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Should you refinance for less than half a percent difference on your current loan?
You’ve probably heard that interest rate are at record lows and if you’re current rate is one percent higher than today’s rates then we would usually say refinancing is a no-brainer. But what if you already have a low rate and its less than half a percentage point less than your current rate, should you refinance then?
There are a few key factors to consider.
1. Do have an Adjust Rate (ARM) Mortgage?
Getting into a lower fixed rate mortgage can definitely make sense in this case as you’ll lock in a lower rate, as the ARM rate may rise in the future.
2. Do you have a high loan balance?
If your loan balance is $500,000 a quarter percent difference could mean over $300 dollar less in monthly payments!
3. Do you plan on staying in the house more than a few years?
There will be closing costs to pay when you refinance so in order to get see the savings you’ll generally need to stay in the house for a few years.

Of course when in doubt make sure to contact us, we can crunch the numbers see how much you’ll save and if it makes sense for you!

A good credit score is something we all want and it can help you get a better interest rate as well. Before we get started though, the first thing you should do is get your credit report!
You can order it free here – https://www.annualcreditreport.com
Now that you have your report lets get to those tips! 🤓
1. Check for Errors!
You want the report to be clean and mistake free. Check if there are misspellings of your name or addresses. Other things might be duplicate accounts, incorrect account information, closed accounts that are still listed as open, fraud etc!
2. Clean up the Errors!
If you found something wrong the next step is to get the errors fixed.
You can contact the major three bureaus directly to fix any errors! Be prepared with paperwork to back up your case!
Here are links to the three bureaus on how to address errors:
https://www.experian.com/blogs/ask-experian/credit-education/faqs/how-to-dispute-credit-report-information/
https://www.equifax.com/personal/credit-report-services/credit-dispute/
https://www.transunion.com/credit-disputes/dispute-your-credit
3. Pay Late Or Past Due Accounts
This is important! Pay these off whenever possible. Here is a pro-tip: if you have an account with a late fee or in collection – contact them before paying and ask them to remove the record entirely if you pay the account off. This will really help your score!
4. Pay On Time
Ok this is obvious but its important too – even if its the minimum payment make sure you get the payments in one time – everytime.
5. Open New Accounts Or Increase Your Limits
This will help your credit to improve your credit utilization rate – how much of your available credit you use. The lower the rate used the better so don’t open a new card and max it out – just open it and use it a little and pay it off monthly if possible.
These are five quick tips that can really help boost your credit before you apply for a mortgage. If you are ready to apply contact us today and we will be glad to review the options with and see what best fits your needs!

Here is a top ten list of questions you should ask before buying a home
1. What is my budget?
We mean total budget, not just the sales price. Remember to include property taxes, insurance, any HOA fees, renovations costs and ongoing maintenance.
2. Did I get preapproved?
Most realtors want to see that your pre-approved (many won’t even talk to you until you are!). So get preapproved to show you mean business. And we can help! Contact us today for a preapproval letter!
3. Why is the seller moving?
This can be useful in seeing how motivated the seller is and can help in negotiating the price.
4. What comes with the sale?
Make sure you get in writing what is included in advanced – the washing machine, stove, blinds etc.
5. Is it in a flood or natural disaster area?
Make sure you know if its in a FEMA flood zone or other disaster coverage you may need.
6. What is the going rate for houses in the neighborhood?
Look at housing prices of other homes sold in the area to get a feel for prices
7. How long has the house been on the market?
If its been sitting on the market for a while, that can strengthen your negotiating position
8. How about the neighbors?
This is doubly important if you’re moving into an HOA, make sure you do your own intel on this. Talk to neighbors, drive around and see for yourself.
9. How’s the home’s health?
Make sure you get a thorough inspection and have any issues with the house identified in advanced and also get a history of renovations.
10. How’s the neighborhood?
Lastly make sure you check out the neighborhood too! Make sure to check the local schools, crime rates, what activities are available nearby and if you’re going to have a commute make sure you to check the drive time too!

If you haven’t heard interest rates are at record lows (I know you probably heard this on the radio the last ten years, but this time its true!). So if you have a mortgage, there’s a good chance you can refinance into a lower rate (generally a good idea 🙂 and may consider getting cash out, so here are five things to consider. First we will start with the pros….

Low Rates and Lower Rates.
As we said rates are low now – like really low. And if you’re considering a HELOC or home equity line of credit, rates on a mortgage refi are often lower. So you can lock in a low rate and have lower payments – sounds good right?

Debt Consolidation
If you have a lot of high interest debt (i.e. credit cards), you can pay that off and potentially save thousands in interest payments!

Cash On Hand
We are definitely in uncertain times and you might want a cash cushion to help pay bills and also if you’re income in the near future is uncertain. Or you can use that for home improvements like maybe a new home office or gym (this can often be used as a deduction as well).

And Some Cons
Don’t Rinse and Repeat
Ok we are trying to say don’t get the cash out and repeat the same debt spiral. If you’re cashing out and taking advantage of today’s great rates make sure you take advantage of the opportunity and avoid the temptation to go on an amazon shopping spree and run up the bills again.

Closing Costs and PMI
Make sure to check your closing costs aren’t more than the new savings! Also if you currently aren’t paying PMI and refi to more than 80% of the home value you may have to start paying PMI!

In general if you’ve been considering a cash-out refinance or just want to see if you can lower your monthly payments – contact us today and we’ll give you a run-down of your options and see what best fits your needs!

We don’t need to tell you that 2020 is presenting new challenges, but some of them can be opportunities. If you are lucky enough to have outdoor space consider making an outdoor room!
An outdoor room is a great way to enjoy the summer weather, get fresh air and Vitamin D from the sun (it helps strengthen the immune system 💪).
Creating an outdoor room you’ll want to consider what its primarily going to be used for: relaxing, dining or maybe working.
First, you’ll want to make sure it has a ceiling! Ok maybe not an actual ceiling if you have a tree for cover that’s great! If you’re super ambitious a pergola is awesome but you can always get an umbrella or a trellis and cover that.
Next you’ll want to get furniture! You can furnish similar to the indoors. If you’re going to be relaxing maybe low chairs and don’t forget side tables. If you want to be fashion-forward get throw pillows too 🙂 And of course make sure they are outdoor fabrics that are built to be weather resistant.
Also consider making a floor for your outdoor room – you can everything from an outdoor carpet to wood flooring to crushed shells under your dining area to adding some stepping stones!
Finally don’t forget the lights! You can hang some fun outdoor string lights that will make everyone jealous when you post pics of your new room 🙂

The housing marketing is showing signs of rebounding with pent-up demand from the lockdown and tight supplies.
Applications for new home loans reached an 11-1/2 year high last week! And there was a 14.4% increase in applications for new home construction in May.
Along with historically low interest rates we are seeing signs of the housing market helping to lead the economy back 📈

Happy Friday 🥳
Enjoy the weekend 😎
If you’re crazy like us and working maybe its a good time to try a free trial of our best in class digital platform
https://www.secureloandocs.com/free_trial/start.php

Do you have multiple branches and looking for a streamlined solution? 🏢
We’ve got you covered! We offer branch listings with branch location urls, branding and staff listings!
Give us a call at 310-466-0246 for more info or a free trial!

Do you need to customize the list of documents needed for your borrowers secure uploads?
Don’t worry! We offer an easily customizable checklist ✔ (of course we have your standard purchase and refinance checklists prebuilt and ready to go from day one!).
Contact us for more info – call 310-446-0246 or signup for a free trial!
https://www.secureloandocs.com/free_trial/start.php

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No problem we have branded secure apply links where you can use your company name in the URL!
Oh and your loan officers can get branded links too! 🙋‍♀️
How much extra? Same price 🙂