resources

Closing Process

FTHB Checklist

Are you a First Time Homebuyer? Check out this short list to see if you are "ready" to buy your first home. Reach out to me to discuss your financing needs and options

USDA

Are you eligible for a USDA loan? Curious about a USDA loan? It is one of two true $0 down loan programs. There are restrictions with this program, however, it is a great program with a low monthly guarantee fee. As well as a Upfront, Financed Guarantee fee. Let's talk more about this product!

VA Details

Loan Process

Seller Buydown

Conventional wisdom has always been, if a house doesn’t sell, you lower the price. Let’s change that, let’s be a disrupter in the market, lets change how things are done, lets change the status quo. Instead of lowering the sales price, which does almost nothing to help the buyer, lets keep that price higher, thus keeping comps higher and helping future buyers and sellers. Let’s take the reduction you would normally do and instead give that to the buyer lowering their overall payment or cash to close. A $5,000 reduction of the purchase price just lowered the monthly payment by an estimated $25 a month. A $10,000 reduction lowers the payment by $50 and so on. Instead, if you took that $5,000 and marketed the house that the seller is paying $5,000 of the buyer’s closing costs, you just opened a whole new market for yourself and the seller. Let’s look at a case study in the photo above (click to view): In the photo above, the seller originally listed their home for $540,000. It wasn’t selling so conventional wisdom is to drop the sales price. The seller agreed to drop the price by $10K. Please note that it saves a buyer $52 a month in monthly payment. The Seller Buydown Strategy would be to keep the price at $540,000 and offer to pay $10K towards the buyers closing costs. The buyer could take that seller concession of $10K and buy their rate down, thus saving them $175 a month or use it to pay their closing costs. A major Win Win overall. View Column 3 In this case if the buyer takes the seller buy down funds and buys down their rate, two things happen. One: they come into closing with less funds and two: it drops their payment by $175 a month which is equal to you lowering the purchase price down to $515,222 and the buyer obtaining a new home loan of $463,700, or a reduction of $34,778 in purchase price. You get more bank for your buck with the SBD. One of the largest benefits here is that the buyer is able to save $23,440 in interest and MI paid over 15 years. You can market that as well. The Seller Buydown or SBD can be a great strategy in so many ways. Keeps the comps up higher, you become a marketing genius to the seller in how you marketed and sold their home and you blew the socks off the competition in saving the buyer $175 a month and $23,440 in 15 years. The PDF version is on the right side of this page that you can view as well.

Lock and Build

If you are in the market to purchase a new construction home, we offer rate lock terms up to 12 months. This will secure your rate with the option of a one time rate buydown. Contact me for more details

Homebuyer Guide

Here is a Home Buyer packet for you to review. Let me know what questions you have. Look forward to working with you.

Copy of Rent vs. Own

Rent vs Own Total Cost analysis. Scenario of: Monthly rent amount of $2,500 Purchase price starting at $450,000 3% down payment with a Conventional 30yr Fixed Rate Mortgage Incriments of movement are: 0.5% rate increase $50,000 purchase price increase Both rate and price increase

Power Bid Approval

Cost of Waiting