Interest Rate Update

Interest Rate Update

Oddly enough, long-term interest rates started the year just slightly higher than they were one year ago. We had a few periods during the course of last year where rates were slightly above 5% for a 30 year fixed. With the recent volatility in the stock market and analysts starting to predict a recession in the next couple of years, interest rates have come down significantly since October, when they last peaked.
We now stand in the mid ...

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7 Strategic Moves as You Prepare to Apply for a Mortgage

7 Strategic Moves as You Prepare to Apply for a Mortgage
  1. Rent Before You Buy – It is always a good idea to get a year or so under your belt as a tenant so you can understand some of the challenges that come with homeownership. Put yourself in the shoes of your landlord. Lenders like to see a track record of making housing payments prior to application and to get you used to making a house payment prior to owning.

  2. Check Your Credit Report & Scores – ...

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Four Reasons to Consider Selling This Winter

Four Reasons to Consider Selling This Winter
  1. Buyers are Still out in Force – There is still very strong demand for housing, which means that you do not have to wait for the spring buying season to get ample interest. We are still seeing multiple offers frequently.

  2. Less Sellers – Since most people believe they should wait and told spring to sell, there is less competition.

  3. It is Still a Perfect Time to Move-Up – With rates moving down slightly over the last ...

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Top 5 Ways to Position Yourself if You Want to Buy a Home in 2019

Top 5 Ways to Position Yourself if You Want to Buy a Home in 2019

• Get a copy of your credit report through www.MyFico.com. This will give us your true mortgage scores without a hard inquiry on your credit. You can also get a free copy of your report through someone like www.freecreditreport.com but it won’t give you the scores we use. There are 48 different FICO scoring models but only one that mortgage lenders use. No surprise, that this model is more conservative than most.

• Through an educational process, we can assist with ...

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11 Ways to Supercharge Your Database

11 Ways to Supercharge Your Database

You have a database that you use but deep down you know that it could be utilized to provide you with more referrals and long-term relationships. Use these tips to jump start your efforts.

Database Tips:

1) Make a commitment to call between two and five past clients / prospects per day to reconnect on a personal level and update their contact information. If you don’t already have it, get the day / ...

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Qualifying for a Mortgage on a Condo

Qualifying for a Mortgage on a Condo

When you apply for a mortgage on a condominium there are a whole host of additional considerations the lender must analyze. I like to think of it as two separate approval processes, the approval of your own personal loan and a secondary approval for the condominium complex itself. They take place at the exact same time but go down to separate paths. Since the approval process for the loan itself is no different than that of ...

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Recasting Your Mortgage

Recasting Your Mortgage

In this market, it is challenging to make a move if you must utilize the equity from the sale of your existing home for the down payment on a new home. Most Sellers will not accept an offer that is contingent on the successful closing of your existing property. But there is simple solution. Assuming you can qualify for both mortgage payments, and you have a 3 – 5% down payment for a conventional loan, you ...

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Child Identity Theft

Child Identity Theft

So, you’re concerned about identity theft for yourself, but have you ever thought about your child being a victim? Last year alone, more than 1 million children under the age of 18 were targets. Unfortunately, 60% of the time, child victims new their perpetrators whether that be a parent or guardian, other family member or a friend of the family. In these cases, it’s almost impossible to stop because they have access to their personal information. ...

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Paying Cash for a Home? Beware of the 90 Day Rule

Paying Cash for a Home? Beware of the 90 Day Rule

With inventory levels low in this competitive housing environment, some people are opting to make cash offers on homes to make their purchase agreement look more attractive to potential sellers. While this may help you get your offer accepted, there is a large pitfall you must understand. The IRS gives you a 90-day window to put a mortgage on a property to gain the benefits associated with this loan being considered “acquisition indebtedness”.

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SO, YOU NEED A MORTGAGE:

SO, YOU NEED A MORTGAGE:

IS YOUR BANK THE BEST PLACE TO GO? – Part 2

Last time, we presented a few things to consider if you are thinking about financing for your new home. Specifically, should you use a local bank or a Mortgage Banker? It may seem like the logical step is to call your bank. They have your banking accounts and since the Bank has your financial information, the process will be easier. Unfortunately, this is rarely the case. ...

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