๐ฅ Saving VA Borrowers Thousands! Letโs Talk About Your Deal! ๐ก
๐ฅ Saving VA Borrowers Thousands! Letโs Talk About Your Deal! ๐ก
Hey team, Mortgage Mike here with some EXCITING NEWS! Over the weekend, I took over three contracts for VA borrowers and saved them BIG. Hereโs the breakdown:
1๏ธโฃ Borrower 1: Saved almost $10,000 in closing costs.
2๏ธโฃ Borrower 2: Dropped their interest rate by a FULL PERCENTAGE POINT.
3๏ธโฃ Borrower 3: Saved about $5,000 in closing costs.
Think You Could Be Saving Too?
If youโre already under contract and feel like there might be a better deal out there, donโt settle! Send me your:
๐ Loan Estimate
๐ Fee Sheet
๐ Closing Disclosure
Iโll review it for you.
If youโre already getting a great deal, Iโll let you know!
But if I can do better and save you money, Iโll tell you that too!
๐ฉ No matter how you send it, just get it to me! Text, email, or even Facebook MessengerโIโll take a look. Donโt close on a home feeling like you left money on the table.
Stay Connected:
๐ (907) 671-7055
๐ฉ [email protected]
๐ Facebook: facebook.com/groups/talesfromavalender
๐บ YouTube: youtube.com/@TalesFromaVALender
Letโs make sure youโre getting the BEST deal possible!
๐ก Understanding Lender Fees: What You Need to Know! ๐ฐ
๐ก Understanding Lender Fees: What You Need to Know! ๐ฐ
Hi team, itโs Mortgage Mike! Letโs break down lender feesโwhat they are, where to find them, and how theyโre calculated.
Where to Find Lender Fees:
Lender fees are located in Section A of your Loan Estimate or Closing Disclosure.
Section A is the key difference between lenders.
Other sections (like taxes, insurance, appraisal fees) are generally consistent across lenders.
If you see variations outside of Section A, somethingโs off. Either someoneโs lying, or their info is inaccurate.
What Are Lender Fees?
Hereโs the breakdown:
1๏ธโฃ Discount Points:
This is the cost of your interest rate.
What you get for your money varies by lender.
2๏ธโฃ Processing & Underwriting Fees:
Every loan has a processor and underwriter.
Some lenders include these costs in their profit margin, while others pass them directly to you as fees.
3๏ธโฃ Origination Fee:
Certain lenders (๐ looking at you, Veterans United) often throw in this catch-all fee.
Theyโll market โno costโ or โno lender fees,โ but slap on a 1% origination charge to cover everything they said they didnโt have.
๐๐ปPro Tip:
Section A is where youโll see the true difference between lenders. Be cautious of misleading charges in other sectionsโthose should stay consistent!
๐ฉ Questions about lender fees or your loan estimate? Letโs break it down together. DM, email, or call me anytime!
Stay Connected:
๐ (907) 671-7055
๐ฉ [email protected]
๐ Facebook: facebook.com/groups/talesfromavalender
๐บ YouTube: youtube.com/@TalesFromaVALender
๐ก Whenโs the Best Time to Buy a Home? Letโs Break It Down! โ๏ธ๐๐ธโ๏ธ
๐ก Whenโs the Best Time to Buy a Home? Letโs Break It Down! โ๏ธ๐๐ธโ๏ธ
Hey everybody, itโs Mortgage Mike here! Todayโs hot topic: Whatโs the best time of year to purchase a home?
You might think spring or summer is the ideal time to buy, but let me explain why every season has its pros and cons.
Spring & Summer: The Busy Season ๐ธโ๏ธ
Pros:
๐๐ปTons of inventory!
๐๐ปMost activity = more choices.
Cons:
๐๐ปFierce competition.
You might need to:
๐๐ปWaive some incentives.
๐๐ปOffer over asking price.
๐๐ปFor my military buyers, I know PCS season ties you to this timeframe, but with lots of options, we can still make it work for you!
Fall: The Sweet Spot ๐
Pros:
๐๐ปMany summer buyers leave the market = less competition.
๐๐ปLeftover inventory from summer.
๐๐ปGreat weather for moving in most places.
Cons:
๐๐ปSlightly fewer listings than spring/summer.
Winter: The Hidden Gem โ๏ธ
Pros:
๐๐ปLowest competition = more negotiating power.
๐๐ปSellers motivated to move quickly (holidays, job relocations).
๐๐ปChance to snag a great deal while sellers have one foot in holiday mode.
Cons:
๐๐ปMoving in the snow can be tricky (but doable!).
Pro Tip: Iโve bought two homes in the winter (in Alaska, no less!) and had my pick of the litter both times. Donโt sleep on winterโit could be your best bet!
The Bottom Line
You donโt have to buy between May and August to get a great deal. Every season has unique advantages, and with the right strategy, you can find the perfect home year-round!
๐๐ป Questions about timing or ready to start your home-buying journey? Reach out anytimeโIโm here to help!
Stay Connected:
๐ (907) 671-7055
๐ฉ [email protected]
๐ Facebook: facebook.com/groups/talesfromavalender
๐บ YouTube: youtube.com/@TalesFromaVALender
๐ Home Buying Process 101: From Application to Keys in Hand ๐
Hey Team, Mortgage Mike here! Today, Iโm giving you a quick breakdown of the entire home buying processโfrom applying for a mortgage all the way to getting those keys in your hand! ๐
1๏ธโฃ Start with a Mortgage Application
๐๐ปWhy? It tells you:
โ
How much you can spend
๐ก How much you should spend
๐ซ Any potential pitfalls (so we can fix them early on)
2๏ธโฃ Pre-Approval Letter = Your Blank Check ๐ณ
๐๐ปOnce youโre pre-approved, youโre ready to start home shopping with your real estate agent!
3๏ธโฃ Put in an Offer ๐
๐๐ปIf you find โthe one,โ weโll give you a full cost estimate and itemized breakdown of your monthly payments and closing costs.
4๏ธโฃ Go Under Contract
๐๐ปSubmit earnest money and schedule a home inspection to get a full picture of the propertyโs condition.
5๏ธโฃ Discuss Interest Rates ๐
๐๐ปDecide whether to lock in a rate right away or โfloatโ and watch for a better rate later.
6๏ธโฃ Review the Appraisal Report ๐
๐๐ปThe VA will assess the market value to ensure youโre not overpaying and there are no major issues with the home.
7๏ธโฃ Final Underwriting
๐๐ปUnderwriters give the green light (or โClear to Closeโ) to make sure everything is in place for closing.
8๏ธโฃ Closing Disclosure ๐ผ
๐๐ปThree days before closing, youโll see your final itemized breakdown of the loan, including your monthly payment and closing costs.
9๏ธโฃ Closing Day ๐
๐๐ปSign the final documents, and once the transaction is complete, you get the keys to your new home! ๐๏ธ
From going under contract to closing, expect around 30 days (but we can adjust based on your needs)!
โGot questions about the home-buying process? Reach out, join my group Tales from a VA Lender for more tips and advice, and check out my YouTube for additional mortgage content!
Stay Connected:
๐ (907) 671-7
๐ข TRUTH BOMB: "No-Cost Refinance" Is a MYTH! ๐ฅ
๐ข TRUTH BOMB: "No-Cost Refinance" Is a MYTH! ๐ฅ
Let me save you thousands... ๐ฐ
There's NO SUCH THING as a "no-cost refinance." Here's what the big lenders aren't telling you ๐คซ
You'll ALWAYS pay for:
โ๏ธ Title fees
โ๏ธ VA funding fee*
โ๏ธ Insurance
โ๏ธ Taxes
โ๏ธ Other closing costs
*unless exempt
"But Mike, they said I won't pay anything!" ๐ค
Here's their trick: They're just adding those costs to your loan balance!
Quick Math Example:
๐ Save: 0.5% interest rate
๐ Add: $8,000 to loan balance
๐ค Worth it? Depends on your loan size!
Don't let the big lenders fool you. If it sounds too good to be true... you know the rest! ๐
๐ Drop a "TRUTH" in the comments if you're tired of misleading mortgage ads!
P.S. New shades are better than Coach Prime's gold ones ๐ Agree or nah?
๐จ Misleading Lender Claims: Donโt Be Fooled! ๐จ
๐จ Misleading Lender Claims: Donโt Be Fooled! ๐จ
Hey team, itโs Mortgage Mike! ๐ผโ Today, we're tackling a hot topicโmisleading advertising and claims from certain lenders. ๐ซ๐คฅ
First off, if you enjoy my content, make sure to join my group, Tales from a VA Lender at www.facebook.com/groups/talesfromavalender/ ๐ and follow my business page for all the insights Iโm sharing! Now, on to the issueโฆ
๐ Recently, Iโve heard that Rocket Mortgage has been calling VA borrowers to talk about the IRRRL (Interest Rate Reduction Refinance Loan) and making a bold claimโsaying they are the VA's preferred lender๐ข. When I first heard this, I thought it had to be a mistake, but I talked to others, and sure enough, several people received the same claim.
Hereโs the REAL Deal:
The VA only guarantees the loan. They are NOT a bank, lender, or financial agency. โ They donโt have โpreferred lenders.โ Any company claiming to be the VAโs preferred lender is giving you false information. ๐ฉ
Companies like Veterans United often imply theyโre affiliated with the VA (which is still shady), but now Rocket Mortgage is outright saying it. ๐ซ If you hear Rocket Mortgage or any lender making this claim, run the other way! ๐โโ๏ธ๐จ Theyโre trying to win your business through misrepresentation.
And one last tipโif a lender is pushing a refinance right now, take a step back. In this rate environment, refinancing might not be your best option. ๐ซ๐ธ
Have questions? Want to make sure youโre working with someone you can trust? Reach out to me directly!
Stay Connected:
๐ (907) 671-7055
๐ฉ [email protected]
๐ Facebook Group: Tales from a VA Lender โ www.facebook.com/groups/talesfromavalender/
๐บ YouTube: Tales From a VA Lender โ www.youtube.com/@TalesFromaVALender
Part 2: Why Your Credit History Matters When Buying a Home
Part 2: Why Your Credit History Matters When Buying a Home
You know, the way I like to put it is this: Imagine itโs your $300,000 sitting in the bank, and I come along asking to borrow it to buy a home. Youโre probably thinking, "Sure, let's take a look." Then you check my credit report, and itโs a mess. ๐ Iโve got a credit card that's 60 days late, another one thatโs 30 days late, and oh, I had a Ford F-150 repossessed last year. Maybe a couple of charge-offs too. ๐ซ
What would your answer be? Probably not. You see, lenders think the same way. To get approved for a mortgage, you have to show that you can manage your current financial situation responsibly. And that starts with paying your bills.
The magic number lenders look at? 12 months. If the past 12 months of your credit repayment history are clean (or mostly clean), then youโve got a solid chance of getting approved for a mortgage. But if that 12-month window shows late payments, charge-offs, or other derogatory marks, it becomes much harder for a lender to say yes.
Bottom line: If youโre aiming to buy a home, the number one thing you can do right now is pay the bills you already have on time. ๐ก๐
Stay Connected:
๐ (907) 671-7055
๐ฉ [email protected]
๐ thevamortgageacademy.com/#/vets
Part 1: The Most Important Step for Future Home Buyers
Part 1: The Most Important Step for Future Home Buyers
Hey everyone, Mortgage Mike here! Letโs tackle a question I get all the time: โIf I want to buy a home in the future, whatโs the most important thing I need to be doing right now?โ
My answer might surprise you, but it's simple: Pay your current bills on time. ๐ก
Now, Iโm not being a smart ass or trying to oversimplify, but let that sink in for a second. The number one thing that halts applications I see is people not paying their bills. When you ask a lender to borrow $300,000 to buy a home, the first thing theyโll check is how youโve been managing your current debtsโlike car payments, credit cards, student loans, etc. ๐ฆ
If youโre struggling to keep up with smaller bills, lenders will be hesitant to hand you $300k for a house. Itโs all about showing financial responsibility now so that when the time comes, youโll be in a strong position to get approved for that mortgage! ๐๐ช
Stay Connected:
๐ (907) 671-7055
๐ฉ [email protected]
๐ thevamortgageacademy.com/#/vets
Part 2: The "No Cost" Refinance Myth, Explained
Part 2: The "No Cost" Refinance Myth, Explained
Alright, VA borrowers, hereโs where the truth comes out!
So, a refinance is essentially just like any other mortgage loan. Youโll still have all the usual suspects:
Title insurance
Homeowners insurance
Property taxes
And yes, if youโre VA, a funding fee (though itโs reduced to 0.5% unless youโre exempt).
Plus, there will be some smaller fees we call โankle biters.โ ๐ฆถ๐ธ
Hereโs where the "No Cost" myth comes in. Some lenders will roll these closing costs into the loan balance, so it doesnโt feel like you're paying out of pocket. And technically, they're right, but that lump sum of closing costs still increases your loan balance. ๐
If youโre being pushed to refinance to shave off a mere quarter or half percent on your interest rate, but you're adding $6k-$8k in closing costs to your loan... is it really worth it? ๐ค You might be mitigating the positive impact of that lower rate.
You NEED someone you trust to break down those numbers and help you decide if a refi is the right move for you. Donโt get swayed by flashy terms like "no cost"โknow the facts. ๐ง
Stay Connected:
๐ (907) 671-7055
๐ฉ [email protected]
๐ thevamortgageacademy.com/#/vets
๐จ PSA: VA Borrowers, Listen Up! ๐จ
๐จ PSA: VA Borrowers, Listen Up! ๐จ
Hey everyone, Mortgage Mike here! Todayโs topic is something Iโm seeing more and more as interest rates have steadily dropped. ๐ Weโre now sitting a percent and a half, maybe even 2% lower than this time last year! With rates continuing to decline, thereโs been a BIG push in marketing around refinancing, especially if youโre a VA borrower.
Youโve probably seen tons of ads about the VA IRRRL (Interest Rate Reduction Refinance Loan) or VA Streamline Refinance. And thatโs awesomeโitโs important for veterans to know they have options to save money! ๐ต But, hereโs the kicker that drives me up the wall...
โ ๏ธ I keep seeing these so-called โNO COSTโ or โFREEโ refinancing offers being thrown around. That is completely untrue and, in my opinion, unethical. Thereโs always a cost, whether upfront or rolled into your loan.
๐ Iโll dive deeper into why this is misleading and what you need to know in Part 2โstay tuned!
Stay Connected:
๐ (907) 671-7055
๐ฉ [email protected]
๐ thevamortgageacademy.com/#/vets
Good Lender vs. Bad Lender: The Real Difference!
Good Lender vs. Bad Lender: The Real Difference!
๐ฅ Good Lender: On the phone, hustling, and fighting to get your deal done. They're pushing for solutions, making calls, and ensuring nothing stands in the way of closing day. ๐ช๐ผ
๐๏ธ Bad Lender: Still in their bathrobe, eating chips, half-watching TV, and giving you one-word answers on the phone. Short, unhelpful, and clearly not motivated to make things happen. ๐๐บ
Who would YOU rather have in your corner when it's time to close? Choose wisely! ๐ก
Stay Connected:
๐ (907) 671-7055
๐ฉ [email protected]
๐ thevamortgageacademy.com/#/vets
Morning Coffee Epiphany โ๏ธโจ
Morning Coffee Epiphany โ๏ธโจ
The only thing stronger than my coffee? My will to succeed! ๐ชโ๏ธ
Every morning starts with a strong brew and an even stronger mindset. Keep pushing, stay focused, and remember: success is always brewing! ๐
Stay Connected:
๐ (907) 671-7055
๐ฉ [email protected]
๐ thevamortgageacademy.com/#/vets
