alameda mortgage: Why You're in Danger of Closing Delays (and how to avoid them)
- 07/02/19 08:40 AM
Closing delays are one of the many unintended consequences of recent government regulation. Mortgage lenders are required to prepare a "Closing Disclosure" and adhere to the timelines illustrated below. Any last-minute changes to your deal structure could cause delays of up to a week on purchase transactions, and up to two weeks on refinance transactions. Delays can be even longer if your transaction takes place anytime close to a federal holiday.
Here are five things you should consider doing in order to avoid unnecessary delays: Write a longer timeline into your purchase agreement so that you don't … (2 comments)
1 - How do ARMs work? Most ARMs have an initial note rate that is fixed for a period of time... usually 3, 5 or 7 years. See Figure 1 for details.
After the initial fixed period, your mortgage interest rate would change based on adding the then-current index, to the margin. See Figure 2 for details. It's important to pay attention to the "caps" on your loan because these caps indicate how much … (1 comments)
Why Do Appraisals Matter? Mortgage lenders base your loan amount on the LESSER of the appraised value or the purchase price. Here's an example: You sign a contract for a $200,000 home with a $10,000 (5%) down payment. Your loan amount, in this case, would be $190,000 (95% of the purchase price). The appraisal comes back at a value of $190,000 The mortgage lender is no longer willing to lend you $190,000 because that would … (2 comments)
alameda mortgage: Three Ways to Increase Client Referrals
- 11/12/18 05:43 AM
Many clients today have indicated a willingness to refer you business, but very few actually follow through. Here are three potential solutions that we can explore together:
How to Be More Relevant to Your Clients. Many financial advisors don't spend any time on database marketing. Other advisors blast their clients with generic newsletters. What if you could be different? Here's an idea to consider: personally call just one of your clients per day... every day for the next 100 days. During the conversation, discover your clients' current life priorities and give them something of tangible value that … (4 comments)
1 - Cash-Flow & Rate of Return Considerations An ARM typically carries a lower interest rate vs. a fixed rate mortgage. This means that you'll generally pay less interest and have a lower monthly payment vs. a 30-year fixed rate mortgage. While not super significant in most cases, the savings could add up over time and enhance your overall rate of return throughout your holding period.
2 - Time Considerations How long do you plan to keep the property and … (1 comments)
alameda mortgage: 3 Questions to Ask Yourself for a Happier Retirement
- 09/17/18 09:11 AM
#1: What does retirement mean to me? Many people think of retirement as a time in your life where you can work if you want to, but not because you have to. In other words, how would you feel if you could work for fun and/or pursue your passions without worrying about money? This requires financial independence, or having enough money to: Cover your needs and basic wants After taxes After inflation For some period of time (usually you and your beloved's lifetime) The amount of money necessary for financial independence is called "Critical Capital". This is a pile of … (2 comments)
Mortgage Planning is the process of carefully evaluating your mortgage options and choosing the right mortgage strategies. Your mortgage is most often your single largest debt, and your home is most often your single largest financial investment. That's why mortgage planning should not be a do-it-yourself endeavor, but rather a collaborative effort with your Certified Mortgage Planning Specialist (CMPS®). Here's how the mortgage planning process works: STEP #1: OUR INITIAL CONVERSATION WILL FOCUS ON: What does your current housing and cash flow situation look like? What are your new housing and cash flow objectives? What large expenses should … (1 comments)
Closing delays are one of the many unintended consequences of recent government regulation. Mortgage lenders are required to prepare a "Closing Disclosure" and adhere to the timelines illustrated below. Any last-minute changes to your deal structure could cause delays of up to a week on purchase transactions, and up to two weeks on refinance transactions. Delays can be even longer if your transaction takes place anytime close to a federal holiday.
;)
;)
