"Jumbo Mac" Defines Mortgage Lending

The mortgage lending market is becoming increasingly competitive and, so are the loan programs.

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Ask Mac About Mortgages provides resources to topics for several key audiences:

(1) Loan officers: Market strategy, programs, and pricing, (2) New licensees: (NMLS) license requirements, (3) Real Estate Agents: Alliances with loan officers, (4) Investors: Financing options and remedies, (5) Homebuyers: Loan qualification and programs.

Mac Baker provides over (20) years of banking, mortgage, and real estate experience and, there is no better choice for resources. "Ask Mac" about any loan scenario or mortgage question you may have.

Comments

New Home Lending Perks Provided By The Builders.

Most often, there are attractive mortgage loan incentives from the home builders through their preferred lender. The builder incentives can be provided in builder upgrades or applied to your closing costs. It depends on the builder, market, location, and price. Usually, the incentives are 2 to 3 percent of the home base price. It is next to impossible for a competing bank or mortgage lender to match these incentives because the builder covers the costs. There are many advantages to both the buyer and the builder for using their preferred lender too. The benefit for the builder is your home purchase closes on time with their preferred lender. The builder can pay their subcontractors and continue with the project schedule. The buyer benefits because they have less risk of occurring fees and penalties for not closing on time with their lender. An on-time close is most important in new construction sales. You have signed a performance contract and are required to clo...

First-Time Homebuyers On the Sidelines?

What is the #1 most important advice I can provide for first-time homebuyers? A positive attitude and action plan are most important. It is too often that first-time homebuyers will become discouraged by the rising sales prices and talk themselves out of a home purchase. Some may cringe at the thought of a daunting and agonizing purchasing experience or disqualify themselves by not having the funds for a down payment. They give up before they ever get started. Why settle for renting an apartment at the same price you could be spending as an owner? It is all up to you. If there is a will, there is a way. The process may take a two-year plan, but it begins when you commit. Sitting on the sidelines sucks! Housing prices are up, but interest rates are the lowest in history. Housing affordability factors your monthly payment, figured with a debt-to-income ratio. The current market's low-interest rates are an attractive incentive . Did you know that there are areas wit...

What Happened to Jumbo Non-QM?

What Happened to Jumbo Non-Qualified Mortgages? All of the jumbo non-QM products evaporated by late March 2020, due to investors concerns of instability in the secondary market created by the Covid-19 global pandemic. This episode was a haunting experience for those in the non-QM loan market as it resembled the 2008 mortgage crisis. Pipelines of non-QM loans had no chance of funding. Most reputable non-QM lenders sent their customers a formal statement with an apology and letters of explanation for their decision to exit the market. The actions were very little help for the Account Executive's relationship with the mortgage lender or the mortgage lender's relationship with their customer. Presently, non-QM investors have re-emerged with an appetite, non-QM loans are back. However, they are back with more stringent program guidelines. The "make-sense" underwriting policies have changed to "make-sure" underwriting policies. IMN provided an informative Q...

"Ask Mac About Mortgages"

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