jennifer l. cram, cc
Is buying a condo right for you?Condominiums, or condos, can be an attractive option for homebuyers. Those who feel “priced out” of the homebuying market may discover condos offer a more affordable homeownership option. For some buyers, a condo is a starter home and a place to live for only a few years.While for others looking to take advantage of a condo’s recreational amenities (pools, fitness centers) and low property maintenance (included landscaping), a condo can be a forever home.Buying a condo typically requires compliance with community rules and guidelines that may affect your loan terms. With a single-family home, the lender may only need to evaluate the finances of the borrower and the condition and value of the single property. With a condo, however, the lender must also evaluate the entire condo project’s compliance with certain eligibility requirements. This guide is created to familiarize you with essential terms, key questions to ask, and important obligations to understand before purchasing a condo.
If you rate your Financial Advisor on a scale of 1-10..... a 9 or 10, we want to meet them.If your Financial Advisor is a 7 or below, we have someone for you!
How to make your intros impossible to ignore
Inflation was a bit higher than expected in September, but fewer people are losing jobs, which helped balance things out.The costs for things like car insurance and airline tickets went up, while rent increases slowed down slightly, giving some hope for future inflation control.More people filed for unemployment last week than expected, the highest since August, which might mean the job market is slowing down.The Federal Reserve is keeping a close eye on inflation and the job market as they decide on interest rates for the future.
Don’t do this before and/or after you are getting PreApproved .This client did the right thing to avoid a potential “mortgage hiccup” #ThePechmannTeam #rossmortgage #mortgagetips #realestatetips
DSCR programs
#debtconsolidation
So, the FHFA (that's the Federal Housing Finance Agency) just released something called the House Price Index. It's like a report card for how much home prices are going up. But there are some differences between this FHFA one and the Case Shiller index. The FHFA index only looks at homes with "conforming loan amounts," which means loans that meet specific requirements. It doesn't count houses bought with cash or big loans. On the other hand, Case Shiller includes all types of home purchases. In May, home prices went up by 0.7%, and it was the same in April too. And guess what? Compared to last year, home prices are now 2.8% higher! That means houses are getting more expensive. Also, if we compare the current prices to the peak prices in June 2022, they're now 2.3% higher. That's a lot! Oh, and here's something interesting. FHFA seems to be doing better than Case Shiller because it's not counting cash buyers who can get discounts. So, FHFA is showing even stronger growth. The FHFA thinks that by the end of 2023, home prices might go up by 7% in total! That's a big increase! So, overall, both FHFA and Case Shiller are saying that home prices are going up, but FHFA seems to be showing even stronger growth. Exciting times for the housing market!
You can buy your first starter home with one 3 to 3.5% down If your a qualifying veteran you can do this with 0 down! You have to live there for 12 months But then you can move out after that year and rent the home, while buying a new home with only 5% down The new home has to be a move up to a larger home, closer to work, better neighborhood, there has to be some obvious desirability as to why you’ll occupy the new home purchase from your previous one But this is a great way to climb the property ladder while building a real estate portfolio along the way ! Like, Save, Comment! What questions do you have ?
Ok, My phone was blowing up all week on this topic and this morning so lets dive into it LLPA ….. Loan Level Price Adjustments Why are higher credit clients getting charged more than lower credit clients as of May 1st? #ThePechmannTeam #RossMortgage #Credit #Mortgage
Stocks and Mortgage Bonds are both lower to start the day, after Mortgage Bonds were nicely higher in the early going. Fed Balance Sheet The Fed just released their latest balance sheet figures, showing that they Fed balance sheet has risen by almost $400 Billion in the last two weeks. Why are banks borrowing if everything is so sound as Powell and Yellen have stated? Could it be for safety, or do they really need it? We have to remember, the Fed is the lender of last resort – Even at their new bank term lending facility, where banks can trade in their 2% long term bonds and get face value, they have to still pay about 4 3/8 on that money. So they are getting a 2% return, but have to pay 4 3/8%. This would be like taking out a home equity line of credit and then putting it in your bank at 2%...it would not make sense…unless you REALLY need it. This shows that the banking sector is weak and liquidity is a problem. Deutsche Bank The latest European bank under pressure is Deutsche Bank. This comes after a precedence was set in the UBS takeover of Credit Suisse. Normally, Bond holders would get precedence over equity holders in the case of a bankruptcy or liquidation. But in the UBS deal, equity holders received roughly 20 cents on the dollar, but CoCo Bond Holders (contingent convertible Bond holders) received nothing. This set off some unintended consequences, where now holders of these Bonds at Deutsche Bank are feeling much less confident they will get paid in this type of scenario, causing a sharp selloff. It's also causing insurance on these Bonds to go sky high, and weighing on the stock price of Deutsche Bank. This all comes at a time where banks want to sure up their balance sheet and capitalization...And this is of course not helping. Durable Goods Orders Durable Goods orders in February were down 1%, which was worse than the 0.6% gain expected. And this comes after a negative revision to the previous month, making this number look better than it would have been without the downward revision. These are bigger non frequent purchases you have often have to finance – big ticket items - And they are more expensive to finance since the Fed has hiked to 5%. The Fed wanted to destroy demand, and they are doing so with success. Next Week Tuesday: Case Shiller HPI (appreciation data), FHFA HPI (appreciation data) Wednesday: Mortgage Apps, Pending Home Sales Thursday: Q2 Final GDP Reading, Initial Jobless Claims Friday: PCE (Personal Consumption Expenditures) Technical Analysis Mortgage Bonds are battling with their 200-day Moving Average after opening above it this morning. This will be a critical level to watch - A clear break above this level means the next stop is at 101.67. The 10-year has moved down to 3.37%, but did get as low as 3.29%. Begin the day carefully floating.
Need to watch this short video presenting the facts when it comes to inventory and inflation
Gift of equity
Real Estate Report Card, Community Report & The Cost of Waiting
CLICK HERE TO APPLY ONLINE: https://greggpechmann1.floify.com/ Find Me: https://linktr.ee/thepechmannteam
For all my contact info, click here: https://linktr.ee/thepechmannteam
Jim has been someone that I have trusted for over last 12 years with our clients. ...he is the ONLY one I trust in the credit repair business https://linktr.ee/thepechmannteam #thepechmannteam #hancockmortgage #HMP #mortgagetips #realestate #creditcard #creditrepair #creditscore
ALL I need is just the county and state, and I can produce these within second for you
Boomerang is the bomb!
Things not to do........Whether under contract or if you are just trying to get preapproved
Last week I mentioned To circle May 10th as a day to watch for mortgage rates However, this is the reason why you should buy now…..
Then 2/1 buy down strategy is such an advantage to the buyer AND seller
From 100% financing to more down, many different options to look at.......
Student loans and how they are calculated in regards to getting a mortgage?
May 10th should be a start of big improvements for mortgage rates
Look, we all have had financial tough times In our life. The key is to learn from them and to prepare. In this video I go over when is a good time to purchase after you’ve even through the dark valleys. I’ll share a little piece of what I went through
Credit karma is useless.
2/1 buy down makes so much sense to the buyer and seller
Rates and what to watch out for
Tips on how to improve your score
Get your documentation submitted early – don’t wait until the end of the process when you are also busy trying to pack and move. It creates extra stress for everyone, most especially yourself!
even if the last pages say blank on them, we still need all of them and here is why....
Most think pulling credit drops your score. However, its not even on the credit pie chart as one of the factors....
Shop for insurance Early and get the information to processing at least 3 weeks prior to closing date
Notice from USDA that in January, they have changed their guidelines on deposits that are not payroll –they are using $1000 as the guideline for large deposits so $1,000 and greater will need to be sourced
Large deposits that will need to be sourced seasoned. Self-Employed as well—if there are any large deposits that are NOT normal, those will need to be sourced.
We will help you streamline the paperwork, do not send checks out to credit card companies......pay them at closing!
Have the donor directly wire from their account to the title company, as opposed to the borrower depositing donors funds into their account. ........makes more work on both sides depositing funds.
This increases credit card payments when we do our soft pull - payment increases and that could throw off DTI
Take advantage of this low down payment financing to avoid going FHA
If you have to qualify for a mortgage by paying off credit cards, make sure you follow the process this way
Want to see what really happens to your loan after it closes, check this out...
All I need is the county and state, and will have the report done for you in seconds
These are the Do's and Dont's
In this video , I show you how to create a Floify account. This is important This where you will complete an application AND upload your docs.....securely. Important: Save your password!!
This short video shows you how to sign your disclosures Be on the lookout for an email from [email protected]. Always check your spam folder Also, my Sr Loan Partner will send you an email as well, breaking it down
The prelim CD has to be signed 3 days or more before closing, so you can close on time. These are usually not final numbers
Single Paid Lender Paid Monthly Paid
The cost of waiting can be far more expensive
Mortgage rates fastest increase in 40 years....why?
Covering all the basis for the preapproved client
Hero Home Moving Guide
Hero Home Credit Repair Guide
Hero Home Program
Say goodbye to contingent offers
jennifer l. cram, cc