-approved for a mortgage. Their realtor had advised them that they needed a Pre-Approval Letter in order to submit an offer on a home they had viewed and fallen in love with.
Time was of the essence, as they hoped to submit their offer to the home's Seller immediately. Interest in the home was high and they were sure there would … (19 comments)
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mortgages: Do You Have Pets? Need Room for Them to Roam?
- 03/25/19 03:18 PM
Do You Have Pets?
Need Room for Them to Roam?
Our son, John, and his family recently added a new member to our family ... Lily. A sweet playful beautiful black puppy.
Lily is now Marilyn's and my "furry grandchild" and is quickly establishing her place in our lives.
As with all our grandchildren, we can't wait to see her ... and it's an absolute "must" that we have a pup treat of some kind for her each and every time we do. I often find pup treat crumbs in my coat pockets these days.
In the pic here, Lily is sleeping on her favorite … (15 comments)
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mortgages: The Language of Mortgage ... What You Need to Know
- 03/08/19 12:43 PM
The Language of Mortgage ...
What You Need to Know
Possessing a knowledge and understanding of the terminology you will use while seeking and securing a mortgage loan is immensely important ...
Being familiar with the words heard and used also makes the process flow more fluidly and easily for both Borrower (and Lender). Because there are so many things to consider, weigh, and decide upon during even the simplest mortgage process ... owning even the most basic grasp of the words heard and used help alleviate confusion and stress for Borrowers, especially first-timers.
To help my clients navigate their mortgage process more easily and confidently, … (14 comments)
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mortgages: When Applying for Your Mortgage, It's "FATE and RATE"
- 02/12/19 12:21 PM
When Applying for Your Mortgage,
It's "FATE and RATE"
Most of the loan applicants I work with come to me already aware of the fact that their credit scores and credit history contribute to and affect the interest rate quote they will receive upon application for a mortgage ...
They also know that credit and credit scores can determine if they can be approved for financing when they buy or refinance a home. But beyond that, what they know of the actual contribution of the two to the "fate and rate" of their loan is typically pretty limited.
That's understandable ... Admittedly, there are many moving parts and asterisks that … (12 comments)
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mortgages: Retirement Funds, 401K, & IRA Accounts: Their Use in Real Estate Purchases
- 01/24/19 11:29 AM
Retirement Funds, 401K, & IRA Accounts:
Their Use in Real Estate Purchases
There are several ways buyers can "fund" their home or investment property purchase beyond those funds they've built up via their savings accounts ...
As a potential home buyer, it's always important to discover and thoroughly investigate all options at your disposal. Finding and working with a good loan officer makes a big difference in this regard.
An experienced knowledgeable LO will do their homework and then present you with a menu of available options. Then they'll help you weigh the pros and cons of each as they pertain to you and your future … (20 comments)
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mortgages: Mortgage Loan Borrowers Top 5 "Hiccups" & Mistakes
- 12/19/18 08:50 AM
Mortgage Loan Borrowers Top 5 "Hiccups" & Mistakes
"Wish Lists" are a hot topic for kids, no matter the time of the year. Do you know any kid that doesn't have a list of things they're wishing for at the handy?
Did you know that Loan Officers often have Wish Lists too? I can tell you that I most definitely do.
What's at the top of my LO Wish List?
A smooth-flowing, successful mortgage process for each and every one of my borrowers.
Sadly though, hiccups and mistakes happen. Both the real estate and mortgage process are conducted by humans, so it only follows that issues arise. And it's also … (19 comments)
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mortgages: This Message is So Important, it Bears Repeating
- 11/15/18 02:17 PM
This Message is So Important, it Bears Repeating Home buying is often spoken of as an uphill, stressful challenge ...
And while it's true that there's much to know and do during the mortgage process ... the following is also true:
Buyers retain much of the control in determining how quickly and fluidly they navigate the process.
You ask, "how?" Education and knowledge. Simply, borrowers that gain a working knowledge of how the mortgage process works and progresses, know what will be expected of them, and stay engaged and utilize that knowledge ... help themselves immensely prior to and throughout their mortgage process. That knowledge is powerful. That knowledge helps … (38 comments)
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mortgages: New Freddie Mac Guidelines Regarding Credit History, Authorized Users and Mortgage Approval
- 10/01/18 02:14 PM
New Freddie Mac Guidelines Regarding Credit History,
Authorized Users and Mortgage Approval
Recently, Freddie Mac updated their underwriting guidelines, via its "Bulletin" from September 19, 2018 ...
One of the key points documented in this Freddie Mac Bulletin related to Credit Reporting and specifically ... "AUTHORIZED User Accounts".
Before proceeding further, it's important to know the definition and role of an Authorized User, as per the 3 major Credit Bureaus.
An "Authorized User" (as defined by Equifax) is:
In a nutshell, being an authorized credit card user means someone has authorized you to use their credit card account. If you’re added to a credit card account as an authorized user, … (24 comments)
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mortgages: Reduced Costs Seen for Private Mortgage Insurance
- 08/14/18 01:43 PM
Reduced Costs Seen for Private Mortgage Insurance
In a period of rising mortgage interest rates, some good news has recently arrived from the Private Mortgage Insurance (PMI) industry ...
Most of the predominant PMI companies have reduced rates charged to borrowers that finance a home and have less than 20% to place as a down payment.
As the entire mortgage/lending industry seems to be adopting a "specific risk-based pricing", mortgage insurance companies are taking that approach as well. In addition to "reduced rates/lower premiums", mortgage insurance companies have tracked and now built-in adjustments for specific variables on a case-by-case basis.
Statistics show that two-borrower loans perform better than one. As … (20 comments)
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mortgages: With Golf and Mortgages: It's Important to Know the Rules
- 04/28/17 09:53 AM
With Golf and Mortgages: It's Important to Know the Rules
There are a LOT of rules in golf ...
That fact has drawn increasing attention as of late. But truth is, golf rules have always provided controversy and remained in the forefront of gold tournaments over the years. Just ask these pros:
LPGA star Lexi Thompson, PGA players Craig Stadler and Paul Azinger, golf mega-star Tiger Woods, and more. Not knowing ... or being unaware of a rule ... cost them strokes during important golf rounds and ultimately a win (and money) on the tour. Strong parallels between the importance of the rules in golf and mortgage lending can be made. Be unaware … (28 comments)
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mortgages: Rent VS Buy: Which is RIGHT for You?
- 04/20/17 09:58 AM
Rent VS Buy:
Which is RIGHT for You?
Rent VS Buy ... which is better?
Seems everyone has an opinion on this debate. Pro and Con. But truth is, no one but the person(s) considering this question has the "right" answer. Or at least what's the "right" answer for them.
It's also true: Facts, emotion, and gut feeling weigh into the making of the decision reached. Or not so final ... as timing factors into this decision-making too. The "right" answer can often be just a temporary one.
So, with all the factors mentioned above playing into the decision-making process, just where and how do you start?
The right answer to that question is: … (18 comments)
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