Posts Tagged ‘mortgages’

  • One Thing You NEED To Know Before Pursuing Down Payment Assistance

    Jun 13, 17 • Fat Ashton • Down Payment AssistanceNo CommentsRead More »
    One Thing You NEED To Know Before Pursuing Down Payment Assistance

    One Thing You NEED To Know Before Pursuing Down Payment Assistance Down Payment Assistance programs (or DPA’s) are similar to a lot of great ideas, they sound great in theory but as you start to dive into the details they may start to become less and less attractive or feasible… that is, if you have a Mortgage Planner who is looking out for you. Many times when we have people reach out to us in search of Down Payment Assistance Programs, we are able to determine what is most important to clients, and often, even in low down payment scenarios, we have found that there are other programs that better suit clients needs. For example we did a side by side comparison for FHA to The GSFA 5% grant program with 3% Down (Follow the link here for GSFA Income Limits), and found that the benefits of the slightly lower overall contribution, is negated by the savings of the FHA program in only two years! Now, if you have goals with your home that are longer than two years, this becomes a very compelling conversation. However, not all lenders are created equal, and to be honest if you qualify for a DPA program, it’s easier to just give someone what they ask for than doing a full analysis of what is actually truly best for them. If you feel like

  • Expect Mortgage Rates To Keep Rising This Year, Says Freddie

    Mar 24, 17 • Huggy • How To Buy A Home, Mortgage RatesNo CommentsRead More »

    by Ryan Smith | 17 Mar 2017 Mortgage Professional America | www.mpamag.com Mortgage rates were up for the second consecutive week this week – and originators should expect that upward trajectory to continue as the Fed keeps raising the benchmark rate, according to Freddie Mac. The Federal Reserve fulfilled market expectations by raising the federal funds rate by a quarter of a percent this week – only the third time in a decade the rate has been raised. However, Fed officials had signaled their intentions leading up to the agency’s meeting this week – so clearly, in fact, that market expectations of a March rate hike shot from only around 30% to 80% in advance of the meeting. Those expectations drove mortgage rates up even before the Fed made its benchmark rate hike official, according to Sean Becketti, chief economist for Freddie Mac. “As expected, the FOMC announced its first rate hike of 2017 and hinted at additional increases throughout the remainder of the year,” Becketti said. “Although our survey was conducted prior to the Fed’s decision, the release of the February jobs report all but guaranteed a rate hike and boosted the 30-year mortgage rate nine basis points to 4.30% this week.” The 15-year fixed-rate mortgage also rose this week, with its average rate spiking to 3.50% from last week’s 3.42%. And the 5-year Treasury-indexed hybrid adjustable-rate mortgage rose from 3.23%

  • What Happens To Home Buying Power As Rates Rise?

    By Eric J Martin of The Mortgage Reports Originally posted on November 21, 2016   Mortgage Rates’ Profound Effect On Affordability The mortgage interest rate you find plays a large part in how much money your lender will let you borrow. That affects how much home you can buy. That begs the question: how does your purchasing power change if rates creep up a half a point or even one full percentage point? Much more than you might think, which is why it pays to shop for a home now, and lock in a favorable fixed rate at historical lows. Many home buyers realize that rising home prices can limit their ability to buy. However, rising interest rates can alter home-buying plans even more. The current rate environment is likely a narrow window of opportunity in which to claim a low rate and a still-reasonable home price. Housing agency Freddie Mac recently predicted that mortgage rates will rise to 4.0% in 2017. That’s more than 50 basis points (0.50%) higher than the current mortgage rate average. Today’s rates maximize your ability to buy a better home with affordable payments. Click to see today’s rates (Feb 13th, 2017) The Cost Of Rising Rates Today’s lenders qualify home buyers based on several factors, not the least of which is something called a debt-to-income ratio (DTI). A low DTI demonstrates that you have a healthy balance between income and debt. Lenders generally cap the allowable DTI at

  • 2017 County Loan Limits

    Dec 5, 16 • Fat Ashton • Loan ProgramsNo CommentsRead More »

    2017 County Loan Limits 2017 County Loan Limits are up! Over the past couple of years our loan limits were set as follows: $417,000 for a conforming loans, and $580,750 for what is typically called a High Balance Loan (set by the County Median Home Average). Well it was just announced that in 2017 the new loan limits will be as follows: $424.100 for conforming loans, and $612,900 for the County (High Balance) limit. That means if you had a pre-approval, and were being capped by the Max Conforming Loan Limit, you may now be able to borrow a little more and bump up your purchase price! If that sounds like that might be you, and you want to take a second look at your pre approval, email me at Scott@GreenMenasGrow.Com. And for the most up to date rates and calculators, download my app at http://svanvugt.mortgagemapp.com

  • The Skinny on Mortgage Insurance

    Sep 19, 16 • Fat Ashton • Loan ProgramsNo CommentsRead More »

    The Skinny on Mortgage Insurance Did you know that any time you put less than 20% down, loans will carry some form of Mortgage Insurance? This is true for all loans except for VA Loan products (another reason VA is a great option if you qualify for it). Mortgage Insurance (or MI) can be paid either on a monthly basis, buried in the rate, or some times in one lump sum. There are different ways to pay your MI, but one thing is for certain, if you are putting less than 20% down on a home, you’re paying MI one way or another. If you want all the ins and outs of MI, and what option might be best for your specific situation, email me Scott@GreenMeansGrow.com Or Download my app at https://svanvugt.mortgagemapp.com/#

  • FHA for First Timers Only?!

    Sep 12, 16 • Fat Ashton • FHA Loans1 CommentRead More »

    FHA for First Timers Only?! Think FHA is for first time home buyers only? Think again. FHA is a great loan option for people with low down payment, recent major derogatory events, and those who are just looking to stretch their purchase power a little higher. For more information on FHA loan, or to see if FHA is a good option for you, email me at Scott@GreenMeansGrow.com or downloand my app at https://svanvugt.mortgagemapp.com/#

  • Need 20% Down? Nope

    Aug 22, 16 • Fat Ashton • Home BuyersNo CommentsRead More »

    Need 20% Down? Nope Think you need 20% Down to buy a home? Think again. And I’m not talking FHA here people, I’m talking conventional loan products. So if you’ve been stashing away cash to save for that down payment, you might be closer than you think, if not ready all together. Feel free to reach out with any questions at Scott@GreenMeansGrow.com For up to date Mortgage News, Rates and other info,  download my app at https://svanvugt.mortgagemapp.com/#

  • Rent Your Pad on AirBnB? 3 Things You Need to know Before You Refi

    May 2, 16 • Fat Ashton • RefinancingNo CommentsRead More »

    Rent Your Pad on AirBnB? 3 Things You Need to know Before You Refi 05/02/2016 Renting your house or condo out on AirBnB is a great way to bring in a little extra cash to help pay for the mortgage, but did you know there can be serious setbacks if your trying to refinance a property that you rent out on AirBnB? For more info on this, and the three things you need to know about AirBnB and your Pad before you refinance, email me at Scott@GreenMeansGrow.com

  • The New Update You Need To Know About Your Hero Loan

    Apr 25, 16 • Fat Ashton • Loan Programs, Things to Look Out ForNo CommentsRead More »

    The New Update You Need To Know About Your Hero Loan Hero Loans were a great idea when they came out. They still are. But like most things, they don’t always go according to plan. Recently I discovered the hard way that most lenders will not issue a first position lien on a property that has a hero loan. They were requiring it to be paid off before they would issue the loan. Well, Hero saw this problem and made one key adjustment that is could possibly change all of the a fore mentioned. For more info on what this is, email me at Scott@GreenMeansGrow.com

  • FHA vs Conventional – What’s Right For You?

    Apr 11, 16 • Fat Ashton • UncategorizedNo CommentsRead More »

    FHA vs Conventional – What’s Right For You? There are a few key differences in FHA and Conventional Financing, and it can be tough to know what the right option is for you if you’re putting less than 20% Down. If that’s you, email me at; Scott@GreenMeansGrow.com and we’ll set up a FREE 1 hour mortgage planning consultation to see what option is right for you

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

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