J. Scott Harris – MortgageXperts.com

Call us 1st to AVOID mortgage problems, Call us 2nd to SOLVE them! We close loans every day that Banks would not, or could not approve. NMLS # 375517 – Mobile 214-435-8825

How Much Equity You Have in Your Home? You May Be Surprised!

CoreLogic’s latest Equity Report revealed that 675,000 US homeowners regained positive equity in their homes in 2017. This is great news for the country, as 95.1% of all mortgaged properties are now in a positive equity situation.

U.S homeowners with mortgages (roughly 63% of all the properties) have seen their equity increase by a total of $908.4 billion since the fourth quarter 2016, an increase of 12.2%, year over year.”

Price Appreciation = Good News for Homeowners

Frank Nothaft, CoreLogic’s Chief Economist, explains:

Home-price growth has been the primary driver of home-equity wealth creation. The CoreLogic Home Price Index grew 6.2 percent during 2017. The largest calendar-year increase since 2013. Likewise, the average growth in home equity was more than $15,000 during 2017, the most in four years.”

He also believes this is a great sign for the market in 2018, saying:

“Because wealth gains spur additional consumer purchases, the rise in home-equity wealth during 2017 should add more than $50 billion to U.S. consumption spending over the next two to three years.

This is great news for homeowners! But, do they realize that their equity position has changed?

study by Fannie Mae suggests that many homeowners are not aware that they have regained equity in their homes as their investment has increased in value. For example, their study showed that 23% of Americans still believe their home is in a negative equity position when, in actuality, CoreLogic’s report shows that only 4.9% of homes are in that position (down from 6.3% in Q4 2016).

The study also revealed that only 37% of Americans believe that they have “significant equity” (greater than 20%) when in actuality, 83% do!

This means that 46% of Americans with a mortgage fail to realize the opportune situation they are in. With a sizeable equity position, many homeowners could easily move into a house (either larger or smaller) that better meets their current needs.

Fannie Mae spoke out on this issue in their report:

“Homeowners who underestimate their homes’ values not only underestimate their home equity, they also likely underestimate 1) how large a down payment they could make with their home equity, 2) their chances of qualifying for mortgages, and, therefore, 3) their opportunities for selling their current homes and for buying different homes.”

Bottom Line

If you are one of the many Americans who is unsure of how much equity you have built in your home, don’t let that be the reason you fail to move on to your dream home in 2018! Meet with a local real estate professional today who can help you evaluate your situation and assist you along the way!

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS. Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress! Call us 1st to AVOID mortgage problems, Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

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J. Scott Harris NMLS # 375517 & Jani Mansour NMLS # 877007
www.MortgageXperts.com

J. Scott Harris

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New Cash-Out Refinance Loan for 580+ Credit Scores – Has the Bank Declined Your Equity Refi?

Rising Property Values are helping most everyone.

But, some homeowners have been caught in a Catch-22.  Low Credit Scores can be caused by having a lot of maxed out high interest rate revolving credit card accounts.

Most lenders require 680+ Credit Scores to Approve Cash-Out/Home Equity Loans.   But, Our Portfolio Cash-Out will allow for 580+ Credit Scores.

Here is a real life example:

Our client has almost $40,000 in revolving and installment debt that is depressing their credit score.  The combined monthly payment for all these accounts is over $1650 per month.

We can Approve their 80% LTV Cash Out loan and give them $50,000 to pay off all this debt as have some money in savings for emergencies.

Their mortgage payment only increases around $350 per month.

That is an immediate saving of $1,300 per month and will make a tremendous difference for their family.

If you are in a similar situation, or know someone who is, Please contact us for some debt relief!
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Even if another Bank or Lender has said “NO,”
We will work with you until we can say “YES.”
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Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

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J. SCOTT HARRIS | BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  www.goldfinancial.com  | Pre-Qualify Now

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885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

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The Importance of Home Equity in Retirement Planning – REFI to a 15 year loan NOW

We often discuss the difference in family wealth between homeowner households and renter households. Much of that difference is the result of the equity buildup that homeowners experience over the time that they own their home. In a report recently released by the nonpartisan Employee Benefit Research Institute (EBRI), they reveal how valuable equity can be in retirement planning.

Craig Copeland, Senior Research Associate at EBRI, recently authored a report, Importance of Individual Account Retirement Plans and Home Equity in Family Total Wealth, in which he reveals:

“Individual account retirement plan assets, plus home equity, represent almost all of what families have to use for retirement expenses outside of Social Security and traditional pensions. Those families without individual account assets typically have very low overall assets, so they have almost nothing to draw from for retirement expenses.”

The report echoed the findings of a working paper, Home Equity Patterns among Older American Households, authored by Barbara Butrica and Stipica Mudrazija of Urban Institute. Fannie Mae highlighted these findings for their blog The Home Story this past winter, quoting Butrica and Mudrazija:

 “For most adults near traditional retirement age, a home is their most valuable asset — dwarfing retirement accounts, other financial assets, and other nonfinancial assets. Although relatively few retirees tap into their home equity, having it provides financial security… In fact, many retirement security experts argue that the conventional three-legged stool of retirement resources — Social Security, pensions, and savings — is incomplete because it ignores the home.”

USAToday interviewed two area experts to comment on the EBRI report. Randy Bruns, a private wealth adviser with HighPoint Planning Partners, agreed with the findings:

“Social Security and home equity are major pieces of the retirement puzzle.”

Wade Pfau, Professor of Retirement Income at The American College of Financial Services and author of Reverse Mortgages: How to use Reverse Mortgages to Secure Your Retirement, said having the equity without a plan to use it won’t help:

“Home equity is a very important asset for American retirees, and so it is important to think about how to make best use of home equity in retirement planning.”

Bottom Line

Whether you use the equity in your home through a reverse mortgage or by selling and downsizing to a less expensive home, it should be a crucial piece of your retirement planning.

 

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YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!

The KEYS to your new home are within reach!
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

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J. SCOTT HARRIS | BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

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885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

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Do you, or someone you know, have a rental property? If so, this is some valuable information that you’ll want to know!

Written by: Tim Lucas – The Mortgage Reports – Original Article

Rental Property Owners Tap Into Rising Equity

Home prices are up — way up.

According to the Federal Housing Finance Agency, home values have risen nearly 35% nationwide since 2012.

That’s giving real estate investors a new opportunity to “cash out” the equity on their rental properties to accomplish a number of goals:

  • Buy another rental property
  • Make rental property improvements
  • Pay off other real estate loans
  • Reduce personal debt

With mortgage rates at half their historical norm, it could be an ideal time for rental property owners to put their equity to work.

Why Get A Cash Out Rental Property Loan?

Home investors can get more benefit from their rental property by not leaving their equity untapped.

Unused equity in the home may look good on paper, and for many investors, that’s fine. They have cash flow, and don’t want to increase their loan balance and payment.

But a cash out refinance rental property loan can put a good portion of the home’s value to work.

Home improvements can yield a double-return. They increase the home’s value while justifying higher rent.

And, tenants feel great about staying in the property long-term.

But perhaps the highest and best use for cash out funds is to expand a real estate portfolio.

For example, you have a property worth $250,000 with a loan of one hundred fifty thousand.

You can get a cash out loan up to 75% of the current value, netting about $37,000. You can put 20% down on another rental home worth around two hundred thousand.

A cash out investment property loan, then, can help build a real estate portfolio while increasing rental earning power.

Non-Owner-Occupied Cash Out Loan Programs

Only conventional loans may be used to complete a cash-out loan on a property that is not a primary residence (non-owner-occupied).

Loan programs such as the FHA loan, VA mortgage, and USDA home loan are reserved for owner-occupied transactions, although they can be used for cash out  in some cases.

Fannie Mae and Freddie Mac, two agencies that set rules for the majority of U.S. loans, publish guidelines for these loans that most lenders follow.

The rules are fairly lenient, opening up cash out refinances opportunities for landlords and home investors across the U.S.

Non-Owner Occupied Cash Out Refinance Maximum Loan-To-Value For 2017

With rising values, many rental property owners who were underwater at the start of the decade now have substantial equity.

Adequate equity is vital to receiving an approval on a rental property cash out refinance.

Most lenders follow loan-to-value (LTV) rules set by Fannie Mae and Freddie Mac. When it comes to LTV, Freddie Mac is slightly more lenient than Fannie Mae, especially if you want an adjustable rate mortgage (ARM).

Freddie Mac’s higher LTV limits are highlighted in green below.

The following is a snapshot of LTV limits for both agencies. Included are LTVs for cash out and no-cash-out refinances.

Fannie Mae Units Fixed Rate ARM
No-Cash Refinance 1-4 unit 75% LTV 65% LTV
Cash-Out Refinance 1-unit 75% LTV 65% LTV
2-4 unit 70% LTV 60% LTV

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Freddie  Mac Units Fixed Rate ARM
No-Cash Refinance 1-unit 85% LTV 85% LTV
2-4 unit 75% LTV 75% LTV
Cash-Out Refinance 1-unit 75% LTV 75% LTV
2-4 unit 70% LTV 70% LTV

Homes that have been listed for sale within the last six months must be taken off the market. These properties are limited to 70% LTV to qualify for a cash out refi until the waiting period is up.

If you are “on the line” as far as LTV, find a lender that underwrites by Freddie Mac rules, especially if you are looking for an ARM.

Some lenders can only approve loans to Fannie Mae standards, some to Freddie Mac, and some to both. Shop around until you find the right lender for your situation.

Keep in mind, too, that many lenders are offering loans outside of Fannie/Freddie rules. They create their own programs that are more lenient on LTV, cash-out, credit, and more.

If your scenario isn’t within the Fannie/Freddie “box”, one of these lenders could help.

Cash Out Refinance Rental Property Waiting Periods

Despite a red-hot real estate market, deals can still be found.

Many home investors buy a run-down property with plans to fix it up and take the equity out soon after with a cash-out refinance.

While this is allowed, waiting periods apply.

Six months must have passed from the home sale to closing (funding) of the new cash-out mortgage.

The exceptions to this rule are as follows.

  • The property was inherited
  • The home was legally awarded via divorce or other separation order
  • The cash-out refinance qualifies for the delayed financing exception

“Delayed financing” refers to the practice of buying a home for cash, then reimbursing the purchase with a refinance.

Immediate Cash Out Via Fannie Mae’s Delayed Financing Rule

Because there are no loans on an all-cash home purchase, any subsequent refinance is technically a cash-out one.

Normally, the rental property home buyer would need to wait 6 months to get reimbursed per standard cash-out rules. That ties up a lot of cash for a long time — not the ideal situation for a savvy investor that wants to put that money to work elsewhere.

So, in mid-2011, Fannie Mae rolled out the delayed financing exception. Home investors may now receive a cash-out refinance days — not months — after closing.

Guidelines for delayed financing are as follows.

  • The buyer did not use a loan to purchase the home
  • The buyer must document the source of funds for purchase
  • Loans or liens opened to buy the home must be paid off with the new loan
  • A title search must confirm no financing on the purchased home

Keep all documentation for the home purchase if you plan to use the delayed financing exception. Most important, keep a final Closing Disclosure.

This is the uniform document used since 2015 that replaced the HUD-1. It details closing fees, plus any loans, taken out on the property.

 

Cash Out Rental Property Refi Minimum FICO Scores, Cash Reserves

Getting a cash out loan on an investment property is different than getting most other loan types.

Underwriting will be more stringent. Both cash out and non-owner-occupied features of the loan are viewed by lenders as higher risk.

Lenders may set minimum FICO scores at 680-700, though Fannie Mae says 620 is the lowest it will accept if approved through its computerized underwriting system called “DU”.

If you have a low credit score, do some shopping. Some lenders will have lower minimums than others.

Investment property cash out loan applicants must also have adequate cash reserves, not including any cash received from the transaction.

Minimum reserves are determined based on the proposed payment on the property, and whether other properties are owned. Expect to have anywhere from zero to 12 months of the property’s future payment in a verifiable asset account.

You may also be required to hold in reserve between 2-6% of any unpaid loan balances on any property beside the subject property and your primary residence.

What Are Today’s Cash Out Refinance Rental Property Mortgage Rates?

Current mortgage rates are low — still half their historical norm of over 8%. It’s a limited opportunity to cash out a rental and perhaps find a lower interest rate, too.

Check today’s rental property refi rates. Your social security number is not needed to start, and quotes can be received within minutes.


Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

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J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

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