Here are some personal tips that I have seen to get your offer accepted, and you moved into your new home:
1. Work with a great realtor and loan officer: This can't be overstated! I work with so many realtors, and there is a clear difference with realtors. You want to work with one that is aggressive and knows your particular market. With the 10's of offers coming in, work with someone with experience. I have a handful of great realtors if you need names! I hope you choose to work with Road to Home Mortgage on your next purchase and I can tell you the importance of your loan officer reaching out to the listing agent and working to get your offer accepted!
2. Start Early/Work Fast: If you are thinking about buying a home start your research now! Hook up with a realtor, or just starting looking at homes initially on your own. This is important so that when a home comes on the market, you will have an idea of what the home is worth, and you can make a quick decision. Most homes are not lasting for more than 7 days on the market! Act fast, be confident, and submit a strong offer!
3. Build Rapport and Submit a Strong Offer: In this market, you have to stand out in the crowd. Just like at a job interview, you have to do something different. Piggybacking on tip 1 above, you and your realtor need to try to build rapport with the listing agent. Everything flows through the listing agent. Whether it is including a letter on your offer, or having your realtor call after submitting an offer, everything helps! In this market you will usually have one shot on a house; go in strong! A strong offer could include a shorter closing, being flexible on closing dates, or just submitting a higher priced offer. Try to find out what is important to the sellers and give yourself your best shot!
Best of luck!
Learn about what is happening in our Arizona Real Estate Market with Bryce Schotz from You Call the Schotz Real Estate Team! People want to work with a local mortgage broker and real estate agent! Enjoy!
Many people don't realize that a lot goes into determing what you interest rate is. Every lender has different interest rates, but there are a few key factors that determine your rate. Watch the video to learn!
What is LTV?
Does a credit score impact pricing?
Loan products change rates?
We have received lots of appraisal waivers on our purchases and refinances and we want you to know how we get them and how they can benefit you! Watch the video below from sunny Phoenix, Arizona and learn more about appraisal waivers and why they are beneficial for your home purchase or refinance!
In this video I breakdown which credit score a lender will take if there are multiple people on a mortgage. Watch the video and learn! Whether you have 2, 3 or 4 borrowers on a loan, this video will help answer a common question that I get from many of my Arizona clients.
This is a common question that many Arizona home buyers have been asking me! The answer depends on how long you plan to live at your current house. Many times the break-even on the amount of money you spend up front vs. the amount of money you save monthly can be many years.
Every scenario is different because sometimes with higher loan amounts in Arizona, the time to recoup the upfront cost of buying down your rate is only a few years. In this example it was over 11 years for it to make sense for this Gilbert homeowner!
Watch the video below, and reach out to us if you have questions on your loan, and if you should buy down the rate or not.
As you might imagine, the Tax Cuts and Jobs Act of 2017 created a bit of confusion around the tax-deductibility of mortgage interest in general and home equity lines of credit (HELOC's) in particular. This month’s blog is intended to explain how the Equity Debt Interest Tax changes made by the GOP’s Tax Cuts & Jobs Act, passed late in December 2017, might affect you and your family in 2018 and future years, if you currently have a HELOC on your home, or are considering one in 2019.
The Tax Cuts and Jobs Act of 2017, enacted Dec. 22, suspends from 2018 until 2026 the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer’s home that secures the loan. Under this new law, for example, interest on a home equity loan used to build an addition to an existing home is typically deductible, while interest on the same loan used to pay personal living expenses, such as credit card debts, is not. Borrowers who opened Home Equity Lines of Credit used for debt consolidation will no longer be allowed to write off the interest on their 1098 forms at tax time. However, if you opened a HELOC for home improvement or home purchase, you may still be able to deduct the interest.
Debt consolidation refinances or cash out for any reason, if done as a new 1st lien mortgage against a primary or second home residence, still qualifies in full for the mortgage interest tax deduction going forward. Consolidating a 1st & 2nd mortgage into a new 1st lien mortgage will also allow borrowers to continue taking advantage of the mortgage interest deduction allowance. Now with conforming loan limits moving higher in 2019 across the country, refinancing to a new low rate has become even easier.
Please let us know if you would like to discuss a year-end review of your mortgage options for the new year. We have seen an unexpected dip in interest rates since early December, and this is shaping up to be a perfect time to lock in a 30-year fixed rate, before they possibly move higher once again in the new year. As brokers, we have the absolute best rates available, with no lender fees and the superior service e you have come to know from us.
A few weeks ago, I attended the inaugural AIME FUSE conference. AIME stands for the Association of Independent Mortgage Expert’s. I attended this conference to connect with other mortgage brokers across the country and continue to find a better way to serve my clients! The weekend was full of great information and it was amazing to see the energy of the group.
Independent mortgage brokers are thriving. Our lenders that we use compete for our business and this helps give you the best products, pricing and service available. Mortgage brokers provide the best options for their clients.
There was some conversation about where the market is. Most people see the market slowing down slightly. This means the rate of appreciation will be going down, not necessarily the prices. An example that was used is right now the economy is like a car. The car is going 80 miles an hour, but if it slows down to 40 miles an hour, is this car still moving? Yes!
We look forward to a great rest of the year and are excited about helping more clients finance their dream home!
Earlier this month, I went up to one of my favorite spots Camp Swift up in Prescott, Arizona! Since I was a high school student, I have volunteered my time with the Swift Youth Foundation. As a high school student, I was able to lead a cabin of 8-12 at-risk youths with other high school co-counselors. Our goal? To give the kids the time of their lives! For many of the kids, they have never left the Greater Phoenix area.
I look back at my experience with Camp Swift and the Swift Youth Foundation and see the positive impact that it had on my life. My ability to coach kids and lead groups has come from this organization.
As I've progressed in my career, I still feel it is important to support and volunteer with the Swift Youth Foundation. My girlfriend and I ventured up to spend a day with the kids. We arrived the same day that the kids came. They were greeted with loud cheers as they exited the bus. The energy that the counselors and staff bring to Camp Swift is off the charts! We were able to join in the opening skit. I was Tan Man reminding kids to wear sunscreen. We had other staff reminding the kids to drink water and wear toe-closed shoes.
If you have a high school student that is looking to get involved in the Swift Youth Foundation, please have them reach out to the Swift Youth Foundation HERE.
As some of you may know, Swift Youth Foundation is a Qualifying Charitable Organization as part of the AZ Charitable Tax Credit program (formerly known as the AZ Working Poor Tax Credit). You will receive a dollar for dollar credit off your AZ state tax return (up to $400 for individual filers, $800 for joint filers). To learn more about the tax credit and to donate, please visit www.swiftyouthfoundation.org/taxcredit
Are you borrowers worried about not having enough funds for closing? If they do, or if they want to pay for taxes and insurance without an escrow account, we can help! We now offer escrow waivers on conventional loans up to 95% loan to value and 640 credit score! The best part of this? There is NO charge to the borrower. We're always looking for ways to help your clients! Now your borrowers can eliminate some of the up-front costs associated with a mortgage. With borrowers have more money in reserves, we can get loans approved fast and easier!
As an Arizona independent mortgage brokerage, we shop for the best wholesale rates available. We save clients money, provide them with great mortgage products, and we are local!
THE Road to Home Team
There is a lot to learn about mortgages and real estate. We are here to help! Check out our blog posts!