Rates are Low! Now is the time to Refinance!
www.KesslerHomeLoans.com/apply
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Its Not About the rate - Its About the Payment
Rates are Low! Now is the time to Refinance!
www.KesslerHomeLoans.com/apply
#KesslerRealEstateFinancialServices
#HomeLoansByThomasOoten
Easy Valuation = Faster Closings for Your Florida Mortgage
Once you submit your loan application, Here’s what to expect.
All About Closing Costs
Closing costs are fees paid in order to obtain a mortgage loan.
These costs are in addition to the down payment on the home, the
principal, and the interest related to the mortgage.
Traditionally, the homebuyer is expected to pay all closing costs.
However, this can be negotiated with the seller as part of an agreement
for your purchasing the home that needs upgrades for them covering some
of these costs.
Costs can range from approximately 2-5% of the price of the home you are buying. The fees cover necessities such as:
· Running your credit report
· Loan origination process
· Property inspections
· Property appraisals
· Title insurance
· Escrow deposit
· Pest inspection
· Title recording with the county
· Underwriting process
Closing costs are necessary in order to secure
your mortgage loan and pay the professionals for their time and
expertise in making homeownership possible. Be sure to talk to your Loan
Officer to learn more about the fees and what you will be expected to
pay.
Should I Buy Now or Wait?
Should I Buy Now or Wait?
5 Reasons Why You Should Buy Now!
Based on prices, mortgage rates and soaring rents, there may have never been a better time in real estate history to purchase a home than right now. Here are five major reasons purchasers should consider buying:
Supply Is Shrinking
With inventory declining in many regions, finding a home of your dreams may become more difficult going forward. There are buyers in more and more markets surprised that there is no longer a large assortment of houses to choose from. The best homes in the best locations sell first. Don’t miss the opportunity to get that ‘once-in-a-lifetime’ buy.Price Increases Are on the Horizon
Prices are projected to appreciate by over 12-25% + from now to 2018. First home buyers will probably pay more both in price and interest rate if they wait until the spring. Even if you are a move-up buyer, it will wind-up costing you more in net dollars as the home you will buy will appreciate at approximately the same rate as the house you are in now.Owning a Home Helps Create Family Wealth
Whether you are rent or you own the home you are leaving in, you are paying a mortgage. Either you are paying your mortgage or your landlord’s. The Fed, in a recent study, revealed that the net worth of the average homeowner is 30 times greater than that of a renter.Interest Rates Are Projected to Rise
The Mortgage Bankers Association, the National Association of Realtors, Freddie Mac and Fannie Mae have all projected that the 30-year mortgage interest rate will be over 5% by first quarter of 2016. That is an increase of almost one full point over current rates.Buy Low, Sell High
We would all agree that, when investing, we want to buy at the lowest price possible and hope to sell at the highest price. Housing can create family wealth as long as we follow this simple principle. Today, real estate is selling ‘low’ compared to where it will be next year. It’s time to buy.
HUD Issues Mortgagee Letter 2015-01 Revising the MIP
Effective with case numbers assigned on or after January 26, 2015, the FHA Annual MIP premium factor for all Title II forward mortgages has been reduced by 50 bps (0.5%).
Term > 15 Years
Base Loan Amt. LTV Previous MIP New MIP
≤ $625,500 ≤ 95.00% 130 bps 80 bps
≤ $625,500 > 95.00% 135 bps 85 bps
> $625,500 ≤ 95.00% 150 bps 100 bps
> $625,500 > 95.00% 155 bps 105 bps
Term ≤ 15 Years (REMAINS THE SAME)
To allow current mortgages in progress to obtain the reduced pricing, HUD will temporarily allow for the cancellation of current case numbers in order to secure new case numbers associated with the cheaper pricing.
Term > 15 Years
Base Loan Amt. LTV Previous MIP New MIP
≤ $625,500 ≤ 95.00% 130 bps 80 bps
≤ $625,500 > 95.00% 135 bps 85 bps
> $625,500 ≤ 95.00% 150 bps 100 bps
> $625,500 > 95.00% 155 bps 105 bps
Term ≤ 15 Years (REMAINS THE SAME)
To allow current mortgages in progress to obtain the reduced pricing, HUD will temporarily allow for the cancellation of current case numbers in order to secure new case numbers associated with the cheaper pricing.
| For more information, you may access HUD Mortgagee Letter 2015-01 HERE! |
The BIG DON'T DO'S AFTER you Apply for a Mortgage
The BIG DON'T DO'S AFTER you Apply for a Mortgage
- Don’t deposit cash into your bank accounts. Lenders need to source your money and cash is not really traceable. Small, explainable deposits are fine, but getting $10,000 from your parents as a gift in cash is not. Discuss the proper way to track your assets with your loan officer.
- Don’t make any large purchases like a new car or a bunch of new furniture. New debt comes with it, including new monthly obligations. New obligations create new qualifications. People with new debt have higher ratios…higher ratios make for riskier loans…and sometimes qualified borrowers are no longer qualifying.
- Don’t co-sign other loans for anyone. When you co-sign, you are obligated. With that obligation comes higher ratios, as well. Even if you swear you won’t be making the payments, the lender will be counting the payment against you.
- Don’t change bank accounts. Remember, lenders need to source and track assets. That task is significantly easier when there is a consistency of accounts. Frankly, before you even transfer money between accounts, talk to your loan officer.
- Don’t apply for new credit. It doesn’t matter whether it’s a new credit card or a new car, when you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO score will be affected. Lower credit scores can determine your interest rate and maybe even your eligibility for approval.
- Don’t close any credit accounts. Many clients have erroneously believed that having less available credit makes them less risky and more approvable. Wrong. A major component of your score is your length and depth credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both those determinants of your score.
Contact Kessler Real Estate Financial Services if you have any questions!
Mortgage Rates Fall for 5th Consecutive Week
Fixed rate mortgages have fallen once again, making this the fourth
consecutive week rates have dropped. According to Freddie Mac, the
average national 30-year fixed-rate mortgage fell from 4.14% last week
to 4.12% this week, while the average national 15-year fixed-rate
mortgage decreased from 3.25% last week to 3.21% this week.
Additionally, the number of Americans signing contracts to buy new homes
has increased.
More here
Source: USA TODAY
www.KesslerHomeLoans.com
More here
Source: USA TODAY
www.KesslerHomeLoans.com
11 Markets Where Cash Deals Make Up 50% of Sales
CASH IS KING - Florida is in the top 5 !!
According to RealtyTrac’s report, the following metros saw the most cash sales in the first quarter, amounting to more than half of all of their sales.
1. Cape Coral-Fort Myers, Fla.: 73.6%
2. Miami: 67.1%
3. Sarasota, Fla.: 65.1%
4. Palm Bay, Fla.: 64.1%
5. Lakeland, Fla.: 61.8%
6. New York: 57%
7. Columbia, S.C.: 56.1%
8. Memphis, Tenn.: 54.9%
9. Detroit: 53.5%
10. Atlanta: 53.2%
11. Las Vegas: 52.2%
*First time home buyers will be competing against cash buyers so this is More reason to get your Buyer's financing pre-approval at www.KesslerHomeLoans.com
Source: RealtyTrac
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