Good Morning, I have had some people ask me if the current crisis that faces our country has affected my business. The answer is “yes” so far. I lost a loan the other day because the buyer backed out. He was concerned about his job. I also lost a couple of Alt Doc loans last…
Good Morning! If you are looking for a home in the outter suburbs or in a rural area make sure your realtor knows about this great USDA 100% financing program. -Up to 100% of the Appraised Value – Total LTV of 102% – -No Down Payment Required -No Cash Reserve Requirement. No cash contribution requirement…
Good Morning! FYI – If you have a loan in process right now appraisals are taking longer due to delays from the Corona Virus. Keep this in mind, and discuss timelines with your loan officer. Fannie Mae is considering the use of Exterior Only Appraisals in situations where going inside the house is impossible for…
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…