The feds raised the overnight lending rate by a 0.5% a few weeks ago — the largest jump since May 2020. Buyers are panicked about what rising rates mean for them and real estate agents are concerned about the market and what to tell their clients. Is now still a good time to buy? Yes! […]
The “ins & outs” of Jumbo Financing
Did you know that jumbo loan rates have not increased as dramatically as conforming rates, meaning higher priced homes may be more affordable? Any loan over $647,200 on a single-family home is considered a “jumbo” loan and Key Mortgage offers highly competitive rates on these specific loan types. Downpayment requirements for jumbo loans can vary […]
Buyers (and you) should beware of the “Rate and Switch!”
Last week as I’m listening to the radio (yes, I’m old fashioned and don’t stream), I heard an ad for a low mortgage rate that captured my attention. “Looking to buy or refinance your home? Rates are still historically low and you can lock in your loan at 3.25%, call Rocket Mortgage today!” By this […]
Financing a self-employed borrower
Do you have a buyer that’s self-employed and worried about financing? No worries, Key Mortgage is here to help! We have loan options for eligible self-employed borrowers that accept personal or business bank statements to calculate income without requiring tax returns. Available for the purchase of a home or refinance an existing property: Primary, second […]
Tips and tricks to prove a home value to an appraiser
Home prices are rising. With more buyers than sellers, there is often disparity between what a buyer is willing to pay versus the property’s appraised value. This can impact the buyer’s financing options and leave the seller with less than what the property is worth. We spoke with our friends at Valuecentric to get insight […]
Numbers to keep in your back pocket
Often your clients will look to you, the agent, for all things real estate. You are the quarterback of the transaction and Key Mortgage is a team that can make sure it happens. Here are some numbers you should know to help guide your client in selecting the right property for them. Minimum Downpayment: Conventional […]
Win the deal by getting creative
Lets face it, winning in a bidding war is no easy task — especially in today’s market. Several loan officers, agents, and managers were asked to share their tips and tricks of how to prevail in a competitive market (outside of just submitting a higher offer). Here’s what they shared: Submit a mortgage preapproval from […]
Why clients should use Key Mortgage over an online lender.
Agents know the feeling that sets in when buyers comes “preapproved” from an online lender. It’s their job as their trusted advisor to have their best interest at heart and to bring them the information they need to make an educated decision, but you might not know how to explain why they should use Key […]
Defining IHDA and Downpayment Assistance
As an agent, it’s exciting to finally convert that lifelong renter or young family into homeowners. They have the financial means to maintain a mortgage, but what if they only have limited resources for the downpayment or closing costs? This is where IHDA (Illinois Housing Department Authority) downpayment assistance financing may help, here are the […]
Key Mortgage can help your clients make non-contingent offers
In today’s market of multiple offers and fast-moving real estate, offers contingent on the sale of another property often can be pushed aside. Yet, many clients are afraid to sell before they find a new home. Here are some ways your clients can buy before they sell: 401K loan Family gift Smaller downpayment Bridge loan […]
