Tony Wilhelm Mortgages

If you're considering purchasing a new home, we have some exciting news! HOMESTAR is now accepting conforming loan limits up to $726,200 for single-family Conventional loan programs.

The holidays are a wonderful opportunity to spend quality time with your family. Here are some fun – and free – activities you can do together in the comfort of your home:

- Build a gingerbread house
- Make and enjoy hot chocolate bombs
- Make a pinecone bird or squirrel feeder
- Make ornaments as keepsakes
- Cut red and green craft paper and make it into a paper chain
- Collect and donate gently used toys
- Write and send holiday cards to soldiers
- Make paper snowflakes
- Write letters to Santa
- Bake cookies
- Roast marshmallows by the fire

HOMESTAR launched a new loan product! The 40-year mortgage loan allows a buyer to have an extended payment term for their home purchase, which in turn helps affordability with rising rates.

With a fixed rate option or interest-only period, homebuyers can expect:
- Lower monthly payments
- Increased buying power
- More flexibility
- Gain home equity

Do you plan on shopping during Black Friday? Here are some tips to get those deals while staying safe:

- Research and make a list of what you need
- Check out ads and apps; bring them with you while you shop
- Compare prices
- Look out for discounts, early bird deals, and more
- Plan out where you’d like to shop
- Understand each store’s policies
- Ask for receipts, especially gift receipts
- Stick to your budget
- Stay safe by wearing a mask, keeping your distance, and washing your hands

I hope these tips are helpful and you enjoy shopping!

Updating your mortgage pre-approval letter is crucial for the following reasons:
- Pre-approval letters expire after 90 days.
- Your circumstances may have changed, such as your income and qualified budget.
- Your credit score may have increased.

Need help with your home search?

Real estate agents can access the multiple listing service (MLS), an online database of properties for sale where they can see:
- Up-to-date home status information
- More homes for sale than what's listed on other home listing websites
- Accurate property information
- The real estate agent working with the seller

This can be a huge benefit to you!

You’ve dreamed about owning your own home and have decided you’re ready to take the first step – applying for a mortgage loan. Before you begin your journey to homeownership, it’s a good idea to understand ahead of time what all you will need in order to qualify. By doing so, you will save a lot of time and heartache, ensuring a smooth mortgage process from start to finish and, ultimately, purchasing your dream home.

Here’s what you need to know about qualifying for a mortgage loan: http://bit.ly/HowDoIQualifyForAMortgageLoan

Once you're ready to purchase rental property and become a landlord, familiarize yourself with local landlord-tenant laws.

View them for each state here: https://www.american-apartment-owners-association.org/landlord-tenant-laws/

If you're considering purchasing a new home, we have some exciting news! HOMESTAR is now accepting conforming loan limits up to $700,000 for single-family Conventional loan programs.

Are you in the market for a new home?

Start out right by reviewing our helpful Buyer's Guide: http://bit.ly/HOMESTARBuyersGuide

There are many ways you can help your child purchase their first home. After all, homeownership comes with several benefits – one being a place to call their own. (Plus, some peace and quiet for you!)

When assisting them, some options to consider are:
- Co-signing a mortgage loan
- Gifting cash for a down payment
- Helping them save their money
- Helping them establish or maintain a good credit score
- Purchasing a home and renting it to them

From Q1 of 2021 to Q1 of 2022, the average homeowner’s equity has grown by $64,000, reports CoreLogic.
Learn more: https://www.corelogic.com/intelligence/homeowner-equity-insights/

Searching for the right homeowners insurance?

Contact multiple carriers of homeowners insurance, request quotes, and compare rates. The easiest way to do this is to contact an insurance broker with the details of your home, and they can compare and find the best rates for you. Look into and ask about discounts as well, such as bundling your auto insurance with your homeowners insurance.

It’s also a good idea to ask family and friends for recommendations and to share their experiences with insurance companies.

If you’re considering purchasing a new home, we have some exciting news! HOMESTAR is now accepting conforming loan limits up to $715,000 for single-family Conventional loan programs!

As a single person, homebuying is not something to fear. You can see the NAR 2022 homebuying trends for single women and men across all age groups. Single women are nearly doubling the percentage of men. Learn more:https://cdn.nar.realtor/sites/default/files/documents/2022-home-buyers-and-sellers-generational-trends-03-23-2022.pdf

Talk to your local Mortgage Loan Originator to learn more about applying with a single income!

Received extra funds lately? Maybe you recently got a bonus at work or have cashback rewards from your credit cards?

Put them towards your mortgage! You can make payments towards the principal on your mortgage, rather than both the principal and interest, helping to lower your long-term interest costs.

HOMESTAR now offers Hybrid eClosings! Visit our blog to learn more about how your closing day can be more efficient, take less time, and allow you to review some documents ahead of the actual appointment. Learn more: https://bit.ly/Hybrid-eClosing

Did you know HOMESTAR finances single-wide manufactured homes for USDA? Contact your Trusted Mortgage Advisor for full details!

What happens during underwriting?

Underwriters thoroughly research and assess the risk associated with approving a mortgage loan.

Learn more at https://bit.ly/HomebuyersGuideToTheMortgageProcess.

How much does private mortgage insurance (PMI) cost?

The amount you pay for PMI will vary. According to FreddieMac, you can expect to pay approximately between $30 and $70 per month for every $100,000 borrowed.

Some factors that may be considered when determining how much PMI you will pay include:
- Down payment amount
- Credit score
- Loan type
- Loan-to-value ratio (LTV)
- Loan balance

In 2008-09, there was an overabundance of inventory. As we recover from a strange last two years, inventory is now rising. It’s important to remember that a “recession” doesn’t mean a housing crash.

HOMESTAR, a Top Mortgage Purchase Lender Nationwide, is making the mortgage process even easier for our borrowers and realtor partners as we announce the release of our new app, the My HOMESTAR Mortgage app. The My HOMESTAR Mortgage app was developed by SimpleNexus, a homeownership platform uniting the people, systems, and stages of the mortgage process into a seamless end-to-end solution.

Learn more: https://bit.ly/HOMESTARReleasesMyHOMESTARMortgageApp

If your monthly debt is too high to afford a monthly mortgage payment, you may not qualify. Lenders look at two things:

1. The percentage of your gross monthly income that will be your house payment (principal, interest, property taxes, homeowners insurance).
2. The percentage of your gross monthly income that will be taken up by your house payment in addition to monthly payments (student loans, credit cards, car payments).

Decreasing your debt will allow you to qualify for a higher loan amount.

When was the last time you checked your credit score? Not only will your recent medical debt collection balances not appear on your credit report from the last 12 months, but if you have a $0 balance, it will also not appear. Contact HOMESTAR today if you want to hear how this may help your homebuying journey!

Mortgage News Daily reports that “properties typically remained on the market for 16 days” in May 2022. Pre-approval is crucial to have a competitive advantage over other buyers.
Learn more: https://www.mortgagenewsdaily.com/news/06212022-existing-home-sales-nar-inventory-prices-appr

Knowing how quickly inventory is moving makes it essential to know your budget before shopping for your forever home. With HOMESTAR, you can trust we will guide you in the right direction!

Pros of paying 20 percent down on a home:
- Less money out-of-pocket upfront
- Smaller loan amount needed
- Interest rate may be lower
- Less likely to be required to pay private mortgage insurance (PMI)
- Monthly mortgage payment is more manageable

What are the requirements for a cash-out refinance?

Eligibility requirements for a cash-out refinance may include:
- How much home equity you have
- Credit score
- Income and employment verification
- Loan-to-value ratio (LTV)
- Debt-to-income ratio (DTI)

Want to take your home search to the next level? Check out these sites and sources:
- School ratings: greatschools.org and the school district's website
- Crime rates and stats: crimereports.com, neighborhoodscout.com, and the local police station
- Walkability and public transportation: walkscore.com and apta.com
- Hospital ratings: leapfroggroup.org

Why is it better to work with a Mortgage Loan Originator to purchase a home?

Here are a few reasons:
- Personalize the experience to you
- Knowledgeable and understand every detail of the mortgage process
- Guide you and answer your questions at every step
- Help you with paperwork and determining the right mortgage loan to fit your needs
- Assist you with options to help pay for a down payment and closing costs
- Stay in contact with your real estate agent to keep things moving forward

Tired of living in the city? Are you working remotely now?

Move to a quiet place (with a beautiful view, too!) that has been on your bucket list. You may qualify for a USDA loan or HOMESTAR's NATURALiving Home Mortgage program!

HOMESTAR offers flexibility in calculating income for borrowers with a temporary loss of employment or reduction of hours/income during the COVID-19 National Emergency for FHA loans. This can help many borrowers with currently stable incomes who had a gap during this difficult time.

Learn more: https://www.hud.gov/press/press_releases_media_advisories/HUD_No_22_129?utm_medium=email&utm_source=govdelivery

Need to draft a lease for your rental property?

Standard lease forms are available online that you can reference! You will need to update your lease to best suit your unique situation, preferences, and more. Be as specific as you can: Do you require renters insurance? Are pets allowed on the property?

Check out ezLandlordForms to get started: https://www.ezlandlordforms.com/

HOME is the place you can gather your thoughts while embraced by its comforting surroundings.