HURDLES SHRINK FOR JUMBO LOAN SHOPPERS

You’ll pay more for a big home nowadays, but a big mortgage should be less of a reach.

For the first time in over 20 years, rates on jumbo mortgages — loans of more than $417,000, or $625,500 in pricier areas — are at or below rates on conventional mortgages. Jumbo rates usually run one-quarter to one-half of a percentage point higher, but lenders eager for wealthier customers are making deals.

Available Now! In Denver

In 2013, Wells Fargo and Bank of America cut minimum down payments to 15% from 20%; some competitors did too.

Related: What will your mortgage payment be?

“It’s a good time to be a jumbo borrower,” says Guy Cecala, CEO of Inside Mortgage Finance.

Want a large loan?

Related: Rich people are getting mortgages cheaper than you

Currently, rates for a 30-year fixed jumbo are averaging 4.25%, compared to 4.35% for a conventional 30-year fixed-rate mortgage. For ultralow rates, check out adjustable-rate jumbos: Wells Fargo recently offered a five-year adjustable for 2.375%. Get an ARM, though, only if you expect to move on during the fixed period. 

Source:  Money Magazine First Published: February 7, 2014: 4:08 PM

Mortgagemates, your friend in the business for a Jumbo Loan.

7 Reasons to Own Your Home

7 Reasons to Own Your Home

Good information from Realtor Magazine 

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.

2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®.

In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.

3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.

6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.

7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.

Online resources: www.mortgage-mates.com

To see how much you qualify for:  CLICK HERE

Jumbo loans also available.

The Passion of Blog!  Be Empowered!

720 or higher credit scores--key to Jumbo loans

Ok, so this blog will be a little boring but if you are in the market to purchase a home or a car listen up!

This information comes to us via 720creditscore.com so take a look:

I Called Todd!  Now I'm at 720

Which is better for your FICO score: Paying off your credit cards, or paying off your mortgage?

Most people say they would pay off their mortgage to increase their credit score the fastest. But when it comes to FICO scores, eliminating charge card debt is far more powerful than eliminating mortgages and car loans.

And if you think about it, it makes sense. When assigning a credit score, the scoring bureaus assess risk by asking one question: How likely will this borrower default in the next two years?

Most people prioritize their mortgage payments; they would rather skip a few meals than lose their home. So having a balance on your mortgage isn’t really that risky. But people aren’t quite as responsible with their Visas and MasterCards. In fact, even the most financially responsible people make a few bad decisions when it comes to the allure of credit card spending.

So keeping a low balance (or no balance at all) on your credit cards is a far better indicator of your financial situation, and your ability to pay upcoming bills.

The moral of the story: If you want to increase your FICO score, get your credit card balances under control!

Anyone looking to get approved for a loan, whether it is a SEC 184 Native American Dream loan or a jumbo loan that empowers buyers, the process is simple.  Please click on the "GET PRE-APPROVED" tab and we will be happy to help.

Oftentimes, we find that buyers in the market for a home are hesitant to find out what their credit scores are and see if they qualify.  The process is actually quite simple and painless.  

If your credit needs a lot of work, we can always run it through the 2014 WISH MACHINE  check it out in action.  Our job is to give you information necessary to improve your credit.

If you are simply looking for a vehicle to add some extra monthly income to your current paycheck we have that covered as well--Empower Network is the vehicle for so many, including me.  Take a look

My life doesn't change whether you get pre-approved or not, I will still drive the same car and live in the same house but you life can change depending on the credit.

If you already have impeccable credit and looking for a Jumbo loan, we are jumbo loan specialists.

Contributors to this Blog:

 Mortgagemates

The Todd Blog

Friend in the Business

Native American Dream

Todd McManigal

2014 WISH MACHINE