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Friday, July 18, 2014

American's see this as a great time to sell and buy a home!

Americans now believe it’s a good time to sell a house in their area, and most still consider buying one a good investment.
A new Rasmussen Reports national telephone survey (95% confidence level) finds that 36% of American Adults now say this is a good time for someone in their area to sell a home. That’s down eight points from last month’s high of 44% and back to the level seen in May. 

Still, it remains far more optimistic than Americans have been in most surveys since the spring of 2009

With the selling season in full swing this is a great time to consider selling your home and investing in a new home!    

Wednesday, July 16, 2014

FHA Streamline Refinance-Great way to improve your rate or lower your payment

With mortgage rates at the best they have been for 15 months and the impending exit of the Federal Reserve from purchasing bonds (October, 2014 is the proposed date for tapering the bond purchase program), now may be the best time to consider an FHA streamline refinance.

The Streamline refinance program couldn't be simpler!  There is no appraisal required and the savings in monthly payments can be substantial especially if the current loan has been in existence for 5 years or more.

Information needed to begin to look at FHA streamline refinance options:

  • Origination date of current loan
  • Payment coupon or online payment information readily available-escrow payment, monthly mortgage insurance amount, balance of loan is on the payment coupon or online screen
Taking advantage of a lower interest rate or monthly payment savings can be something to take a look at to benefit person financial wealth with analysis of mortgage payment and payoff of higher credit card or installment loan debt.  

Also to be considered would be an increase in personal savings rate (into 401k, 403b, growth stock mutual funds, etc) with a decrease in the size of mortgage payments.  

Tuesday, July 15, 2014

5 Resolutions for First Time Home Buyer's

I love helping first time home buyer's!  The excitement they are experiencing brings back fond memories of my wife's and my first home purchase.  I cherish the opportunity to answer their questions and give them guidance so that their experience can be as pleasant as mine was.

Over the years, I have found that there are 5 resolutions or goals that first time home buyer's can focus on which will help them successfully negotiate their purchase and close on the loan that they want and deserve.

Every borrower has their own set of circumstances which makes their situation unique and I love working out a plan to help them get to the point of loan qualification and they can then move on to their home search.

Because so many first time home buyer's fall into similar circumstances, I have come up with
"The 5 Resolutions for First Time Home Buyer's".

The mortgage world is now rewarding borrower's with better interest rates and more favorable loan programs if they have higher credit scores, so my first advice is to Boost Credit Scores!  I developed a credit monitoring system which has been used by hundreds of my clients to help them fix their credit and to monitor their credit scores.  Here is the link to my Blog Article and at the bottom of the article is the link that takes you out to the credit monitoring companies offering a monthly service:  Credit Monitoring Program

Down payment can open loan program opportunities that will save huge amounts of interest savings over time.  And without a down payment, fortunately, we have great programs available for ZERO down mortgages-Utah Housing Finance Agency, but for the best loan programs, lower cost to originate, and lower interest cost over time,  Save Up to Put Down!

Find The Best Real Estate Agent is the secret sauce to a smooth enjoyable home buying experience! Because my Realtor Business Partners each approach the home buying process the same way as I do and will provide low pressure, educated guidance and assistance through the home buying process (and are experts with first time home buyer's and their questions and needs), I can provide you with a name and phone number of a trusted professional of mine who will amaze you with their abilities.

Beginning a home search usually begins with online searches and a visit to the mortgage calculator also provided online.  Unfortunately, the online mortgage calculators forget (or have no way of providing) information about monthly mortgage insurance (FHA) or private mortgage insurance (Conventional financing) and many assumed mortgage payments are just plain not correct.  The safest way to make sure that you are getting the correct information is to Get Pre-Approved!    My Credit Approval letters are backed up by an Automated Underwriting Decision (Fannie Mae or Freddie Mac) AND I underwrite income and assets.  What this means is that when a client of mine gets an accepted offer, their loan WILL close!  They also KNOW what their future payment is going to be rather than trusting the online calculator.  Pre-Qualify Today!

After meeting with clients, helping them with questions, taking their application (over the phone or in person), getting a credit approval, providing the credit approval letter to their Realtor, they then get to
Find Your Dream Home!  This is the most fun part of the process (still stressful, but fun) and with all 5 Resolutions for First Time Home Buyer's completed, this is a natural final process to a successful journey to home ownership.