Mortgage Lending in 23 states | Helping Educate Homebuyers | Explaining Loan Programs you can use | Bay Area Sports fan.๐ค๐ NMLS #188395 DRE#02347480
Reminded again today - mortgage rates go up โ much faster than they come down.
So, good time for buyers to ask for ๐ฆ๐ฒ๐น๐น๐ฒ๐ฟ ๐๐ฟ๐ฒ๐ฑ๐ถ๐๐ to cover:
โข Temporary or Permanent Rate-Buydowns
โข Closing Cost credits
One lender I work with is also offering a ๐ณ๐ฟ๐ฒ๐ฒ ๐ญ-๐ฌ ๐๐๐๐ฑ๐ผ๐๐ป on Conventional, FHA & VA loans until June 30th.
* Rate is 1% lower for the first year of the loan.
* Primary & 2nd homes only.
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.
๐
Don't overpay for ๐ฃ๐ฟ๐ถ๐๐ฎ๐๐ฒ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐๐ป๐๐๐ฟ๐ฎ๐ป๐ฐ๐ฒ (๐ฃ๐ ๐).
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.
Best to ๐๐ข๐๐ in your rate today if closing on a new home purchase or refinance in 30 days or less.
The rise in ๐ข๐ถ๐น prices has caused mortgage rates to rise.
Slow and steady - owning a home ๐ 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.
Smaller loan amounts (under $100โ150k) are hard to finance.
Found a DSCR lender with ๐ก๐ข ๐บ๐ถ๐ป๐ถ๐บ๐๐บ ๐น๐ผ๐ฎ๐ป ๐ฎ๐บ๐ผ๐๐ป๐ while researching.
See this issue a lot when investors & flippers try to buy or refinance after renovations.
@failuntiluwin 75% LTV.
I can ask for exceptions if itโs a strong fileโฆgood cash reserves, FICO, experience, location, etc.
Tough to get exceptions on cash outs though.
If being told you need 12 months โ๐๐ฒ๐ฎ๐๐ผ๐ป๐ถ๐ป๐ดโ to do a ๐๐ฎ๐๐ต-๐ข๐๐ ๐ฅ๐ฒ๐ณ๐ถ๐ป๐ฎ๐ป๐ฐ๐ฒ on a rental property...
Try a DSCR loan instead of Conventional if you need the cash now.
Most DSCR programs only require ๐ฒ ๐บ๐ผ๐ป๐๐ต๐ 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.
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.
@failuntiluwin Found a lender that does NOT have a seasoning requirement on cash out refiโs.
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 itโs residential.
@failuntiluwin Correct, thereโs some who will do 3 months as well.
Shouldnโt see higher than 6 months across the board.
Just need to compare pricing & minimum ratio theyโll allow.
@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.
Working on a ๐๐ฆ๐๐ฅ ๐น๐ผ๐ฎ๐ป for a duplex in Cleveland, Ohio โ found a lender with a ๐ฝ๐ฟ๐ถ๐ฐ๐ถ๐ป๐ด ๐๐ฝ๐ฒ๐ฐ๐ถ๐ฎ๐น...
Helping improve cash flow by lowering the rate & cost of points.
When buying a home from family, look into a ๐๐ถ๐ณ๐ ๐ผ๐ณ ๐๐พ๐๐ถ๐๐ loan structure.
It allows the family member/seller to cover your ๐ฑ๐ผ๐๐ป ๐ฝ๐ฎ๐๐บ๐ฒ๐ป๐ + ๐ฐ๐น๐ผ๐๐ถ๐ป๐ด ๐ฐ๐ผ๐๐๐...
Using the equity in their home.
โข VA Homebuyer win today:
๐ฃ๐ฎ๐ถ๐ฑ ๐ผ๐ณ๐ณ ๐ฎ ๐๐ฒ๐๐ฒ๐ฟ๐ฎ๐ป'๐ ๐ฐ๐ฟ๐ฒ๐ฑ๐ถ๐ ๐ฐ๐ฎ๐ฟ๐ฑ using excess funds from the ๐๐ฒ๐น๐น๐ฒ๐ฟ๐ ๐ฐ๐น๐ผ๐๐ถ๐ป๐ด ๐ฐ๐ผ๐๐ ๐ฐ๐ฟ๐ฒ๐ฑ๐ถ๐.
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 happensโotherwise, the bank or escrow officer will reduce the seller credit.
If refinancing now, confirm with your lender ๐ฃ๐ฟ๐ผ๐ฝ๐ฒ๐ฟ๐๐ ๐ง๐ฎ๐ ๐ฒ๐ 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 ๐๐บ๐ฝ๐ผ๐๐ป๐ฑ ๐๐ฐ๐ฐ๐ผ๐๐ป๐.
Ask the lender and title company if theyโll remove the taxes from the Settlement Statement with proof of payment.
Even if the county isnโt reflecting the payment yet.
Tricky time of year as taxes can throw off the cash to close or loan amount.
Shot the ball well in the first half of my game.
Missed some easy mid-range shots and 3โs 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.