Good Morning! I want to attempt to clear up a common misconception… You can’t get that new 0% mortgage rate you heard about. I’m afraid you won’t be able to find that in the mortgage market. That’s the Fed Funds Rate. It applies to overnight loans between the biggest financial institutions in the US. …
Good Morning! I have people ask me about no-cost refinances. I wanted to take a minute and tell you exactly how a no-cost refinance works. There are two pools of funds you have to address when you refinance… 1) Closing costs. 2) Pre paids. (taxes, interest, and insurance) A no-cost refinance will cover your closing…
Good Morning! If you are getting a divorce, and you have to pay your spouse their share of the equity of your home don’t use a traditional Texas Home Equity loan to do it. Use an Owelty loan to get the cash out of your home instead. The advantage of using an Owelty Loan over…
Good Morning! A good credit strategy is important. Knowing simple things to implement to improve your credit scores is half the battle. Here are a few easy ways to improve your credit scores… 1) Did you know a single credit card late payment can ding your score by as much as 60 points? …
Good Morning! The stock market looks like it may be down again today due to the Corona virus scare. That’s not good if you have money in the stock market. …However, there is a side benefit when he stock market behaves in such an erratic manner. Money flows out of the stock market and…
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. You can have this money in your checking account or savings account now. You can borrow…
Good Morning! People forget there is a great 100% financing mortgage program other than VA. …it’s USDA. There are two main restrictions on the USDA program. 1) Geographic. This program is designed for outer suburbs or rural areas. Here is a link to a map so you can see if the area you are interested…
Good Morning! Normally when the stock market is going strong (like it is now) money flows out of he bond market into the stock market, and as a consequence mortgage rates tend to rise. However, the mortgage rates have been holding low in spite of this stock market rise. Some are saying its because of…
Good Morning! Did you know that with Fannie Mae’s Multiple Property program you can finance up to 10 properties? The eligible property types are: • 1 to 2-unit properties• Fannie Mae/Freddie Mac-warrantable condominiums• Planned Unit Developments (PUD)• Manufactured homes (double-wide only) Max loan to value ratio for Second homes is 90%. Max loan to value…
Good Morning! In some markets I see sellers are willing to pay at least some of your closing costs. Here is a breakdown of the maximum seller help amounts by loan program… Program: Conventional (fannie/freddie), owner occupied… 1) 25% or more down payment = 9% allowed seller contribution. 2) Less than 25% down and up…