Thought About Refinancing?
By Marlene Crawford and JoAnn Rooney
Mortgage rates are at all-time lows. That means for many homeowners, this could be JUST the RIGHT time to consider refinancing their property. Lower rates mean lower
payments – and in today’s cash-crunched world – that’s a good thing.
But it’s not as easy, as you probably know to get a new home loan. There’s a lot more to document and the process can seem overwhelming for some. For many though – it’s worth it.
If you’ve thought about refinancing your home – here are some things to consider:
1: Playing with percentages. For large loan balances a drop of just 1% could mean hundreds of dollars a month in savings. For a smaller loan however, sometimes the cost of refinancing can be cost-prohibitive. Because everyone’s situation is different, the best thing you can do for your family is to give us a call. We will ask you the right questions to give you a ballpark estimate of how much you’d save and if that sounds like something you’d like to do, then we can sit down with a little more depth and help you calculate exactly how much you could save each month.
2: Know what your home is worth. This is a great thing to know regardless of whether you’re seeking a new loan for your property. Our markets have shifted a great deal in the last few years, and it’s always a good idea to have a handle on just what your assets are worth. We can help put you in touch with a trusted Realtor who can help you find out that valuable information in no time at all! They can also give you great council on market trends, let you know about investment properties or answer any of your buying or selling questions. We only work with the best in the business, and we’re happy to give you a referral.
3: Learn what programs could work for your family. There are many loan programs available now such as the HARP program which enables more borrowers whose mortgages are backed by Freddie and Fannie and owe more than their home is worth to take advantage of low interest rates and other refinancing benefits. These federal programs are changing all the time and we’re doing the homework for you so you can be sure to make your decisions based on the most current information possible. Call and talk to us – once we better know your situation we can help advise you.
4: Don’t try to go it alone. Our industry has had some major overhauls in recent times and it will continue to change for the foreseeable future. We are thrilled to be a resource consumers can turn to for all of their mortgage questions and needs. You’ll find we’re not aggressive or pushy – just people who’ve been in this business a long time and who genuinely care about their customers and everyone in our community.
-Rates are still low and should be for a while longer, but times change quickly that’s for sure! If you’ve thought about refinancing your home, give us a call today at 727-787-2299. We’re -happy to answer any of your questions and help ensure you make the RIGHT decision for your family!
Timely Tips for Today’s Consumers
An Interview with Mortgage Professional Marlene Crawford
By Julie Escobar
Today’s consumers often have more questions than answers in terms of how to make the most of their money and buying power. That’s why I sat down with a great friend and experienced mortgage professional Marlene Crawford to get the inside scoop on what to do (or not do) to protect your family’s best interests.
Here’s what she shared…
Q: Marlene – what can people do right now to help ensure they get a great rate on a mortgage if they are thinking of buying in today’s market?
A: The best thing they can do is to ensure that they have a great credit score. In order to achieve this you will want to make sure that you do not have any late payments. On all open credit cards, keep the balance of amount owing to a maximum of 30% of the credit line to you. Only allow your credit to be pulled when you have decided who you will be using for that purchase, no matter what the transaction might be. Check your credit at least once a year at www.freecreditreport.com.
Q: What’s a good credit score?
A: Credit scores range from 300 to 850 and trust me, these days you’ll want the highest possible score you can get. Lenders now will hold their best rates for those people with scores higher than a 740.
Q: Down payment is a big deal for most people. I’m a firm advocate for planning ahead. What are some tips that you tell people on how to save for their down payment?
A: The best way to save for a down payment is to take 10% of every paycheck and put it in a separate bank account. It adds up quickly and you will be amazed at how fast you can save! FHA mortgages at this time are great for first time homebuyers – as they only require 3.5% of the purchase price down and it stipulates that it will include gift funds from a relative. FHA allows the sellers to pay up to 6% of the closing costs.
Q: Great! Last but not least, you’ve got tremendous real estate experience as well as mortgage –what’s your advice for people looking to buy a home in this market?
A: Buying a home is very exciting and it’s easy to get caught up in wanting to buy your “dream home.” Before you start looking however, the most important step is to find out how much you qualify for. You need to sit down with an expert and discuss what you can comfortably afford to pay each month, as well how much you have in terms of closing costs and loan fees. You’ll save yourself a lot of headaches and heartaches if you do your homework and get all this information up front. Once you know the price range that is best for your family, you can start shopping for homes. Find a great agent that will listen to your wants and needs. Realtors work very hard for their clients and are often just the advocate they need throughout the many steps of the transaction, home inspections, termite inspections, etc. They are more than just business professionals; they are people you can trust to protect your interests, negotiate on your behalf and ensure that the process is as simple and successful as possible. If you need a good recommendation – just call me!
Great information Marlene, as always! I appreciate your insights! To reach Marlene, call her at 727.872.2299 today or visit her site www.urmortgagesource.com.
Four Top Tips from Mortgage Leader JoAnn Rooney
By Julie Escobar
Times are changing quickly and with the national news reporting new facts and figures almost every day – it’s tough to keep up. That’s why I sat down with Florida Mortgage leader JoAnn Rooney from Your Mortgage Source, Inc.
Q: JoAnn, with what has felt a little like a rollercoaster economy recently, what is the most important advice you could give consumers thinking about purchasing a house in today’s market?
A: The most important piece of advice I can give a buyer looking for a home is to “GET PRE-QUALIFIED.” Do not look at homes until you are qualified. This means having your loan officer read your tax returns, W2 or 1099, asset statements and paystubs and your credit reports. Then let the loan officer refer you to an agent. We have relationships with a lot of really knowledgeable Realtors who truly have the clients’ best interests at heart. After that – shop away until you find the home of your dreams!
Q: Great advice JoAnn! You hear so much about credit scores these days, but they’re still a mystery to a lot of folks, can you share some “must-know” information with our readers?
A: Sure! Credit scores range from 300 to 850 and anything north of a 740 will get you the best rates so it is important for your loan officer to pull all three credit bureaus and discuss how to improve your scores. We have been working with customers to clean up credit and improve credit scores for years. The higher the credit scores the lower the rate on a mortgage which can save you not only in a monthly payment but thousands over the life of the loan. You can protect your score my using a credit monitoring company.
Q: Sounds like being pro-active is definitely the way to go there! Another source of stress for many people is coming up with down payment money. What’s your best tip for this?
A: Saving up for a down payment can be one of the biggest challenges to becoming a homeowner but by setting up a budget and cutting back on eating out every day you would be amazed what you can save. We recognize (and help others to recognize) that not everyone should be a homeowner. The last thing we’d want is for someone to buy a home with every penny they have. That’s just setting yourself up for failure. I want to know my clients can afford their dream home and don’t have to eat Ramen noodles to make ends meet! Be sure to also ask me about programs that allow for gift funds from relatives or a domestic partner. I got in my first home because my Mother-in-law helped us with the down payment. My daughter got in her first home because my husband and I helped her.
Q: That’s terrific! Now, any last bits of advice?
A: Yes, do not fall in love with a home you cannot afford or do not qualify for. Please use a Realtor and stay away from a “for sale by owner.” Good real-estate agents have your best interest at heart, they know the market and if a home is priced right. We see too many disappointed buyers that come to us after they have been turned down elsewhere because someone did not do their job. I hear stories from buyers who moved in and the roof started leaking or the air-conditioner does not work. The call their real estate agent and guess what…they don’t even get a return phone call. It all starts at the beginning… get qualified!
Thanks JoAnn for your thoughtful insights! If you would like to learn more about how to qualify for a home mortgage, protect your credit score or get a great real estate agent referral, call JoAnn today at 727-787-2299 X 1!