Category: News

The good news is you went to college, studied hard and earned your education, the other side for some is student loan debt. Having loans is not a deal breaker but it will factor into the important debt-to-income (or DTI) ratio, and mortgage underwriters are primarily looking at the numbers so having it be student loan debt isn't different from a car loan in the math. Strategies to get approved with student loan debt Pay it down - this maybe easier said than done but if you have extra money or got a raise then try to pay down the debt Consolidate it - if you can consolidate your debt and lower your monthly payment (even not the overall loan amount) this will help your monthly DTI ratio Co-sign -…

A lot of Americans have moved or considered moving in the last year. When you move you aren’t just moving into a new home but also a neighborhood, so you want to be sure to check the area out carefully, here are 10 things to consider. 1. Property Taxes – you should look at property taxes and also how much they’ve increased in the last five years and if any increases are planned. It’s a good idea to build this into your budget too. 2. Amenities – check what’s nearby based on your interests, restaurants, groceries stores, houses of worship etc. 3. Future development – it’s a good idea to check and see what future development is planned – it might be a good or bad thing but either way…

With the housing market tight in many parts of the country and affordability a big issue for many would be buyers, buying a fixer-upper might be tempting. We’ve all seen the home make-over shows with amazing before and afters but should you do it? Here are a few things to consider: 1. Know Your Limits How much of the work can you do. How much time do you have to put into renovations. Are you prepared to live in a work zone for a while 2. Work Out Costs In Advance Have a contractor walk through the inspection with you and get a written estimate for work he would do. If you are doing the work yourself price the costs of supplies, either way add 15% to the costs because…

As we hopefully start to climb out of the covid crisis, interest rates nudged up this week. Rates inched up as Freddie Mac reported that the average 30-year-fixed-rate mortgage was 2.97%. This is still well below the rate a year ago which was 3.45%. Analyists expect rates to continue to rise slightly throughout the year on an anticipated economic recovery, although rates are expected to remain very low by historic standards. While rates remain near historic lows, the housing market continues to be red hot. Extremely low inventory is driving prices up. The National Association of Realtors reported existing home sales were up nearly 25% compared to last year and the median home price is up nearly 15% from a year ago. This may be a bigger impediment to home…

If you’re looking for a new house, many realtors will actually ask for a pre-approval in advance. And its good for you to know how much you can afford and if there are any issues, you will know in advanced instead of any last minute surprises! 1. Proof of Income This is usually W-2 statements but also includes any other sources of income like bonuses or alimony. 2. Proof of Assets This will include bank and investment account statements. If you are receiving a money from a relative or friend you may also need a gift letter from them. 3. Credit Score Your credit score will be an important factor on the down payment and interest rate on the loan. 4. Employment Verification Lenders may call your employer to verify…

If you’re looking for a new house, many realtors will actually ask for a pre-approval in advance. And its good for you to know how much you can afford and if there are any issues, you will know in advanced instead of any last minute surprises! 1. Proof of Income This is usually W-2 statements but also includes any other sources of income like bonuses or alimony. 2. Proof of Assets This will include bank and investment account statements. If you are receiving a money from a relative or friend you may also need a gift letter from them. 3. Credit Score Your credit score will be an important factor on the down payment and interest rate on the loan. 4. Employment Verification Lenders may call your employer to verify…

We are in the middle of winter and that means more time indoors and often in the kitchen. If you’re kitchen is the before part of a makeover show then here is our top ten list of things to consider before starting a renovation project. 1. Budget Before getting started set a budget! (Can’t you say this before starting every project? :) 2. Lighting Gone are the days of dark cramped kitchens, make sure there’s plenty of light and consider a mix of light sources. 3. Walkways This one is especially important if you have or are planning on adding an island – make sure there’s enough room to move around without the kids getting in the way! 4. Countertops This is a big one of course and with more…

Spring is traditionally the busiest home buying season but is it a good idea to close on a home during the winter? According to a recent ATTOM Data Solutions seven year market study, it showed that buyers who closed on January 26 actually got some of the best deals, paying market value in a competitive market while buyers in June paid close to seven percent premium above market value! An example of this in actual numbers would have a $300,000 house costing almost $25,000 more in June than January! Currently inventory is tight in most markets which applies upward pressure on pricing, and the spring buying season is likely to show this, however housing construction was up five percent last fall to help meet demand. Rates are also at record…

As we start the new year, mortgage interest rates are actually going down. Freddie Mac reported the average 30-year fixed-rate mortgage was down to 2.77%, which is nearly a point below the average of 3.60% a year ago! The forecast is for rates to remain low with some possible rising later in the year. We definitely recommend contacting us for a quick refinance analysis, we will give you a recommendation and tell you to how much you can save monthly, get cash out or both! And most of us can use all the extra spending money we can get nowadays. Call us or fill out our quick qualifier on our site and we will get back to you promptly with your options.

Today the second round of PPP is starting. PPP or Paycheck Protection Plan is the government assistance program to small business owners to help them weather the downturn caused by the pandemic. Applications for round two start on January 19, 2021 and even if you received money last time, you still may be eligible. Two key criteria are that you must have opened the business prior to February 15, 2020 and if you’re a sole proprietorship you must have shown a profit on your 2019 tax return. How much can you get? First-time borrowers are eligible up to 2.5 times their monthly payroll or if you’re a sole proprietorship you can borrower up to 2.5 times the monthly profit. See this link for more info https://home.treasury.gov/system/files/136/How-to-Calculate-Loan-Amounts.pdf Do you have to…