I was fortunate enough to join some fellow ActiveRainers this week and present some information on the recent Conventional loan LLPA changes. Since yesterday, I've continued to see some misinformation circulating around the changes, and thought it would be worthwhile to hold a quick webinar to cover fact VS fiction, and provide detail and insight into what changes are actually happening with conventional loan pricing.
Since the topic has grabbed some headlines in mainstream media, it's likely your current clients or future clients will have questions or … (14 comments)
home buying: FHA Loans Are Getting More Affordable
- 02/22/23 06:13 PM
FHA Loans Are Getting More Affordable For the first time in a long time, HUD has announced that FHA loans are getting more affordable! A long time ago, in a galaxy far, far away (specifically, circa 2009 when housing was in a bubble that was bursting), HUD was losing a ton of money due to housing foreclosures, and to offset these losses and improve their finances, they made the FHA loan program more expensive by increasing MIP costs (the cost of mortgage insurance for FHA loans). Not only did they make it more expensive, but they implemented mortgage insurance that would remain … (6 comments)
home buying: Mortgage Applications Up - What Does It Mean?
- 11/16/22 02:00 PM
Why am I posting today about mortgage applications when data on them is and has been released weekly for as long as I can remember? Because this week signifies the first time application data has been released in a week where we saw a significant drop in interest rates. Mortgage rates haven't seen any substantial drop since 2021 when inflation began to grip the market place, but last week's low inflation reading caused mortgage rates to dip more than half a percent in a single day.
And what happened next? Refinance applications continued to fall. This makes sense, because there's a massive amount … (5 comments)
home buying: Where Did the Buyers Go?
- 06/29/22 12:41 PM
Where Did the Buyers Go? My team is fortunate enough to work with some phenomenal real estate agents. I'd argue we've been privileged to work with some of the very best in the country, and certainly some of the best in given markets. And while most real estate is extremely local, one common phenomenon we're seeing nationwide is the "disappearance" of buyers. Well, buyers haven't "disappeared", but the feasibility of buying has disappeared for many as a result of the current market. Just this week, the Case-Shiller home value index was released for April, pointing to a continuation of immense home appreciation - … (18 comments)
Answer the phone at all hours of the day? Work weekends? Over-communicate, even when the communication is not fun? Yep. Check. Check. And check. Invest in my business to provide what I feel is the best possible loan experience? Done.
When it comes to getting loans, I do a lot. Over the past 15 years I've worked my tail off to create a steady stream of business that I can consistently rely on. Much of that comes from relationships with some wonderful people that share my name (if you're one of them … (25 comments)
The real estate market is getting a lot of negative press at the moment. From some “experts” calling for a housing crash (the same ones who have been calling for a dip for over 5 years now…maybe eventually they’ll be right after another 10%+ jump in home prices this year!), to headlines about bidding wars, absurd “over list” offers with people spending 6 figures over asking price, and other articles about the shortages of inventory we’re experiencing. And yes, it’s a wild world out there in the real estate jungle, but there’s also a lot to be optimistic … (5 comments)
Closing dates. Financing contingencies. Prequal vs Preapproval. These are just a few things sellers are looking at when it comes to reviewing offers on their home. While there are many reason a seller may or may not accept an offer or choose one offer over another, one thing is for certain - any offer that creates FUD (fear, uncertainty, doubt) is going to hurt a potential buyer's chances of getting the home under contract. One way to get over FUD is to be a buyer that has been fully approved by their lender before they even see … (7 comments)
home buying: The 'Local Lender' Myth
- 01/18/22 03:35 PM
The 'Local Lender' Myth Real estate is local! Out of area lenders are terrible! Online lenders are the worst! "______(insert lender/bank name here) stinks!". These statements are thrown around pretty often in the real estate arena, and sadly, the perception is in some cases translated to reality. Before I address these specific statements, a quick story:
Once upon a time, in a galaxy far, far away (specifically, the year 2007, in a small town called Chadds Ford, Pennsylvania) there was a lender who helped a home buyer purchase a new home. Just prior to closing, the final documents were generated, and to the … (14 comments)
home buying: While You Were Shopping
- 01/07/22 01:19 PM
While You Were Shopping We've known, and have shared, for quite some time now that mortgage rates would be heading up. What we didn't know, was that they were going to go up all in one week. Happy 2022! While rate is an important factor when getting a mortgage, it's important to note that rate is only one piece of the puzzle, and it's actually a lot less important than many people think. Markets change, circumstances change, and there's daily volatility to consider. All of these things have an impact on getting the best mortgage for you, and the best mortgage isn't … (14 comments)
Much of what constitutes "news" in today's world, it seems, is in reality click-bait and ad-dollar attention seeking. From world news and politics, to the latest sports controversy being discussed ad nauseam on ESPN, to "health & science", and of course, to real estate. Everyone wants a click. Everyone wants a new advertiser. Honesty be damned. Added value for the reader? An afterthought.
As a reader and consumer in today's world, it's important to distinguish between click-bait, news, and, well, total garbage. Recently in the headlines, I came upon some … (9 comments)
"Affordable" is not the first word that comes to mind for anyone involved on the buying side of today's real estate market. While we realize that real estate is local and every market is somewhat different, the vast majorities of markets in the US today have one thing in common - prices that are going up, up, and more up. DOGE coin isn't the only thing that's been going "to the moon" the past year, as real estate prices have risen nationally in the 10-12% range.
With that in mind, would you believe we're in the midst of … (27 comments)
From a production and lead generation standpoint, the majority of 2021 has been attempting to navigate the housing market to find creative, outside-the-box ways for buyer’s to compete in today’s marketplace. With demand competition far exceeding available housing supply, it’s not uncommon for homes to sell in less than a day with multiple offers, many times with sales going to cash buyers, selling above list prices, with minimal contingencies. Things are tough out there for the average home buyer.
I’ve come up with some creative options and systems … (19 comments)
Note: In the current political climate, it seems anything mentioning "Biden" or "Trump" becomes an "Us VS Them" conversation. This blog is intended to be a non-partisan opinion based on facts, market conditions, and the reality that political leaders put what sounds good to voters ahead of what is in fact sound policy. End rant, read on.
The President of the United States has proposed a tax credit for first time homebuyers up to $15,000. This credit would go to the homebuyer at the time of settlement, with the idea being (from the campaign website) … (43 comments)
What a month. After years of putting together a national footprint, relationships from coast to coast, and refusing to establish a "niche", my gameplan is all coming together. In no other month has it been as evident as this one. We were fortunate enough to close a $1.75M purchase in the hills north of San Francisco (Marin) with a Jumbo loan, and thousands of miles away, we were able to close a $135,000 purchase for first time buyers in Bluff City, TN using our manual underwriting platform with USDA.
Buying your first home is a big deal! There’s a whirlwind of feelings involved from the excitement of getting your house keys to the stress of trying to figure out what exactly is it going to cost. First time home buyers (FTHB) have a lot of questions along the way, and your home buying team should be able to answer each and every one, but reading this list of 10 tips/FAQ answers will put you on the road to home ownership, feeling comfortable and confident.
You've heard it before. If you're going to buy a home one of the very first items on your 'to do' list needs to be obtaining a pre-approval from a lender. Not a pre-qualification (know the difference between a preapproval and prequalification?). Some of the more common reasons on why a pre-approval is necessary involve making sure credit is OK, making sure documentation meets lender guidelines, and giving sellers a warm & fuzzy feeling when you walk into their home. These reasons are important, but what about the "perfect" people? The ones with blindingly shiny credit, … (16 comments)
With the summer season in full swing, this is a question we all need to throw into our scripts when working with a new client. Even when it's not summer, I advise people to always ask "will you be away for any extended period of time during the process?", because many times buyers don't realize they need to be around to help coordinate their home purchase or refinance - many people think they submit documents and then their job is done.
It's our job to educate them, our job to ask the right questions, and our … (19 comments)
Would you? If you were purchasing a new home, would you buy it without having an appraisal completed? I had this conversation with one of my product managers today as I received a PIW (appraisal waiver) on one of my client's purchase applications. To begin with I was shocked, as it's been a long while since I've seen a PIW on anything outside of a HARP refinance loan, but this was a strong buyer buying a home well below what he & his wife could qualify for, and according to Fannie … (44 comments)
Over the years, I've received a lot of compliments on my mortgage business. Thankfully, they've outnumbered the complaints by a lot. Since entering the business in 2006, I've made it a point to constantly improve, evolve, adapt, and continue toward my big picture goals. I've also made it a point to constantly improve the mortgage process for consumers. Thankfully, I work with a company bearing the slogan "Making mortgages easy", and being aligned with an organization that has a mission matching my own makes things a lot easier.
… (20 comments)
home buying: Staging Your Offer
- 08/20/14 03:09 AM
When we hear of "staging" we usually think of a seller prepping a home for sale with the help of a professional. Buyers also need to do some staging for themselves. Putting yourself in the best possible light and setting your offer apart from others is not only important, but in many competitive markets, a must-do to get an offer accepted on a great property. Staging Your Offer
Yes, it can be done. And probably should, in particular if there are multiple offers and you want your offer, like a home, to show its best.
EDIT - I've updated the registration links below - they should now allow you to register
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