Ian Wright 🏠

Mortgage Lending in 23 states | Helping Educate Homebuyers | Explaining Loan Programs you can use | Bay Area Sports fan.🤝🏠 NMLS #188395 DRE#02347480

[Ian Wright 🏠 @eazy253]

Reminded again today - mortgage rates go up ↑ much faster than they come down.

So, good time for buyers to ask for 𝗦𝗲𝗹𝗹𝗲𝗿 𝗖𝗿𝗲𝗱𝗶𝘁𝘀 to cover:

• Temporary or Permanent Rate-Buydowns
• Closing Cost credits

One lender I work with is also offering a 𝗳𝗿𝗲𝗲 𝟭-𝟬 𝗕𝘂𝘆𝗱𝗼𝘄𝗻 on Conventional, FHA & VA loans until June 30th.
* Rate is 1% lower for the first year of the loan.
* Primary & 2nd homes only.

[Ian Wright 🏠 @eazy253]

Looking to save money on a new home purchase? One of lenders I work with is offering a $600 credit toward your Appraisal.

You still pay for the Appraisal report upfront, but it will show up as Lender Credit on the final Closing Disclosure (CD).

Can be used on Conventional, FHA, VA, and USDA loans.

Incentive ends April 30th.
🏠

[Ian Wright 🏠 @eazy253]

Don't overpay for 𝗣𝗿𝗶𝘃𝗮𝘁𝗲 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 (𝗣𝗠𝗜).

Couple lenders I work with offer discounted PMI, lowering your monthly payment.

No reason to delay buying a home due to PMI, or if you don't have 20% down.

PMI is cheaper these days.

[Ian Wright 🏠 @eazy253]

Best to 𝗟𝗢𝗖𝗞 in your rate today if closing on a new home purchase or refinance in 30 days or less.

The rise in 𝗢𝗶𝗹 prices has caused mortgage rates to rise.

[Ian Wright 🏠 @eazy253]

Slow and steady - owning a home 🏠 has proven to be foundational for wealth building.

The principal paydown with each payment and rising home values over time are building your foundation.

Just buy right, make sure the numbers work for you, have cash reserves, and keep a long-term outlook.

Welcome the good and the bad: tax benefits, control, freedom, stability, family memories, and retirement security - but also the ongoing maintenance, repairs, and insurance costs.

Not easy, but worth it.

[Ian Wright 🏠 @eazy253]

@failuntiluwin 6 months for Cash-Out Refi.

Also, for Flips seller must be on title for min 90 days.

[Ian Wright 🏠 @eazy253]

Smaller loan amounts (under $100–150k) are hard to finance.

Found a DSCR lender with 𝗡𝗢 𝗺𝗶𝗻𝗶𝗺𝘂𝗺 𝗹𝗼𝗮𝗻 𝗮𝗺𝗼𝘂𝗻𝘁 while researching.

See this issue a lot when investors & flippers try to buy or refinance after renovations.

[Ian Wright 🏠 @eazy253]

@failuntiluwin 75% LTV.

I can ask for exceptions if it’s a strong file…good cash reserves, FICO, experience, location, etc.

Tough to get exceptions on cash outs though.

[Ian Wright 🏠 @eazy253]

If being told you need 12 months “𝘀𝗲𝗮𝘀𝗼𝗻𝗶𝗻𝗴” to do a 𝗖𝗮𝘀𝗵-𝗢𝘂𝘁 𝗥𝗲𝗳𝗶𝗻𝗮𝗻𝗰𝗲 on a rental property...

Try a DSCR loan instead of Conventional if you need the cash now.

Most DSCR programs only require 𝟲 𝗺𝗼𝗻𝘁𝗵𝘀 seasoning on cash out and allow you to use current market value for the Appraisal after only 6 months.

Common scenario for investors after they finish renovations.

[Ian Wright 🏠 @eazy253]

Good day to LOCK your rate if under contract on a house or refinancing.

Nice improvement today, but these windows are often short-lived, so preparation is key.

[Ian Wright 🏠 @eazy253]

@failuntiluwin Found a lender that does NOT have a seasoning requirement on cash out refi’s.

But only if majority of buyers down payment came from their own funds on the original purchase.

Must have skin in the game.

No min DSCR ratio to meet either if it’s residential.

[Ian Wright 🏠 @eazy253]

@failuntiluwin That’s what I’m seeing so far too.

They’ll for sure protect themselves on the LTV for the 0-3 months seasoning options.

[Ian Wright 🏠 @eazy253]

@failuntiluwin Correct, there’s some who will do 3 months as well.

Shouldn’t see higher than 6 months across the board.

Just need to compare pricing & minimum ratio they’ll allow.

[Ian Wright 🏠 @eazy253]

@SSN_FresnoState Tough shot.
Kept his balance well there.

[Ian Wright 🏠 @eazy253]

@andyantiles_ Depends what the house is worth / LTV %, age, and timeline.

Otherwise, buy existing Promissory Notes or lend Hard Money for higher return than 5.7%.

Index Funds for a portion if you wanted more diversification.

[Ian Wright 🏠 @eazy253]

Working on a 𝗗𝗦𝗖𝗥 𝗹𝗼𝗮𝗻 for a duplex in Cleveland, Ohio — found a lender with a 𝗽𝗿𝗶𝗰𝗶𝗻𝗴 𝘀𝗽𝗲𝗰𝗶𝗮𝗹...

Helping improve cash flow by lowering the rate & cost of points.

[Ian Wright 🏠 @eazy253]

When buying a home from family, look into a 𝗚𝗶𝗳𝘁 𝗼𝗳 𝗘𝗾𝘂𝗶𝘁𝘆 loan structure.

It allows the family member/seller to cover your 𝗱𝗼𝘄𝗻 𝗽𝗮𝘆𝗺𝗲𝗻𝘁 + 𝗰𝗹𝗼𝘀𝗶𝗻𝗴 𝗰𝗼𝘀𝘁𝘀...

Using the equity in their home.

[Ian Wright 🏠 @eazy253]

@SohomScales Thank you. Appreciate it.

[Ian Wright 🏠 @eazy253]

• VA Homebuyer win today:

𝗣𝗮𝗶𝗱 𝗼𝗳𝗳 𝗮 𝘃𝗲𝘁𝗲𝗿𝗮𝗻'𝘀 𝗰𝗿𝗲𝗱𝗶𝘁 𝗰𝗮𝗿𝗱 using excess funds from the 𝘀𝗲𝗹𝗹𝗲𝗿𝘀 𝗰𝗹𝗼𝘀𝗶𝗻𝗴 𝗰𝗼𝘀𝘁 𝗰𝗿𝗲𝗱𝗶𝘁.

There weren't enough FEES to use the full $14k credit, so we added his $2k credit card balance to the Settlement Statement.

Important to get creative when this happens—otherwise, the bank or escrow officer will reduce the seller credit.

[Ian Wright 🏠 @eazy253]

If refinancing now, confirm with your lender 𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗧𝗮𝘅𝗲𝘀 aren't being collected twice.

Taxes are due in December-January in many counties.

Challenge: county websites are slow to post the tax payment made from you or your 𝗜𝗺𝗽𝗼𝘂𝗻𝗱 𝗔𝗰𝗰𝗼𝘂𝗻𝘁.

Ask the lender and title company if they’ll remove the taxes from the Settlement Statement with proof of payment.
Even if the county isn’t reflecting the payment yet.

Tricky time of year as taxes can throw off the cash to close or loan amount.

[Ian Wright 🏠 @eazy253]

Shot the ball well in the first half of my game.

Missed some easy mid-range shots and 3’s in 2nd half.

We lost, but was fun to get up & down.
Only had 5, so we ran out of gas.

Also, found a new HELOC Renovation loan program for a client while lifting afterwards, lol.

Excited to have a reputable lender finally for homeowners wanting to build an ADU.