May 15th, 2017

Dual Market Strategy – How to Get more Listings

Posted by at 5:41 pm

An amazing opportunity exist to help those who want to move up to their dream home, and helps provide the market with more listings. The analysis below is an example of what can be customized for your client’s exact scenario to show the power of the dual market strategy, as well as the cost of waiting for a later date: Dual Market Strategy:  This graph shows the pent up demand for sellers since 1985. In a normal market, home owners typically sell their homes every 6 years, but since the great recession, it’s up to 9 to 10 years. That means there are a bunch of homeowners anxious to sell. Listen to this dual market strategy, and reach out to your clients who you know have been wanting to move up to their dream home. Then, contact me with any...
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May 4th, 2017

Can’t Qualify for a Home Mortgage because you’re Self-Employed?

Posted by at 1:21 pm

We all know the challenges that self-employed individuals have when it comes time to qualify for a home loan. Being self-employed, you have the opportunity to write off as many expenses as you can, which helps you show a lower net income and pay less federal income taxes. Unfortunately, that works against you when it comes time to qualify for a home loan. That net income figure is the same number we use as your income for qualifying. Note that there are some adjustments to that net income figure for depreciation, meals and mileage which can make the final figure a bit different than what’s showing on your taxes. The message here is we don’t use your sales as your qualifying income – just your net income. Here’s a scenario that happened just the other day. A self-employed gentleman came...
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April 26th, 2017

Top 5 Reasons People Fear Running their Credit Report

Posted by at 9:33 am

This article highlights the top 5 reasons people fear running their credit report. As a mortgage provider, we must run a credit report in order to have an accurate picture of how you might qualify for a home loan. Every now and then, I run into someone who is concerned about having their credit run. They want me to give them an idea of how they might qualify, but they don’t want me to pull their credit report. However, without it, anything we say is purely conjecture. It’s just like going to see your doctor for an illness. She will want to have have a thorough evaluation (blood pressure, pulse, lab work) in order to provide an accurate analysis. Without that information, it’s malpractice. The concerns that I see most people have about having their credit report ran can be...
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April 14th, 2017

Homeownership: A savings lifeline

Posted by at 12:30 pm

With home prices rising to all-time highs, many potential buyers may imagine drowning in a sea of monthly payments stretching across many years. Naysayers bob to the surface with harrowing tales of home-buying gone wrong. If the down payment doesn’t get you – well the property taxes, maintenance and insurance surely will! These so-called “savvy” investors say renters who dutifully put all money not spent on housing into stable investments – like mutual funds – may get a greater rate of return. Criticism of homeownership as an instrument of wealth-building has understandably become louder in the last decade, after a Housing Bust that put more than 10 million homeowners upside-down, and 4 million more into foreclosure. Though most underwater homeowners have swum back into positive equity, and many of those foreclosures are mortgage-eligible again, the math geeks remain in a...
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March 15th, 2017

What does FHA look for with an Appraisal?

Posted by at 9:32 am

One question I get asked very often is “What does FHA look for on an appraisal?” Another way of asking it is, “Will the condition of this house meet FHA guidelines?” When an FHA loan is being used, the appraiser has two objectives. The Department of Housing and Urban Development (HUD) requires the appraiser to determine the current market value, as with any appraisal. But they also require a property inspection to make sure the home meets HUD’s minimum standards for health and safety. Note that the appraiser does not replace your home inspection. The appraiser has a duty to report to your lender the comparable value of the home your buying as well as the overall condition of the home. Only a home inspector will do a thorough analysis of the condition of every aspect of your home. HUD...
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March 9th, 2017

Buying Young

Posted by at 12:12 pm

  Buyers under the age of 35 are leading the way as consumer confidence in the housing market rises near all-time highs heading into the spring of 2017. In its February installment of the National Housing Survey, Fannie Mae saw surging Millennial confidence in the housing market, even with mortgage rates seemingly poised to rise, and home prices at near-record levels. Along with more job security and increasing income, Millennial home buyers are increasingly married with children – all three legs of the home demand stool. Nearly half (49 percent) of Millennial buyers reported at least one child – up from 45 percent last year and 43 percent two years ago. As with every aspect of the marketplace, young buyers with children are the key to shaping the future of real estate. With more kids in tow, more of these...
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March 1st, 2017

Housing Affordability in a Market of Increasing Home Prices

Posted by at 4:57 pm

Are you concerned about home prices getting too high? Are you worried that we might be headed for another housing bubble? Watch this video and learn how the data shows a completely different picture. And then call me with any questions you have about buying a home today. RELATED ARTICLES: Historical Mortgage Rates Compared to Today’s Rates Don’t Panic on Rates...
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March 1st, 2017

What is Your Hourly Rate?

Posted by at 4:52 pm

Have you calculated your hourly rate? Are you using your income and your resources correctly? In this video, we follow up from a prior email to help you identify if you’re using your time and your resources to their fullest potential. RELATED ARTICLES: The ONE Thing!...
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February 17th, 2017

Robot Mortgages Still Far in the Future

Posted by at 11:18 am

In another “sign of the times,” Bank of America recently began testing three mini-bank branches – two in Denver, one in Minneapolis – that have ATMs and video-conference capability, but no actual human beings working there. But much like self-checkout at the grocery store or self-serve gas, customers can still conduct banking business of almost any kind. This news comes at the same time the country’s first robotic barista – nicknamed Gordon – came on line, serving up to 120 coffee drinks an hour in a San Francisco shopping complex. Today’s home loan consumers insist on the ability to conduct financial transactions electronically, as well. They search online for the right home, then email the real estate agent. After choosing a home, a potential borrower can power through pre-qualifying in just a few minutes via texts and maybe a phone call...
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February 15th, 2017

Reverse Mortgage Checklist and Self-Evaluation

Posted by at 8:57 am

There are several important questions you need to ask yourself when considering a reverse mortgage. The answers to these questions will help determine if a reverse mortgage is right for you, and how you should structure it. These questions also help prepare you for the time when you no longer need the reverse mortgage (you and your spouse pass away, you move out of the home, or you sell the home). You should ask yourself the following questions: How do you intend to use your reverse mortgage loan proceeds? Do you fully understand your obligations as a borrower under a reverse mortgage? If you are married, will your spouse be a co-borrower on your loan? How will your reverse mortgage loan be repaid? Do you receive assistance under any government programs that are based on your current income? How long...
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