Posts Tagged ‘Loans’

  • No MI?! LPMI don’t know what you’re talking about…

    Jul 22, 14 • Fat Ashton • Loan ProgramsNo CommentsRead More »

    For most of you LPMI or BPMI is just one more cluster of capital letters in a sea of acronyms. However, if you are looking into a refinance or purchase, odds are you’ve asked about it. Mortgage Insurance is one of those things no one likes. It’s an added expense with no benefit to the borrower, and if you’re coming in with less than 20% down, you’re stuck with it. So how great is it when someone tells you they can do your loan with only 5% down and no MI (mortgage Insurance). The truth here is if someone is telling you they can do the same loan with no MI with under 20% down, they’re being a bit misleading. This is one of those moments where if it sounds too good to be true, than it probably is. These programs, which are generally accompanied by some sort of clever name such as “The Economic Opportunity Program” are simply programs where the lender agrees to pay the mortgage insurance and in turn they give you a higher rate than you qualify for. These are called Lender Paid Mortgage Insurance Programs (LPMI). As with every program, there are pros and cons. And ultimately, whether or not the program is right for you it is based on your goals with the home, and your priorities. A higher interest rate with no

  • Loan Programs, What’s Right For You?

    Jul 15, 14 • Fat Ashton • Home Buyers, Loan ProgramsNo CommentsRead More »

    Thinking about buying a new home? Wondering what type of loan to get? Probably not. To be honest when people are buying a home, generally the type of loan they get is an after thought. But the truth is, the type of loan you have is incredibly important. Not only are there different types of loans, there are different types of terms for similar loans. Take your standard 30 year fix for example. A fifteen year is going to operate by the same rules, however the amortization schedule is more aggressive and you start off by paying large amounts of principal in the very beginning. You’ll pay off your home much quicker. The same can be said by signing up for a bi weekly mortgage payment, as apposed to monthly. In this scenario, you’ll essentially be making an extra mortgage payment every year. I know there is a lot of information to digest here, and there can be some intimidating jargon laced through the post. But, hey, That’s why we’re here! If you have any questions on this, contact myself, Jeremy or Dave at The GreenHouse Group and we’ll be more than happy to explain the variety of these programs in terms that relate to you. 858.273.3663. ext

  • How we use creative strategies to save you the most money

    Because nearly all of our business comes from word-of-mouth referrals or introductions from past and current clients, we don’t have a hyper-focused niche.  In other words, we don’t advertise for a particular client only.  We end up helping those that we meet in what ever way they need help.  That means we have to be knowledgeable and good at many loan products rather than just one.  I believe that it’s out of this need that we’ve become experts at helping folks when others can’t. That’s what I’d like to talk about this week – How we use creative strategies to save you the most money. Many people I meet come to me with a discouraged outlook.  They’ve either already tried to get financing elsewhere and we told no, or they believe their situation is just plane unlikely.  That’s when experience, options and relationships kick in. A great example of this is a family that came to me to refinance in order to save enough money to keep their home.  However, because of recent changes to their job and credit history they got denied at their bank.  Embarrassed and devastated they tried one more call.  Truthfully, at first I didn’t think I could help.  But after calling several of my lenders and discussing it with them in detail I was able to identify a program that would save them $435/mo! This is

  • How To Shop For a Loan

    May 12, 14 • Huggy • How To Buy A Home, Types of MortgagesNo CommentsRead More »

    Every week I get a call from someone who would like for me to quote them an interest rate over the phone.  While I’m happy to provide this information I know once I do it will be the last time I speak to that person. This is not how you shop for a loan because no matter how many phone numbers you dial there is always one more place you didn’t call.  This happened again last week when a man called in looking for “your best rate on a 30-year fixed loan”.  Before providing him the information and then wishing him well on his journey I paused and asked him what would happen if the rate I gave him was the best/lowest he found.  He reacted like it was a rhetorical question and I guess to the uneducated person it might appear that way.  He mumbled something about just wanting to see what rates were doing and went on to say that if I was the lowest he would want to work with me.  After digging a little deeper I discovered he was looking to buy a home but was not currently in escrow on any particular property.  That’s right, he was calling around trying to find a good loan source based upon the lowest interest rate for a home that doesn’t even exist yet. This is what I call a

  • Waiting Periods for Buyers After A Foreclosure Short Sale or Bankruptcy

    With the housing market crash not too far behind us, many folks wonder How and When they can get back into the Market after a major credit problem.  Here are the current waiting periods for buyers after a Foreclosure, Short Sale, or Bankruptcy. * Foreclosure = 3 years Minimum, possibly as little as 12 months * Short Sale = Typically 2-3 years, but potential no wait under certain circumstances * Chapter 7 BK = 2 Years from discharge date, with re-established good credit * Chapter 13 BK = 1 year through the payout period with perfect repayment history But be careful, this isn’t the whole story!  Depending on which of the above challenges you’ve experienced, there are likely to be some additional requirements.  These can range from simply reestablishing good credit, larger down payment requirements, or ensuring the bad debts are reported correctly.  For a custom review of your unique situation Click Here and let me know your situation.  From there we can determine exactly when you can buy your next home, and if there are any tricks to make that happen more quickly. Jeremy Beck | Mortgage Planner | 2nd Chance Specialist

  • Stated Income Loans are back! Just in time for Halloween

    Well, just in time for Halloween – something scary for all of you who remember our recent history – Sated Income Loans are back!  You may remember that a stated income loan allows one to qualify by simply “stating” their income on a loan application rather than actually proving their income.  This is extremely useful for self employed or business owners as their total income isn’t always accurately reflected on things like paystubs and tax returns.  So in a way, this loan product is not scary on it’s own. However, it does easily lend itself to abuse.  For example, when one uses a Stated Income Loan to qualify for more than they can realistically afford.  To see implications of that we only need to go back about 5-6 years.  Artificially qualification helped spark a huge run up in home values.  These values and payments were not realistic.  So people lost their homes and values plummeted. Assuming that banks have learned their lesson, I hope that this wouldn’t happen again.  The use of this loan can be very beneficial when used responsibly.  If you’d like to learn more about Stated Income loans, their uses, and whether it might be right for you – Click Here to email me.  I’ll Send you the 5 most important things you need to know about today’s Stated Income Loans.   Jeremy Beck | Mortgage Planner / Co-Founder GreenHouse

  • Is an FHA loan still a good deal?

    Is an FHA loan still a good deal?

     “Is FHA still a good deal?”  That’s what many of my new homebuyers ask me when we first get together to create a mortgage plan.  I believe that it all depends on your goals and current situation.  As with most loan programs there are advantages and disadvantages to consider.  Here are a few… Advantages of FHA  *More lenient on bad credit  *Great rates, sometimes better than conventional  *New Guidelines allowing for faster reentry into the market after Foreclosure, Short-Sale, and Bankruptcy. Disadvantages *Up-front Mortgage Insurance premium is now much higher *Monthly Mortgage Insurance Premium has also increased *Mortgage no must be held for a minimum of 11years So, is FHA still a good deal?  It’s a great deal for those who need it.  If you have problems with your credit or a lack of down payment but still want to get into the Housing market while prices are low, then FHA offers an opportunity to do that.  We call that the acquisition phase.  To find out more click here to send me an email for a review to see if FHA or another program is right for you.  Jeremy Beck

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

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