Posts Tagged ‘david hughson’

  • Family Opportunity Mortgage

    Feb 2, 18 • Huggy • Home Buyers, Loan Programs, Purchase LoanNo CommentsRead More »

    Do you have a family member in need and want to help them buy a house?  If you have a disabled adult child or an elderly parent who can’t qualify for a mortgage on their own you have options!  With the Family Opportunity Mortgage, your can purchase another home without the conventional investment property requirements!  Here are some program highlights: Purchase a home for your family member as if you were purchasing an owner occupied home. This allows you to take advantage of the much more lenient owner occupied guidelines and avoid the much more strict investment property guidelines. 620 minimum credit score Can be used for a purchase or refinance   To find out if you qualify click here and type FOM in the subject line.   By David Hughson Mortgage Broker 858-863-

  • Take Cash Out Without The Cash Out Rate Hit

    Dec 18, 17 • Huggy • Loan Programs, Mortgage Rates, RefinancingNo CommentsRead More »

    There are more and more housing reports telling us that most markets around the country have recovered from the last housing crash of 2007-2009. With values back in the black many homeowners will look to cash out their home’s equity to make improvements to their home, pay off other high interest debt, or send a child to college. So what is the best way to harvest a portion of your home’s equity? When looking around for favorable “cash out” refinance loan terms people often discover that banks hit them hard on the interest rate and they end up paying a premium which means the higher loan amount and higher interest rate yields a higher monthly payment.  Now you may be saying that it makes sense they would be facing a higher payment because they are borrowing more money.  In some cases that is true depending on their current interest rate.  You may also be saying that if someone currently has a low interest rate they should leave their existing first mortgage where it is and go get a fixed second mortgage or home equity line for the cash out portion.  This is also true depending on the interest rate they currently have and the value of their home. Often times it’s harder to go get a fixed second mortgage or home equity line behind an existing first mortgage. We now

  • Don’t Fit In The Conventional Lending Box? We Got You Covered

    LendEDU published a financial report back in October of this year showing the national average credit score is 682. This is a solid score in the mortgage lending world but generally considered a “fair” credit score by the credit bureaus. It also means the average American might have a tough time qualifying for a decent mortgage rate. With 50% of people below a 680 credit score it means there are many who don’t qualify for conventional financing and the government loan options, which are typically only for owner occupied homes, can’t help them.  These people typically fall into three categories.  They are someone who has experienced a derogatory credit event like a bankruptcy or foreclosure, a self employed borrower that has too many write offs thereby killing their qualifying income, or they are a real estate investor and/or foreign national unable to purchase their next property due to conventional ownership limits. If you happen to fall into the middle ground between conventional and hard money lending it can feel like you have very few options.  The good news is that there are many new lenders who recognize this need and specialize in helping just this type of borrower through offering Non-Qualified mortgage loans.   To find out more about how this may help you find just the right type of financing for your next purchase click here and send me a message

  • Homebuyers: Get Creative With Your Offers

    Reality check #1:  For most of us the road to home ownership starts with a personal budget and is followed by a conversation about what home loan options are available.  That conversation will determine a buyer’s purchase power which means to look at homes for sale before digging into the numbers is the very definition of putting the cart before the horse. While this advice is nothing new and most people do go about it in the right order what they find when they are ready to start looking at the available inventory is Reality check #2:  There aren’t many homes for sale in their price range and the competition for what is available is fierce. If you are a first-time homebuyer with a low down payment this can seem like a mountain too high to climb and leads many to assume it’s not possible.  The good news is that you are not alone and there are some great strategies that I see working every day to get our clients’ offers accepted. Here are a few of the basics every homebuyer should consider.  Getting your loan pre-approval is very important and a prerequisite at this point.  Meaning, any serious seller will not even consider an offer from a buyer who hasn’t done their due diligence to get their financial ducks in a row.  Buyers can also increase their ernest money

  • Mortgage Rates Return To 2017 Low

    Sep 11, 17 • Huggy • Home Buyers, Mortgage RatesNo CommentsRead More »

    by Francis Monfort | 28 Aug 2017 | Mortgage Professional America  Mortgage rates fell back during the week to their lowest level for the year, said as it released its weekly national survey. The benchmark 30-year fixed mortgage rate was 4.02%, down from 4.05% last week and tying with the rate last seen June 14, which was the lowest rate since November 2016. The average rate had average discount and origination points of 0.31. The average rate for the larger jumbo 30-year fixed mortgage was 4.03%, while the average 15-year fixed mortgage rate fell to 3.23% from last week’s 3.27% average rate. The latter mortgage type had average points of 0.25. Average rates for adjustable-rate mortgages (ARM) rose this week. The 5-year ARM climbed to 3.50% from 3.49% a week ago and had 0.35 average discount and origination points. The 3-year ARM increased to 3.62% and the 7-year ARM climbed to 3.68%. said the decrease follows a shift among investors to safe-haven government bonds given high valuations in the stock market. While markets have until recently ignored political and geopolitical issues, they are no longer immune to these developments, the company said. Following recent tensions with North Korea, markets have also been affected by Washington politics and the recent Barcelona terrorist attack. Previously, markets ignored these issues and moved higher given strong corporate earnings, improvements in the economy, and

  • Customer Experience vs. Customer Service In The Mortgage Industry

    Aug 14, 17 • Huggy • Home Buyers, Purchase Loan, RefinancingNo CommentsRead More »

    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

  • Assets Can Be Used For Qualifying Income

    Much of the housing news reported focuses on inventory and credit guidelines.  In case you haven’t noticed housing inventory is low and credit guidelines are tight.  These two headlines show up all the time and for good reason.  In many markets they are both true. With interest rates still low and home prices rising in a majority of markets many homeowners appear to be hanging on to their homes.  This could be to try and time the sale of their home to coincide with a market peak or they realize that if they do sell their home for top dollar they will be turning around to buy in a market with scarce homes available and paying top dollar as well. The gap between income and home affordability can be a hard one to bridge and for many potential home buyers it is out of reach due to increasing prices and a tight credit market. One story I don’t see reported much is that lending volume is down considerably in 2017 and lenders are looking for ways to increase loan applications while not taking on too much risk.  That line is not an easy one to draw so instead of re-writing guidelines or coming up with something altogether new lenders will typically enhance an existing guideline to cast a wider net in an effort to capture more potential borrowers. Whenever

  • Is Renting Really Cheaper Than Owning a Home?

    by Anna Sobrevinas | 04 May 2017 | MPA Mortgage Professional America | The responsibility of owning a home can be intimidating for people who’ve only rented in the past, but new data from Zillow suggests renting can actually cost more. Zillow’s analysis found out that sans increasing monthly housing costs, a typical renter can buy a home almost 50% more expensive than the median valued home and still get to keep the same amount of monthly housing budget. The median US home value is $196,500, while the median rent in the country is $1,416 per month – an amount enough to pay for monthly housing expenses needed to own a $289,505 home. “The decision between buying and renting is a financial trade-off between saving more each month on a mortgage payment versus spending more on rent but taking advantage of the location and lifestyle amenities urban renting often offers,” said Zillow Chief Economist Dr. Svenja Gudell. “Recent slowdowns in rent growth may take some of the edge off for renters saving to become homeowners. This is good news, since saving a down payment, qualifying for a loan and finding a home available at a manageable price remain hurdles for millions of aspiring buyers.” Renters in Cleveland can afford a $174,194 home while retaining monthly housing costs, which is representative of more than 80% of homes on the market now,

  • 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

  • 40-Year Fixed & Interest Only

    Yes, you read that right.  We have loan terms fixed for 40 years and the first 10 years can be interest only.  And here is best part:  The range of loan amount is $100k to $2.5 million. While our residential lending world looks to find it’s footing in this new market place lending volume is down and banks are looking to expand lending guidelines to appeal to a wider variety of consumer.  For those of you who recall what the lending world looked like ten years ago this may feel nostalgic and for those of you new to the home buyer market this may be your big opportunity. As with every loan program the devil is in the details and I think this is where this program shines because the barrier to entry is very reasonable.  For example, do you have a bankruptcy on your record?  It it’s been 2 years since the discharge date you are eligible for this loan.  Do you have a 600+ Fico score?  You are eligible.  Even the reserve requirement and debt-to-income ratio are better than most lending programs out there and they even allow non-occupant co-borrowers.     Basically, the only thing keeping you from qualifying for this loan is not taking action.  Want to spend a few minutes of your time finding out what your purchase power looks like using this incredible opportunity

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

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