If You Owe More Than Your Home Is Worth – This Might Be An Option For You…

Brett's Mortgage Blog

Good Morning!

Do you owe more than your home is worth? …If so, I might have a solution for you.

We have a new loan product that will allow for loan to value ratios up to 125%.

This means that we can finance your loan up to 25% over the appraised value of your home.

…”What’s the catch?” …This is probably what you are thinking right?

Well, you just have to qualify for the program.

It’s called DU Refi Plus, and here’s what you need to qualifiy for it…

1) It requires that your current loan must be a Fannie Mae owned loan.

2) You must have a 620 or greater credit score.

3) No loan amounts above 417k.

4) Owner occupied residences only.

5) We need an automated approval on your loan.

If you feel like you are in this situation – please give me a call or shoot me an email and I’ll see if I can help you out!

…Also, be looking for some exciting high value coupons in the new year from us!

Thanks for reading! …and, have a great day!

Brett

Property Tax Bill Solution…

Brett's Mortgage Blog

Good Morning!

Property tax bills are out. …and, if you don’t pay them by the end of January they will be considered late.

Did you realize you can roll in your property taxes to a refinance loan – and this will not be considered getting a cash out loan. …It’s just considered a normal refinance.

The result of being able to keep the loan as a normal refinance is that the rate is lower, and your loan can exceed 80% (in Texas).

Let me know if you’re in this situation and I’ll be happy to get those taxes paid for you.

I hope you and your family have a great and safe holiday break!

Thanks for reading! …and, have a great day!

Brett

Do This To Get A Loan In 2011.

Brett's Mortgage Blog

Good Morning!

If you are wanting to purchase a home in 2011, but you aren’t able to qualify now – here’s what you need to do…

1) Isolate the reason you can’t get a mortgage now. (I can do this for you).

2) Make a plan to solve this problem.

If credit is the reason you can’t get a loan now – you need to know exactly where you are now.

…and, you need to know where you need to be for a loan.

I would like to help you create a plan.

I’ve seen many success stories of borrowers that had a plan to follow and did what ever it took to execute that plan. In a matter of a couple of months to six months they are usually ready for a loan.

…not only that. It gives a person confidence and purpose when you have a clear goal, and a plan to achieve that goal.

So, contact me and I’ll help create a plan for you. …and the best part is that I do this as a free service to you!

Thanks for reading! …and, have a great day!

Brett

You Can Get This Loan With Just 1 Month Of Employment History…

Brett's Mortgage Blog

Good Morning!

I get at least two questions a week about this from Realtors or borrowers…

They have been told that a borrower needs two years of consecutive employment in order to qualify for a loan.

…Poppycock!

For conventional loans all you need is 30 days worth of pay stubs from an employment seasoning standpoint.

It’s true that FHA wants a two year stream of income, but they aren’t the only loan program in town!

If your concerned about this and you want to be pre approved for a loan – just contact me and I’ll take care of it for you.

Thanks for reading! …and, have a great day!

Brett

Here’s A Way To Avoid Paying MI On A Conventional Loan…

Brett's Mortgage Blog

Good Morning!

Did you know it’s possible to avoid paying mortgage insurance on a conventional loan with a loan to value ratio over 80%?

It true!

You can ask for Lender Paid MI. So, if you are dead set against paying mortgage insurance this is an option for you.

The catch is your rate will go up. …The increase in rate is usually around .30% to .50%.

Keep this in mind the next time you are considering a conventional loan.

Also, I got a nice note from a borrower recently that I wanted to pass on to you…

Brett,

Thank you for making this happen. We are so truly happy that our life time goal of being homeowners have come true. You truly make the process easy and comfortable for the two of us.

Cassandra

Thanks for reading! …and, have a great day!

Brett

This Is The Biggest Key To Getting Any Loan…

Brett's Mortgage Blog

Good Morning!

One of the most important things you will have to do when you apply for a loan is to show that you have the money for the down payment.

This is called sourcing in the mortgage industry.

For instance, the down payment on an FHA loan is 3.5%. If the seller is paying your closing costs – you will still have to pay your 3.5% down payment.

You can have this money in your checking account or savings account now. You can borrow it from your retirement account. …You can even get the down payment as a gift.

…but, it’s crucial that we are able to show where it’s coming from.

If you aren’t sure where your down payment is coming from – find out now. …before you apply for a loan.

Thanks for reading! …and, have a great week!

Brett

Don’t Give Cash In This Situation…

Brett's Mortgage Blog

Good Morning!

I sent this email out about 1 year ago – but I’m continuing to run into this situation, so I thought it was a good idea to revisit it here…

When you give someone option money at the onset of a lease option agreement – you are going to have to prove you gave that money when you get a loan to buy that house.

How do you prove it?

If it’s certified funds you need to keep a copy of the certified check.

If it was a personal check – you need to keep a copy of the cancelled check (front and back).

Don’t give cash!

Anything less than this – the underwriter will not give you credit for giving that money.

That’s it for today. …Have a good week!

Brett