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How Much Home Can You Afford VS How Much Home Should You Buy? A lot of people ask us “how much can we qualify for” or “how much should we qualify for?” when it comes to applying for a mortgage. In other words: What prices of home should I be looking at? No matter where you are in the market, the prices are what matter. There are so many variables t…
 
What’s the BIG Deal About Escrow Accounts? Why do banks encourage borrowers to have an Escrow Account? What is the purpose Banks want to make sure they know that a borrower’s taxes and homeowners insurance is being paid on time…why? Unpaid taxes will become a priority lien on your property…banks don’t want that to happen. If your homeowners insuran…
 
This Podcast is to warn borrowers about the effect of Trigger Leads. What is a Trigger Lead? The 3 credit bureaus notify businesses, who purchase trigger leads, when you have your credit pulled. Trigger leads can lead to scammy phone calls from other mortgage lenders who try to give the impression that they are associated with the transaction that …
 
Lender considers your mortgage late if your payment is received after the 15th of the month. Typically a 5% fee is assessed (of your loan amount ). This will not be reported to the credit bureaus Credit Bureaus will consider you late if your lender hasn’t received your payment by the end of the month. Credit Bureaus will reflect 30, 60, 90, and 120…
 
If income is eligible to be grossed up, here are the gross up limits; · Gross up to 25% on Conventional loans · Gross up to 15% on FHA loans · VA loans do not allow grossing up any income The Following Income types never subject to taxes that can be grossed up with Conventional and FHA loans: * Adoption Income * Foster Care Income * Child Support I…
 
How Fast is Too Fast to Close a Home Loan to Purchase a House? What is defined as a Fast Closing? On a purchase transaction closing in 25 days or less would be considered a very fast closing. And we recommend strongly that buyers avoid closing any sooner than 25 days from the start of a contract. Why shouldn’t a buyer try to close fast? What can go…
 
We get asked all the time if real estate is a better way to build wealth than the stock market. Often times these questions lead to the conversation around comparing real estate investing to other traditional investment vehicles. So, today we thought we would break down what it would look like if you took $12,000 savings and put it into the stock m…
 
We get asked all the time about real estate investment loans, and using 401k money towards a home purchase, etc. Often times these questions lead to the conversation around the comparison of real estate investing vs other traditional investment vehicles. So, today we thought we would discuss itBy Eddie and Tom Knoell
 
Second home mortgage rates vs. investment property mortgage rates ● Compare rate options ● Same factors as primary apply (anything additional?) ● Talk about DTI requirements briefly Second home financing ● Second home: one you’ll live in for part of the year, but not full time. ● Occupancy: part-time occupancy required ● Second home interest rates:…
 
Common Questions Can I use money from my business accounts as part of the down payment? Can I Use Cash or a gift as Part of the Down Payment? Do I have to put a larger amount down on investment properties? What is the minimum down payment for a mortgage (Are there zero down mortgage loans)? What’s better to pay PMI to save my cash? What is the conn…
 
What is Mortgage Insurance and how does mortgage insurance work? ● Mortgage insurance makes it possible to hand over a much smaller down payment and still qualify for a home loan. It protects the lender in case you default on the loan. ● Explain what a conventional mortgage is: PMI is required with less than 20% down. ● With an FHA you’ll pay for m…
 
This week, my brother Eddie and I discuss "New Strict Rules for Mortgages During COVID 19?" The virus is causing mortgage lending and bank guidelines to continually evolve and tighten down. Banks want to protect themselves from the risks that mortgages inherently have during times of uncertainty. Some borrowers will find it more difficult to get pr…
 
When to consider a 15-year fixed-rate mortgage notes ● The main draws of 15-year fixed-rate loans: lower interest rates, and quicker payoff ● Like any fixed-rate loan, they also offer stability; the monthly payment won’t change no matter what happens to inflation or market interest rates. ​Compare rates to 30 year. ● Monthly payment will be much hi…
 
Forbearance: Forbearance lets you make reduced payments or no payments for a set period of time, though your loan continues to gain interest during this period. The skipped payments are then due at the end of that designated timeline. In some cases, a lender may let you spread those skipped payments out over a few months. Deferment: Deferment also …
 
The Mortgage Brothers, Tom and Eddie Knoell, discuss cashout refinances during the COVID 19 pandemic We are getting a lot of questions like these: “How stable is the economy right now, are we going into a recession?” “Will housing values drop like a ton of bricks, and if so should I be taking advantage of the equity in my home now before it does?” …
 
SBA Loan Information https://www.sba.gov/funding-programs/... Eddie and Tom Knoell discuss 4 SBA Loans For Corona Virus Relief that are available. 1- Payment Protection Program...2- $10K Economic Injury Disaster Loan Emergency Advance...3- SBA Express Bridge Loans...4- SBA Express Bridge Loans Keep in mind that 1099 Independent Contractors should b…
 
Eddie and Tom Knoell discuss how the CARES Act (signed into law March 30th 2020) affects Homeowners with Mortgages. Is the Government going to forgive your mortgage payments? What is mortgage payment forbearance? Can you qualify for mortgage payment forbearance? If so, for how long?There is a lot of misinformation and misinterpretation out there. E…
 
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