The Mortgage Brothers Show

An example of why buying a home with cash may not be in a Buyer’s best financial interest. Assume a Buyer has $250,000 to invest.

So, this is a quick one. Recently, the Federal Reserve lowered the Fed Funds rate from 2.25% down to 2%. So, in this episode, we’ll get into what this means for home mortgages.

In this episode we go through what self-employed borrowers need to show us to get a mortgage. Self-employed folks are perhaps the hardest working borrowers we come across and, unfortunately, banks don’t cut them any slack when it comes to getting approved for a mortgage. Self-employed borrowers make up about 30% of our applications. When it comes to self-employed borrowers, we ask two questions when you call us about getting pre-qualified or how the process works.

In this episode, we covered issues that might arise when you receive an appraisal on your detached guest home, also know as a casita.

In this episode, we went over two major refinance updates, one with the FHA and the other with the VA. We wish that we were passing on better news, but this is basically the government tightening restrictions on some of the loan parameters.

In this episode, we went over what you need to know about buying a home with a VA Mortgage. If you’re an active duty service member or a military veteran looking for a great deal on a home loan, you owe it to yourself to look into the VA loan. With incredibly low rates and a minimum credit score requirement of 620, VA loans are one of the best loan programs in the mortgage market. You might be surprised at how easy it is to qualify and be approved for your home loan.

How does Personal Property in a Purchase Contract affect Lenders? Why are we talking about it?

Lenders are not involved in the BINSR process directly. We want to discuss how the BINSR and home inspection process affects a mortgage indirectly.

We go through the LSU (Loan Status Updates) which is an Arizona specific form. This is an important form that lenders will need to send to the sellers throughout the purchase transaction. We give our insight on the form and highlight the items we think are important for seller, buyers, and Realtors to be looking at.

We highlight the important line items that borrowers and realtors need to look at in the Arizona Prequalification form. We talk about the advantage of showing a higher loan amount on the prequalification form to show strength if it is a competitive market and multiple offers are expected on homes for sale. We discuss the importance of borrowers sending income and asset documentation so sellers can feel confident in the buyer’s ability to qualify.

Delayed Financing (Defined Term) has more to do with avoiding normal Seasoning Requirements (6 months) when doing a Cash-Out Refi then really anything else. It could be called “No Seasoning Cash-Out Refinancing”. Basically Someone delays getting financing by first paying cash (or can be from a HELOC, or secure loan) and THEN decides to put financing on the property after COE but doesn’t want to wait the standard 6 months seasoning!

Top 10 Mortgage DO’s and DON’Ts on home loans when purchasing a home:

Seller Concessions are also known as ‘3rd Party Contributions’. Who is a typical interested party in a purchase transaction? Sellers, Buyer Agents and Listing Agents are 3rd party contributions.

In this episode, we covered solar panels and how borrowers should view them when looking to buy.