May 2020 Residential Lending Successes and News

Good morning to May;

Mortgage Rates: Time is Now

Don’t Miss Out

If you are waiting to buy, wanting more bang for your buck? What better time ?

Good News: Many areas are beginning to open, with the intrigue as to how well we adjust to the new normal – being ever vigilant and aware of our surroundings. Let us continue to be most careful as to how we share our time or space, especially with those at risk. Sadly, many in nursing homes and assisted living may have become infected by well-meaning family or guests. It will be good when a vaccines is ready and widely available.

And if a Covid 20, even a Covid21, is in our future, we should be tested, prepared, and ready.

Points of interest:

  • Interest Rates: Rates are great. VA rates and FHA rates are still in the 2’s and 3’s. Good News: We still have 80/10/10 Jumbo loans. And the news gets better:
  • Underwriting: Purchases are given first priority by underwriting. Turn around time can be a quick couple of days. Amen. How about Refinance? Better turn-around times are coming. Currently, it can be 2 weeks, even 2 months for complex loans.

Best response: Start the paperwork today. Let talk.

  • Housing: For Buyers trying to guess the market, Seller’s seem to be holding steady. There maybe a last bit of easing in valuation, with slower traffic and less competition, but Sellers are well aware of our great the rates and willing to wait. Don’t miss out !!
  • Stock market: Fed and DC policy have helped restore hope to stocks. Be interesting to see how markets respond, during the typical Summer slow down in market activity.

Market News

1) US Economy: Let’s resist comparing today, to 9-11 or the Spanish Flu of 1918. It does not work, nor helpful. As a country, we are ready to return to work and will do so with renewed vigor and appreciation. We will drive our cars, fly the skies, and plan our vacations. Our economy may sputter, during the restart, but never doubt the American spirit to succeed.

2) Employment: 20 % is a real number. The Good News: the pace is slowing substantially. The latest numbers are moving in the right direction, as more financial help is coming. Over the next month, keep a close watch on the numbers going back to work. Back of the napkin estimate is the PPP loans may be keeping the unemployment rate down by about 3 %.

3) Elections: May be more than just interesting, considering the risks of mass voting by mail. Counting could be delayed, due to effects of Covid 19 on the US Post Office.

Recent Residential Success Stories

Refinancing: For those wanting the lowest rate, timing is everything. Key is to start preparing today. The early bird – the one best prepared – has a far better chance for a quicker turn around, by loan underwriting. We are ready to start today. Call Now !!!

A fun success story: Yes, there were some difficult times, but we successfully closed a large HELOC for a client remodeling their home. And, if blessed with the need for a loan amount below $ 510,400, the outcome is so good, we almost forget the other pains in the market. The Good News: Rates hold awesome.

Purchasing: We just helped the daughter of a long-time client, purchase her first home. The listing said the property would NOT pass FHA inspections. However, we had a family ready to put their talents to work, plus they added a great Realtor partner. And together, we facilitated what was needed to make it happen, and we did. The result: A great new home for our client.

A number of other clients are in contract, one with a property inspection waiver. This means no appraiser will visit the property. Much calmer for the Sellers. Thankfully, business is brisk!

Reverse mortgages: Rising home values make this a great tool for staying in one’s home and neighborhood longer. Our grandparents didn’t think about living past 70. Today, our thoughts are well past 80. Thus, my hope is to help each person become pro-active in all I do. Not all answers are easy, yet with a solid data, a good plan, and a caring spirit, good choices happen.

Self-employed: These can be difficult times. So please. Let’s talk and review the situations and seek out options and possibilities. I believe the self-employed are the backbone of America.

Buying your next home: Two wonderful “tools”. First, a client uses their old home, as collateral for their new home!! Second, we have a tool whereby the current payment on the “old” home, does not count against your client, while they are settling into their new home. Excellent. You need options, tools, and alternative ideas? We have them. Call today.

*** Keep Your Cash & Defer Taxes ***

Closely held stock, owner occupied real estate, and small business, share a common desire: Reducing capital gains taxes, thereby keeping more of their investment working for them. Keep asking your questions and we will seek helpful answers. Call today.

Real Estate – A Great Time to Refinance

Actions by our Federal Reserve continues to bring stability to mortgage-backed securities and our treasury market. Sadly, major instability came at the same time as the tremendous up surge in refinance applications. The outcome: A drastic slowing in lender ability to process the paper work. Too often, this resulted in loan-locks expiring to possible higher rates. The Good News: A return to “normalcy” should bring better rates and is expected. If helpful, mortgages carry a different way of weighting risk, than do US-backed treasuries. Let’s talk today!

Our suggestion: Let’s get your paper work done today.

Then be ready for the rate you want to tomorrow. Timing matters.

Are you renting? We offer market-based calculations comparing renting vs the benefits of owning. Answers can be rewarding. Good news: We look beyond the boiler plate, typical big numbers. We understand ‘affordability’ is unique for each and every individual, and family. Our focus is to understand you, asking pertinent questions to help guide your financial future. Our concern is more about “live-ability”, than the industry standard of, ‘what you qualify for’.

It is a great day: Wanting to consolidate debt or refinance. You will be amazed at the benefits of a lower rate of interest and how to keep more cash in your pocket. Best: We have the tools to show you. We will show you the “full benefits” you can achieve – now and overtime. You will be surprised. Let’s talk today, so the fun can begin tomorrow.

Let’s talk. You matter: At the heart of my 30-plus year career, is keeping my clients first. It is a top priority. It is why I offer the best of my technical know-how, skills, and time-tested experience to you. It is key to finding our clients safe, sound, and secure loans – one’s best fit for them. Keeping you well-informed, makes for better decisions. Call today.

Because You Matter

As you read and listen, if questions come to mind, let me know. Your thoughts and opinion are important. Why? Because people, and their best interest, is my priority. It is why I offer guidance –along with a complete set tools– in bringing answers that work. After 30 years, you know and learn many things about many different circumstances, situations, and people.

Call us – We know success

Thank you for trusting me with yourself and your friends and family. Referrals are appreciated.

Call me – Your success is our priority.

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