Texas Home Lending News

 
To ARM or Not to ARM?

For some, an adjustable rate mortgage (ARM) is an automatic no.

But if that's the case, it's usually for one of three reasons.

1. They're uncomfortable with any risk.

2. They're unaware of how a Hybrid ARM works.

3. They can predict the future with relative certainty. 


For others, an ARM is a valuable financial tool.
 

A Hybrid ARM is actually a fixed rate loan for the first 3, 5, 7 or 10 years. 

During the fixed period, there is no risk and typically a healthy savings

Having reasonable expectations for future sale or refinancing is all it takes to make a Hybrid ARM worth considering.

It doesn't cost anything to be armed with the facts. Call if you would like to learn more. We're always happy to show you the difference.

 
 





Shawn Smith
MLO/Broker | NMLS # 863501

(214) 396-3650 | Mobile: (817) 706-8619
shawn@sublimefinancial.com

www.sublimefinancial.com
Sublime Financial, LLC
14785 Preston Rd Dallas TX 75254


NMLS # 1134044
Posted by Shawn Smith NMLS#863501 on April 1st, 2022 10:58 AM
 
 
Can you cancel your PMI, Jason?

As your mortgage professional, I regularly monitor the status of your loan. Based on the length of time you've had your loan and recent changes to home values in the area, I think you may be able to save money each month by having your primary mortgage insurance (PMI) cancelled.

What is PMI?

PMI is required when a borrower makes a down payment of less than 20% on the purchase of a home.

Why may I be eligible to drop PMI?

The regular payments you’ve made toward your home loan combined with estimated increases to your home’s value mean you likely now owe less than 80% of your home's current value.

How much can I save?

Amounts vary, but savings can equal hundreds of dollars a month. Check your current mortgage loan statement to view your payment breakdown and how much you currently pay for mortgage insurance.

How do I get started?

Just let me know if you want to take a closer look at your specific scenario. I’ll be glad to help! 

 





Shawn Smith
MLO/Broker | NMLS # 863501

(214) 396-3650 | Mobile: (817) 706-8619
shawn@sublimefinancial.com

www.sublimefinancial.com
Sublime Financial, LLC
14785 Preston Rd Dallas TX 75254


NMLS # 1134044
Posted by Shawn Smith NMLS#863501 on April 1st, 2022 10:34 AM
 
 
Interest savings may be hiding in your mortgage, Jason
When you think of a mortgage loan, you typically think of interest costs. But if you consolidate other debts into your mortgage, you can start thinking of interest savings instead.

Most consumer debt carries a higher interest rate than home financing. If you access cash to pay off some of those debts – even at a slightly higher interest rate than your current mortgage – you can still save on overall interest expenditures.

And if you use your monthly savings to pay extra on your principal each month, you can pay off your mortgage faster and save even more.

Use this calculator to determine how much interest you’re currently paying. Keep going to see how much you can save with a new consolidation loan.

If you want to talk through your scenario, please give me a call. I’ll be happy to help!
DEBT CONSOLIDATION CALCULATOR 
 
 





Shawn Smith
MLO/Broker | NMLS # 863501

(214) 396-3650 | Mobile: (817) 706-8619
shawn@sublimefinancial.com

www.sublimefinancial.com
Sublime Financial, LLC
14785 Preston Rd Dallas TX 75254


NMLS # 1134044
Posted by Shawn Smith NMLS#863501 on April 1st, 2022 10:24 AM
 
 
Interest savings may be hiding in your mortgage, Jason
When you think of a mortgage loan, you typically think of interest costs. But if you consolidate other debts into your mortgage, you can start thinking of interest savings instead.

Most consumer debt carries a higher interest rate than home financing. If you access cash to pay off some of those debts – even at a slightly higher interest rate than your current mortgage – you can still save on overall interest expenditures.

And if you use your monthly savings to pay extra on your principal each month, you can pay off your mortgage faster and save even more.

Use this calculator to determine how much interest you’re currently paying. Keep going to see how much you can save with a new consolidation loan.

If you want to talk through your scenario, please give me a call. I’ll be happy to help!
DEBT CONSOLIDATION CALCULATOR 
 
 





Shawn Smith
MLO/Broker | NMLS # 863501

(214) 396-3650 | Mobile: (817) 706-8619
shawn@sublimefinancial.com

www.sublimefinancial.com
Sublime Financial, LLC
14785 Preston Rd Dallas TX 75254


NMLS # 1134044
Posted by Shawn Smith NMLS#863501 on March 30th, 2022 10:40 AM
 
 
How do  you compare a HELOC and a Cash Out Refi?

We may not be comparing real apples and oranges, but we’re coming pretty close in the home financing industry.

And if you’re at all interested in using your home’s equity to access cash, then this comparison is for you.

There are two common ways to get cash from your home—a Home Equity Line of Credit (HELOC) or a cash out refinance.

In the current environment, many people want to keep the great interest rate they already have on their home loan, so they automatically choose a HELOC over a refinance. But wait—there’s a big difference that can make the benefits hard to compare at a glance. HELOCs have adjustable interest rates, whereas most home loans are fixed.

Try it out. And if you’re interested in exploring your options more, please let me know. I’ll be happy to help.

COMPARE NOW
 
 





Shawn Smith
MLO/Broker | NMLS # 863501

(214) 396-3650 | Mobile: (817) 706-8619
shawn@sublimefinancial.com

www.sublimefinancial.com
Sublime Financial, LLC
14785 Preston Rd Dallas TX 75254





NMLS # 1134044
Posted by Shawn Smith NMLS#863501 on March 29th, 2022 9:28 AM
 
Wondering how much to save, Jason?
The amount you need for a down payment on your new home may not be as much as you think!!

Programs are available with some pretty low options.

ZERO
The VA and the USDA both offer a zero down loan program for individuals and/or properties that meet their criteria. Sometimes, loans require little or no cash out of pocket. Some HUD properties are available with as little as $100 down. 

3%
Fannie Mae/Freddie Mac conventional loans are available with down payments as low as 3% on single-family homes, including eligible condos, co-ops, and some manufactured homes. Fixed-rate mortgages with up to 30-year terms and ARMs are available.

3.5%
The Federal Housing Administration (or FHA) loan program can allow as little as 3.5% down, and it is more lenient than most other programs on minimum credit scores and other factors. 

Are you surprised at how low you may be able to go? While many believe a 20% down payment is required, you can see now that it’s far from the only option. 

Whether you’ve saved a little or a lot, reach out today, and we’ll work on finding a loan that works for you.

 
 





Shawn Smith
MLO/Broker | NMLS # 863501

(214) 396-3650 | Mobile: (817) 706-8619
shawn@sublimefinancial.com

www.sublimefinancial.com
Sublime Financial, LLC
14785 Preston Rd Dallas TX 75254





NMLS # 1134044
Posted by Shawn Smith NMLS#863501 on March 25th, 2022 12:03 PM
 
 
I hope this helps you find a home!

Here’s a new addition for your home buying toolbox: a quick way to estimate a total monthly housing payment and the income needed to qualify.

Just bookmark this payment and qualification calculator link and make a quick visit while you’re looking at homes. I hope you’ll feel more comfortable knowing what you’ll likely pay each month and whether the loan may work for your particular situation.

Give it a try now!

SEE YOUR PAYMENT
 
 





Shawn Smith
MLO/Broker | NMLS # 863501

(214) 396-3650 | Mobile: (817) 706-8619
shawn@sublimefinancial.com

www.sublimefinancial.com
Sublime Financial, LLC
14785 Preston Rd Dallas TX 75254


NMLS # 1134044
Posted by Shawn Smith NMLS#863501 on March 25th, 2022 12:03 PM
 
Who's keeping score?
Credit reporting agencies. That’s who!

Help your homebuyers discover the factors that influence credit scores and tips for managing theirs well.

It’s easy to share. Follow the link to copy it for your contacts. You may want to bookmark it for future use. I can also create a cobranded version if you’d like.

Please reach out any time I can serve you or your clients. I’m happy to help.
CHECK IT OUT
 
 





Shawn Smith
MLO/Broker | NMLS # 863501

(214) 396-3650 | Mobile: (817) 706-8619
shawn@sublimefinancial.com

www.sublimefinancial.com
Sublime Financial, LLC
14785 Preston Rd Dallas TX 75254


NMLS # 1134044
Posted by Shawn Smith NMLS#863501 on March 24th, 2022 4:08 PM
Rates are still good on jumbo loans are still good!!
Have you taken advantage of the great rates available on Temporary High Balance or Agency Jumbo loans? If not, you may need to do so sooner rather than later.

With these loans, Fannie Mae and Freddie Mac are authorized to purchase mortgages that are up to 125% of certain high-cost areas’ median home values, not to exceed a preset limit. Implemented as part of the 2008 stimulus package, these loan offerings were intended as a temporary measure. They have already been extended once, and limits have been reduced. How much longer they will remain available is not certain yet, but there's already talk of their ending very soon.

Because Fannie and Freddie are government sponsored, the rates they offer are likely lower than private entities could afford. With Washington’s current political climate, however, there is talk of the need for private market lenders to step in to provide financing over the normal conventional limits.

As long as your tax dollars are still providing for the existence of these loans, you may want to take full advantage of the lower rates they offer. The opportunity is here now for purchasing, refinancing, consolidating debts, paying for college, or making home improvements, but the clock is ticking.

The current maximum loan amounts vary by area. I'll be happy to speak with you to assess the possible benefits and applicability for your personal situation
.
 
Posted by Shawn Smith NMLS#863501 on March 24th, 2022 2:33 PM
 
 
How much could you save, Jason?
If you’re wondering how a refinance of your mortgage might affect your monthly payment, take a look at our Refinance Calculator . You simply plug in numbers for your current and desired loans, and we’ll calculate the difference in your payment, the months it will take you to break even on your costs, and even the rate of return on your costs.

I encourage you to play around with it. Then, if you want to discuss your specific scenario, click the button on the website to let me know.

If you think any of your friends, co-workers or family members would benefit from the refinance calculator, please feel free to forward it along. I’ll be happy to help them.

Thank you for your business and for your referrals.
CALCULATE YOUR SAVINGS
 
 





Shawn Smith
MLO/Broker | NMLS # 863501

(214) 396-3650 | Mobile: (817) 706-8619
shawn@sublimefinancial.com

www.sublimefinancial.com
Sublime Financial, LLC
14785 Preston Rd Dallas TX 75254


NMLS # 1134044
Posted by Shawn Smith NMLS#863501 on March 24th, 2022 9:48 AM

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