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.
Good news! When it comes to documenting income, self-employed borrowers can get back to normal.
What does this mean?
Borrowers who rely on self-employment income may now submit their most recent tax returns, so long as they are no earlier than 2020, in typical scenarios.
How does this help?
Under previous Covid-era rules for certain government-backed loans, self-employed borrowers had to submit recent P&L statements, asset account statements and more. It’s much easier for most to supply tax returns instead.
No matter how old you are, being an adult can be shockingly difficult. Sure, you can decide to eat dessert first, but what’s with all these bills to pay?
And rent payments feel like you’re just handing over your hard-earned cash to a landlord.
An alternative—buying a home of your own—could be closer than you think.
This easy calculator will show you how your rent check could look as a mortgage payment instead. As a bonus, you’ll see how low the real cost of owning can go, too.
See? When you put your dollars to work for you, adulting is not half bad. And it’s not too early (or too late) to start.
Reach out, and let’s talk about real numbers for your scenario. You may be pleasantly surprised.
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!
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 if qualified for a conventional loan type.
What is mortgage insurance (MI)?
MI is required for home loans financed through the Federal Housing Administration (FHA). Most current FHA borrowers paid an upfront premium at closing and continue paying monthly as part of their regular mortgage payment as long as they own their home.
Why may I be eligible to cancel MI?
You may now have sufficient equity in your home to obtain a conventional loan without any mortgage insurance.
How much can I save?
Amounts vary, but savings can equal hundreds of dollars each 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!
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