Adam Snable Mortgage Team

The expected Federal Funds Rate cut, driven by improving inflation and slower job growth, is likely to have a positive, albeit gradual, impact on mortgage rates. That could help unlock opportunities for you.

For current homeowners, lower mortgage rates could help ease the lock-in effect. That’s where people feel stuck within their current home because today’s rates are higher than what they locked in when they bought their current house.

For potential homebuyers, any drop in mortgage rates will provide a more inviting housing market. Lower mortgage rates can reduce the overall cost of homeownership, making it more feasible for you if you’ve been waiting to make a move.

(Via keeping current matters)

Today we pause to remember and honor the lives lost on September 11.

Buying a home should be exciting, but sometimes the stress of moving can make new homeowners feel overwhelmed.

Check out these 6 essential tips to make your next move smooth and stress-free.

It’s easy to get overwhelmed by big goals, but progress comes from focusing on your next step. Whether you’re working toward homeownership or tackling your finances, stay focused on what’s right in front of you. Success is closer than you think!

House Hunting This Weekend? Cooler Temps, Cooler Rates! 🍂🏡

I'll be watching football with my phone nearby, ready to help you lock in those lower rates! Whether you're at an open house or preparing to make an offer, I’m on call all weekend to quote rates and get you pre-approved. With rates the lowest since April 2023, it’s the perfect time to jump in!

Shoot me a message or give me a call—I’ll have your pre-approval ready before the next touchdown!

What is PMI? Let’s Break It Down!

Private Mortgage Insurance (PMI) is a type of insurance that lenders typically require when your down payment is less than 20% of the home’s purchase price. This insurance protects the lender—not you—in case you default on the loan.

But when does PMI come into play, and can you get rid of it?
Conventional Loans: If you have a conventional loan, PMI is usually required until your loan-to-value (LTV) ratio reaches 80%. This means once you’ve built up enough equity—either through paying down your loan or your home increasing in value—you can request to remove PMI.

FHA Loans: With an FHA loan, things are a bit different. You’ll have to pay a form of mortgage insurance for the life of the loan if your down payment is less than 10%.

The only way to get rid of this is by refinancing into a conventional loan once you have enough equity.

PMI can be an extra cost, but it’s also a stepping stone to homeownership! If you have questions about PMI or your mortgage options, drop a comment or send me a message. I’m here to help!

Join us for a run that truly matters! 🏃‍♀️

We're rallying 100 runners to join our team for Magic Moments, and we need YOU! Whether you're a seasoned runner or just starting out, this is your chance to make a difference and have some fun along the way. Plus, when you register, you’ll receive a FREE T-shirt to run in, and you’ll be running alongside me! 💪

How to Join:

👉Sign up for the run by following this link: https://runsignup.com/RaceGroups/48055/Groups/1555994

👉Use the password: ownwhatmatters to register.

👉Lace up your shoes, recruit your best friends and get ready to run for an incredible cause! Let’s hit the pavement together and create some magic. ✨

Ready to run? I look forward to seeing you on October 6th🏃‍♂️🏃‍♀️

BHM26.2 2024 The BHM26.2 2024 is on Sunday October 6, 2024. It includes the following events: Marathon, Half Marathon, Fun Run, 10K, 5K, and 10 Miler.

Are you ready for the pre-approval process? It’s time to understand what this may require from you!

- Copies of Pay Stubs
- Credit Check (retrieved by the lender with your authorization)
- Bank Statements from the past 2-3 months
- Down Payment Amount and Desired Mortgage Amount
- W-2 Statements and Tax Returns From the Past Two Years
- Employment Information

When you're working toward a goal this big, being thoroughly prepared is crucial. Gather these documents early to streamline the process, and don't hesitate to ask for guidance along the way. A little preparation now can lead to a smoother, more successful pre-approval experience!

Crunching the numbers for financial fitness! 💼💡

To calculate your Debt-to-Income Ratio (DTI), divide your total monthly debt payments by your monthly income before taxes and deductions are taken out. Multiply that number by 100 to get your DTI expressed as a percentage.

Here’s an example: A borrower with rent of $1,200, a car payment of $400, a minimum credit card payment of $200 and a gross monthly income of $6,000 has a debt-to-income ratio of 30%. In this example, $1,800 is the sum of all debt payments. When you divide $1,800 by $6,000 and then multiply that answer by 100, you get 30.

Empower yourself with this simple formula to make informed decisions about managing debt and achieving your financial goals!

In honor of back-to-school season starting, here is your friendly reminder that school districts can play a role in home values. If you're thinking of buying or selling, it's worth considering how school ratings might impact a home's value. 🏠

Source: NAR
Equal Housing Opportunity; NMLS #3274. www.nmlsconsumeraccess.org

Closing costs—the final hurdle in the homebuying relay! 🏠💸 These are the assorted fees and expenses you and the seller cross at the finish line of your real estate journey. Think of them like the wrap-up party costs after the main event of finding your dream home. They cover everything from legal fees to the appraisal, ensuring every T is crossed in the homebuying process. It's essential to budget for these to avoid any last-minute surprises. Curious about what this means for you? Let’s break down the numbers and get you across that closing finish line with confidence!

Bridging the gap between dreams and reality requires discipline. Start today, and watch how far you can go!

A mortgage specialist will require certain financial documents when applying for a mortgage. Be sure you have easy access to the following:

-W-2 or tax return from the past 2 years
-Gross monthly income from the past 30 days
-Two months worth of bank statements
-Proof of investment, including rentals
-Any debt you owe-credit cards, outgoing payments etc.

Be sure to keep all documents from previous years in a safe place. They are vital for your loan application process.

Behind the scenes of mortgage approval!

Ever wonder what catches the eye of a mortgage lender? From credit scores to loan-to-income ratios, discover the key factors lenders consider when evaluating potential homebuyers.

Let's discuss how to meet lender criteria and streamline your path to homeownership!

Congratulations to all!

Working together as a work family gets the job done and done well! A huge thank you to all the moving parts that helped close this cute Pelham townhouse! LAH's very own Sold Sisters, Julie Archibald and Debbie White, and one of our favorite lenders Adam Snable Mortgage Team. Congratulations to the Sold Sisters' first time home buyer!

Taking the leap into homeownership? We've got your back! Here are some essential tips to help you navigate the journey with confidence and ease.

*in my best Michael Scott voice* “It’s happening, everybody stay calm!”

If you’ve been waiting to buy a home but hoping affordability would improve, there are signs it’s starting to happen. Mortgage rates are trending down and while home prices are still rising, they’re rising more slowly than before.

We still have a ways to go but trends show that things are getting better!

Questions about the market? Reach out or send me a DM and let’s chat! And make sure to follow me for more mortgage info and the market here in Birmingham!

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Paying down your principal means owning more of your home! Reducing the principal balance can also lower your interest payments over time.

Avoid pitfalls and improve your chances of approval with these essential tips!

1. Incomplete or Inaccurate Documentation
Fix: Take the time to gather all necessary documentation, including pay stubs, tax returns, bank statements, and employment verification. Double-check that all information provided is accurate and up to date.

2. High Debt-to-Income Ratio
Fix: Pay down existing debts, such as credit card balances or personal loans, to lower your DTI ratio. Avoid taking on new debt or making large purchases before applying for a mortgage.

3. Changing Employment Status
Fix: Avoid making significant changes to your employment status or income until after your mortgage is approved and the loan is closed. If necessary, provide documentation and explanations to lenders to demonstrate your ability to repay the loan.

Average mortgage rates are dipping, and now is the perfect time to take advantage!

Reach out to a Guild loan officer to discover how this can benefit you. Whether you're looking to lower your monthly payments, increase your purchasing power, or access home equity at a lower cost, we're here to help.

This means more affordable monthly payments and greater buying power for you. Don't miss out on this opportunity to make your homeownership dreams more attainable.

True strength lies within the power of your will. It's not about how much you can lift or endure physically, but about the unbreakable determination and resilience that drives you forward. Keep pushing, stay strong, and let your indomitable will lead the way.

Also known as a conforming loan, a jumbo loan requires certain qualifications that need to be met:

-high credit score
-down payment of at least 20%
-income and asset documentation
-low debt-income ratio

If you're interested in a higher-priced home, a lender can take you through these steps to be sure you qualify for a conforming loan.

Remember, true courage shines when we push forward despite our challenges. Let's start this week with determination and resilience!

On call during Otey's Fest Weekend? Absolutely! It's proof that you can work and have fun when you love what you do! After your house hunting on Saturday, head over to Otey's Fest – the Shindig of 2024 – celebrating 15 years of Otey's Fest and 35 years of Otey's Tavern 6pm in Crestline Village. If you see me there, be sure to say hi!

Securing your financial future with confidence!

Mortgage interest rates can change daily, sometimes hourly. If your interest rate is locked, your rate won’t change between when you get the rate lock and closing, as long as you close within the specified time frame and there are no changes to your application. Rate locks are typically available for 30, 45, or 60 days, and sometimes longer. If your rate is not locked, it can change at any time.
A mortgage rate lock gives you peace of mind by guaranteeing your interest rate for a specified period, protecting you from market fluctuations.
Explore your mortgage options – find a rate that suits your needs today!

It's NOT a crash... A visual. ⬇️

Today’s market isn't like it was back in 2008. One of the big problems back then was the surplus of housing inventory -- but that's not what we're seeing right now.
We've still got a shortage! Experts and inventory data confirm that a crash isn’t on the horizon.

Let’s start this week with confidence and clear away any doubts. Your potential is limitless!

On call this weekend!

I understand that real estate operates beyond traditional office hours and I'm here for you this weekend!

Benefits of weekend coverage include:
✅ Immediate Support: We’re available to answer mortgage and finance questions on weekends, so you're never left in the dark.
✅ Enhanced Flexibility: Get expert assistance when you need it most, enabling you to plan, strategize, and be available for important discussions.
✅ Competitive Edge: We're invested in your success, providing guidance and support to help you secure that dream home for your clients.

Let's connect this weekend with any mortgage needs you might have! 205.370.9231