Ah, the dreaded tax bill — the necessary evil of purchasing a home. While it’s not a favorite topic of conversation, it’s important to understand how it can affect the borrower’s qualifications during the home loan process and how you can be of assistance to them after they purchase their home. Taxes and Qualifying for Loans […]
Avoid Rate Volatility with Lock & Shop
With volatile interest rates, every day feels uncertain for you and your buyers. The Federal Reserve just raised the Fed Funds rate and is expected to raise it again before the end of the year. Although mortgage rates aren’t directly tied to the Fed’s move (mortgages are tied more closely to the 10-year treasury bond), […]
Let Key Mortgage help you get money for your buyers!
Let Key Mortgage help your first-time and non first-time homebuyers with IHDA’s Opening Doors program. This program provides $6,000 in downpayment assistance (or closing costs), which is typically forgiven over a five year period — meaning it doesn’t need to be repaid. This program delivers a path to homeownership for renters and also for existing homeowners […]
Esther Phillips featured in Yahoo News!
With mortgage interest rates going up, Esther Phillips shares her thoughts on why Adjustable Mortgage Rates (ARMs) are on the rise. https://www.yahoo.com/video/beating-high-fixed-rates-adjustable-100000736.html […]
Bye Bye PMI!
Have you sold a home in the last few years where your buyers put down less than 20% and are paying Private Mortgage Insurance (PMI)? If so, this is a great time to reconnect with them. Buyers pay approximately $30-$70 per month in PMI per $100K borrowed. Help them lower their mortgage payment by removing this […]
Transaction Terrors & How to Avoid Them!
Halloween is right around the corner, but these transaction terrors can happen at any time. Here’s how to avoid some of the most common deal killers: Inaccurate Appraisals. Assume the appraiser knows nothing about the property you are selling. Provide accurate comps, information about renovations, or updates and details about boundaries that sets your property […]
Considering taking out a Home Equity Line of Credit (HELOC)? Key Mortgage’s Esther Phillips shares her insight on this potential option for homebuyers.
https://www.businessinsider.com/personal-finance/heloc-pros-and-cons […]
Seller Funded Buydowns Part 2 – Temporary Interest Rate Buydowns
With rising interest rates, buyers and sellers can come together for a unique win-win with a temporary rate buydown. Unlike purchasing points that lower an interest rate by a small amount (typically 0.125% – 0.5%) for the life of the loan, a temporary buydown lowers the rate much more significantly (up to 3%) at the beginning of […]
Seller Funded Buydowns Part 1 – Permanent Interest Rate Buydowns
In this rising interest rate market, a permanent interest rate buydown may be how buyers and sellers come together for a win-win. The traditional option of using a seller credit to buy down the rate is still a tried and true way of getting a buyer the payment they want and the seller the sales price […]
Closing Cost Credits – They’re Back!
While we’ve spent quite some time in a seller’s market, rising interest rates and longer market times may open the door for sellers to creatively offer closing cost credits. These credits have all but disappeared with offers over the listing price and multiple buyer situations – with the exception of occasional credits for inspection issues. Closing cost […]
