Sometimes, even significant changes to federal policies or standards don’t affect most people’s everyday lives. Sometimes, the effects trickle down slowly over time. Then, there are interest rate hikes, which are typically felt quickly in ways that directly impact consumers.

Last week, the Federal Reserve raised its target federal funds interest rate by a quarter percentage point (.25) from near zero. This was the first increase in the benchmark rate in three years. And all indications are that it’s just the beginning. Continue reading

Refinancing a home can have some pretty nice benefits for homeowners, especially when it comes to lowering their monthly payments. Depending on how much of a rate drop they can get, it’s not unreasonable for them to cut their home payment by several hundred dollars a month. That’s big. 

If your prospects have been putting off buying a new home and considering a refinance instead, their window of opportunity seems to be closing quickly. That means it’s time for you to nudge them about exploring all their options – like buying a home from you.  Continue reading

What if you could give yourself a raise next year? 

2021 was a banner year to say the least. Home prices soared, and demand was at an all-time high. Hopefully, you rode that wave to a new career high as well. So, how can you possibly plan to have an even bigger year in 2022?  

This blog will highlight a few key things you should think about or develop plans for now (right now) so that when the new year begins, you’ll hit the ground running toward a higher income than ever.  Continue reading

As we head into the fourth quarter of 2021, the peak home buying season is wrapping up, and most of the bidding wars have subsided. No, that doesn’t mean you can take the next three months off, unless you don’t need a paycheck.

But it might signal the green light for your clients who were waiting to buy until demand decreased, prices became a little more reasonable, or their credit score improved. Bidding wars and the frustration and roller coaster of emotions that come with them aren’t for every house hunter. Continue reading

In a previous postwe discussed what drives a lending decision. Here, we will examine payment ratios/formulas and how they impact the total monthly payment for a home.

Whenever our team works with a client, maybe one of the most frequently asked questions is, “How much will this house cost me every month?” It’s an understandable and necessary question. Continue reading

Paying rent on time is a good way to make sure you don’t get evicted. Now, thanks to a new Fannie Mae policy change, that positive payment history could significantly boost your prospective clients’ chances of being approved for a home mortgage loan. 

As of Sept. 18, Fannie Mae is adding a new feature in its automated underwriting system that considers mortgage loan applicants’ rent payment history – with their permission – during the credit review process. That means that paying rent on time will officially count for something as your buyers look to transition from renter to homeowner. Continue reading

Given current market conditions, one of the last things home sellers have to wrestle with is whether to pay concessions as a way to keep a potential buyer on the hook. Some sellers have to resort to this tactic if they are having trouble selling their home or have a serious buyer who cannot afford some of the closing costs. 

But even though your sellers may not need this trick up their sleeve right now, it never hurts to educate them in case it’s a move they need to make in the future. An excellent place to start is identifying what seller’s concessions are and when or if necessary.  Continue reading

High home values. Low interest rates. Competitive bidding. 

Some interesting trends are happening in the real estate industry right now. As an agent out there helping your clients buy and sell homes, it’s your job to stay connected to what’s going on. Doing so allows you to help many families find the homes of their dreams. And gives you a few nice paychecks in the process.   Continue reading

A person’s credit score is essential when it comes to being approved for any kind of loan – personal loan, auto loan, home loan, or even a credit card. The higher the number, the more creditworthy your clients are.

As a real estate agent, you already understand that credit plays a significant role in the mortgage loan process and can ultimately go a long way in determining if your client is approved for a mortgage loan.   Continue reading