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Carmen Mandato/The Penny Hoarder Did you know 26% of people find an error on at least one of their three credit reports? That’s according to a 2012 Federal Trade Commission report, the most recent comprehensive study on the matter. Sure, that sucks, but we’ve got to cut the credit bureaus a break. After all, they’re keeping tabs on millions of pieces of information. That’s why it’s important for you to regularly check on your reports. Catching an error — and disputing it — will keep your credit report clean, and in turn, could potentially increase your score. But it’s not just about the… Read More

Whether Buying A New Home, Or Refinancing Your Existing Home, The Loan Process Is Vitally Important. Beyond All The Paperwork, There Are Many Factors That Lenders Will Consider That May Affect Your Approval. Follow The Guidance Below: DO complete your application thoroughly. The process will go faster if the lender does not need to contact you for missing information. DO respond to all questions and requests promptly. Additional conditions may need to be cleared to help underwriters make a decision. Handle these requests quickly so that your loan can close on time. DO disclose all other loans and credit on file to your… Read More

FastTrack Credit Approval The home market is competitive. If you’re not prepared to move forward when you’ve found the perfect home, you could risk losing it to another buyer. Give yourself the competitive advantage you need to buy with our FastTrack Credit Approval program. Here’s how it works: You’ll have a letter to demonstrate to a seller that you can buy their home — and buy it fast. Sellers will know you’re Credit Approved (pending conditions) and that your loan will close quickly! Apply for a mortgage and provide all required documentation, such as W-2s, bank statements, and tax returns. Your credit… Read More

New construction delays have everyone on edge. This renewed vigor in the economy manifests itself in a number of ways, some good, some not so good. Everywhere we turn we see a truck hauling building supplies or materials. Housing developments are popping up everywhere.Interest rates are continuing to rise and yet builders are consistently raising their prices almost monthly…yet, we are seeing record sales. This is a great problem to have, but a problem none the less.Home buyers are frustrated because they were quoted an interest rate of 4.0% six months ago and now they are getting quoted closer the 5%… Read More

Despite–or in spite of–rising interest rates, a growing number of Millennials have decided now is the time to buy a new home.  Ellie Mae, Pleasanton, Calif., said 83 percent of mortgage loans made to Millennial borrowers in February involved new home purchases, up by two percentage points from January, but three percentage points lower than a year ago, when interest rates were lower. The company’s Millennial Tracker said Millennial purchase loans have been trending up compared to all closed purchase loans, now representing 45 percent of total closed purchase loans compared to 43 percent in December. By comparison, non-Millennial purchase… Read More

Self-Employed Workers Face Mortgage Hurdles By Robyn A. Friedman | February 2018 Chris Gash/Wall Street Journal Being your own boss allows for innovation and independence. But the self-employed also face difficulties when applying for a mortgage. The biggest hurdle, experts say, is demonstrating they meet the lender’s income requirements. Self-employed workers don’t receive a W-2 form, the document that shows annual wages and withholding amounts. Instead, lenders need to rely on tax returns to verify a self-employed applicant’s income. That’s a challenge for lenders, because on one hand, self-employed applicants need to show enough income to qualify for a mortgage. On the other… Read More

05 February 2018

Capital Markets Update

Yup, rates have moved higher. The U.S. economy is doing well, and, in addition, supply and demand shifts are moving rates as well. Investors are concerned about increased bond market supply (higher supply = lower bond prices = higher rates) due to fiscal spending initiatives. Spending typically stimulates the economy, and investors are concerned about rising growth and inflation, either of which are bad for rates. Investors are worried about the first group of investors and thus are making trades to try to get ahead of them, pushing rates higher.Global monetary policy seems like it may be on the verge… Read More

Here’s what you should do and should not do to ensure a streamlined loan review and on-time closing. ■DO complete your application thoroughly. The process will be faster if we don’t have to contact you for missing information. ■DO respond to all questions and requests quickly. Additional information may be needed to help the underwriter make a decision. Fast responses will help your loan close on time. ■DO disclose all loans and credit. Be transparent so your application won’t get delayed. ■DO be available as your closing date approaches. Allow time to review and sign documents and to pay your closing… Read More

Ramping up refinancing Millennials aren’t just buying homes at record rates nowadays. According to new data from Ellie Mae, they’re also refinancing their existing ones.Good rates, great refinance opportunities According to Ellie Mae’s Millennial Tracker, which analyzes monthly closed loan applications from buyers born in 1980 to 1999, refinances made up 14 percent of all Millennials’ closed loans in September. That’s the highest refinance share since February. Joe Tyrell, EVP of corporate strategy at Ellie Mae says the uptick is likely due to historically low interest rates. “With average interest rates falling to their lowest point in 2017, Millennials are… Read More

31 October 2017

Death of Bond

If you or a client were planning on applying for the Florida Housing $15,000 Bond Program, DO IT NOW! Florida Housing has announced that they will be pulling the program as of mid December 2017. Income limits on this program are $81,900 per household and will scale back to the original Bond program that offers $7,500 with income limits between $59,463 – $69,960. In order to secure the $15,000 you must have attended a Down Payment Assistance program, be fully pre-approved, have a fully excecuted contract and the lender must have you registered with the FHFC. For more info or… Read More