The Mortgage Brothers Show

How do student loans affect qualifying for a mortgage? 70% of college students graduate with a significant amount of loans. Student loans balances are climbing every year and it can greatly affect these borrowers when they try to get approved for a mortgage.

Welcome, everyone. Tom and I have decided to talk about student loans and how they affect mortgages. And this comes from a question that was asked by someone in our audience, a realtor. And we thought this was a great topic.

What are points? Customers are asking about points. Buydown points, buydown rate, how does it work, what is it?

The FICO score is actually named after a couple of individuals, and the individuals … who is it? I think it was Bill Fair and Earl Isaac, actually came up with the FICO score. It was Fair and Isaac and Company. That actually has roots that go back quite a ways, and I always thought that that was extremely interesting.

Well, people call or email us about first time home buyer programs, which we have. And we want to talk about one of the best, we were going to talk about the best first time home buyer program that we have and what we believe is the best first time home buyer program in the country. But people call about down payment assistance programs.

It’s March 12th 2019 and millions of people are in the process of filing their 2018 tax returns. In today’s show, Eddie and Tom Knoell go through the parts of a Mortgage Are Tax Deductible based on the 2018 tax rules. They discuss whether principal, interest, taxes, or insurance are tax deductible as well as what closing costs are tax deductible.

Welcome, everybody. This is our first podcast, first official podcast, and I’m telling you, we’re excited. Tom and I, we wanna use this podcast to be answering questions that borrowers have, sellers, buyers, real estate agents, anybody who’s willing to listen and anyone who has questions, we wanna use this podcast as a medium to get all these questions in the mortgage business out to them. Right, Tom?

Attached and Detached Resales in the Greater Phoenix Metro Area for prior 30 day period as of 2/9/19

The $200,000 to $300,000 price range is the hottest market in terms of market share in the Greater Phoenix Metro Area accounting for 44% of the sales of resale single family houses in January 2019!

So where are all the affordable single family homes?

The Scenario

Our newly-retired client came to us hoping to get approved for a mortgage, but had been told that now that he was retired, he didn’t make enough money to qualify for a loan. Technically, this was true. He’d had plenty of income before he retired, but his income from Social Security and his pension were not enough to qualify him for a mortgage on the home he was interested in.

When it comes to life’s important questions, “What’s the difference between a mortgage broker and a mortgage banker?” really can’t compete with “What do you want to be when you grow up?” and “Will you marry me?” Compared to these classics, the question sounds like the set up for a joke, but it’s not–at least, not when you’re trying to figure out the best way to finance a new home. If you are in the market for a new home, understanding the advantages of using a mortgage broker instead of a mortgage banker can make a world of difference.

The Federal Housing Finance Agency (FHFA) has announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2019. See below for the new limits that will be available in January 2019.