mortgage: What is a 3-2-1 Temporary mortgage rate buydown? - 11/20/22 12:39 PM
DON’T LET TODAY’S INTEREST RATES KEEP YOU FROM BUYING A HOME
We’re expanding our Temporary Mortgage Rate Buydowns to help you receive even bigger savings of up to 3% off your initial rate. Choose from 3-2-1, 2-1, 1-1 and 1-0 buydowns, available immediately!
They’re available for conventional, FHA and VA borrowers who need a lower rate at the start of their loan — or additional money for expenses like furniture or upgrades.
What is a temporary buydown and how does it work? Reader question. “We were talking to a mortgage broker via email and one thing he suggested was a 3-2-1 temporary mortgage rate … (3 comments)

mortgage: Get A Second Opinion on a Mortgage Rate - 10/04/22 06:10 AM
Getting A Second Opinion on a Mortgage RateA second opinion can prove to be very valuable. You should always seek out another opinion after a doctor gives you a shocking diagnosis. This applies to car repairs or air conditioning systems too. Second opinions are common in many industries and situations. Why wouldn’t you apply the same logic to your mortgage as well? While many borrowers will accept the word of a mortgage lender as law, it is always a good idea to get a second opinion on your mortgage. It’s always better to be safe than sorry, as the old saying goes.
Consumer Finance Protection Bureau reports that borrowers … (3 comments)

mortgage: Mortgage Rates Jump to Over 7%! Is It Time To Panic? - 09/29/22 01:40 PM
Mortgage Rates Jump to Over 7%!  Is It Time To Panic?Mortgage Rates have increased to 6.83% for conventional loans for a national average as of September 16th, 2022 but historically that is not too bad.  FHA, VA, and USDA  mortgage rates are near 5.75% nationally.  This is the highest mortgage rates have been since 2002.  But it is not something to panic about.
The federal reserve is likely to take steps to increase the interbank offering rates by another .75 points at the next meeting.  This will have an immediate impact on credit cards, HELOCs, and bank loans. These rates are built into the … (2 comments)

mortgage: Turn home equity into additional savings with a reverse mortgage - 08/01/22 12:23 PM
Forbes: Turn home equity into additional savings with a reverse mortgageThe ‘Mortgage Professor’ offers his thoughts about incorporating home equity into a retirement plan, and why including a reverse mortgage can significantly increase the funds available.
A reverse mortgage, which can be used to convert equity from your home into cash, can help you factor in the growth of your home equity when planning for retirement. In a Forbes column, Jack Guttentag (aka the “Mortgage Prof”) offers a wider range of retirement spending strategies.
“Consumers who have a significant portion of their wealth in their home should aim to supplement their periodic savings by … (2 comments)

mortgage: Forbes: Turn home equity into additional savings with a reverse mortgage - 07/22/22 07:29 AM
Forbes: Turn home equity into additional savings with a reverse mortgageThe ‘Mortgage Professor’ offers his thoughts about incorporating home equity into a retirement plan, and why including a reverse mortgage can significantly increase the funds available.
A reverse mortgage, which can be used to convert equity from your home into cash, can help you factor in the growth of your home equity when planning for retirement. In a Forbes column, Jack Guttentag (aka the “Mortgage Prof”) offers a wider range of retirement spending strategies.
“Consumers who have a significant portion of their wealth in their home should aim to supplement their periodic savings by … (2 comments)

mortgage: How To Buy A Home Before You Sell Your Current Home - 06/10/22 09:02 AM
The Modern Way to Buy A Home Before Selling Your Current HomeThe Richard Woodward Team makes home buying stress-free. Never miss out on a great home because you haven’t sold your current one.The Modern Bridge Loan Program we offer puts you in a much better buying position.  Until now, you had to sell your current home before you could buy a new one. Today, you’ve got a better option. Buy before you sell gives you the power of a cash offer and helps you avoid the uncertainty of the traditional real estate transaction.  The Richard Woodward Team will pre-approve you for the purchase of … (4 comments)

mortgage: Rising Mortgage Rates Force Buyers to make offers - 05/18/22 06:52 AM
Rising Mortgage Rates Force Buyers to make offersYou’ve likely heard that mortgage rates have risen and you are considering buying a home . It’s normal to wonder how mortgage rates will affect your homeownership plans, since they have risen by 2 percentage points.
Buyers are responding in one of two ways today. They’re either buying now to avoid higher rates or waiting for rates to fall. We will look at the context to help you understand why so many buyers are taking action and not waiting for rates to drop.
How the Current Mortgage Interest Rate Compares with Years PastHow today’s mortgage rates compare with historical data could be … (1 comments)

mortgage: How to get your offer accepted as a cash buyer and still finance. - 04/27/22 03:30 PM
How to get your offer accepted as a cash buyer and still finance. Are you a home buyer or Realtor making offers on homes only to be beat out by cash buyers?  I know it is frustrating.  You are a perfectly good buyer with a strong pre-approval for financing. But in today’s market, sellers think cash is better.   In a competitive housing market, cash is king. Buyers who can bring liquid capital to the closing table are 3x more likely to win bids on the homes they want. But what if you don’t have the resources to afford an all-cash offer? No … (3 comments)

mortgage: $600 Appraisal Credit Available for Home Buyers In Texas and Colorado - 02/18/22 05:33 AM
I want to help you buy your Texas, Colorado, Oklahoma, or Kentucky home. Mortgages Made Easy And a $600 Appraisal cost credit.
I’m offering up to $600 credit towards your appraisal for home buyers.  I want to help you become a homeowner. For a limited time only, I will credit you $600 towards your appraisal cost at closing for all loans that originate between now and March 31st 20222.
All you need to do is prequalify with me first, provide me all your requested documentation and an executed purchase contract, and I will close you quickly. You will pay for the appraisal at … (1 comments)

mortgage: Changes In The Mortgage Business for 2022 - 01/13/22 05:13 AM
The Mortgage Business has Changed in 2022The mortgage business is changing in 2022 in a number of different ways. We are going to look at what is coming in 2022 for the mortgage business and the Real Estate business. Forecasting is not easy these days, especially when it comes to economics. For example, many economists who pay close attention to mortgage rates predicted that rates would reach around 3.5% by the end of 2021. In the second week of December, mortgage loan rates fluctuated around 3.1%.  They are rapidly rising and are now closer to 3.375% at the time of this … (1 comments)

mortgage: No Income Verified Mortgages - 12/16/21 07:20 AM
Mortgages for people with hard to prove incomeOur no income verified mortgage is perfect for those individuals that have hard to prove income.  Self-employed people often have a hard time showing income if they have a great accountant.   The accountant’s job is to make sure that you pay as little taxes as possible. The problem with that when it comes to qualifying for a mortgage is that when you don’t show a large enough adjusted income and you may not be able to qualify for the mortgage that you are wanting to buy your next home.
We now offer a no-income verified … (2 comments)

mortgage: No MI With Just 10% Down On Your Next Mortgage - 11/24/21 03:24 PM
No mortgage insurance for you!No MI with just 10% down on your next mortgage is available now for well-qualified homebuyers.  The Richard Woodward Team is here to make mortgages easier – and less expensive.  Get the best program custom-designed for your needs, low rates and cost.
What Is Mortgage Insurance And How Does It Work?Mortgage insurance or MI, reduces the risk for a lender to take out a loan, so you can apply for a loan that you would not otherwise be able to get. Typically, borrowers who make a down payment of less than 20% of the purchase price of the … (1 comments)

mortgage: Lock your mortgage rate at pre-qualification | Why that is important - 11/09/21 07:17 AM
Introducing our Mortgage Rate Lock & Shop Program.Traditionally, home buyers are unable to lock in an interest rate until they have found a home and executed a purchase contract. Most mortgage lenders will not allow you to lock in the interest rate until they receive an executed purchase contract. That’s normally okay in a declining interest rate market but when interest rates are going up, that could cause some problems.
I’m proud to introduce our Lock and Shop mortgage rate program. The lock and shop program allows homebuyers to lock in the interest rate once they have completed a full application and … (1 comments)

mortgage: 8 Things to Know About Selling Your House Before or After Divorce - 08/02/21 02:35 PM
8 Things to Know About Selling Your House Before or After DivorceThere are many things to consider and decisions to make when going through a divorce process. One of them is figuring out what to do about the house. In some cases, one of the partners keeps the house; however, this can become an increasingly difficult situation to manage, especially when there are debts involved. This is why many couples choose to sell the home and split the money obtained. That said, this is a complex process and there are some things you need to know to make it as painless … (0 comments)

mortgage: How to become a Certified Approved homebuyer in Texas - 07/22/21 03:38 PM
Become a Certified Approved Homebuyer! Have you noticed that the housing market is super competitive?  Are you having trouble getting our offer accepted? As you shop for your dream home, there is one thing that can put you at an advantage with the seller. We provide that with the expertise and technics that have proven successful with our many happy home buyers. How do you get them to stop ignoring your offers? Become a Certified Approved Homebuyer!
I know it sounds crazy, but there’s a way to position yourself like you have cash on hand. Believe me, when I say Realtors—they … (1 comments)

mortgage: What you need to know about Texas cash-out mortgages - 06/30/21 08:39 AM
What you need to know about Texas cash-out refinances By utilizing a Texas cash-out refinance homeowners can tap into their home's equity and very low-interest rates. Because Texas has unique home equity cash-out refinance laws, we have frequently asked questions regarding Texas home equity mortgages.
In recent years many Texas homeowners have elected to pay cash for their home purchases. This is due in part to the very competitive nature of the Texas real estate market whereby paying cash could help one secure the home they wanted. Home values have risen greatly and now homeowner’s equity is rising as well. While … (0 comments)

mortgage: What is a bridge loan? - 06/03/21 08:30 AM
Bridge Loans | How to Buy Your Next Home Using a Bridge Loan without selling first.A bridge loan is often used in real estate transactions to provide cash flow during a transitional period, such as while moving from your current residence into your new home. Homeowners can use these short-term loans, which can help quickly put more cash in their pockets, to finance the purchase of a new home or pay off an existing debt obligation.
For many, it's a common misconception that you have to sell your old home to buy a new one. But with the help of a bridge … (2 comments)

mortgage: Are you concerned about rising mortgage rates? - 05/06/21 09:18 AM
It’s a question many people are pondering as they try to decide whether now is the time for them to buy a home. Mortgage rates are still low, but if you wait until rates go up, then it will cost more money.  Basically, for every 1% increase in interest rate, the average buyer will see a $50,000 reduction in the amount of home they can qualify for.  If you couple that with the increase in home values, waiting could really cost you.
According to Redfin, In April 2021, Dallas home prices were up 17.1% compared to last year, selling for a median … (0 comments)

mortgage: Police Officer Appreciation Discount or Dallas Texas and beyond - 11/27/19 11:26 AM
Announcing our Police Officer Appreciation Discount program. Helping Police Officers and those in need aligns closely with our core value of pursuing our passion through purpose, so we are excited to relaunch the Fall Cause for 2019! Please review the details below. 
Program Dates: November 15, 2019 – December 31, 2019. Borrowers must have an application date in LQB by the deadline in order to qualify for the benefits. Program Benefits: Qualified borrowers will receive a $500 lender credit when participating in the 2019 Fall Cause. Eligibility: This program is valid on homes purchased or refinanced by active or retired police … (9 comments)

mortgage: Reverse Mortgage Myths | Part 2 - 06/19/19 12:13 PM
Reverse mortgage myths part two. The truth about reverse mortgages is that most people just don’t understand them. I work with loan officers and Realtors every day, and the vast majority of them have no idea of how a reverse mortgage actually works.
 I am a certified reverse mortgage specialist and I have been doing reverse mortgages for over 10 years. FHA insured reverse mortgages technically called HECM, have been around since the 80s. Originally there were no credit or income qualifications and one could borrow a great deal of their homes appraised value. Because of that, many borrowers would cash out … (0 comments)

 
Richard Woodward NMLS#217454, Service Beyond Expectations! Your Texas Lender (Nexa Mortgage, NMLS #1660690)

Richard Woodward NMLS#217454

Service Beyond Expectations! Your Texas Lender

Plano, TX

More about me…

Nexa Mortgage, NMLS #1660690

Address: 6800 Weiskopf Ave., Suite 200, McKinney, TX - Texas, 75070

Office: (214) 945-1066

Mobile: (972) 814-3587

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