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Galen Call January 20, 2017

How Will Having a New President Impact Your Mortgage? Let’s Take a Look

How Will Having a New President Impact Your Mortgage? Let's Take a LookThere is always uncertainty in the market in an election year, but many people are wondering exactly what kind of impact Donald Trump’s election will have on their mortgage and the real estate options available. Whether you are still paying off your home or have been shopping around for the right one, here are some possibilities for the real estate market following the results of the 2016 election.

An Increase In Luxury Properties

With the release of Donald Trump’s tax plan which provides the most sizeable tax cuts to the wealthy, it could be the case that there will be an increase in the demand for high-end properties which may lead to less availability and a higher price point. As this kind of demand could also work to bump up the median price of real estate in urban areas, it could have an adverse impact on low-income earners who may see themselves priced out of a more expensive market.

Rising Mortgage Rates

Most people that have been perusing the market recently have heard about the low interest rates that make purchasing a home a good financial decision. However, following the uncertainty of the election, interest rates are on the rise. While the sense of instability may persist until potential home buyers know more, this boost in the rates since the election may mean that many buyers will decide to hold off until the new year.

A Loosening Of Regulations for a Conventional Residential Loan

The concept of the cost involved in regulation was something that Donald Trump brought up many times on the campaign trail, and this could be a sign that he is ready to make adjustments when it comes to housing regulations. While there may be little he can do at the local level, if regulation changes take hold, this could mean more loan opportunities for those with a poor credit history who may not have been a shoe-in for a mortgage previously.

With the fluctuations of the market dependent upon a variety of factors, it’s hard to say what will occur in the mortgage market in the next few months and years. However, with mortgage rates on the rise and the potential change in regulations, it could continue to fluctuate until there is more certainty on the horizon.

However in the world of reverse mortgages, if you’re currently in the market to downsize or rightsize and are curious about your options, contact me about purchasing a home with a Reverse Mortgage HECM.

Filed Under: Home Mortgage Tips, reverse mortgage, Reverse Mortgage HECM Tagged With: Home Buyer Tips, Home Mortgage Tips, Interest Rates, Mortgage, Mortgage Tips, reverse mortgage, Reverse Mortgages

Galen Call July 17, 2013 16 Comments

3 Common Home Financing Problems And How To Avoid Them

3 Common Home Financing Problems And How To Avoid Them

Below are  good tips for a conventional purchase. But a reverse mortgage purchase money loan actually eliminates all three points. Of course you must be 62 or over to apply for a reverse purchase loan: that is distinction #1.

Traditional debt to income ratios are not a factor unless you own an additional home other  than your primary residence. What if your “old” primary becomes a rental property?  You must be able to show the financial  ability to carry property tax’s and insurance on both properties. If you need to make a large purchase such as a car or furnishings, you can, if you need to switch jobs you can and if you don’t have a credit card that’s ok! 

A reverse mortgage purchase loan is so very, very different from a conventional purchase money loan.  For example your down payment is between 30-50%  with a reverse purchase and the remaining loan does not require monthly payments! This is not a 3.5% FHA down payment as some might think! Call  or email me for more details to learn more about this great loan option!

Getting the best mortgage financing for your new home can sometimes be a complicated process and, unfortunately, things can go wrong. Using a licensed and trusted mortgage loan specialist can help alleviate many of these challenges.

There are certain mistakes that many homebuyers make when applying for their mortgages that can seriously damage their chances of being approved. If you are aware of the most common mortgage issues, you will be better able to prevent them when applying for your own mortgage.

Make sure that you keep the following tips in mind when applying for a conventional mortgage:

Making Large Purchases Before Closing On The Mortgage

Many homebuyers think that they are in the clear once the mortgage deal is approved and they move forward on another large purchase such as a car or home furnishings. However, it is best to hold off on all major purchases until the mortgage is finalized, as additional debt will change your “debt-to-income ratio” which could mean that you no longer qualify for the loan.

Many lenders pull your credit information right before funding, so avoid any big-ticket items until you have signed on the dotted line.

Switching Jobs During The Mortgage Loan Process

When deciding whether or not to approve your loan, the lender will look at your salary and your job stability. If you make a career move during the process of applying for the loan, this could make your income seem unstable and could cause the bank to decline your loan.

Stay in your job through your home closing date to reassure the bank that you have a stable income; you can always switch careers later.

Having No Credit Card

You might think that the fact that you have gotten by without a credit card for this long would be a positive thing in the mind of lenders. However, having no credit history at all makes lenders nervous, as they don’t know how you will handle credit when you have it.

Instead, get a credit card that you repay in full every month, which will help to show them you can manage your credit responsibly.

These are just a few examples of major mistakes that home buyers make when applying for a mortgage. If you can avoid these issues, you will find it much easier to buy a Carmel home.

As always, call your trusted home mortgage financing professional today to discuss your personal situation and get the best advice on your upcoming home purchase!

Filed Under: Home Financing Tips Tagged With: Financing Tips, Loan Approval, Mortgage

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