Posts Tagged ‘1st Time Home Buyer’

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Success Stories #3

January 21st, 2011

Client #1

Terry is a very successful business professional.  She makes good money but does not have a lot of free time.  Because of her hectic schedule, Terry has accumulated a lot of revolving debt and the payment on that debt was getting out of hand.  The Kunselman Team was able to help Terry out by refinancing her existing mortgage with a new FHA Mortgage and giving her cash out.  Terry was able to use this money to restructure her debt in a way that saved her over $1000/month.  With her monthly payment savings, Terry’s time to recover her costs of doing the refinance is less than 5 months.

Client #2

Phil has been living is a townhome (that he owns) for quite a few years now.  He had been saving his money recently decided that he would like to buy a bigger home.  He was not sure about whether or not he wanted to sell his current home either.  The Kunselman Team was able to help Doug buy a beautiful home at a great price.  He did not have to sell his townhome to qualify either.  That way he can choose to rent it out or if he feels he can get the price he wants, he can also sell it.

Client #3
Chuck and Sally had had their mortgage for about 5 years.  Like many of us, Chuck and Sally are self-employed.  They make great money, the just don’t show a lot on their tax returns.  Chuck and Sally had thought that because of their income situation they would not be able to qualify for a refinance.  The Kunselman Team was able to find them a new mortgage that did not require them to document their income and they also did not have to have an appraisal.  I will point out that the reason they did not have to document their income was because of who their current loan servicer was (and it’s one of the big ones).  If you would like to see if you qualify for this amazing program, give The Kunselman Team a call and we will check for you.

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Posted in Mortgage Industry, News, Real Estate Industry, Success Stories

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Top 10 Reasons for Getting a New Mortgage in 2011

January 21st, 2011
  1. Rates are still really low.
  2. FNMA DU Refi+ and the Freddie Mac Open Access HARP programs are still around through May.
  3. You might not have to pay for an appraisal
  4. Self-employed people can still get a loan.
  5. 100% Financing is available in rural areas (Frederick/Firestone count as rural)
  6. FHA has lowered its up-front mortgage insurance premium from 3.5% to 1.0%.
  7. 100% VA Loans are still available. (Have you ever checked your eligibility?)
  8. VA interest rate reduction loans are cheap and easy.
  9. FHA Streamlines don’t require income documentation. (Great if you have kept up on your payments even with a drop in income.)
  10. Mortgage interest and Mortgage Insurance are still tax deductible!

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Posted in Mortgage Industry, News, Real Estate Industry, Uncommon Useful Knowledge, Understanding Your Mortgage

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Get the Process Started Now

December 8th, 2010

The loan process is not what it used to be.  In the not so distant past, we used to be able to start a new refinance and get it closed within 3 weeks.  Lenders were a lot more streamlined and were staffed to handle the amount of loans they were getting.

But because of new regulations and a large influx of business (due to such low interest rates), loans are just taking longer to get done.  So what should you, the consumer do?

Get started now.  If you are thinking that you would like to refinance but are going to wait until after the holidays, you could be missing out.  Rates are still good but all indicators point to rising rates in the near future.  If you wait until after the holidays to start the loan process you could end up paying a higher rate.

The reality is that because of longer timelines to get a new mortgage, a refinance started now most likely won’t be closing until after the New Year.

We all make New Years Resolutions to get our finances in better shape but why wait to start those resolutions until after the 1st of the year.  Getting started now will give you a head start and ensure that procrastination doesn’t cost you more money.

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Posted in Know Your Mortgage, Mortgage Industry, News, Uncommon Useful Knowledge, Understanding Your Mortgage

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Why Should You Have Your Own REALTOR® When Buying a Home?

November 5th, 2010

This is a question that has come up more and more in recent months.  The interesting thing is that the biggest reason for the question is the misconceptions of what part a REALTOR® plays in the transaction.

The first misconception is that if the buyer works with the seller’s agent, that they will get a better deal.  This couldn’t be further from the truth.  Sometimes if a REALTOR® is working with both the buyer and the seller, the REALTOR® will offer a discount in the fees to the seller, but not to the buyer.

The second misconception is about who pays the REALTORS® commission.  Real Estate commissions are by default paid by the seller.  99% of home sales happen that way.

The third misconception is what is the REALTORS® role if they are representing both the buyers and the sellers?  At that point, the REALTOR® becomes a transaction broker.  Their job is to facilitate the transaction, not to negotiate for either side.  To me, this is the greatest thing lost by not using your own REALTOR®.  Why not have a paid negotiator working for you, especially when you are not the one paying for them.

Always remember that when buying a home, the first thing you should do (even before looking at any homes) is talk with a skilled mortgage professional about what you qualify for.  The Kunselman Team is always hear to help!

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Is It Still Worth it to Buy a Home without the Tax Credit?

November 5th, 2010

Over the last couple of months some people have expressed disappointment about the $8,000 tax credit expiring in June. Now while it’s always nice to get money back, all is not lost.  The interest rates are now much better than they were a year ago.

Let’s look at a $200K 30 year mortgage at a current rate of 4.25% vs. the rates from a year ago, around 5.25.  At 4.25% the principle and interest payment would be $983.  At 5.25% the same mortgage would have a payment of $1104.  That is a difference of over $120/month.  A $120/month over the life of the loan is $43,200.  So even if you subtract out $8000 tax credit.  You are still better off buying now at the better interest rates by over $35K.

So what does this mean?  If you have been thinking about buying a home, go out and do it now!  Don’t wait for the market to take a big swing up because by then, you will pay more for the same home, and the interest rates will be higher.  Give The Kunselman Team a call today and make owning your dream home a reality!

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Posted in Mortgage Industry, News, Real Estate Industry, Uncommon Useful Knowledge, Understanding Your Mortgage

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