MaxMortgage

Hey look another one!

Another Happy Client!

Some people bad-mouth mortgage brokers. Well, I would too if they were beating me this much in loan costs.

🏠 Client Spotlight: Next week, one of my clients is closing on their new home. They switched to Social Mortgage after discovering they could save significantly compared to the lender they initially chose.

💰 Savings Breakdown:

$10,000 less in closing costs
Substantially lower rate than what they were about to commit to — almost 4 points higher with their previous lender!
📈 I’m here to get you the best deal possible, not just initially, but for the life of your mortgage. Curious about how much you could save? Drop me a message, and let’s chat!

👉 Remember, the right broker makes all the difference.

NMLS 197982

Have you seen the new conventional loan with 1% down and no mortgage insurance requirement?

Purchase price up to 350k!

A 300k home under this program would be up to $250 cheaper per month, that means you can qualify for a higher amount and keep your payment the same as a regular conventional loan

The lender gives you a credit the other 2% of the down payment, and you never have to pay it back!

nmls 197982

RATES ARE GOING UP!!!!!

What does that really mean? Here is an example what it means

If you got quoted 6.75% 2 weeks ago and rates have "gone up", can you still get a 6.75%?

YES! you just have to pay for it.

I quoted a client a 6.75% a week ago, it would have cost him $462 to get that rate. Yesterday he called me back and wanted updated pricing, that 6.75% now cost him $3016.

Today when he calls me back and says he wants to start the process, that rate now costs over $4000.

You can still get the same rate, but you will just have top pay for it.

Sneaky Mortgage lenders advertising a 6% apr rate with 4.5% buy down!!! that is CRAZY!!!

This means you are paying 4.5% of your loan amount to lock in the rate.

So if you're buying a 300k home, you will be paying $13,500 just to lock in your rate, this does not include title fees or lenders fees.

If you want to buy an investment home but don't have enough income to qualify?

We offer a Non-QM 30 year fixed DSCR loan. where we qualify you based on how much income the property produces. No income needed, min score is 680.

CLEAR TO CLOSE!!!

closing docs sent to title, this is for an investment property my client is buying, if you're in the industry, you know those sometimes take longer to close

We did it in a total of 18 days. We could have done it faster if the appraisal came back faster.

Mortgage rates are even higher now that when I made my post about rates going up exactly a week ago.

Good news is they are still low compared to when I started this business in 2008. Rates were between 6.75-7.5%. We were mostly locking clients in 5 or 7 year adjustable mortgages at 5.5% , and that was considered low back then.

What this means is that payments are anywhere from $50-$125 higher on the same mortgage that you could have gotten a few months ago.

Now is $50-$125 per month increase scares you, then that means you looking at way above your budget. And you should lower your purchase price point by 20-40k. There are a lot of surprises that come with owning a home. Your taxes or insurance can increase which could easily raise your payments by $100 per month.

Interesting article for future home buyers

https://www.cnbc.com/2022/01/12/prepare-yourself-for-another-competitive-year-in-the-housing-market.html

Here's how to prepare if you want to buy a home in this competitive market You'll have to act quickly if you want to buy a house this year, so it pays to be prepared.

Important tip: Keep all of your W2s from every employer for at least 3 years.

Mortgage Rates are INCREASING!

We have seen mortgage rates increase by .5-.75% since Nov and Dec.

On a 250k home that is $85 increase in the monthly payment

On a 350k home that is a $125 increase in the monthly payment

If rates continue to climb, we will see a stabilization in the home prices.

When I started this business in 2008, I was offering my clients a 6.25% with a 2 point buy down (1 point is 1% of the loan amount). The 0 point rate was around 7%!!!

So todays rates are still very very good! Just because you are not getting a 2.75%, doesn’t mean you should hold out to buy a home.

Here is screenshot of Fannie Mae daily rates, to show you the increase over the past week. These are raw rates that lenders get. Lenders then add a margin to those rates. If lender originated loans at those rates, they would go out of business, because there is a ton of operating and over head costs for a lender to be able to keep their doors open.

My client signed a purchase agreement on Monday, 2 days later we have the conditional approval from underwriting! Once we have the appraisal we will be ready to get the clear to close. We are lightning fast here at Cross Country Mortgage, call me if you are thinking about buying a home 440-749-4251

Another happy client! if you plan on buying a home in the near future give me a call 440-749-4251

On this holiday, we take time to recognize those who have served in the Military. We salute the courage, service, and sacrifice of our Veterans.

Received a purchase agreement on the 18th. Today we are clear to close for a very happy new home owner.

14 business days in total. We could have closed much sooner, but the appraisal took longer than expected.

So you’ve decided to buy a place of your own! There are many motivations for purchasing a home, and we offer a broad portfolio of purchase programs to support those various goals. Read more here: https://bddy.me/3Gf2ALN

As a loan officer, I hear this all the time " I'm going to wait for the market to drop to buy a home, homes are too expensive right now."

I did the math to help you out. Back in 2017 rates were in the high 3s if you had good credit, and low 4s if your credit was below 680.

Lets say you bough a home in 2017 for 250k. and now in the same neighborhood home prices went up, and same type of homes are selling for 300k.

Here is the real difference in the monthly payment with the past and current interest rates.

Are you still going to wait?

Step 5️⃣ on the Road to Homeownership 🏡

✨Underwriting and appraisal✨

We’ll verify your application information, assess your credit and collateral, and order an appraisal to ensure you’re not overpaying.

The underwriting process:

🔹An underwriter will complete an initial review within 48 hours.
🔹If any additional information is required, we will work with you to clear conditions within 2 days.
🔹Your loan will return to an underwriter for final review and a clear to close (CTC).
🔹 The processor will inform all parties of the CTC and verify the closing date and time.

Step 4️⃣ on the Road to Homeownership 🏡

✨Apply for a mortgage✨

Your application will provide us with any remaining financial information we’ll need and lock your interest rate until the closing date.

Step 3️⃣ on the Road to Homeownership 🏡

✨Make an offer✨

Once you’ve found your dream home, work with your agent to negotiate a price and schedule a home inspection.

Your agent will know how much other homes are selling for in the neighborhood and will fight for the fairest price.

The inspection will confirm there aren’t any hidden problems with the foundation or the plumbing, heating, cooling, and electrical systems.

If you want anything that’s not nailed down to be included in the sale, especially the appliances, it must be stated in the contract.

Step 2️⃣ on the Road to Homeownership 🏡

✨Find a home✨

Meet with your agent to determine your wants and needs. Go in search of your perfect home 3 - 6 months before you intend to buy.

Your agent can help you be realistic about “perfect”:

🔹 Cosmetic fixes vs. structural issues.
🔹 Neighborhood crime rates.
🔹 Quality of the schools.
🔹 Property taxes.
🔹 Proximity to major interstates and public transportation.

Step 1️⃣ on the Road to Homeownership 🏡

✨Get pre-approved✨

A pre-approval shows you’ve spoken to a lender and considered the next steps. This can give you an advantage over other home shoppers.

Today’s rates are low. You may be able to benefit and save money by refinancing your current mortgage. Contact us today to see if a refi is right for you.

So you’re feeling pretty confident that your mortgage will be approved. Now is NOT the time to finance a new set of living room furniture or buy a car to put in your new garage. Find out why so you don’t put your loan at risk. https://bddy.me/3kPyiqp

Even homes with major structural and non-structural problems need owners. A long list of those problems can be fixed with the funds from an FHA 203(k) Standard Loan. Read more here: https://bddy.me/39mNx3u