There was a sell off int he 10 year bond market Friday that resulted in higher mortgage rates. The result is we are seeing the highest mortgage rates in the last 9 months. If you are involved in getting a loan right now it’s a good idea to have your loan officer lock your loan.…
I’ve you’ve been reading my blog for very long you know I like to talk about this at least once a year. My job as a loan officer allows me to have a unique perspective into people’s lives. I can see how much money people make, and how much money they have in the bank.…
If you have been told you can’t get a cash out loan on your home becuase the loan amount it too small, you might want to take another look at it. Before January 1, 2018 mortgage companies would have to turn away people wanting small cash out loans on their home. This was due to…
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 your down payment funds in your checking account or savings account now. You can borrow…
Here is something to consider if you were thinking about refinancing from a 30 year mortgage to a 15 year mortgage… It takes 19 years and 4 months to pay your principle down by half on a 30 year amortization. Recommended action… If you can handle a slightly higher mortgage payment it’s a smart play…
I hope you had great holidays, and a happy new year! I hope 2018 will be a great year for all of us. 2017 was a good year for me. Probably the most significant thing that happened to me was that I got remarried. You can count on me to continue to educate you about…
This is the time of year counties are sending their property tax bills out. There are two issues I see every year with regard to property taxes. …Issues that put people in tough spots. 1) Some people just don’t have the money saved up to pay their property taxes. …They might have had the money,…
Remember, there are two important changes about to happen January 1st. 1) Changes to the Texas Cash Out Loans. …biggest change – if you have a Texas Cash Out loan on your property you can now refinance it back into another type of loan. This was not allowed prior to January 1st. 2) Maximum Conventional…
In spite of the fed increasing their funds rate yesterday the mortgage rate market actually went lower. The inflation news also contributed to the rates going lower. This may seem counter intuitive, but the Feds rate is a short term funds rate. Short term rates can often move in one direction while long term rates…
I hope you are having a good December! I just got back from Aruba with my wife. Everyone we met on that island had a smile on their face and was happy. …they’ve got it figured out in Aruba. If you rent from an individual (no apartment complex or management company) – you must PROVE…