Good morning,
Success stories are heartening and good to tell. Yet at times, a brief review of current trends and new lending possibilities, can help us better plan for tomorrow. Especially if they increase our ability to buy or refinance.
Check these out
1) Change in downpayment: Once 10% is now 5 % down – up to $625,00 loan amount (no changes to FHA and VA). Call for details.
2) Change in downpayment: 10 % downpayment to 1 Million loan amount and 15 % to 1.5 Million. Kicker: One loan – mortgage insurance built in.
3) Mortage Insurace pricing war: For 10 % down, built-in mortgage insurance adds approximately 0.25 % to the rate and is tax deductible. Standard insurance rates (0 .4 to 0.6 %) typically are not tax deductible.
4) Low-risk borrowers with large deposits. If after the loan closes, you have, in deposits, 50 % of your monthly income.. the paperwork is easier.
5) Student loan payments: Consideration is offered, if you have a student loan. Best to call to explain the details. They may use only 1% of the balance for qualification purposes. Call us first for details.
When buying, please note: Experience teaches that one’s success in buying a home, is far more dependent about the buyer – their experience, their economic needs, and their specific circumstances – than the specific hype about prices and over-emphasis on rates.
Homes are long term. They are neighborhoods for raising children, building memories, and increasing future equity. They provide stability as well as an opportunity to avoid higher rents. And when spread over the years – and after your mortgage deductions – rates and price matter far less.
Doing the homework, while gaining a sense of perspective, is the proven way of buying or even refinancing. It is the safest, most secure way forward.
What is needed? Michael Ryan
An experience, trusted, and time-tested Professional
Give a ring. Every call is good and every conversations important. Helping you and your friends find the best answers, is the like winning the Super Bowl. Have a fabulous day while looking forward to your call.
Gratefully yours,