Why on earth would anyone even think of refinancing their mortgage around the holidays? Believe it or not there are a lot of reasons why now is the perfect time to refinance!!
New home purchases have slowed down with the kids settled back in school, and the holidays on the way. In the Northeast, the upcoming weather makes viewing properties uncomfortable and difficult. These are the cyclical fluctuations that correspond to seasonal changes that take place every year. The real estate market will heat back up in the Spring just like it does every year.
For homeowners that aren’t planning to move now is a good time to look at finances. Did I mention the holidays? If you overspent on credit cards or maybe need a tropical vacation it is a great time to cash in on the equity in your home. It is your money! A cash out refinance at Mortgage Equity Partners can be done in no time, and you will have your money and a new lower rate before next month’s credit card bill arrives.
But seriously, there are lot of significant reasons to think about a refinance, and what you might be able to do with the equity in your home.
Home values have risen dramatically due to the lack of inventory in the housing market. As a result, the value of your home has probably risen too. Rates are still extremely low. According to BankRate.com the interest rate on a 30-year fixed rate loan in October, 1981 was 18.5%. Today, rates are in the 3’s and 4’s depending on your personal financial situation.
With Mortgage Equity Partners Fast Track Underwriting Program all you need to do is apply for a loan with one of our talented loan officers and provide the required documents, (but you really do have to provide all the required documents). The loan will go directly to underwriting and we guarantee a 3-day turn around. The loan will be subject to the appraisal and other property information, but you can sleep well knowing that the basics of the loan approval process have been completed.
Contact us today to learn more about the fast track program at MEP at 877-866-4511 or visit us at www.meploans.com.
Best of lists don’t always reflect what’s best for your needs
When selecting a lender to work with, do any of these attention-grabbing phrases matter to you? Does being the ‘top’ lender necessarily make them a better lender? Does closing across the nation make them more knowledgeable in the market area that you care about? Should rankings or popularity polls inform your decision on who to select for a professional service?
Perhaps recognition and awards may be one measure to use when selecting a service provider, however the lack of those should not be the only deciding factor when choosing a professional. Many of the most talented people in the mortgage industry work for lesser known firms; those small independents and local institutions. Many companies large and small do not submit their numbers to the ranking organization. As a matter of fact, many of these rankings are not even consumer-driven. There are quite a few companies who offer incentives to their employees to insure multiple votes in the ‘best places to work’ polls that are run locally and nationally. Like opinion polls in politics, the results can vary depending on how the questions are worded and how the participants are selected. So many times, these polls are not a direct reflection of client satisfaction.
In the end, you want people to connect with you because of a strong referral, or because of your terrific reputation, one that is built upon integrity, hard-work, knowledge and superior customer service. If you happen to be numero uno on some list, well that’s just a cherry on top.
In recent years, hundreds of researchers have discussed the “millennial” as a strange breed of human, likely to spend more than $100 on a nice dinner, unlikely to buy a home, and likely to buy products branded with a particular shade of pink – millennial pink that is. But few have explored the real reasons behind the home ownership issue and provided real, actionable advice based on said reasons.
Let’s put it out there: millennials watched as their parents struggled through the Great Recession, graduated college when the job market was at an all-time low and lived through some of the most confusing political and economic shifts. So it’s no wonder they want to wait, date, mate, then procreate before buying a home. That said, these five steps can be taken by millennials of any age, in any financial situation.
1. Talk to a loan officer. I know, I know, it seems so far off, so why bother? But it is never too early to have a conversation about where you are today, where you’re going and what you need to do to achieve your goals. A loan officer cannot only do a credit review and provide advice on how to repair or build up credit, but can also provide you with a good sense of what your income today might support, and how you can work toward saving for a down payment.
2. Start saving – every little bit helps. You may want to think about co-housing while you’re still young, or cutting down on some of the pricier expenses in your day-to-day life (cough cough, food delivery). Every dollar that typically goes toward those expenses can be put in a savings account and, one day, used for a down payment – the most difficult part of buying a home.
3. Consider: where do you want to be in five years? It’s clear that the days of staying at one job for five to 35 years are over. Whether it’s to find the right career or to make more money, most millennials have had to hop jobs and/or cities on a yearly basis, and many see their current situation as temporary. But it’s also important to consider where you are today, where you’re hoping to go and when you want to settle; that way, you can plan thoughtfully and appropriately for your future.
4. Be realistic. What kind of lifestyle do you want? If you want to be in a new construction building with fancy amenities, you may need to consider where you can realistically make that happen – the answer may be Chicago instead of New York City. If you’re locked into a more expensive city because of a particular career, consider what sacrifices you might be able to make in order to make your current lifestyle and your future finances work for you.
5. Stop watching home improvement shows. This point goes hand in hand with the above question, but you’ll need to start thinking about setting realistic expectations for yourself and your future home. You may not be able to get an all-white, stainless steel appliance apartment, but you could get an apartment that needs a little elbow grease, then put in just a bit more money to get the clean, finished dream home you imagined.
When buying a new construction property there is a lot to think about, from finishes to paint colors, appliance choices to flooring. The one thing you don’t want to worry about is what the interest rate will be on your loan.
Mortgage Equity Partner’s long lock program protects you from market movement for up to 270 days, that’s 9 months to get the property completed!
And you get a free one-time float down or a free 30-day extension if you find you need more time.
So, stop worrying about rates and start shopping for furniture, you can be confident when you work with a Mortgage Equity loan officer that we have your needs front and center.
** One time float down to current 60 day rate allowed at any time during the process. Must meet investor specific qualification guidelines. 30-day extension cannot be used with float down. Borrower gets one or the other.
Good consumers should be educated in marketing ploys to stay out of trouble. We are here to help.
If you recently closed on a mortgage you might find that you are getting lots of new types of mail. Because a mortgage is recorded with the registry of deeds it becomes public record. Many service providers purchase lists of newly purchased homes in order to market their services to the new homeowners. That’s why you are seeing mail from landscapers to heating companies. But there is another type of mail that you might get, mail that isn’t from your lender but appears to be.
Insurance companies and other financial service companies seem to specialize in this. The letter may reference “your mortgage from ___________ lender” and go on to mention the lender along with the service they are trying to sell you as if the two are connected when they are not.
We get weekly calls from borrowers who are being offered ‘Mortgage Insurance’ to protect their home investment. It takes a while to explain that the letter did not come from us and that the product being sold is not likely one that the borrower should invest in. What they refer to as mortgage insurance is simply a life insurance policy that covers your loan amount. Basic life insurance is more reasonable.
The mail barrage happens at other life events, having a baby or with a death in the immediate family, marketers love to target life events as a way to sell you more, generally insurance but other products as well.
It is important to understand what you are getting in the mail and why. Call your lender if something does not sound right, or call your financial advisor, accountant or insurance agent with questions, if you don’t have any of these advisors give us a call and we can provide you with referrals to excellent professionals.
Good consumers should be educated in marketing ploys to stay out of trouble. We are here to help.
Stop disruptive calls from credit card companies and lenders.
It may feel like you have to go off the grid to rid yourself of annoying credit calls. The good news is that you don’t. You can stay connected while eliminating many of those telephone interruptions offering you new credit cards or a mortgage.
Before you have your credit pulled for a home loan qualification take the preventative step to protect yourself from identity theft and hassling telemarketers and lenders.
When a mortgage inquiry is logged on your credit report, your personal information is sold by the credit repositories, Experian, Trans Union and Equifax to certain types of mortgage lenders. These are called trigger leads because the leads are triggered by your credit pull and mortgage companies pay a lot for this type of information. Once they have your information lenders may try to sneak through your defenses by vaguely representing that they are working for your chosen lender or by using other tactics.
The more companies that have your personal data the greater risk that you will become the victim of identity theft. Put yourself in control of your personal information. At least 48 hours prior to having your trusted lender pull your credit, call or go online to:
You will be asked to provide some personal identification information for this service to verify that it is correctly removing your personal record from its marketing lists. In addition, you can choose to be removed from the lists that are currently sold to credit card companies which are used to generate credit card solicitations. You can opt out for a period of five years or forever. No reason not to OPT Out today!
Just OPT OUT at www.optoutprescreen.com to protect your personal information and keep your phone from ringing.
Mortgage Equity Partners raises money to help fight cancer with a donation to the Boston Bruins Foundation Pan Mass Challenge Team to benefit Dana Farber Cancer Institute
The PMC is personal to MEP
September: Mortgage Equity Partners raised over $3200 in support of David Holding, Vice President of Secondary Markets helping to bring the amount of money raised by David to over $6000. The Pan Mass Challenge is a 192-mile bike ride from Sturbridge MA to Provincetown MA, the money raised by the PMC is donated directly to the Dana Farber Cancer Institute. This year’s PMC goal was to raise 46 Million dollars.
Sean Riley to Discuss Cyber Security at This Year’s Conference
Sean Riley, the President, CEO, and General Counsel of Mortgage Equity Partners, will be moderating the Cyber Security-Overseeing your IT Department panel discussion at the New England Mortgage Bankers Conference (“NEMBC”) this year in Newport, RI. The NEMBC is the largest mortgage banking conference in New England attended by banks, credit unions, mortgage banks, and mortgage brokers in the region. Sean was chosen based on his vast experience in Mortgage Compliance and Risk Assessment Management. Safe guarding confidential and sensitive pieces of information during the loan process for borrowers and employees is critical and risks to the funding process continue to challenge lending organizations. Sean will lead a panel of experts to outline best practices to protect this information both physically and electronically. He will also discuss the latest security risks unique to the mortgage industry and how to protect your firm, employees and borrowers from the deleterious effects of such data breaches.
The Cyber Security panel that Sean Riley will be moderating takes place at Gurneys of Newport from 1:00 -2:15pm on September 14, 2017. Mortgage Equity Partners is committed to improving the mortgage industry by supporting the NEMBC. David Holding, VP of Capital Markets, sits on the conference planning committee.
“The New England Mortgage Bankers Conference has always been a fantastic way for us to share and learn more about the industry, and we’re thrilled to have our CEO, Sean Riley, representing us in the Cyber Security panel discussion this year” said Amy Tierce, Vice President of Sales and Marketing. “We look forward to playing an active role in the conference, and are sure the discussion will be enlightening for all companies.”
For more information on the New England Mortgage Bankers Conference, please visit https://www.massmba.com/i4a/pages/index.cfm?pageID=4262
About Mortgage Equity Partners
Mortgage Equity Partners is a customer centric lender founded in 2009. MEP is composed of mortgage banking experts who are committed to making the lending experience valuable, and affordable. They believe that a smaller, dynamic company can offer better service, and a more competitive portfolio of products. MEP was established based on the principle that by providing lower costs, low rates, and a high level of professional dedication, and integrity clients will enjoy a service level unsurpassed in the marketplace today. Mortgage Equity Partners serves clients in Massachusetts, Maine, New Hampshire and Florida.
In the News
- InvestorPlace: http://markets.financialcontent.com/investplace/news/read/34893709/Mortgage_Equity_Partners_CEO
- Business PR News: http://business-prnews.com/business_articles/2017/09/mortgage-equity-partners-ceo-sean-riley-to-moderate-panel-at-nembc-443446.htm
- ABC7 FL: http://www.abc-7.com/story/36318239/mortgage-equity-partners-ceo-sean-riley-to-moderate-panel-at-nembc
- Boston Patch: https://patch.com/massachusetts/boston/mortgage-equity-partners-ceo-sean-riley-moderate-panel-nembc
Yes, it’s still happening! Pre-approved buyers are winning bids on their future homes only to find out that their mortgage lender didn’t really pre-approve them as they thought.
Just last week a borrower was referred by an irate real estate agent. The buyer had a pre-approval from a company whose marketing touted that they deliver a fully underwritten commitment letter in just 7 days! And they did just that however, no one pointed out to the buyer or their agents that the letter was subject to verification of income and employment.
This lender did not review recent and past income documentation for this pre-approval. The borrower had recently changed from a full salary role to a full commission role and didn’t have enough history of receiving only commission income required to qualify for their mortgage.
Make sure that you do not go through the laborious process of bringing a new listing to market, fielding perhaps multiple offers, selecting one offer to accept only to find out days later that the buyer cannot complete their transaction. Otherwise, you will be starting the process all over again.
One of the best ways to ensure that the qualifying letter is correct is to call the lender directly and ask these questions:
- Did you review income and employment documentation for this borrower?
- Have you confirmed that the buyer has enough assets today to complete this transaction?
- On a scale of 1- 10, how confident are you that this loan will close, excluding anything to do with the property (appraisal, inspection, title, condo details, etc.)?
- If the answer is under 10, determine how long it will take the lender to address any areas of concern.
Protect your reputation. Protect your relationships with sellers, buyers and cooperating agents. Spare the heartache. Make sure that your borrower is working with a lender who cares to get it right from the start every time!