BATES Lending Group NMLS 93767

In today’s episode of mortgage broker life. I’m helping a ‘Social Media Influencer’ moving from CA to AZ to buy her first home; this is the loan condition we received from underwriter: ‘Borrower to provide documentation supporting how the borrower's business of social media influencer will continue to operate at the current level of income in a different location’
Ya can’t make this stuff up folks 😂😂😂

Have you been wondering how credit scores are calculated? 🧐
We review many credit reports on a daily basis; here are two main culprits of lower scores:

#1 - HIGH CREDIT CARD BALANCES are the main reason for LOW credit scores. Pay your credit cards down to 30-50% of the max limit for best improvement in your score and to help maintain a higher credit score.

#2 - SHORT TERM LOANS - "Hello, you have $100 available on your loan, come on down and get your money!" NO, don't let them convince you this is a good idea!! 🙅🏻‍♂️ Every new disbursement from short term lending companies reports as a brand-new debt on your credit. New debt decreases your score by 20+ points for each new account.

CHECK OUT THIS LINK FOR WAYS TO IMPROVE YOUR CREDIT IN 90 DAYS -

Improving Your Credit Score in 90 Days: A Step-by-Step Guide - Brokers Are Better This guide will provide a step-by-step process to help you implement strategies and action today to improve your credit.

https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-Conforming-Loan-Limits-for-2023.aspx

FHFA Announced their OFFICIAL new loan limits for 2023 (available NOW)
Conforming $726,200 (prior amount $647,200)
High Balance Conforming in Sacramento/Placer/El Dorado counties $763,600 (prior amount $675,050)

What does this mean in English? It means if you're getting a mortgage, you can borrow more at a cheaper rate with easier lending guidelines than Jumbo (loan amounts above the limits above)

Feel free to reach out with any questions!

🚨Realtor/Buyers🚨
2/1 or 3/2/1 buy-downs are great options to combat the artificially higher interest rates we’re seeing in our current market. Let me show you how to position this product to sellers so everyone wins!
NMLS 93767
[email protected]
916-508-8088

GREAT INFO
If you're curious about the state of the economy; including the housing market, inflation, monetary policy, interest rates and how to navigate a pending recession, I urge you to watch this!
Start video at 3:30 mark

Barry Habib, MBS Highway

🚨🚨Realtors/Buyers🚨🚨

Since the real estate market has shifted, seller concessions has been a hot topic. Be sure you’re aware of the maximum concessions allowed per loan program. Let me know how I can help you win in this market!

NMLS 93767
916-508-8088
[email protected]

The latest HMDA data (Home Mortgage Disclosure Act) from the government shows that independent mortgage brokers are saving borrowers $9,400 🤑compared to retail lenders and mega banks. It is a fact that independent mortgage brokers are the best way for consumers to get a mortgage 💪, and the best place for a loan officer to work. If you are looking for someone locally that can help you save money when buying a home or refinancing, go to www.bateslending.com

Rocket Mortgage is not your friend. They take advantage of clients by charging higher rates and fees and are trying to make brokers like me and realtors like you obsolete. Just because they have fancy commercials, doesn’t mean they have your best interest. Real talk 🤌🏼

If you’re in need of a mortgage, using a broker like me yields a better deal for the consumer. Supported by data. 💁🏻‍♂️🫶🏼

GREAT NEWS! Conventional loan limits have increased and are available now. Benefits: easier qualifications for larger purchase price, lower down payment options and improved pricing Please reach out with any questions, we’d love to help!
NMLS 93767 NMLS 1729528
CA 01843352 CO 100050792
FL LO112906 AZ 1041467

Now serving clients in FLORIDA and ARIZONA!!!
If you or someone you know is looking to purchase or refinance, we can help! CA, CO and now AZ and FL 😎 NMLS 93767
NMLS 1729528
CA 01843352
CO 100050792
AZ 1041467
FL LO112906

🚨REALTORS / BUYERS🚨

In this higher rate environment it is important now, more than ever, to shop around and get a second quote on a mortgage loan.

I am beating some of these loan offers by almost a full point. And my #1 wholesale lender, as of this morning, just dropped their pricing by an additional 100 basis points. 🔥

What does this mean? The gap widens even further. With better pricing and lower rates & fees, the buyer can afford more home when using me for home financing.

Don't overpay. Do your due diligence. That lender with 10 TV commercials and 8 levels of management has to pay for it all somehow. And that somehow is by overcharging buyers.




BOB BATES
NMLS 93767
916-508-8088
[email protected]

🚨Here we go again!!!🚨

This is definitely not the news we like to wake up to on a Monday 🫣

The 10 year treasury trading in pre-markets at 3.27%, levels we have not seen since Sept 2011. Over the last 10 hours of trading time mortgage rates have spiked once again about 3/8-1/2% higher.

How does this impact the consumer? If you are not locked in, cost on a $400k loan would be about $7,800 more today for the same rate offered last Thursday.

People wonder why we as mortgage originators say to "lock it in ASAP"… we say that because things like this can happen in a heartbeat. Rates tend to shoot up like a rocket, and fall down like a feather. If you're okay with what is being offered to you, lock it in!

Locking in a "high" rate today doesn't mean you're carrying that for 30 years, it simply means you're protected against moves in the market like we have seen over the last couple days. The market is ALWAYS cyclical, it will come back down and you can always refinance the home to a better rate.

We have been spoiled for far too long on rates that were incredibly low. Please keep in mind the average mortgage rate dating back to 1971 was 7.77%. Buy today, lock it in, don't look back. The interest on rent is 100%!!!

Real estate is the number one way that millionaires are made! You can always capture a lower market rate with a refinance in the future!

Keep your heads up. This too shall pass.