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Test Post

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

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It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout.

It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout.

It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout.

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from Loan News https://www.anmtg.com/uncategorized/test-post/

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Mortgage Refinancing Tips for Self-Employed Borrowers

Refinancing your mortgage is a tedious process for most people. Unfortunately, securing a loan as a self-employed borrower will often require that you provide additional documentation to procure your loan if you decide to refinance your property. This common struggle occurs because lenders for self-employed individuals want to make sure that they will be repaid. If you work for yourself, they can’t verify the amount and consistency of your income with your employer as they usually would. 

Thankfully, with adequate preparation and diligent record-keeping, it’s possible to refinance your mortgage while self-employed. Though the process of applying for and securing refinancing of your mortgage is time-consuming and can be fairly intense, it still presents the potential for significant savings over your current mortgage payments, especially as interest rates remain low. Follow these tips and tricks to spare yourself some of the time and hassle of applying for mortgage refinancing as a self-employed individual.

Requirements and Documentation

Refinancing your mortgage while self-employed will look different depending on your situation and your lender. Lenders might set out extra hoops for self-employed people to jump through in the application stage. Be prepared to satisfy other requirements as the loan moves forward. You may need to provide more answers to the lender’s compliance or operations department.

As lenders do for every applicant, they’ll look at your credit score and verify your assets, income, and debt-to-income ratio to determine your credit risk. Under typical circumstances, lenders will examine your tax returns, recent pay stubs, and bank statements to make that assessment. Self-employed mortgage qualifications will require you to provide additional supporting evidence to refinance your mortgage. Expect that these documents will receive greater scrutiny, too.

Freelancers or sole proprietors who own their own business will have to provide supplementary proof of income to satisfy the lender’s requirements. Ultimately, lenders need to be satisfied with answers to the following questions to approve your application:

What work do you do, and where do you do it?

Is your income stable?

How financially secure is your business?

Will your business continue to perform at a level that will ensure you can repay your loan?

There are several ways that you can address these questions. Be prepared to show at least an uninterrupted two-year history of self-employment income records. If that’s unavailable, you’ll need to show self-employed activity for at least 12 months in conjunction with previous employment. 

Lenders might ask you for these documents to verify the nature of your employment and complete your application:

List of current clients

Records from your licensed CPA

Membership to a professional organization

State or business licenses (including DBA registration)

Proof of insurance for your business

To confirm your income, be prepared to provide: 

Personal tax returns (including W-2s if you’re paid by your corporation)

Bank statements                                                                                                                         

Profit/loss forms (depending on the way your business is structured, this may include a Schedule C, Form 1120S, or K-1)

Tips and Tricks

While it can be a time-consuming process to apply for mortgage refinancing while self-employed, there are several steps you can take to help navigate the process more quickly and easily. 

Get organized and keep good records. Expect to hand over lots of information. If you keep good records and know how to access them, this will make the process go smoothly. Once you get a request from your lender, acknowledge it as soon as possible and comply as quickly as possible. Ideally, you want to present as long a history of successful self-employment as possible to assure the lender of your ability to repay the money borrowed. The more thorough and detailed your records are, the better your application will look to the lender.

Watch your credit. While a good score doesn’t guarantee that your application will be approved, it is a crucial component of a successful application. With a higher score, lenders tend to look at your application more favourably, so do what you can to improve your score and keep it high. The higher your credit score is, the lower your interest rate will be.

Keep business expenses separate. Using your personal credit cards to charge business expenses will increase your credit utilization and can hurt your credit score. Go through the effort to open business cards for business expenses to improve your personal credit utilization and give a more truthful and accurate representation of the state of your personal finances.

Keep a handle on your debt-to-income (DTI) ratio. When your DTI is low, it tells the lender that you have the money to pay back whatever you borrow. Consequently, you pose less of credit risk. If your DTI is greater than 50%, look at reducing your outstanding debts to improve your application.

Expect to be Googled. Lenders want to verify the legitimacy of your business, so have a professional website or online presence that shows regular activity. This will be especially important if you are a sole proprietor, or you file your own taxes. You may have to provide additional references of people that you work with if your particular situation calls for that.

Don’t go through the application process alone. Independent tax preparers and accountants can lend additional credibility to the documents that you provide as part of your application. These documents are more valuable to the lender if they have been reviewed and processed by a licensed tax preparer or CPA instead of by yourself. It can also be helpful to have your CPA or tax preparer draft a letter on their own letterhead stating that you’ve been in businesses for however long and that they currently or previously managed this aspect of your business for you. You or your accountant can also prepare a detailed Profit/Loss report. Consulting with your tax preparer can help you make sure you don’t write off too much as you get ready to refinance for self-employed. If there are too many deductions on your taxes, and your income is too low, that raises red flags for lenders, and you may not qualify. Expect that if you amend your taxes to show more income, you’ll need to explain why and prove that you paid taxes on the additional income before your lender will move forward with that information. It may be worth the time and effort to do this to present yourself as a more attractive candidate. 

If you have them, they are an excellent resource for you to use as you put together your application. Informing these professionals that you plan to apply for mortgage refinancing will increase your chances of a successful application, too.

Keep some cash in reserve. With substantial liquidity, you can accomplish several things for your lender. If you want to provide a larger down payment, doing that assures the lender of your skin in the game and makes you a better candidate for financing.Large cash reserves also give lenders added security and can make or break your application. Even if you don’t use it as a down payment, these funds show your lender that you’re prepared to navigate any future uncertainty and that you will still be able to make your monthly mortgage payments. Finally, you may need this cash to cover your closing costs.

Stay the course. Applying for a refinance mortgage as a self-employed borrower can be a hassle. The paperwork and back-and-forth exchange of information is less than ideal, so stay focused on why you’re going through this. Lowering your interest rates can save you hundreds or thousands of dollars off of your current monthly payments. This makes all the effort worthwhile.

Apply Online During Covid-19

Even as we consider how to move forward in an economy that has been gripped by Covid-19, you can still refinance your mortgage by going online. Just as you would while researching a mortgage or refinancing options, feel free to shop around. Compare potential rates and terms, then whittle down that list to decide which lenders are worth applying to.

A professional loan adviser may have some helpful advice for you as you look for the best deal and learn about everything that you’ll need to contend with along the way. Thanks to technology, you can keep moving forward to better financing while staying safe and find the best mortgages for self-employed borrowers. 

Contact the Professionals at A and N Mortgage

Mortgage refinancing as a self-employed individual is difficult because it requires lots of supporting paperwork for the lender to verify how much you earn and provide them with comfort to ensure that your business will continue to make that much as you prepare to undertake monthly payments for this new loan. These tips will help to prepare and position you to satisfactorily address many of your potential lender’s concerns. While there are plenty of variables depending on the lender and the nature of your self-employment, this overview will give you a head start on what is needed to navigate this process. Feel free to reach out to the team at A and N Mortgage for your mortgage needs.

  A and N Mortgage Services Inc, a mortgage banker in Chicago, IL provides you with high-quality home loan programs, including FHA home loans, tailored to fit your unique situation with some of the most competitive rates in the nation. Whether you are a first-time homebuyer, relocating to a new job, or buying an investment property, our expert team will help you use your new mortgage as a smart financial tool.

The post Mortgage Refinancing Tips for Self-Employed Borrowers appeared first on .

from Loan News https://www.anmtg.com/mortgage-blog/mortgage-refinancing-tips-for-self-employed-borrowers/

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Mortgage FAQs

Below, we are going to take a look at some of the most frequently asked questions about mortgages and mortgage refinance.

How are some mortgage refinancing advisors able to provide no closing costs?

There are a number of different ways that mortgage advisors are able to provide no closing costs. For some, it is because they roll these costs into the cost of the loan, making it technically appear like there are no closing costs when you’re still really paying for them anyway!

However, the best mortgage advisors don’t do this. Instead, they will use their commission to cover the closing costs. So, doesn’t that mean they are losing money? Well, yes; they make less per each mortgage refinance deal. Nevertheless, they prefer to take this approach in the hope that they will satisfy their clients, earn a good reputation, and secure more deals through word-of-mouth referrals. It’s about having those small wins on a regular basis.

A good example of this is Brad Boden. This is the sort of structure he works with. He uses his commission from the loans he sells off in order to pay the closing costs. He prefers to hit those small margins and give more back to his clients, and then he will secure more business in the future because he is able to offer this. It’s always important that a Chicago mortgage broker is honest and transparent about how they work.

Additional Read: How To Score The Best Refinance Rate 

If you’d like to personally work with Brad so he can help you through the complicated loan process please visit BradBoden.com

Will rates stay low or will they increase in the near future?

The current state of the economy indicates that the mortgage rates are going to stay low. Of course, no one has a crystal ball, and so it is impossible to predict the future. Nevertheless, at the moment rates are extremely low, and the last thing the government is going to want is for mortgage rates to increase during a recession period.

Because of this, there really is no better time to purchase a property or to refinance your current mortgage deal than now. Once the dust settles, if you are in a position to do this, it would certainly be a wise decision on your part.

Additional Read: An Update To The Rate Market For You

What is pre-approval?

Before you start looking for your dream property, it is important to make sure you call up and get a pre-approval on a home mortgage. Don’t do things in the reverse order.

A pre-approval will help you to understand the costs, payments, and rates. You will be able to figure out your price range. After all, there is nothing worse than falling in love with a property, only to discover that it’s really not something you’re going to be able to comfortably afford. A lot of people underestimate the costs associated with real estate.

By getting your pre-approval, you will know your price range and you will be able to inform your realtor of this so that you don’t end up looking at properties that simply aren’t right for your monetary situation.

If you’d like to personally work with Brad so he can help you through the complicated loan process please visit BradBoden.com

What is a pre-approval contingency?

You may have heard the term “pre-approval contingency” and you may be wondering what this means and whether or not it is relevant to you. This is a phrase that applies when you already own a property, and you are looking to purchase another one.

In a lot of cases, people cannot afford to buy a second home unless they sell the first one. There are also cases whereby people could afford to carry both mortgages, i.e. the mortgage on their current property and a new mortgage on the property they are going to purchase, however, they don’t want to do that.

Therefore, pre-approval contingency refers to you being offered pre-approval on the basis (contingency) that the other house is sold. Effectively, you will get a mortgage approved for the second property so long as you have sold the first property.

If you have a pre-approval contingency, it is really important to let the seller know. After all, this impacts the buying process because it can slow the chain down. They will want to know when you are selling your home, or if anyone has made an offer yet. Being transparent is critical; there is no point in trying to cover-up the truth.

If you’d like to personally work with Brad so he can help you through the complicated loan process please visit BradBoden.com. He will be more than happy to answer any further questions that you may have regarding mortgages and mortgage refinance deals.

A and N Mortgage Services Inc, a mortgage banker in Chicago, IL provides you with high-quality home loan programs, including FHA home loans, tailored to fit your unique situation with some of the most competitive rates in the nation. Whether you are a first-time homebuyer, relocating to a new job, or buying an investment property, our expert team will help you use your new mortgage as a smart financial tool.

The post Mortgage FAQs appeared first on .

from Loan News https://www.anmtg.com/mortgage-blog/faqs/faq-mortgage/

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Mortgage Loan Limits Get a Boost in 2020: New Limits for Conventional and VA Loans

Loan limits for each major mortgage type—including conventional and VA—have received a significant boost for 2020 over last year’s limits. In some counties, the new loan limits are up to 40% higher than they were last year, giving buyers across the board access to more potential buying power. Although there is a significant degree of variation across individual county limits, the steep jumps are due to the swelling home prices that are tied to historically low-interest rates. 

The Housing and Recovery Act of 2008 (HERA) stipulates that mortgage providers must provide limits that are 115% of the median home value. Consequently, several of the wealthiest zip codes in cities such as San Francisco, New York City, and Washington, D.C. saw large jumps in their limits to keep step with the increased housing costs. On the other hand, less desirable areas with falling demand saw precipitous declines—up to a 49% decrease in county loan limits.

Overall, the new, higher loan limits set by the Federal Housing Finance Agency (FHFA) afford more opportunities to potential buyers in an increasingly competitive market. These loan limits also extend to those who are already homeowners as they can take more cash out of their home’s equity, too, as reverse mortgage limits follow suit. 

Conventional Loan Limit

Conventional loans are traditional mortgages awarded to creditworthy individuals by private lenders. They must adhere to the loan limits set by the FHFA and follow the credit score and down payment guidelines that have been set by the government-sponsored Fannie Mae and Freddie Mac. The 2020 limits for conventional mortgages increased by an average of almost 5.4%, keeping pace with rising housing costs across the country. 

This year, conforming conventional loan limits are capped at $510,400 in low-cost areas, up quite a bit from $484,350 in 2019 in most counties in the U.S. In high-cost areas, this year’s single-unit loan limit soars to $765,000. These properties make up a small number of notable exceptions in the highest-priced neighborhoods, mainly in California and Hawaii. Since limits for conforming mortgages vary considerably based upon location, check your local FHFA county limit to get an idea of what you will be able to borrow in 2020. 

Conforming loan limits for Cook county in 2020 are:

Single units: $510,400

Duplexes: $653,550

Triplexes: $789,950

Four-family: $981,700

  As private lenders usually have more stringent lender requirements for their borrowers, they are free to set their own limits for nonconforming conventional loans (which do not need to adhere to FHFA loan limits), including jumbo loans. Depending on the buyer’s financial situation, jumbo loans will generally be capped around $1-$2 million dollars, and they are subject to a different set of lending requirements. Often, securing a jumbo loan will require a large down payment (10%) and a hefty amount of reserves to ensure that the buyer will not default on the loan for between 6-18 months.

FHA Loan Limit

The Federal Housing Administration offers mortgages for low-to-moderate-income borrowers who can qualify with lower down payments and credit scores. The FHA’s loan limits vary according to the type of property—whether it’s a single-family unit, duplex, triplex, or four-family dwelling. Also, note that FHA loans can only be used for primary residences. These loans are not available for additional or investment properties. 

As with conventional loans, these limits also vary by county with higher limits assigned to pricier zip codes. Limits in 2020 were increased to keep pace with the housing market. In 2019, for example, the FHA loan limit for a single unit was $314,827. This year’s figures for a comparable property are set nearly $17,000 higher. 

For 2020, the 2020 FHA loan limits for Cook county in low-cost areas are as follows:

  1-unit: $368,000

2-unit: $471,100

3-unit: $569,450

4-unit: $707,700

Still, the FHA’s floor limits only rise to 65% of their equivalent conforming-loan counterparts. FHA maximum limits, however, rise to meet the FHFA conforming loan ceiling in 2020—as high as $765,600 for a single-unit dwelling in higher-cost areas. 

VA Loan Limit

Private lenders issue VA Loans, and a portion is guaranteed by the U.S. Office of Veteran’s affairs. As of January 1, 2020, due to a bill signed by President Donald Trump on June 25 of last year, VA loans are no longer capped by conventional loan limits. 

Conventional conforming loan limits will still apply to veterans with more than one existing VA loan or who have previously defaulted on a loan, allowing veterans to borrow up to $510,400 for single-family homes through much of the US, with a maximum of $765,600 in more expensive neighborhoods. 

Apart from those scenarios, VA loans are just subject to the private lender’s approval. Even though there is no limit if this is your first VA loan and you have not previously defaulted on a loan, your lender will only approve an amount that can be supported by your income and credit history.

Further, while the loan limit has been removed, the VA funding fee has also increased slightly. Veterans can still anticipate more favorable interest rates as one of the perks of their service. 

Finally, they do not have to provide a down payment.

Credit Score Requirements For All

Conventional Loan: Private lenders require borrowers to have good credit and to be able to afford a reasonable down payment. To qualify for a conventional loan, you’ll need to have a score of at least 620-640. The better your score, the more favorable your interest rates will be. Lower interest rates translate to lower monthly payments. With a conventional loan, expect to provide a down payment of at least 3%, possibly more for buyers who have lower credit scores. 

FHA Loan: Since the FHA is in place to make homeownership more accessible to lower and moderate-income families, the credit score requirements for FHA loans are generally more lenient than those of private lenders offering conventional mortgages. 

Borrowers applying to government-sponsored FHA programs for an FHA loan should expect to have a FICO score of at least 500-579 and be able to provide a 10% minimum down payment. If you plan to put as little as 3.5% down, you’ll need a score of at least 580 in addition to verifiable employment history and income. 

VA Loan: The VA does not set a minimum credit score. As private lenders are responsible for underwriting VA loans, they generally follow conventional mortgage requirements. Expect to have a 620-640 credit score to secure a VA loan, as you would need for a traditional mortgage from the same private lender.  

How Do These Limits Affect Homebuyers?

The FHFA raised loan limits in response to increases in the price of homes for sale. Thanks to historically low-interest rates throughout last year, it is a great time to buy a home. As HERA calls for loan limits to allow for up to 115% of the median home price, the increases in 2020 limits reflect the upward pricing trends for homes in the third quarter of 2019. 

Low-interest rates continue to make home-buying attractive, and with the increase in loan limits, buyers have increased purchasing power. This increase gives them access to larger amounts of capital, which affords them even more opportunities to purchase a home. Fundamentally, it now costs even less to finance a larger amount of money. 

Navigating The New Mortgage Loan Limits 

This opportunity and flexibility make it a great time to consider buying a house. The other side of this coin is that competition for the housing market is heating up. While this is great news for sellers as the number of houses on the market will struggle to keep up with the demand, it will cause housing prices to continue to escalate if the trend increases. 

Recent uncertainty within the market will unfold in the coming weeks, so these trends will likely shift. Still, unseasonably low-interest rates meant to stimulate the economy mean low monthly payments, and the 2020 loan limit increases allow you to secure larger, more valuable properties than were previously accessible with lower loan limits.

Instead of the $484,350 loan limit for low-cost areas in 2019, homebuyers can access up to $510,400 through a conforming conventional loan from a private lender. FHA loans provide 65% of the conforming loan limit or $331,760 for low-cost areas. For single-unit dwellings in high-cost markets, that limit increases to $765,600. Though the imposed limits are in place for conventional and FHA buyers, recent legislation removed the cap for some VA loans. The ceiling in those cases, then, is subject to the amount the lender approves. Conventional loans above these thresholds, like jumbo loans, adhere to a different set of standards entirely. 

For help with navigating conventional, FHA, or VA loans, feel free to reach out to A & N Mortgage. We’re happy to help you answer any more questions about the mortgage selection process to help you determine your best options for home buying in the Chicago area.

  A and N Mortgage Services Inc, a mortgage banker in Chicago, IL provides you with high-quality home loan programs, including FHA home loans, tailored to fit your unique situation with some of the most competitive rates in the nation. Whether you are a first-time homebuyer, relocating to a new job, or buying an investment property, our expert team will help you use your new mortgage as a smart financial tool.

The post Mortgage Loan Limits Get a Boost in 2020: New Limits for Conventional and VA Loans appeared first on .

from Loan News https://www.anmtg.com/mortgage/monew-limits-for-conventional-and-va-loans-2020/

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What Do Rates Mean to Me?

Not all interest rates mean the same to everyone. When looking at rates it’s important to view them from more than one perspective. First historically: Are rates higher than they were 15 days ago? At the moment, yes. Second: Are rates much lower than they were 15 months ago? Most certainly. More importantly, you should view them as they relate strictly to you: What is my current rate? What are my long-term plans? And, more to the point: what does the math tell us?

Rates can often be an emotional trigger for many people, which is the opposite of what they should be. It’s just a number. What that number tells us is the important thing. A rate of 3.5% is more valuable to someone who is currently at 5.0% than it is to someone who is at 3.625%. People always want a lower rate, but it doesn’t always make sense. Are you paying costs to refinance? Are you already a few years into your amortization schedule? It’s all one big math equation and an expert can help you figure out what makes the most sense for you.

While most people are battling to get the lowest overall short-term payment, some people are winning the long-term war by using their mortgage as part of their holistic approach to their financial planning. A mortgage is merely one part of your interconnected and life-long financial plan. What you do with your retirement funds, or for those planning for a child’s education, should be taken into consideration when deciding what to do with your mortgage. On a more real-estate-focused thought, what your long term plans are for the property need to be considered as well.

Examining shorter loan terms as opposed to a 30-year fixed is the perfect example. Let’s say a 15-year fixed rate is 3.0% while the 30-year fixed rate is 3.5%. There are obvious savings going from one to the other, one is short-term and the other is long-term. On a $300,000 loan using these interest rates, a person will save $112,054 over the life of the loan by taking the 15-year fixed. By investing that money, you can fund part of your retirement or pay for part or all of a child’s college education. These are significant and necessary funds.

That said, the extra $725 per month, is no small price to pay for saving all that money. One other option to consider is this: what if I can afford the extra $725 per month but I’d rather borrow the money at all-time low rates and invest it in the market where I can make more than 3.5%? After all, the people who have mastered this particular game have names like JP Morgan Chase and Bank of America so it’s not a horrible idea.

If you’re going to be in the loan for 5-7 years, then maybe that 15-year loan doesn’t make sense. Most of the savings you will reap, as compared to the 30-year fixed, will be from living in the home rent-free during the years 16-30. In the same way that equity isn’t real until you sell the home for a profit, savings also aren’t real until you compare one thing to another. That’s the reason why rates and loan terms can’t just stand on their own. They are a comparative math problem. Sometimes the solution is to do nothing. But sometimes the solution is to look at things a different way and discover that there may be an opportunity that you don’t want to miss.

Things to consider:

Is the payment (approximately 40-45% higher) on the 15-year loan going to be too costly on a monthly basis? Or is it no skin off my back?

Is there something else I should be investing this money in if I’m never going to pay off the loan?

How long am I going to be in the loan?

What if I can’t sell the home when I plan to move out and it makes sense to rent it at that point?

Am I willing or wanting to be a landlord?

What are my other plans for child education and/or retirement?

A and N Mortgage Services Inc, a mortgage banker in Chicago, IL provides you with high-quality home loan programs, including FHA home loans, tailored to fit your unique situation with some of the most competitive rates in the nation. Whether you are a first-time homebuyer, relocating to a new job, or buying an investment property, our expert team will help you use your new mortgage as a smart financial tool.

The post What Do Rates Mean to Me? appeared first on .

from Loan News https://www.anmtg.com/mortgage/what-do-rates-mean-to-me/

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Tips For Today’s Changing Mortgage Rates

You may have noticed that things have been… kind of volatile in recent weeks. Huge segments of the country are going into lockdown. Many employees across all sorts of industries are working from home. Tragically, many have lost their jobs. Many more are left with no choice but to endanger their health by working outside of the home. All over the country, people are worried about how they’ll pay their mortgages, and banks and lenders are responding in kind. In this turbulent time of payment breaks, fluctuating (and plummeting) interest rates and general uncertainty realtors and clients alike are left wondering… “What do I do?”.

A worthy question that we’ll attempt to answer here.

Firstly, and most importantly, we hope that you’re all staying safe and remaining calm in these difficult times. Remember that stress wreaks havoc with your immune system. Secondly, while it may feel like the sky is falling, that doesn’t mean that there isn’t an opportunity, even in these perilous times, for the smart and the savvy. Let’s take a look at the current situation with interest rates, and how we’re not missing a beat to help our clients take advantage of them. 

If you’d like to personally work with Brad so he can help you through the complicated loan process please visit BradBoden.com

The Interest Rates Rollercoaster

Over the past weeks, we’ve seen interest rates dip and spike erratically. Well, that’s an understatement. Over my 15-year career, I’ve never seen such volatility! Just at the beginning of this week, rates started in the low 3%s. Then rates jumped all the way up into the fours before coming right back down again. While this has been worrying news, we have been advising our clients to ride out the storm and remain calm while rates stabilize. 

Now they’re back at advantageously low rates. 30-year rates are in the low-mid 3%s and 15-year rates are back in the high 2%. 

What Does This Mean For You?

These low rates are a gift in these unpredictable times for anyone who wants to increase their equity in their property and pay off their Chicago mortgage faster. Whether you’re buying a new residential property, an investment property or thinking of refinancing, the advice is the same. If you can afford to make slightly higher payments, now’s the time to capitalize on these great low rates. These will save you a small fortune in interest and ensure that you pay off your home loan faster. 

As we can see, even in a time of international crisis, this is a silver lining which will prove highly advantageous for many of our clients a few years down the line. 

If you’d like to personally work with Brad so he can help you through the complicated loan process please visit BradBoden.com

Rest Assured… For Us, It’s Business As Usual

If you need a Chicago Mortgage broker to help you capitalize on the current low rates we’re here for you. Whether you need a home loan or refinance your home, you can breathe a sigh of relief. It’s business as usual for us! We’re all set up to work from home. We’re still approving, locking and closing loans. We’re working with attorneys remotely while buyers stay at home. For refinances, we’ve been carrying out in-home closings with a notary.  

Please be assured that we’re doing everything we can to adapt to these challenging times and give our clients a sense of continuity during our precarious situation, while also ensuring that they don’t miss out on a golden opportunity.

Here For You In These Uncertain Times

Now more than ever, we understand the importance of the personal touch. Even though we’re not able to talk to you face-to-face, we want all of our clients to know that we’re still very much available to you to provide the personalized advice and support you deserve. We’re here to help you protect your investments, insulate yourself from risks and use the positive outcomes of this crisis to your advantage. 

If you have any questions at all about interest rates, investments, home loans or refinancing we’re still making ourselves available to you. In these uncertain times, we want you to know that you’re not alone. Pick up the phone or visit us online if you need advice or guidance. 

Until then, take care. And stay safe!

If you’d like to personally work with Brad so he can help you through the complicated loan process please visit BradBoden.com

The post Tips For Today’s Changing Mortgage Rates appeared first on .

from Loan News https://www.anmtg.com/brad-boden-author/tips-for-todays-changing-mortgage-rates/

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An Update To The Rate Market For You

Rates continued to climb precipitously last week. At week’s end, and again over the weekend, the Federal Reserve stepped in to say that they would buy mortgage-backed securities, which allows investors to get some of these loans off their books, which in turn makes them want to keep doing more business. The bond market got a bit of a boost as well yesterday, which is good for mortgage rates. Rates came down decently on Monday (as compared to Friday). I saw improvements of anywhere from .25% to .75%, depending on the particular situation. They are not the very low lows we saw two weeks ago, but they are what I’d consider being low rates still.

Importance of Low-Interest Rates

There is very little margin in the rates right now. Margin is the difference in pricing from one rate to the next. In simple terms, 4.0% would be worth less than 4.25% because the lower interest rate generates less interest for an investor throughout the loan repayment period. So that investors will “pay” more for the higher rate. The amount they “pay” is called margin. Frankly, that is how I get paid or how I cover closing costs on a refinance. But there is less of that margin, or money, in the higher rates right now. That is important due to one reason: risk factors. Fannie Mae and Freddie Mac have risk factors built into their pricing of rates. This has to do with historical data that suggests whether or not a loan is more or less likely to go into foreclosure.

Example: if you have an 800 credit score and I have a 700 credit score, I’m more likely to go into foreclosure than you are because of my poorer credit history. So there is risk pricing that is built into my rate. That is typically absorbed by the margin difference between the rates. But there is not a lot of margin difference between those rates currently. So instead of your score securing a rate of 4.0% and my credit score secured a rate of 4.25%, my rate now might be more like 4.5% (these are not actual rates, but I’m making them up to illustrate the point). Likewise, something we all see a lot of in the city is condos. If you have less than 25% down, there is a risk factor that increases the cost and, hence, the rate. Typically that equates to .25% difference in rate. But now it might be more like .375%, again depending on each particular scenario. Other risk factors that you will commonly run into are investment properties, 2-4 unit buildings, escrow waivers (for banks that charge for them—we have options to do this at no cost to the buyers).

So while some buyers might be in much better shape than they were a few days ago, others might be in only slightly improved situations due to the lack of margin coming back into the market. We’ll have to see how this shakes out over the coming days/weeks. If you have any questions, please always feel free to reach out or have your clients do so if they have any questions or concerns.

Hang in there. We’re in a much better position than we were in 2008 when our economy was built on a house of cards (no pun intended). We will get through this.

A and N Mortgage Services Inc, a mortgage banker in Chicago, IL provides you with high-quality home loan programs, including FHA home loans, tailored to fit your unique situation with some of the most competitive rates in the nation. Whether you are a first-time homebuyer, relocating to a new job, or buying an investment property, our expert team will help you use your new mortgage as a smart financial tool.

The post An Update To The Rate Market For You appeared first on .

from Loan News https://www.anmtg.com/mortgage/an-update-to-the-rate-market-for-you/

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Mortgage Rates Reaching All-Time Lows Amid Coronavirus Fears

The novel coronavirus (COVID-19) pandemic is taking the stock market on a wild ride and causing industries like travel to bleed red ink. But the recent coronavirus-induced economic uncertainty benefits some groups of people, including present and prospective homeowners.

On March 4, Freddie Mac, the government-owned corporation that buys mortgages and packages them into mortgage-backed securities, reported that the average 30-year fixed-rate mortgage rate was 3.29%. That was a record low for the last 50 years and was down more than one percentage point from the same time the previous year. A week later, Freddie Mac reported that the 30-year fixed-rate had edged up slightly to 3.36%, but that’s still almost a percentage point below the rates from mid-March of 2019.

These historically low-interest rates benefit people who want to refinance, too. According to Mortgage Bankers Association data, refinance applications surged 78.6% in the week ending March 6 from the week prior. That’s a 479% increase over the same week in 2019.

Why Is The Coronavirus Affecting Your Mortgage Rates?

Since the beginning of the year, mortgage rates have nosedived in response to coronavirus-triggered market movements. As a rule, U.S. mortgage rates fluctuate based on long-term bond rates, especially 10-year Treasury notes. In early March, 10-year Treasury notes dropped below 1% for the first time ever after the Federal Reserve announced a cut in its benchmark interest rate.

The Federal Reserve cut was sparked by—you guessed it—concerns about the coronavirus’ economic fallout. The stock market was also influenced by coronavirus aftereffects and has dealt with investor’s crippling blows. To escape from the wayward stock market, investors poured money into Treasury notes, causing the yield on 10-year notes to tumble.

As things stand now, the 10-year Treasury note is continuing its downward drift, suggesting that mortgage rates also have some room to move lower. Says Rick Sharga, CEO of financial-services consulting firm CJ Patrick Company: “I wouldn’t be surprised to see 30-year loans with 3.0% rates before things settle back down.”

The Impact On Potential Homebuyers

Mortgage rates have trended downward in 2020 and will probably continue on this path through the near future. Explains Zillow economist Matthew Speakman: “Much remains unknown with this virus and its potential impact on human life and economic activity. COVID-19 is here, and it will continue to be the main driver of mortgage rate movements in the coming weeks.”

Even though the coronavirus crisis is driving down daily interest rates, other factors are also at play. For one, the inventory of homes on the market has hit an all-time low while demand for those houses—thanks in part to coronavirus-induced low rates—is high.

The low inventory is mostly due to the recession-driven drop in home construction in recent years. Investors snapped up low-cost properties to convert to rentals, which further tightened supply. Despite an increase in home-building activity since last summer, it’s still not enough to satisfy pent-up demand.

Additional Read: 10 Tips For Potential Homebuyers

Another factor to consider is that mortgage bankers can’t keep the lights on if they lend money at low rock-bottom rates indefinitely. It is highly unusual for banks to loan 30-year mortgages at 2.99%. It’s also important to remember that lenders know the demand for mortgages is strong without having to drop interest rates. Lenders are so swamped with applications for new and refinanced mortgages that they’re already starting to raise interest rates slightly. Don’t worry just yet, though—rates are still low overall.

Overall, you’ll get a good deal on a mortgage right now. But you need to find a house you like and can afford, and your credit score and other considerations have to be up to par.

Also, are you anxious about your financial security in the light of coronavirus? If so, you may need to leave potential savings on the table.

How Will Coronavirus Affect A Homeowner’s Mortgage Rate?

If you already own a house, the decline in interest rates spurred on by COVID-19 presents an enticing opportunity. Along with millions of homeowners across the US, you stand to save thousands of dollars in interest by refinancing. According to real-estate data firm Black Knight, 44.7 million homeowners have $6.2 trillion in home equity. They could unlock this equity through a cash-out refinance at today’s historically low rates.

If you want to cash out of your house by moving, now might be a good time to explore your options. Roanoke, Virginia Realtor Katy Cookston says, “You’re going to get multiple offers if [your house is] priced right.” She adds, “It’s a phenomenal time to sell; as long as [your house is] priced appropriately, [it’s] going to move off the shelf pretty quickly.”

Refinances are booming, as is the demand for homes. Supply isn’t keeping up with the demand, though. So lenders don’t need to cut rates to prod Americans into applying for new home loans or refinancing old ones.

If you’re thinking about refinancing, decide how long you plan to remain in your current home and run the numbers. Then, if the numbers work out in your favor, lock in your rates now. You should apply for refinancing as soon as possible because, coronavirus notwithstanding, there may be a slight uptick in interest rates.

You see, lenders let go of employees in 2018-2019 because they expected higher rates, which in turn would cause lower demand for loans. Therefore, lenders entered 2020 with decreased capacity. Since lenders don’t have enough staff to handle the onslaught of applications, it’s taking a while to close loans. To give themselves a chance to work through the applications they’ve already received, major lenders are turning to the primary weapon at their disposal: rate increases.

But if you haven’t locked in your refinance rate yet, don’t get alarmed. The Mortgage Bankers Association forecasts $1.2 trillion in refinances this year, double its previous estimate. This would be the largest volume of refinances since 2012. So refinancing interest rates will probably remain low for the near future.

Does Coronavirus Affect Home Equity Loans?

Although mortgage rates have plummeted because of the COVID-19 economic malaise, they’ve crept up a bit because of other market forces. One exception to this trend, however, could be home equity lines of credit, otherwise known as HELOCs. These adjustable-rate loans are based on the prime rate. Therefore, HELOCs are set to see a drop in interest rates since the prime rate virtually mirrors the Federal Reserve’s benchmark federal funds rate.

The Federal Reserve dropped its benchmark funds rate in response to coronavirus. Therefore, lower HELOC rates are also directly tied to the coronavirus impact.

“HELOCs have been slowly falling in popularity, and over time the amount of HELOC debt has been gradually falling as people pay down their debts, and fewer people take up the slack by borrowing them,” comments Holden Lewis, mortgage and real estate expert at NerdWallet. “This seems time for that trend to possibly reverse. The rates on HELOCs are going to be tempting, especially for people who want to fix up their homes.”

Are These Mortgage-Rate Changes Long-Term?

There’s no telling how long COVID-19-influenced low-interest rates will last. Those who have been considering taking out new mortgage loans or refinancing shouldn’t be tardy to the party since lower rates in the days ahead aren’t guaranteed.

The coronavirus pandemic is causing worldwide pandemonium. It’s also unlocking lower mortgage rates for present and future homeowners, though.

Seek An Expert Opinion

So is now a good time to buy a house and take on a new mortgage? All things being equal if you find a home you like and can afford, seriously consider it. Interest rates are rock-bottom, and there’s no guarantee they’ll stay there.

What about refinancing your house—is now a good time for that? Again, as long as the monetary bottom line works out for you, get that done sooner rather than later. Rates on home equity lines of credit (HELOCs) are also decreasing, so you may want to consider those, too.

Sparked by coronavirus fears, mortgage interest rates have plummeted to historic lows. If you latch onto the savings and opportunities low mortgage rates present, your financial health will benefit.

A and N Mortgage Services Inc, a mortgage banker in Chicago, IL provides you with high-quality home loan programs, including FHA home loans, tailored to fit your unique situation with some of the most competitive rates in the nation. Whether you are a first-time homebuyer, relocating to a new job, or buying an investment property, our expert team will help you use your new mortgage as a smart financial tool.

The post Mortgage Rates Reaching All-Time Lows Amid Coronavirus Fears appeared first on .

from Loan News https://www.anmtg.com/mortgage/mortgage-rates-reaching-all-time-lows-amid-coronavirus-fears/

[chrisvarneyus]

Coronavirus & Its Impact on the Multifamily Industry

I want to start off by saying that this is just an opinion piece. I am not a doctor nor an economist and am far more of a generalist than a specialist in many areas. It is also worth mentioning that this content is far from evergreen. It’s quite tied to the next 24 hours (today is March 16th, 2020), since the pace of change, i.e. changes in the data we receive, political responses and central bank policy, is currently unimaginably fast. 

The spread of COVID-19, along with the related panic and rapid economic contraction, has created an air of fear (and subsequent volatility) rarely seen in public markets. If you’re reading this though, you probably aren’t looking for advice or opinions on the stock market or math around how quickly an infectious disease could spread, i.e. what happens if you double a penny every day for 30 days.

I’m going to break this down into something succinct and tangible while trying to steer clear of the pandemic itself (including the health, supply-chain, and broader macro-economic repercussions) and instead just focus on the way it touches those in the multifamily sector.

The Pros

10 year treasury yields are unbelievably low.

The Federal Reserve cut its benchmark interest rate to almost 0%.

Debt in some cases is meaningfully cheaper than it was a month ago. 

Sustained low rates may create downward pressure on cap rates.

The Cons 

Tenants may fall behind on their rent. Employees of all types, particularly those touched by the trickle-down effect of travel restrictions are at risk of shouldering a substantial economic burden reflective of reduced hours, or worse, terminated employment. Lost wages coupled with the precipitous drop in equity values (a metric tightly correlated with consumer savings) creates a significant risk to multifamily property net operating income and therefore, from an income capitalization approach, value. A second order outcome could be a fracture in the implied security of what has historically been perceived as a recession-proof asset. This is not to say that multifamily, as an asset class, will not be incredibly resilient but the effects of declining occupancy and net operating income directly impact valuations and can easily snowball to affect capital markets, as less owners would qualify for conventional financing and the risk of defaults would loom.

Agencies are pushing up floors and spreads to hedge against volatility and potentially fear of blowing through their caps because of the knee-jerk inundation of loan applications when 10-year treasury yields broke below 1.00%. Today, March 16th, 2020, Fannie and Freddie pushed up baseline spreads while Fannie held its 90bp treasury floor and Freddie remains at the greater of 75bps or -15 from the treasury at time of quote. Freddie SBL increased coupons by 25bps across the board this morning as well. 

Multifamily property buyers may get spooked, we’ve already seen this, which could create a widening between asking prices and bids and a (temporary) reduction in market liquidity and transaction velocity possibly leading to price reductions. 

The Unknown 

The biggest issue in my opinion is the unknown. It is the element of uncertainty that is driving up the price of sovereign debt and driving down yield. It’s what’s causing a flight from equities. It’s what pushes out credit spreads and it's what keeps everyone on self- or government-imposed quarantine. As the great minds of our generation put their heads together and aggregate data, this uncertainty will inevitably pass. This is not to say that we will not have a big problem on our hands. It is to say that as we continue to aggregate and translate the data, we will know better what we are dealing with and have sufficient evidence to create an actionable plan. As we become more informed, panic will be replaced by prudent precaution. 

What are the repercussions of continued QE (quantitative easing)? I floated this in a LinkedIn and email post recently: is this next round of QE sufficient to help us through this sudden, worldwide economic bottleneck? I can’t imagine it is. What are the long term impacts of the continued printing of money and throwing it at our problems? We don’t really have a reference point. This sovereign debt bubble is a new thing. The word bubble is quite intentionally chosen here. Again, I’m not an economist, but I feel like more than a few countries in South America have tried printing their way out of economic cycles… How did that go? I am not saying this is an apples to apples comparison, but it feels like oranges and tangerines? Botanists, forgive the crude metaphor. 

The Fed is out of bullets. That 100BP drop was our last piece of likely meaningful ammunition in the face of a recession. Now what can the Fed and the US government do if we face a real, long term recession? I don’t necessarily fault them (or not fault them) for this QE and rate-cutting decision but I do wonder if it’s the use of a sledge hammer in lieu of a scalpel, or as I’ve mentioned in other posts and articles, pushing a string. Will we be forced to negative interest rates in the future? Negative interest rates did not have the desired effect in Japan.

What Now

Well, for starters, wash your hands and don’t sneeze on anyone, right? I don’t want to give any direct advice but I’d like to share some anecdotal notes. Markets run in cycles, irrational exuberance is often followed by similarly irrational panic. If you’re in equity markets, the bulk of us normal humans have this weird tenancy to buy tops and sell bottoms. Over time (and I certainly can’t say how long it will take) this too shall pass. If you’re thinking about refinancing multifamily or commercial real estate debt, rates may be higher than they were a month or two ago with agencies, and lower with FHA and banks. They may be static. The primary thing right now that is static though is the very non-static nature of credit markets. I’d probably be pulling the trigger on something if there is a looming maturity afoot. We don’t know how long this will last or the medium-term repercussions on capital markets. If you have a good deal and you’re waiting for the best rate ever, you may just want to go ahead with it because if tomorrow is unknowable, so is Q2… and Q3. Finally, be responsible but don’t panic. 

Was this helpful? If so, please share with colleagues. Do you have suggestions or comments? Email me at blake@janover.ventures and I’ll do my best to be as responsive as possible. Wishing everyone a safe and hand-sanitized Monday. 

from Loan News https://www.multifamily.loans/apartment-finance-blog/coronavirus-and-its-impact-on-the-multifamily-industry

[chrisvarneyus]

Your Guide To Conventional Mortgage Loans

As you consider applying for a mortgage, it can be equally comforting and daunting to know that there are so many options available as you look to finance the purchase of your home. 

Conventional loans, sought by over 60% of all mortgage applicants, are what typically come to mind when you mention a mortgage. Conventional mortgage loans, also called conforming loans, are granted by private lenders who adhere to standards set by the federal programs of Fannie Mae and Freddie Mac. FHA loans, insured by the Federal Housing Administration, offer a commonly sought-after alternative to conventional loans. Here we discuss what it takes to qualify for each type of loan, as well as the benefits and pitfalls of each so that you can see which type of home loan might best suit your needs. 

What Is A Conventional Loan?

A conventional loan is used to finance the purchase of either your primary residence, secondary residence, or a rental property.

Requires a 3% minimum down payment, can be as high as 10-20%, depending on what your lender requires.

Fixed interest rate or adjustable-rate (ARMs) terms.

Various term lengths, ranging from 10-30 years.

What Are Conventional Loan Requirements?

Conventional loan requirements are pretty stringent—especially when compared to government-backed mortgages. Private lenders want to make sure that you can afford the property that you are buying and that you will repay the loan. To assess your credit risk, they’ll make sure that you meet these minimums: 

Credit Score: Most conventional loans require a minimum score of 620-640 but are better suited for applicants with credit scores above 680. The better your credit score, the better your interest rates, terms, and overall costs will be as you are considered a lower credit risk.

For those below this threshold, other loan options may have less favorable terms to account for the increased credit risk. If a conventional loan is in your future, pay attention to your score.  

Debt-to-income (DTI) ratio: This measures your monthly debt obligations against your income. Lenders like to see numbers around 36% (the lower, the better your chances of approval), but maybe willing to consider you with a higher DTI depending on the circumstances. A high down payment (over 20%), an excellent credit score (700+), unusually large cash reserves, very high income, or stable, long-term job position (5 years or more at the same job) can all influence what DTI ratio your lender will allow.

Down Payment: Your down payment can vary widely, but expect to put down anywhere from 5-20% of your mortgage value down. The Conventional 97 program, for example, lets you put down as little as 3%, but some lenders require 10-20% or more for larger loans. 

Income and Asset Documentation: Your lender will thoroughly verify your income and assets. Prepare to hand over the following when you apply for a conventional loan: 

60 days of bank statements

30 days of pay stubs

Two years of tax returns if you’re self-employed, own rental properties or receive non-salary income (like retirement or a pension)

Two years of W2s

Proof of social security, retirement or pension awards and two years of 1099’s

Rental agreements for any investment properties that you own

Property Requirements: This year, the conventional loan limit is $510,400 for a single-family home. Higher-cost areas, like Seattle, Washington or Los Angeles, California, are eligible for larger maximum loans. For 2020, Fannie Mae and Freddie Mac have set conventional loan limits for Seattle at $592,250 and LA at $636,150. If you’re planning to finance multi-unit properties, those limits increase to accommodate the cost of additional units.

Conventional loans apply to many types of properties, including single-family homes, Planned Unit Developments (detached homes within a homeowner’s association), condos, multi-unit dwellings, co-op properties, and on occasion, manufactured homes.

You can also use conventional loans to finance the purchase of a second home or a rental property. In those cases, interest-rates and down payments are usually higher since the property is not your primary dwelling and, as such, is deemed higher risk by lenders.

What’s The Difference Between An FHA And A Conventional Loan?

FHA loans are home loans insured by the Federal Housing Agency. FHA loans have different qualifications and offer various benefits and drawbacks when compared to a conventional loan. These programs put homeownership within the grasp of many, employing less stringent qualification requirements. Depending on your circumstances, you might decide to choose one over the other.

There are a few fundamental differences between FHA and conventional loans.

Interest rates: Comparable to or lower than conventional loan rates.

Lower acceptable credit score: FHA loans are available to those with credit scores as low as 580. Even buyers with credit scores as low as 500 can obtain an FHA loan with a 10% or higher down payment. Conventional mortgages require a credit score of at least 620, and the lower the score, the higher the interest rate.

Higher acceptable debt-to-income ratio: DTI for an FHA loan should be 50% or less, with approval more likely below 43%. This allowance is slightly more generous than the 36% DTI that lenders like to see for conventional home applicants.

Employment History: Must be currently employed with a two-year income history.

Down Payment: FHA loans can be established with as little as a 3.5% down payment.

Duration: 15 or 30 years

Loan Limits: This year, the FHA loan limit is $331,760 in low-cost areas (significantly lower than the conventional loan limit) and $765,600 in more expensive markets. These limits vary by county.

Property restrictions: FHA loans are only for your primary residence. You must live in the home. You cannot purchase a second home or investment property or homes sold within 90 days of the previous sale using an FHA loan. FHA property appraisals are more stringent than conventional loan property appraisals. The property must be satisfactorily appraised for value, safety, construction, and compliance with local codes before you can take out an FHA loan.

FHA streamline refinance: Once you have an FHA mortgage that is in good standing and at least six months old, you can easily refinance your loan with potentially more preferable terms.

FHA Lenders: FHA-approved lenders are held to pretty high standards thanks to government involvement. Consequently, closing costs are generally limited to make homeownership more accessible.

FHA loans are assumable. If a buyer qualifies for the existing terms of an FHA mortgage, they can assume the loan and continue paying the existing loan and its original interest rate.

Private Mortgage Insurance

One of the most significant differences between the costs of conventional and FHA loans is private mortgage insurance (PMI). PMI protects the lender in case of default and features prominently in the costs associated with each mortgage.

A conventional loan:

Does not require PMI if you put at least a 20% down payment.

If you put down less than 20% down, once your loan-to-value ratio reaches 78%, your PMI automatically cancels.

Your PMI premium is correlated to your credit risk and the amount of your down payment. Lower premiums are for buyers with better credit.

FHA Loan:

Private mortgage insurance is required for the life of the loan.

The upfront mortgage insurance premium of 1.75% of your base loan amount is due either in cash or financed into it. After that, FHA loans are subject to annual mortgage insurance premiums.

The PMI on FHA loans is generally higher than for conventional loans.

You can only eliminate the PMI by refinancing to a conventional loan, or after 11 years if you put more than 10% down.

Which Mortgage Is Right For You?

Over 60% of mortgage applicants seek a conventional loan, and the FHA loan is the second most widely secured home loan product. Based on the differences outlined above, they each have their merits. While a big part of the decision lies in what you can qualify for based on your current financial circumstances, there are cases where the best choice may not be so cut-and-dry.

First, you should consider the property type. You can’t use FHA loans for vacation homes, rental/investment properties, or for homes that don’t pass stringent safety and value appraisals. Beyond that, consider your credit risk. Evaluate the options that provide you with the best bottom line. If you are well-qualified, with a 720 or higher credit score, a conventional loan may cost less per month even though FHA loans may have lower interest rates, thanks to the required PMI coverage. For both FHA and conventional loans, compare lenders carefully. Consider the terms and conditions of your offers and do not hesitate to shop around to find the best deal. 

A Qualified Mortgage Banker Or Mortgage Broker Can Help You Decide

For additional guidance, feel free to enlist the help of a qualified mortgage banker or mortgage broker. They can help you weigh your options and determine the best loan for you and your family. If you have any questions about the conventional loan or FHA home loan process, please reach out to A and N Mortgage-we’re happy to help. 

  A and N Mortgage Services Inc, a mortgage banker in Chicago, IL provides you with high-quality home loan programs, including FHA home loans, tailored to fit your unique situation with some of the most competitive rates in the nation. Whether you are a first-time homebuyer, relocating to a new job, or buying an investment property, our expert team will help you use your new mortgage as a smart financial tool.

The post Your Guide To Conventional Mortgage Loans appeared first on .

from Loan News https://www.anmtg.com/mortgage-blog/tips-and-tricks/your-guide-to-conventional-mortgage-loans/

[chrisvarneyus]

10 Commandments For Home Buyers

So you’ve decided to buy a house. Congratulations! Buying a new home and securing a mortgage can seem intimidating, but this handy overview will assure you of your decision and how to proceed.

The key to skillfully navigating the process of buying a home is proper preparation. These Ten Commandments will help first-time homebuyers prepare to take on this challenge. Finding a house and applying for a mortgage will take some time and attention. Buying a house is a large purchase, so don’t rush it.

Pay special attention to each of these commandments to avoid some of the most common missteps that befall first-time homebuyers. If you need assistance, be sure to consult with your real estate agent or mortgage representative. 

1. Be Committed To Purchasing A House

Get your figurative house in order before you start searching for your literal house. Make sure that you can answer these questions:

Can I afford to buy a house? Consider what’s available in your area and look at what you can safely spend on housing. Remember that you’ll be responsible for repairs, taxes, and homeowner fees.

Am I ready to maintain a home? Homeownership comes with plenty of perks, but it’s also a lot of work. Are you willing to mow the lawn? Replace the roof?

Am I ready to settle down in one area? Buying and selling a house costs money and you can protect your investment by staying in your home. Homes appreciate over time, so you might lose money if you need to move around.

If your answers to any of these questions is a no or weak, yes, you’re probably not ready to buy a home. It may be better for you to consider renting until you find yourself in a more secure, permanent situation. 

But if your answers are a resounding yes, you’re ready to take the plunge into homeownership. Keep reading to learn how to pick the right house and secure the best mortgage. 

2. Verify Your Financial Plan

Decide housing expenses budget. The widely-accepted view is that your housing expenses should account for roughly 30% of your income. Take the time to consider how buying a home will affect your finances and make room for it in your budget.

Budget accordingly. When you buy a new house, you’ll also take on several additional expenses, like repairs, property taxes, homeowner’s insurance, etc. in addition to the mortgage. On the other hand, you’ll also be looking at some tax benefits. Do the math to make sure that these numbers work for you. 

Plan for your down payment. There are programs that let you put down as little as 3% of your home loan value, but a 20% down payment is highly recommended. Determine how much you need to put down, and then set that amount aside. You don’t want to scramble to conjure up a down payment at the last moment.

Get your insurance in order. In an ideal world, you’ll also want to make sure that your health, disability, and life insurance are in good order. Covering these expenses makes sure that you’re protected from any catastrophic situations that could cause you to lose your new home.

Prepare your paperwork. Since mortgage loan officers are going to need copies of your bank statements, pay stubs, and two years of W-2s and tax returns (at least), now is an excellent time to put them together so that they’re readily accessible.

 3. Have At Least One Earning Family Member

Especially since the mortgage crisis of 2008, mortgage lenders are looking closely to make sure that applicants can handle the monthly payment on their mortgage. Make sure that you have at least one steady source of income to make that consistent monthly payment.

4. Check Your Credit Score Before Applying For A Mortgage

Loan officers will check your credit score to determine your individual credit risk. This information will dictate what mortgage terms and rates a lender can offer you. 

The higher your score, the more favorable your terms and monthly mortgage payments will be. By checking your credit score beforehand, you’ll be able to dispute erroneous items and potentially raise your score. 

5. Understand What You’re Qualified For

Get pre-approved. Pre-approval means you have conditional approval from a mortgage underwriter, pending a property selection. Pre-qualified means that a loan officer has reviewed your information, so having pre-approval means that you are in a better position to secure your housing.

When you’re pre-approved for a mortgage, you’ll likely have a few options to consider. The interest rates, APRs, and associated costs may vary slightly from lender to lender. Thanks to the Truth in Lending Act, everything will be presented in a straightforward fashion.

It’s helpful to reflect on all the information that you’ve gathered in this process so far. Make sure that you can safely handle this mortgage payment for as long as you’ll have one. 

6. Make A List Of What You’re Looking For In A House

How many bedrooms, floors, or bathrooms do you want in your new home? Is a backyard optional or requisite? How many square feet of living space do you need?

Get as specific as you’d like to about your needs and wants in a home. Decide what you can and can’t live without to save time once you and your realtor are looking at houses.  

7. Avoid Large Bank Transactions

You’ve already learned how important it is to go into the mortgage qualification process with the highest score that you can.  Avoid doing anything—especially making any large purchases—that might affect your credit score. While it may be tempting to buy new furniture or appliances for your new home after you’ve selected a mortgage offer, resist. 

Most mortgages take an average of 30 days to process. Right before you close, your loan officer will pull your credit score again. If there’s any significant deviation from the original score, you may lose your mortgage offer at the last moment. 

8. Maintain Your Emergency Funds

If you don’t have an emergency fund, you’re not ready for a mortgage. As a homeowner, you’ll need a rainy-day fund more than ever. After all, you never know when you’ll need to spend money for the necessary upkeep of your house.

Don’t deplete your emergency funds to fund a down payment. Doing so would be a recipe for disaster and puts you at a severe disadvantage straight out of the gate. Take your time to prepare for this large purchase. Especially in the early stages of a mortgage, expenses like unemployment or a medical emergency can snowball quickly, so don’t take on this process unless you’re sure that you can handle it.

9. Research The Market And Neighborhood

Research the neighborhoods and local school districts you’re considering to familiarize yourself with what’s available. You can use real estate websites like Redfin or Zillow to get an idea of the local demographics even before you choose a real estate agent. 

As you comb through available listings, check the price-rent ratios of potential neighborhoods for signs of a market bubble. Every new home buyer wants their property to appreciate. 

10. Avoid Spending The Money You’ve Saved For Your Down Payment

A 20% down payment is highly recommended. Statistically, this amount down provides the most secure footing. While you may qualify for a smaller down payment, beware that these mortgages suffer from a slightly higher rate of default than if you were to put down the full 20%.

If you’re ready for a mortgage, don’t touch the money that you’ve set aside for your down payment. Just don’t do it! You do not want to get to the end of this process and wonder how you will raise the money for your down payment at the last moment. 

Conclusion

Buying a house is most likely one of the most significant purchases that you’ll ever make, so be confident that you’re ready to give this process the time and energy that it deserves. Surround yourself with a realtor and mortgage broker whom you trust to walk you through the mortgage process. 

One of the recurring themes in these ten commandments is financial discipline. Hopefully, if you’re on the verge of buying a home, this is something that you’ve worked on. That foundation will make the home buying process go more smoothly. If you haven’t practiced much financial discipline up until this point, start now so that you can take ownership of this process. 

This list encourages you to take proactive measures at every stage in this cycle so that you come out ahead, with the best home and the best deal for you. If you have any more questions about home buying or the mortgage process in the Chicago area, please reach out to A and N Mortgage. 

  A and N Mortgage Services Inc, a mortgage banker in Chicago, IL provides you with high-quality home loan programs, including FHA home loans, tailored to fit your unique situation with some of the most competitive rates in the nation. Whether you are a first-time homebuyer, relocating to a new job, or buying an investment property, our expert team will help you use your new mortgage as a smart financial tool.

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from Loan News https://www.anmtg.com/homebuying/10-commandments-for-home-buyers/

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APR vs. Interest Rate: Understanding The Difference?

As you consider your mortgage options, you need to know the difference between two key figures: the interest rate and the annual percentage rate (APR). These two numbers, both expressed as percentages, appear on the paperwork and truth-in-lending documentation that you receive when you qualify for a mortgage. Having a solid grasp of these two numbers will help you to understand how much your mortgage will cost so that you can determine which mortgage to choose.

The interest rate represents the cost of borrowing the principal loan amount of your mortgage. It can be a fixed or variable rate, depending on what you qualify for. The APR, however, is the bigger picture of the actual cost of your mortgage. It includes not only your interest rate but the other expenses from the lender that you’ll need to cover to satisfy the loan. As you shop, you’ll want to compare apples to apples, so pay close attention to both interest rates and the APR to arrive at the best decision.

The differences between the interest rates and APRs you’re quoted will affect the price you pay each month as well as the costs to pay off the mortgage entirely. Understanding these two sets of numbers will help you make an informed decision between different mortgage products.

What Are Interest Rates?

Simply put, your mortgage interest rate is how much it costs every year to borrow money from your lender. Your interest rate will be expressed as a percentage of your total loan balance. Every month, expect to pay the interest cost in addition to the payment of your principal.

What Factors Determine Interest Rates?

The interest rate of your loan will be determined by two main factors: prevailing market rates and your credit risk. Prevailing interest rates work with current market dynamics. Mortgage rates are tied to the basic rules of supply and demand. Factors such as inflation, economic growth, the Federal Reserve System’s monetary policy, and the state of the bond and housing markets all affect mortgage rates in the United States.

Apart from the prevailing market rates, your individual financial situation, or credit risk, will also have an impact on the rates that you’ll be offered.

These elements of your personal financial situation are all used to determine your interest rate:

Credit score

Credit history

Debt

Income

Employment history

Cash reserves

Down payment

Term and size of your loan

Fixed Rate vs. Variable Rate

Most loans have either a fixed or variable interest rate. Fixed-rate mortgage costs will remain constant. For instance, if you select a mortgage with a 5% fixed interest rate, each year you will pay 5% of your loan balance as interest. As time passes, more of your payment goes toward principal reduction.

Another available option is an adjustable-rate mortgage. Interest rates on adjustable or variable-rate mortgages are usually set for a certain number of months or years from the commencement of the loan. After that, the interest rate will either rise or fall. This depends on the market index that your interest rate is tied to and the margin that your lender adds to that. This type of loan makes sense in a situation where you can benefit from the lower initial fixed period (for example, if the initial interest rate is fixed for five years and you expect to move before that period is over) or you’re not overly concerned with interest rates.

What Is The APR?

The APR (annual percentage rate) offers the big-picture view of the total costs of a mortgage. It is a more comprehensive way to compare loans and includes the interest rate as well as the other fees and costs you’ll incur to secure your loan.

For a typical mortgage, the APR may include:

Closing costs

Loan origination fees

Underwriter fees

Mortgage insurance

Broker fees

Discount points (you can pay these at closing to secure a better interest rate on your mortgage and save money over the long term)

Rebates

Since the APR covers more than the interest that you’ll be paying on the loan, this percentage is almost always higher than the nominal interest rate. The only exception to this rule is if your lender is offering a rebate on a portion of your interest cost.

How To Calculate The APR

Just like the interest rate, the APR is usually presented as a percentage. Here’s an example calculation: you qualify for a fixed-rate $200,000 mortgage with a 6% nominal interest rate. All told, your closing costs, broker fees, mortgage insurance, loan origination fees, discount points, and underwriter fees add up to $5,000. This addition brings your new total loan amount up to $205,000. When you apply that 6% interest rate to this new loan value, your resulting annual mortgage interest payment becomes $12,300.

To solve for the APR, divide this annual payment by the original loan amount. In this case, the APR is 6.15.%

The exact formula for calculating your APR will depend on the terms of your loan (length, fixed or variable, etc.). A mortgage lender or broker can help you with these calculations.

How To Compare Interest Rates To APR

Should I use the APR or interest rate?

Now that you understand what interest rates and APR represent, it’s helpful to know when to prioritize each number to find the best solution for you. Make sure to consider the following:

Consider the length of time you plan to remain in your home. a) If you’ll complete your mortgage term and have no plans to move in the near future, the APR will be helpful in providing a comprehensive view of your anticipated costs. b) If you might sell your home or plan to refinance your mortgage at any point during the life of your loan, consider that these will add additional costs to your loan. The APR cannot account for costs outside of what is explicitly covered when you sign the loan paperwork. c) If you move or sell your home, determine the breakeven point in your mortgage and adjust your plans accordingly. Depending on your mortgage, a loan with a lower APR might cost less over the course of the entire loan but more in the first few years.

Consider the type of mortgage you’ll get a) For fixed-rate mortgages, the APR is a helpful indicator of what you can expect to pay. Make sure that you consider all applicable fees since a few might not be included in the APR provided by your lender—especially appraisals, title insurance examinations, or property surveys. b) For adjustable-rate mortgages, the APR is really anyone’s guess outside of the initial term.

Consider how much you want to pay each month a) For a lower monthly payment, focus on the interest rate. b) For lower overall costs of the loan, focus on the APR.

How do I compare rates among lenders?

Here’s what to look for to make sure that you’re comparing apples to apples.

Make sure that the principal is for the same amount—that the rates, terms, down payment, etc. are consistent.

Compare the APR of one lender to the APR of another.

Conclusion

Choosing a mortgage can be difficult. Thankfully, there are a lot of options, and brokers or lenders have to be up-front in showing you what costs you can anticipate. The interest rate and APR are both helpful gauges to use to compare the terms and rates of each mortgage product.

As you carefully consider each factor that goes into determining how much you’ll need to pay off your mortgage, understand that these two figures, the interest rate and APR, give you important snapshots of what you need to know. Spend time with your broker or lender to seek clarity and ask questions as needed. After all, you don’t secure a mortgage every day!

First of all, make sure that you compare apples to apples—that is, that terms, rates, down payments, etc., are consistent. Then, all other things being equal, consider the implications of the interest rates and overall costs to procure the loans. Depending on your circumstances, prioritize the interest rate or the APR in your initial search. Make sure to thoroughly compare the inclusions within the quoted APR to see which product best suits you.

If you have any other questions about interest rates, APRs, or mortgages in the Chicago area, feel free to contact us at A and N Mortgage. We’re happy to help!

  A and N Mortgage Services Inc, a mortgage banker in Chicago, IL provides you with high-quality home loan programs, including FHA home loans, tailored to fit your unique situation with some of the most competitive rates in the nation. Whether you are a first-time homebuyer, relocating to a new job, or buying an investment property, our expert team will help you use your new mortgage as a smart financial tool.

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from Loan News https://www.anmtg.com/mortgage-blog/faqs/apr-vs-interest-rate-whats-the-difference/

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A Comprehensive Guide To Home Equity Loans

A home equity loan—also known as a “second mortgage”—can be an affordable way to borrow money against the equity you’ve built up in your home. Home equity loans allow homeowners to use their properties as collateral to secure large lump sums for a variety of reasons. This article will explain the ins and outs of home equity loans and important things to keep in mind as you decide whether a home equity loan or home equity line of credit is right for you. 

What Is Equity?

To begin with, you need to understand what equity is. Essentially, it’s the difference in value between what you’ve paid towards your mortgage and what your home is worth. 

You can build equity in two ways. First, pay down your mortgage. After several years of timely payments, you’ll begin to make a dent in the principal value of the loan. If your home is worth $250,000 and you only owe $200,000 on the mortgage, you’ve got $50,000 of equity in your home. 

The second way to increase equity is by appreciation. If home values in your neighborhood go up, and your home is worth more than it was when you purchased it, your equity increases. In a second scenario, if you purchased your home for $250,000 and it’s now worth $300,000 thanks to new development, you’ve gained $50,000 in equity.

What Are Home Equity Loans?

Home equity loans allow you to borrow against the equity that you have in your home. A lender will use your home as collateral to secure the loan and provide you with a lump sum. You can use the loan proceeds to fund home renovation projects, your kid’s college tuition, or whatever you want. Thanks to the fact that your lender has security in your collateral, home equity loan rates tend to be more favorable.

Determining Your Home Equity

The first thing you need to do is figure out how much of your home you actually own. If your home is worth $250,000 and you’ve paid $50,000 towards your mortgage loan, then you have $50,000 in equity. You own, effectively, 20% of your house. 

Equity is usually described in terms of a loan-to-value ratio. This ratio compares the portion that you owe to the total value of the property. For the $250,000 house on which you owe $200,000, that ratio would be 80%. 

The second thing you can do to quickly assess the value of your home is to look at similar listings in your neighborhood. An appraiser will determine how much your home is worth when you apply, but this is a good way to get a basic idea of whether or not your property has appreciated significantly.  

Keep in mind that lenders will not generally issue home equity loans for amounts less than $10,000. Most lenders won’t consider granting a home equity loan when you own less than 20% of your home, so you’ll need to build up a substantial amount of equity before you can apply. Also, note that lenders usually offer to loan a fraction of the total equity. If you have $100,000 in equity, for example, don’t expect to receive a loan offer for that amount.

Applying For A Home Equity Loan

Once you’ve got enough equity in your home to consider applying, the home equity loan approval process looks pretty similar to getting your first mortgage. 

Your lender will pull your credit report and check your credit score, as this determines how much of a credit risk you are. The higher the score, the more likely your chance of approval and the better your interest rate should be. If a home equity loan is in your future, do what you can to improve your score before you apply. 

You may also need to provide your deed, pay stubs, tax returns, etc.just as you did when securing your original home loan. Lenders want to verify that you can handle the monthly payment on your home equity loan in addition to your mortgage. They generally don’t want to see your total debt payments (including this and your mortgage payment) add up to more than 43% of your monthly income. Otherwise, it may be difficult to keep up with both payments. 

Make sure that you look into different banks and lending institutions before you apply. There are many different products with different rates, terms, fees, and qualifications. Use a home equity loan calculator to see what you can expect. If you’re a good candidate for a home equity loan, your banking institution will probably offer preferential terms.

Benefits Of A Home Equity Loan

1. You’ll receive a large lump-sum payment. You can use the loan proceeds for any purpose, and you’ll have access to all of your loaned amount once you close. 

2. If you decide to use your home equity loan to improve your property, like remodeling your kitchen, you may be able to deduct up to $100,000 of mortgage interest. Check with your tax adviser first. 

3. Since your home secures your loan, interest rates on home equity loans may be lower than unsecured loan products, like personal loans or credit cards.

 4. It may be easier for you to qualify for a home equity loan than other credit types since your house secures it.

5. Home equity loans are usually fixed-rate loan products so that you can budget for a consistent monthly payment.

Disadvantages Of A Home Equity Loan

1. Your home secures your home equity loan. This can be an issue if you default on the loan because the lender can foreclose to recoup its principal. If you sell the home, you have to pay the home equity loan back in full. Also, if your home loses value before you sell, you might wind up in a tight spot where you owe more than the house is worth.

2. Home equity loan rates may be higher than rates for a full mortgage. 

3. Depending on the lender, you may be responsible for closing costs and fees that can add up pretty quickly. 

Who Should Consider A Home Equity Loan?

You’ll benefit most from a home equity loan if you’re a responsible borrower with a consistent, reliable income. This type of loan can make sense to a lot of different people for a lot of different purposes. 

Alternatives To A Home Equity Loan

Home equity loans are often used interchangeably with Home Equity Line of Credit (HELOC). Your home also secures a HELOC, but instead of the large lump-sum payment that you get when you close a home equity loan, you only draw down the line of credit as you need it, for as much as you need.

For example, suppose you have a $50,000 HELOC but only spend $20,000 for your planned kitchen remodel. You’ll only pay back the $20,000 that you borrowed. 

A HELOC is a good option if you want to cover expenses that come up over time. These loans usually have adjustable rates, however, so you can’t count on a fixed monthly payment.

The other alternative to a straight home equity loan is a cash-out refinance. Here you’ll refinance your current mortgage into a new mortgage with a higher balance than you currently owe. At closing, you’ll receive the difference as a single payment. 

With a cash-out refinance, you’ll get a single monthly payment. If your credit is in good shape, you might land a better interest rate than your original mortgage had. Because of lender fees and closing costs, though, this type of loan may be prohibitively expensive. As with any other type of loan, make sure you know what expenses you’ll have to cover or are rolled into the loan.

Conclusion

Home equity loans are a viable way to leverage the equity you’ve built up in your home. Because your house is held as collateral in such loans, interest rates are usually competitive. 

If you have a steady, reliable income can handle the added expense of the home equity loans and need access to a large lump sum, a home equity loan may be right for you. You can use the loan proceeds to renovate your home (and you can deduct some interest payments on your taxes!) or pay off costlier types of debt.

Expect to go about securing your “second mortgage” much like you did your first. Sweep out your financial house before applying for a home equity loan. That way you’ll either continue to reap the rewards of fiscal responsibility, or you’ll start reaping them for the first time. 

Since home equity loans offer lenders plenty of security, they’re obtainable and usually affordable. Keep in mind that your home is your collateral, though, and defaulting on second mortgage payments can lead to foreclosure. 

If a home equity loan is right for you, know that A and N Mortgage is here to help you find the best option to help you accomplish your financial goals.

  A and N Mortgage Services Inc, a mortgage banker in Chicago, IL provides you with high-quality home loan programs, including FHA home loans, tailored to fit your unique situation with some of the most competitive rates in the nation. Whether you are a first-time homebuyer, relocating to a new job, or buying an investment property, our expert team will help you use your new mortgage as a smart financial tool.

The post A Comprehensive Guide To Home Equity Loans appeared first on .

from Loan News https://www.anmtg.com/mortgage-blog/faqs/a-comprehensive-guide-to-home-equity-loans/

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10 Things You Can Expect When Working With Brad Boden

If you are looking for a mortgage lender with an exceptional reputation behind them, you’d be hard-pressed to find one better than Brad Boden. Brad has been a Top 1% mortgage lender with A and N Mortgage Services for the last twelve years. 

We know that when it comes to hiring a mortgage professional, the plethora of choices can be overwhelming. Here, we are going to show you how and why Brad Boden sets himself apart from the crowd. 

As you will learn, Brad is proud of his client-first approach, which saves you time and money when it comes to your home loan or refinance package. 

If you already know about the brand and his incredible reputation and would like to personally work with Brad Boden so he can help you through the complicated home loan process, please visit BodenBoden.com

  Top 10 Things To Expect When Working With Brad Boden

1) Always Available – Twenty-four-hour availability is a hard-to-find asset amongst most mortgage lenders. Brad prides himself on offering both his mortgage knowledge and his time. Whether you call at 11 pm or deep into a Sunday afternoon, Brad gives every one of his clients the peace of mind knowing that he’ll always be around when he’s most needed.

2) Competitive Rates – When it comes to rates, Brad Boden has you covered. As a mortgage lender, he is competitive by nature and will easily be able to beat the rates of most of the large banks you will come across. Brad will shop your loan with more than 20 banks to ensure you are getting the best deal possible.

3) Full Support – It doesn’t matter to Brad Boden whether you are a first-time home-buyer or somebody who is looking to expand their property portfolio, he will be right where you need him to offer complete support throughout the entire process. Brad Boden’s wealth of experience has armed him with the ability to answer any questions you may have for him, and what’s more, he is happy to do so.

4) Dedicated Team – While most lenders work alone on behalf of their clients, a successful mortgage lender also has a skilled team at their disposal. Brad Boden’s team of enthusiastic and experienced mortgage experts help to ensure that every single detail of your loan application is well-managed from pre-approval to closing on your home.

5) Personal Relationship – Unlike most mortgage lenders, you are more than just a number to Brad Boden. His ethos is all about making his clients feel comfortable at every stage of the process. He is truly invested in helping you attain the home of your dreams. 

If you’d like to personally work with Brad Boden so he can help you through the complicated loan process, please visit BradBoden.com

6) Experienced – When it comes to mortgages, Brad Boden is an expert. Brad Boden has closed thousands of deals and encountered any scenario you can think of.  He has ranked among the country’s top 1% of mortgage loan officers for the last 5 consecutive years. With experience like this, Brad Boden is qualified to deal with the many unexpected issues that could arise throughout the process of securing your loan.

7) One on One Communication – Whether you call, text or email, Brad Boden is one of the few lenders that you will come across that is more than happy to answer everything personally. Brad Boden’s clients never have to worry about getting stuck playing phone tag with an office assistant. 

8) Tools To Get Your Loan Done Right – One of the most important parts of the loan process is ensuring that it’s closed on time. Having Brad on your side is a sure-fire way to accomplish this. Brad 12+ years of experience has equipped him with all the tools, including in house processing and underwriting, that is required to make sure your loan is closed on time. 

9) Critically Acclaimed – Brad was humbled and honored to be awarded as being in the top 1% of loan originators since 2012. This distinction means that when you choose Brad Boden, you will not only get the service you need, you will also get the service that you deserve.

10) Genuine – Last but by no means least, Brad loves what he does, and this gives him the motivation he needs to provide you with the best possible home-buying experience the industry has to offer. 

If you are seeking a Chicago mortgage lender with a difference, then you should consider getting in touch with Brad Boden. If you’d like to personally work with Brad so he can help you through the complicated loan process, please visit BradBoden.com.

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Lorem Ipsum is simply dummy text of the printing and typesetting industry.

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