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Shopping for a Mortgage
How to successfully shop for a mortgageWithin minutes of applying for a mortgage, your phone may start blowing up with texts and spam calls from other mortgage companies. They’re all promising a lower rate and a better deal. You’re probably wondering – are they for real? If you’re like me, you want to make sure you’re getting the best deal. You also want to be confident that you’re making the right choice in the people and companies you are working with.Shopping for a mortgage isn’t the same as shopping for shoes online. There’s a lot of fine print, moving parts, and other things to consider besides just the interest rate. Let me show you a few things about how mortgages work that will hopefully help with this decision.The Lowest Rate is Not Always the Best DealEvery mortgage rate quote is a custom quote. There are a few reasons for this:There is not one rate that everybody gets; there is a whole schedule of interest rates, ranging from high to low, and it changes every day.Differences in credit score, down payment, debt ratio, loan amount, property type, location, and some other factors all make a difference in where your rate will fall on the scale.Each borrower has the option to “pay points” to get a lower rate, which means paying higher closing costs up-front to get a permanently lower interest rate.Role of the Loan OfficerYour loan officer will help structure your financing to fit your needs, ensuring you’re comfortable with both the monthly payment and the total amount you need to bring to the closing. For example:If your goal is to get into a house with as little money out of pocket as possible, opt not to pay any points.Consider down payment assistance programs, which may come with higher interest rates but lower upfront costs.Online RatesOnline rates usually fall into one of two categories, and both of them can be wildly inaccurate: Marketing Rates are designed to attract calls. Lenders who post rates online are looking to make their phone ring. Mortgages all pretty much come from the same place. Mortgage-backed securities trade like the stock market, causing rates to change daily. This makes it easy for companies to quote lower-than-market rates to draw you in, then claim the rate is no longer available once they have you on their hook.Averages. Keep in mind that an "average" means some people are paying more and some are paying less. Where you fall on that scale can be a result of any of the factors listed above, including your loan type, credit score and whether or not you are paying discount points. Make sure to notice the average amount of points customers are paying next to the weekly average. Trust in Your LenderIt’s important to deal with a lender you trust. Referrals from friends, family, or trusted financial advisors provide accountability. As a lender with over 20 years of experience, my business is heavily based on referrals. My reputation matters, and if I engaged in bait-and-switch tactics, word would get around, and my business would suffer.Consider the Full PictureWhile it’s possible for another company to offer a lower rate, there are other factors to consider:Everyone’s situation is different, requiring effort, creativity, and knowledge of lending guidelines.The loan process can be turbulent, and you want a competent lender to navigate unexpected situations.Deadlines are crucial when buying a house. Ensure your lender won’t drop the ball, causing you to miss important timeframes.Evaluating Your LenderAsk yourself:Is the lender patient in answering your questions?Are they willing to meet in person and answer calls?Are they clear about the costs of different options?Do you feel comfortable asking questions?Do they make you feel pressured or rushed?Locking in Your RateOnce you have an accepted contract, discuss locking in your rate with your lender. My team provides full access to the rate board and discusses the options with you. This ensures you choose the rate that best fits your needs.ConclusionUltimately, structure your loan so you’re comfortable with the total dollars out of pocket at closing and your monthly payment. Ensure you have enough money to close the deal and can live with the monthly payment going forward.
June 2024 Real Estate Rundown Webinar
Real Estate Rundown is a monthly webinar series about what's happening now in mortgages and real estate. This class was recorded live on June 13, 2024Today's topics include:Recent News & Market StatsRecent Scams & Avoiding Identity TheftHow to Successfully Shop for a Mortgage (and not get tricked)Points vs No Points: How to Decide if Paying Points for a Lower Mortgage Rate is Worth ItRegister and join the future calls live via zoom here.Or you can watch the recordings on YouTube on your time here.If you have any feedback or suggestions for future topics, please email jacksonteam@novahomeloans.com.Thank you and we'll see you again next month!
June 2024 Market Update
Hi there!It's June 1st and I thought I would give you a quick market update!Mortgage rates are sitting just over 7% right now. That’s lower than the long term, 60 year average, around 7.5%, and home prices are still going up in most neighborhoods. I have talked recently to a lot of people in a lot of different circumstances. If you bought your house in the last couple years, you probably have a higher rate and payment than you want. If you’ve owned for more than 2 or 3 years, chances are your house is worth a lot more than you paid for it. Which makes it hard to move, even if you really need to because you’re going to pay more for lesser house.Or maybe you like your house just fine and have a low mortgage rate, but a high amount of other debt in credit cards and loans; so some people are feeling the financial pressure , even with a low house payment.All these are real situations. I'm talking to people every day. And the good news is there are all kinds of solutions. I've had lots of Homeowners able to access home equity to pay off bills and drastically lower monthly debt payments. First time home buyers get into homes for less than they'd have to pay in rent. We've helped people downsize affordably. Trading up to bigger homes. Buying rental properties and vacation homes.If you have a situation you’re trying to figure out, I would love it if you would loop me in. I am here to help if I can. If you see something or hear something and are wondering if you could benefit from it, please ask me about it. What’s happening in the mortgage business is that a lot of companies are hurting. The last couple years have been really tough with high rates, and we’re seeing a lot of places resorting to some really deceptive marketing tactics just to try to stay in business.You've probably gotten letters, postcards, calls, text messages, emails. Not to mention all sorts of ads on the internet and social media. Just keep this in mind: “Marketing” is designed to draw you in. It's not always outright bait & switch, but there is A LOT of fine print in the mortgage world. It’s easy to get tricked and end up paying way more than you should, or doing something that sounds good but doesn’t actually benefit you.So if you hear about something that sounds really great, send it over and let me take a look at it. If it’s a legitimate offer, chances are I can do the same thing for you, and I would love the chance to earn your business again. If it’s a scam, I’ll tell you, and if it’s a better deal than what I could do for you, I’ll tell you that too. Also I realize not every problem is a mortgage problem. I do a lot of networking with other businesses –financial planners, CPAs, attorneys, plumbers, landscapers and pool companies. Whatever you need, I might be able to connect you with someone.Please feel free to reach out!Daniel
listings View All →
13672 E 55th Ln
***Low interest assumable loan available!!*** ➡️ Check out the Financing Options for more info on how this might work for you ➡️ ***Check out the included Financing Options to explore how this might work for you*** New Foothills Listing, 3 bedroom 2 bath home in the most southern part of the foothills. Sitting on just over a 10000 sqft lot this home offers vaulted ceilings, tile flooring in all living spaces except the bedrooms. Bay window in the living room, breakfast bar in kitchen, large utility room, RV access with lots of room for more. Seller is offering $5000.00 toward buyers closing costs.
12678 S Colina Ave
Discover luxury & convenience in Arroyo de Fortuna home. Step inside to an open concept, comfort & functionality. Perfect for daily living & entertaining. Gas industrial stove, for the culinary enthusiast. stunning backsplash, quartz countertops, high ceilings. Garage w/AC, plenty of space for RV or boat. Access to shopping, river, dining & libraries. This home has artistry and workmanship throughout. Nestled in a serene neighborhood with a picturesque view of the Gila Mountains. Perfect to simply Enjoy.
2075 E 26th St
Come see this wonderful 3 bedroom 2 Full bath home in great neighborhood! Master Bath has shower and jetted tub. Large dining room w/ great kitchen boasting of granite countertops & RO system! Also has a large family room great for entertaining. Solar is paid for, with very low APS bills. Home is freshly painted with some additional repairs completed. Don't miss this gem! This home is perfectly priced to be a candidate for the AZ Is Home Down Payment Assistance Program. A qualified buyer on this program will get 4% of the sales price toward their down payment and closing costs, and a below-market interest rate! Full details of the program are attached. Contact us today for full details!
communities View All →
Cielo Verde Phase 4
3–4-bedroom homes ranging from 1271 sq. ft. - 1605 sq. ft. Now available!Cielo Verde is a neighborhood that offers the best of both worlds: quiet, peaceful living surrounded by natural beauty, and all the conveniences and amenities of a vibrant, modern city.For outdoor enthusiast, Cielo Verde is ideally situated near some of the best hiking, biking and camping destinations in the region. The nearby Imperial Sand dunes, for example are a popular destination for off-road enthusiast, while the Colorado River provides ample opportunities for fishing, boating and water sports.For those who prefer the indoors, Yuma offers a variety of cultural experiences, including museums, theaters, art galleries, and music venues. With a wide range of shopping, and dining options, you will never run out of things to do or places to explore.As a "new home" builder in this area, we are committed to providing exceptional homes that meet the needs and preferences of our customers. We take pride in building homes that are not only beautiful and stylish, but also functional and sustainable. Our homes are designed with the needs of modern families in mind, featuring open floor plans, spacious bedrooms, and ample storage space.Our commitment to quality doesn't end with the homes themselves, we also place a high priority on community design and creating neighborhoods that are pedestrian-friendly, and welcoming.Sales office3310 S. Avenue 8 EYuma, AZ 85365Office hoursBy appointment onlyMon-Fri 11am-4pm
Courtyards at Cielo Verde 2B
These courtyard homes are designed for privacy, security and low maintenance, perfect for retirement living or seasonal occupancy. Each home is built around its own exquisite private courtyard. Garages accessed off a separate city street out of sight at the rear of the lot. Cielo Verde is a neighborhood that offers the best of both worlds: quiet, peaceful living surrounded by natural beauty, and all the conveniences and amenities of a vibrant, modern city.For outdoor enthusiast, Cielo Verde is ideally situated near some of the best hiking, biking and camping destinations in the region. The nearby Imperial Sand dunes, for example are a popular destination for off-road enthusiast, while the Colorado River provides ample opportunities for fishing, boating and water sports.For those who prefer the indoors, Yuma offers a variety of cultural experiences, including museums, theaters, art galleries, and music venues. With a wide range of shopping, and dining options, you will never run out of things to do or places to explore.As a "new home" builder in this area, we are committed to providing exceptional homes that meet the needs and preferences of our customers. We take pride in building homes that are not only beautiful and stylish, but also functional and sustainable. Our homes are designed with the needs of modern families in mind, featuring open floor plans, spacious bedrooms, and ample storage space.Our commitment to quality doesn't end with the homes themselves, we also place a high priority on community design and creating neighborhoods that are pedestrian-friendly, and welcoming.Sales office3310 S. Avenue 8 EYuma, AZ 85365Office hoursBy appointment onlyMon-Fri 11am-4pm
Cielo Verde Phase 6
Twin patio style home with a front placed garage. Now available! Cielo Verde is a neighborhood that offers the best of both worlds: quiet, peaceful living surrounded by natural beauty, and all the conveniences and amenities of a vibrant, modern city.For outdoor enthusiast, Cielo Verde is ideally situated near some of the best hiking, biking and camping destinations in the region. The nearby Imperial Sand dunes, for example are a popular destination for off-road enthusiast, while the Colorado River provides ample opportunities for fishing, boating and water sports.For those who prefer the indoors, Yuma offers a variety of cultural experiences, including museums, theaters, art galleries, and music venues. With a wide range of shopping, and dining options, you will never run out of things to do or places to explore.As a "new home" builder in this area, we are committed to providing exceptional homes that meet the needs and preferences of our customers. We take pride in building homes that are not only beautiful and stylish, but also functional and sustainable. Our homes are designed with the needs of modern families in mind, featuring open floor plans, spacious bedrooms, and ample storage space.Our commitment to quality doesn't end with the homes themselves, we also place a high priority on community design and creating neighborhoods that are pedestrian-friendly, and welcoming.Sales office3310 S. Avenue 8 EYuma, AZ 85365Office hoursBy appointment onlyMon-Fri 11am-4pm