WHAT BANKS LOOK FOR WHEN REVIEWING A LOAN APPLICATION
What Banks Look for When Reviewing a Loan Application Not all banks are created equal, but many of them focus on the same areas throughout the loan review process. Learn what documentation, projections and narratives you’ll need to prepare as well as tips to ensure you negotiate the best loan package available. Whether you are […]
What Will One Year Cost You?
What will one year cost you? All things being equal, if you were to purchase a home where the loan amount was $350,000 at the current average interest rate of 3%, your base mortgage payment without taxes and insurance would be $1,476 a month. BUT… Wait just one year and that same home loan amount […]
Top Reasons to 1031 Exchange – The Power of the 1031 Exchange
Commercial and Investment real estate transactions have been moving at a brisk pace and a considerable percentage of those sales have been structured as 1031 Exchanges, allowing sellers to defer taxes otherwise due in the year of sale. Often the taxes deferred are used to repurpose or improve the replacement properties. This helps to create […]
Sellers: What To Do When You’re Under Contract But Haven’t Found Your New Home Yet
So you’ve decided to list your home knowing the leverage you now have as a seller is the most robust it has ever been (and may ever be) in your lifetime. If you’ve spent a little bit of time and money making your house move in ready, you’re practically guaranteed to sell it within days […]
Mortgage Rates Reverse Course, Dropping For First Time In 2 Months
After 7 weeks of consecutive increases in mortgage rates, Freddie Mac’s most recent survey shows a decrease, giving borrowers the chance to refinance Mortgage rates reverse course, dropping for first time in 2 months BY KELSEY RAMÍREZ Today 7:53 A.M. Mortgage interest rates dropped for the first time after nearly two months of upward momentum, […]
State of Commercial Lending……
Because we process through so many loans every month and we are constantly sending deals to numerous lenders every week, I get a real good feel for trends in underwriting. So here is the current state of commercial lending from an underwriters perspective…… SBA- SBA lenders have been steady throughout the pandemic as bailout legislation […]
What Is a Rent-Back Agreement? A Godsend to Home Sellers Not Ready to Move
As a Buyer’s agent, I have experienced the heartache of watching clients find a great home only to be one of many offers in a highest and best bidding war and losing out for one reason or another. To put into context what ‘many’ could mean in our current market of extremely tight inventory combined […]
What Will the Incoming Biden Administration Mean for the Mortgage Industry?
As Joe Biden moves into his role as President of the United States, the country as a whole anticipates change, and the mortgage industry is no exception. With all eyes on housing-related legislation emphasized by the Biden/Harris ticket, lenders wonder what a fresh start in the White House will mean for them in the coming […]
2021 Opens With A New Record Low For Mortgage Rates
The average 30-year mortgage hit an all-time low of 2.65% this week, according to data from Freddie Mac released Thursday. Despite predictions that mortgage rates would slowly tick back up in 2021, the new year opened this week with the same old story: mortgage rates hitting a new record low. The average rate for the […]
MORTGAGE RATES REMAIN LOW – FOR HOW LONG
Long term mortgage rates, on average, have remained below 3.0% for seventeen consecutive weeks, per a recent Black Knight report. The same report states that 19.4 million homeowners could still benefit from a home loan refinance. Black Knight’s report views prime candidates as 30-year mortgage-holders who have at least 20% equity in their homes, credit […]
Top 3 Reasons Your Realtor Recommends You Talk to a Lender Before Touring Property
I’ve held a real estate license for over 20 years and on occasion have seen a particular look or heard a particular tone from a new buyer when I ask if they’ve already talked to a lender. A look and/or tone that suggests I am somehow questioning their financial integrity or being too pushy and […]
U.S. MORTGAGE RATES FALL TO ALL-TIME LOWS THIS WEEK
Record lows: The average 30-year fixed rate is 2.86% this week, and the 15-year is 2.37%, Freddie Mac says Average mortgage rates for 30-year and 15-year mortgages fell to all-time lows this week, Freddie Mac said in a report on Thursday. The 30-year average is 2.86%, breaking the prior low of 2.88% set in the first week of August, […]