Good Morning! There is a little known rule Fannie Mae has regarding self employment income. I see it being enforced more and more, and if you are self employed you should be aware of it. It’s regarding the borrower’s proportionate share of income or loss. Here is the actual guideline… “The Borrowers proportionate share of…
Good Morning! You may not be aware of it, but last week rates increased. This comes from a surprise announcement from conventional mortgage regulators (Fannie and Freddie or, collectively, the “GSEs”) that they will collect a new fee on all refinances. Any loan that’s not already very close to the closing table will be affected.…
Good Morning! There are a few reasons people refinance their homes… – Get cash out. – Lower rate, or lower the number of years remaining on their mortgage. – Debt consolidation. I want to talk about this last one for a moment. When rates are as low as they are now it can make a…
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! We have many people apply for mortgages that have recently changed jobs. Here are a few things to keep in mind if you or someone you know is about to change jobs and apply for a mortgage… 1) If you are getting transferred from one location to another, but with the same company…
Good Morning! Here’s an easy way to put down only 3%, pay no up front Mortgage Insurance, and get a very competitive rate… It’s a conventional 3% down loan product for first time home buyers. Here are some of the important features of this product… 1) Owner-occupied primary residence only, for first time home buyers.…
Good Morning! Wanted to let you know we updated the Mortgage Calculator on our web site. If you have ever wondered how much extra you would need to pay each month to knock a year, five years, ten years, etc. off your loan – you should check it out. You can calculate it quickly. Sometimes…
Good Morning! Just a note on rates. …they are low! …very low! If you haven’t considered refinancing – you should, because rates in the 2’s are possible. If you would like us to take a look for you, and get you some numbers please contact us. We would love to help you out! That’s it…
Good Morning! I wanted to show you how we’ve been refinancing Jumbo loans lately. If you have a Jumbo you know the rates are aweful still. So, how do you take advantage of the low convnetional rates, and refinance your loan? I’ll show you how: Check out this short video I just did for you… …
Good Morning! Mortgage tip: If you are about to get into the loan process to buy or refinance a house – don’t go out and buy things on credit. It sounds simple, and you would think most people would know this without being told. I have a loan right now where a borrower got…