Archive for the ‘Refinancing’ Category

  • Looming Threat Posed by Air Conditioning Units

    There is a significant, Looming Threat Posed by Air Conditioning Units to home buyers, home sellers and any homeowner that owns an older central A/C unit.  And this threat can mean a BIG hit to your pocketbook! For more information, please call or email me, I am happy to help: Craig Sutliff, Real Estate Consultant & Mortgage Planner The GreenHouse Group Cell: 619-857-4954 Email:  Craig@GreenMeansGrow.com BRE Lic# 01735288 NMLS ID

  • How to Beat the Jumbo Loan

    How to Beat the Jumbo Loan

    Why 2 loans can be better than 1: As housing prices continue to rise, so do loan amounts.  You may know that each county has something called a County Loan Limit (You can click here to see them).  But did you know once you go over those limits your loan is considered to be Non-Conforming, or “Jumbo”?  So what?  Well, once you’re in that category many things can change.  Here are just a few: Higher Credit requirements Larger down payment requirements Property restricitons Borrower restrictions Higher Rates So you can see that it would be valuable to avoid these issues.  Let’s talk about How to Beat the Jumbo Loan. One of the most effective ways to do this is with a 2-loan combo.  To do this, we do a first loan up to the highest amount possible, while maintaining the best parameters.  That might mean considering things like loan amount, Loan-To-Value ratio, etc.  Then we add a 2nd loan that makes up for the difference. For example: Purchase Price = 850k 1st loan of 600k 2nd loan of 165k This gives us the best rates and terms on the first loan, and as a bonus, allows us only 10% down payment!  Using this method could save you hundreds of dollars a month, and 10’s of thousands over the life of the loan. So why doesn’t everyone do this?  Good questions

  • Customer Experience vs. Customer Service In The Mortgage Industry

    Aug 14, 17 • Huggy • Home Buyers, Purchase Loan, RefinancingNo CommentsRead More »
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    by Craig Anderson | 03 Aug 2017 | Customer experience vs. customer service in the mortgage industry Customer experience is a term that shows up everywhere in today’s business marketing.  It’s a “must have,” “the single most important factor” and “if you don’t master it, you’re dead.”  Most experts agree, customer experience is the most important differentiator a company can possess to gain a competitive advantage. But, does anyone really even know the difference between customer experience and customer service?  As long as the customer is happy we should be good, right?  And, don’t most companies have a designated customer service department to handle their customer issues, complaints and general inquiries? Defining the differences Customer service can simply be defined as, “what’s my business doing to help solve my customers’ issues,” while customer experience can be defined as, “how is my customer feeling or what are they thinking every single time they interact with my business?” Now, let’s put these into perspective with the mortgage industry. Rocket Mortgage is often thought to be one of the first in the industry to implement a customer experience program. When they introduced their ‘push button mortgage’ concept, they focused on technology to simplify the mortgage application user experience. Instead of the applicant having to manually type in all of their employment and banking information, the system would retrieve the information and auto-fill the application form

  • HELOC alternative – No Payments for 30yrs

    Jul 11, 17 • J.Beckistan • Loan Programs, RefinancingNo CommentsRead More »
    HELOC alternative – No Payments for 30yrs

    Alternatives to HELOCs and Reverse Mortgages.  What if I told you that you could borrow money, and not have any payments due for 30yrs?  Too good to be true right? Well maybe not! We now have new loan program allows home owners to use the equity in their home, get cash in hand, and not owe any payments.  This is not a new program, but it hasn’t been available to most people for a very long time.  Basically it works like this –  The lender writes you a check based on the equity you have in your home.  Then you do not need to pay it back until you want to, or you sell your home.  In exchange the lender shares in the increase (or decrease!) in your home value.  If your home goes down in value, you could end up owing no more than the cash you were given.  If it goes up, you would pay only a portion of that increase, relative to the amount you borrowed. They also take into consideration improvements you make to the property.  In other words, if you add a bedroom to your home, that increase in value is excluded from your repayment calculation. In a way, you can think of this as the reverse, of a reverse mortgage. It’s no doubt that you have many questions about this.  Just like a

  • Student Loan Refinance with No Penalty

    Jun 13, 17 • J.Beckistan • Loan Programs, RefinancingNo CommentsRead More »
    Student Loan Refinance with No Penalty

    There’s a brand new loan out there that let’s you payoff your student loans without the typical penalties! Well, to explain the benefits of this loan we first need a little background.  Normally, when you refinance to take $ out of your home to payoff anything other than your current mortgage it’s called a Cash-Out Refinance.  It’s a perfectly acceptable, common, and even strategically sound way to lower your monthly expenses.  BUT, a Cash-Out refi can come with some additional costs in your rate, and limit how much you can borrow. Our new loan now allows you payoff Student Loans thru a refinance with NO Cash penalties!  This can be a huge savings.  For example you could see rates .375 lower (or more!) on this program.  On a $450,000 loan a .375% reduction in rate saves $100/mo.  If you add in the potential savings of you already get from rolling in your student loans – the monthly reduction in obligations can be huge. Of course, as with any loan, it’s very important to do some strategic comparisons to make sure it’s the right move.  Restructuring debt can be a tricky process and you want to work with someone you trust to give you good advice.  If you’d like to learn more about this program, or know someone that would, click here to shoot me a quick email – or just

  • Have Student Loans? The Rules Have Changed

    I may have just missed the student loan debt explosion when I graduated with my undergrad degree in 1998.  While college was expensive to attend twenty years ago, we were all borrowing money to get an education, it was nothing compared to the amounts borrowed during the college financing boom of the last fifteen years. Nowadays young people are in record amounts of debt the moment they are handed a diploma which means starting off their earliest earning years with essentially a thirty year mortgage to pay back.  College ain’t what it used to be and many times all this borrowed money is for a degree that yields earning power guaranteed to tie up their income for the better part of their career. The student loan income-based repayment plans have been a help to many people.  These plans allow monthly payments to be calculated based upon a person’s income which give people a fighting chance to start paying back their loans and be able to eat as well.   This is a big deal for those just starting out but there are at least two challenges tied to this calculation.   First, the debt will take that much longer to pay off and second when you go to apply for a mortgage the bank approving your application will hit the person for up to 1% of the balance of the

  • Trump’s Overhaul of Dodd-Frank – How it Changes Your Mortgage

    Feb 6, 17 • J.Beckistan • Home Buyers, Loan Programs, Purchase Loan, RefinancingNo CommentsRead More »
    Trump’s Overhaul of Dodd-Frank – How it Changes Your Mortgage

    You’ve probably heard that President Trump presently signed an executive order allowing Dodd-Frank to be changed.  The promise thus far is that his administration has plans to “cut a lot out of Dodd-Frank”.  So at this point you may be asking yourself –  ” What the heck is Dodd-Frank?!”  Well, essentially Dodd-Frank was a reform act set into place after the big mortgage meltdown.  It was designed to place more control on big banks, increase accountability, and increase transparency.  On the mortgage side of thing, it can be argued as to whether or not that was accomplished.  What is true, is that it created a number of extra waiting period requirements, disclosures, and good deal more paperwork.  It also put a lager burden of proof on borrowers when in comes to proving their ability to repay their loan. Ya, but so What?  Good question…  It’s not clear yet what impact rolling back Dodd-Frank would have the way people get loans.  It might make it easier.  It might cause another period of turmoil while banks race to learn the new laws.  Or, maybe nothing will change at all. One thing I do know is how much I love the way we here at the GreenHouse Group can handle these situations.  We’ve been through many of these changes now in the life of our organization.  Experience shows that the way we do

  • Mortgage Credit Certificates = More Money In Your Pocket

    Blog Source: Down Payment Resource – downpaymentresource.com – February 2, 2017 While the total number of programs remained consistent, the HPI saw an increase in Mortgage Credit Certificates (MCCs) across the country, representing more than 8 percent of all programs. Between 2010 and 2015, state housing finance agencies increased MCC issuances to homebuyers by more than 400 percent, according to preliminary data from National Council of State Housing Agencies (NCSHA). The MCC is a tax credit program that allows eligible homebuyers to claim a percentage of the mortgage interest they paid as a tax credit on their federal income tax return. The percentage of mortgage credit allowed varies depending on the state or local housing agency that issues the certificates, but the credit itself is capped at a maximum of $2,000 per year by the IRS. The buyer may continue to receive an annual tax credit for as long as they live in the home and retain the original mortgage. “The mortgage interest rate tax deduction has long been a core homebuyer benefit, but most homebuyers are unaware of Mortgage Credit Certificates. This credit directly impacts a homebuyer’s bottom line by reducing their annual tax bill,” said Chrane. “We see more lenders adding MCCs to their product offerings.” Qualifying homebuyers are permitted to use an MCC alongside another type of down payment assistance program, such as a grant or forgivable

  • Scariest Situations for Home Buyers & Sellers – Part 4

    Scariest Situations for Home Buyers & Sellers – Part 4 So, where are we?  We have an accepted offer, the home inspection went well, we successfully negotiated a Request for Repairs, the appraisal supported the purchase price, the buyer has removed all contingencies and now it is an unconditional offer.  The finish line is in sight.  But, there are still a few more “scary” steps ahead of you.  For one, the lender needs to get the final loan documents to the escrow company so the buyer can meet with a Notary to sign everything.  Now that part can be a little intimidating and nerve-racking for a buyer.  That is why it is very important for the loan officer to review the Estimated Settlement Statement or Loan Estimate with the buyer(s) BEFORE they sit down with the Notary.  This ensures a less-stressful, and less-scary, loan signing.  Next is for the buyers to conduct the Final Walkthrough of the home, contractually this is to be done 5 days before the close of escrow.  This is important to confirm that the home is in relatively the same condition as when the offer was accepted and no damage was done when the seller moved out.  Now the seller is also supposed to remove all personal items from the home, but often some things are left behind, like yard products (fertilizers, bug sprays, etc.)  And while the seller is required

  • Scariest situations for home buyers & sellers

    Scariest situations for home buyers & sellers. Contact me for more information, I am happy to help you buyer or sell real estate in San Diego. Craig Sutliff The GreenHouse Group Craig@GreenMeansGrow.com 619-857-

The GreenHouse Group, Inc. | Real Estate Consulting & Mortgage Planning. "Moving People With Purpose."

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