DECEMBER ROUNDTABLE ROUNDUP

Our panel hit it out of the park again this month with some great info on mortgages.  Below is a summary of topics we discussed.  You can check it out in its entirety on the Counsel Mortgage YouTube channel, click here:  https://www.youtube.com/watch?v=PV7SAuayxoA

  1. Market Recap – went over the current rates and noted they have dropped a little in the last year.
  2. New Conforming Loan Limits – the new conforming loan limit for a single family home is $832,750
  3. www.optoutprescreen.com – go to this website prior to having your credit pulled.  You can opt out of solicitations you may receive after your credit is pulled.  It can take up to 5 business days for this to go into effect. 
  4. Counsel Mortgage Calculator – the Counsel Mortgage calculator is now available in the Google Play store.  You can calculate your mortgage payment, review the amortization schedule, and calculate how to shorten the term of your mortgage by making additional payments.   
  5. Divorce – assumption of mortgage – if someone has a low interest rate mortgage and is facing divorce, they may be able to keep that low rate without refinancing to today’s rates.  Contact the servicer and see if they will allow the borrower to remain in the residence to assume the mortgage. 
  6. Refinance – Lowering someone’s monthly payment is just one consideration as to whether to refinance.  We discussed many factors to consider when refinancing.   
  7. Gifts – ‘Tis the season of gift giving.  We discussed gifts of down payment, and ways to avoid paying tax gifts.
  8. Reverse Mortgage – What to do when your loan is due – how long does someone have to do something with the home when the occupant passes away or moves to assisted living.  We discussed the time frames and what to do. For a step-by-step process, here is a link to the National Reverse Mortgage Lenders Association website:  https://www.reversemortgage.org/your-roadmap/9-settling-the-loan-account/what-do-i-do-when-my-loan-is-due/
  9. Fix and Flip – there are a couple lenders offering 10%-15% down on fix and flips.  Contact us if you are looking to do a fix and flip.  

Come back each month for current information on the mortgage market.  Let us know if you have any particular scenarios or questions you’d like us to review.  And, subscribe to our YouTube channel and follow us on social media to stay informed.  

If you are considering purchasing a home, or refinancing, either residential or commercial, contact us. We help people everyday, and can help you find the right loan.