Less Debt + Low Interest Rates = More Buying Power:                                                    A Winning Equation                                                                           In marketplaces where high demand for home buying is coupled with a short supply of homes for sale ... additional factors are pushing prices higher ...   The short supply of homes now available for sale in many of the areas across the U.S. weighs heavily in the equation.  The National Association of Realtors recently reported that, in September, the total housing inventory in the U.S. hit a new record low.   There was just a 2.7 month supply of homes available for purchase during the month of September.  That rate sunk even lower in October, falling to... 12/04/2020

11/26/2020

  The VA's IRRL Refinance Loan is Simple, Easy, & Beneficial for Veterans  It sounds like an obvious.  Elementary too ...   A loan program's primary mission should be:  Make life better and easier for the consumer(s) utilizing it. If that's the goal, then the VA (Veteran's Administration) has nailed it with their Interest Rate Reduction Loan.  This loan is better known by the acronym of "VA IRRL".  What does the VA IRRL loan do? This loan serves U.S. Veterans already holding an existing VA Loan by refinancing their present loan into a new lower interest rate loan.   This is accomplished all while requiring limited documentation from veteran borrowers.  Because of the VA IRRL loan, I'd say the VA can proudly declare "Mission Accomplished"! If verification proves that a veteran's current ... 11/24/2020

 Don Quixote, Mortgages and Going With the Flow Do you remember the story of Don Quixote?  Or the Broadway play and musical, "Man of  La Mancha"?   If so, you probably remember it includes a windmill, a donkey, and some pretty great music.  But a brief synopsis I found condenses this classic's storyline to ...  "Don Quixote teaches us that life is to be challenged.  That Don Quixote does not accept current reality".Our world has been blessed and well-served by many that have chosen NOT to give in or give up.  Consider these people as prime examples:  Franklin Delano Roosevelt:  He was struck with paralysis when he was 39 years old.   Michael Jordan:  He was cut from his high school basketball team. Henry Ford:  Ford's first attempt at running a car-making company went belly-up.  So did ... 11/16/2020

 Borrower Expectations: Homeowners Insurance When Purchasing & Financing a Home  There are a lot of moving parts to know about and consider when purchasing a home and applying for a mortgage.  There's the mortgage application itself, the requests for information and documentation, the processing and underwriting, seeking the loan approval, and finally closing. No doubt, it's a lot for buyers to digest at once.  So it should come as no surprise that borrowers have a boatload of questions to ask along the way. One of the questions I hear most commonly surrounds the topic of mortgage closing costs ... most specifically those pertaining to Homeowners Insurance.   Many of my borrowers ask ...  "Why must I pay a full year of a Homeowner policy at the time of Closing?"   The topic of Homeowner... 11/05/2020

  Mortgage Rates are Currently "Prime Day",  "Cyber Monday", and "Black Friday" Rolled Together  Serious shoppers make plans when looking for hot deals, especially around the holidays ...   Consider all that is done in their pursuit of the perfect gift and monetary savings: Conduct and save searches Earmark pages Cut-out ads Compare pricing Make bids Save rewards Utilize money-saving reward sites Use every coupon (online and paper ad) available  Some shoppers love the thrill of the hunt so much that they choose to physically stand in line at stores at the break of dawn or midnight.  They make holiday shopping an occasion and event to celebrate with family and friends. Right now, a similar scenario is playing out daily in the lending and real estate industries ...   Current low interest ... 10/28/2020

 Contract Provisions, Housing Supply, Mortgage Volume: Learning Juggling 101  Are you actively pursuing homeownership and out looking at homes with a realtor? If so, I'm sure your realtor has broached many topics with you already. There's a lot to know and stay informed of when buying and financing a home.  It can feel like your juggling lots of things at once. One facet of the home buying process that's of real importance is the home inspection (which occurs AFTER the contract is agreed upon).  Your realtor has probably recommended that you include an inspection in any real estate contract you're considering.   That's wise, as a home inspection serves as a form of protection for you.   A home inspection includes a thorough assessment of the home's current condition.  The home inspector... 10/19/2020

 The Year 2020 - Changes Affect Mortgages The year 2020 has been like no other ... In many ways, because of all the challenges and upheaval, time has felt like it was moving at a snail-like pace.  Frustratingly slow and perhaps at times, seemingly standing still.   Yet, here we.  It's September and Fall 2020 has officially begun. All that has already taken place in the year thus far brings to mind the old saying,  "that one thing you can always count on is change"  The year 2020 has certainly delivered in that respect in many ways.  The real estate and mortgage industries are a real reflection of that, as both have been affected and experienced a large number of changes.  And if the rumors prove true, even more changes are on tap for the remaining part of the year.  For those consumers ... 09/26/2020

 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 receive an immediate and simple answer.  In fact, NOT receiving a quick answer is actually a good sign for the consumer.  It means the lender they are working with is ... 09/12/2020

 Mortgage Application During COVID-19:The Need for Information and Documentation is Amplified   The weekend is often our family's opportunity to tackle errands.  That was true again this weekend.My wife had to stop at a store to pick up just one item.  The task was supposed to be a short one, so I opted to wait it out in the car.  I found a bit of shade, parked the car, and rolled down the window.The car parked next to mine also had their windows rolled down.  There was a man and woman inside.  The woman was on her cell conversing with someone fairly loudly. At first, her conversation was just background noise for me.  But then she mentioned the word "mortgage".  As you would suspect, that word caught my attention and caused my mortgage lender ears to perk up.  Evidently, this couple wa... 08/10/2020

 My Partner Has Poor Credit ... Is It Still Possible to Get a Mortgage? The topic of credit is an important one when it comes time to prepare and apply for a mortgage.  Questions surrounding every facet of credit arise during my initial conversations with prospective borrowers. The following is just a small sample of the credit topics, info, details, and questions that I often cover with mortgage hopefuls: The best ways to establish credit, if no credit scores or history has been established The best ways to build additional credit, credit history, credit scores (how scores affect interest rates/underwriting/loan approval, etc), if minimal credit has been established and is reporting How to improve credit Credit Scores and how they affect the availability of mortgage program options Cre... 08/07/2020

  Self-Employed? What You Need to Know if Financing a Home As of June 11, 2020, changes in the processing of SELF-EMPLOYED borrowers have been implemented by Fannie Mae and Freddie Mac ...Why?The financial impact meted out by the COVID-19 pandemic.  Uncertainty has befallen many businesses and resulted in a disruption of normal underwriting and lending procedures. Many business owners have been/are/will be affected by "fallout" from the COVID-19 virus.  Social distancing, self-isolation(s), and stay-at-home orders have all been put into place as a result of the dangers of the pandemic.  The Mortgage Industry is one of those that have been affected by the pandemic.  Newly-announced changes have gone into effect as a result of current events.  Some of those changes that have taken place i... 06/17/2020

 Navigating a COVID-19-Era Mortgage Transaction Successfully A few weeks back, I wrote an article regarding the need for homebuyers to adopt the right mindset and being ready to "go to work" when approaching, preparing, and entering the home buying process ...   Over the last few weeks that advice has become even more important and relevant.  The COVID-19 virus and resulting pandemic produced even more challenges for potential home buyers and those now actively seeking homes. Even with responses coming from Government Officials, financial experts, the U.S. Treasury Department, as well as the Private Financial Sector ... the result of more  regulations, more guidelines, more economic stimulus, more financial/credit relief for mortgage-holders (homeowners), have created a time of uncertai... 06/10/2020

 Summertime is Finally Here! Do You Have an Emergency Disaster Kit for Your Pet?  Summertime ... It elicits memories and thoughts of great backyard barbeques and family and friends enjoying warm nights on decks and patios.  You can almost feel the mist and cool water of lawn sprinklers and swimming pools.  Taste the icy-cold drinks. Summertime is "fun in the hot sun" and "making great memories while wearing flip-flops" ...But summertime can also be the season of natural disasters ...   Tornadoes, flooding, hurricanes, wildfires ... they most commonly rear their ugly heads during hotter summer months.Over the last few months, because of the COVID-19 Crisis, the need for emergency planning has become apparent to Americans.  The crisis has highlighted the urgent need for emergency planning... 06/01/2020

  Protect Your Financial Health & Credit During COVID-19 ... Take These Steps Now  Your physical health and mental well-being must always be an important focus.  The grave challenges posed by the current COVID-19 crisis, make that even more true ...But it's not only your physical and mental health that should remain of concern.  Your financial health is important as well.COVID-19 has delivered some severe financial health challenges to many Americans' doorsteps.  Those include loss of employment, job furloughs, layoffs, diminished wages (and more) that have taken a real toll.No amount of handwashing or wearing of masks protects your financial health.  That has to be accomplished in other ways.  So what steps can you take to protect yourself or get back on the road to good health when it... 05/27/2020

 Appraisal Waivers: What are They? Who's Eligible? Many changes surrounding residential appraisals have occurred recently.  Some have come as a response to the challenges presented by Covid-19.  Others were put into place prior to our facing current viral challenges.  In this article, I address only those changes made to appraisal requirements and options for Conforming Conventional Loans.  The following are what "Appraisal Options" can mean in those specific cases.   First, it should be pointed out before proceeding: No two loans (or borrower(s) are the same, so no blanket-statement can be made or cover every situation or appraisal requirements required in every transaction. Each scenario must be considered singularly and upon its own merit. So to simplify things a bit, moving forward ... 05/14/2020

 Mortgage Forbearance: The Who, What, When, Where & How  No one knowingly buys a home envisioning that financial hardships lie ahead ... Yet hardships and challenges come even when planning and preparations have been made.   Those are the circumstances that many American homeowners now find themselves in.  The COVID-19 virus has delivered them to their home's door.If you are one of those Americans that have been negatively impacted financially, either via loss of employment/work hours, income loss, other financial stresses, or health considerations due to COVID-19 ... you are definitely looking for a dose of good news.  And thankfully, there is some to share. A large percentage of U.S. homeowners ... about 70% ... hold mortgages that are federally backed (Government-Sponsored Enterprise... 05/06/2020

 This is the Perfect Year to Start YourContainer Vegetable & Fruit Garden This Spring of 2020 seems like the perfect time to plan and start a vegetable or fruit garden ... Providing yourself a ready-source of fresh vegetables and fruits meets the challenges currently found upon entering grocery stores (often poorly stocked) and dwindling local farmer's markets.  There's simply no comparison between the taste of fresh veggies and fruits and those that are days (or longer) old.  There are health benefits to be found when eating your own homegrown vegetables too.  The vitamin content of freshly-picked organic vegetables is higher than most store counterparts.  And they are typically void of chemicals and sprays used by larger farms and growers.It's friendly on your pocketbook too.  Fresh f... 04/23/2020

  Adopt a Winning Mindset If Preparing for Mortgage Financing  Springtime means just one thing to countless millions of people like myself ... The Masters Golf Tournament ... The delay of this year's 2020 tournament left golf fans with a void to fill until fall.   But thankfully, last year's Master's final round was recently replayed to help fans relieve some of the "pain" we are feeling until that time. CBS announcer, Jim Nantz held a running interview with the winner of last year's tournament, Tiger Woods, throughout the replay airing.  The additional insights he provided throughout the airing were extremely interesting and it made the golf tournament even more fun to watch. One comment in particular made by Tiger Woods during this show stood out to me.  He spoke of the preparation, b... 04/17/2020

  How to Declutter & Donate in the Age of COVID-19   Millions of Americans have been ordered to stay at home during the COVID-19 crisis.  Many have taken advantage of some of their time while at home to clean, declutter, and organize their homes.   The process of doing so obviously minimizes the clutter that has accumulated within the home.  But the exercise of decluttering and organizing produces benefits that go way beyond those solely revolving around the removal of physical clutter itself.                                                                                                                                                                           It's been discovered by doctors and psychologists, that decluttering and organizing are beneficial in a myriad of ways ... physi... 04/14/2020