What is Happening in the Mortgage Market

You can use your tax refund for your down payment and closing. In order to do so you have to file your 2016 tax returns. Doing so while you're trying to purchase a house tax filing time can cause some problems.

Lenders are required to provide proof that you have actually filed your tax returns by obtaining copies of your tax transcripts from the IRS. Normally this is not an issue but if you're trying to close on a home at the end of April and you just found your tax returns on tax day, this may be an issue.

Lenders look at this differently. Some will not let you close on your new home loan until the IRS has verified your transcripts have been received. Sometimes this process can take up to four weeks for the IRS to verify.

At Service First Mortgage we are always looking for ways to increase the speed of your loan closing while providing exceptional service. With this in mind we have created a very flexible policy. 

Here's the easiest thing to do. Take your tax returns along with a copy for yourself to your local IRS office. When you hand-deliver your tax return many IRS offices will stamp it as received. You can provide this as proof that you have filed your tax returns along with a copy of the check if you are paying.

Borrowers that have filed an extension:
We will need proof that the extension has been properly completed and filed. Extensions with dollar amounts being left blank are not acceptable if no amount owed it should show zero.
Any amounts being owed for 2016 must be documented as being paid to the IRS.
We will need a transcript request from 2016 showing “no return on file” in the file for underwriting.

Also keep in mind that amounts due on tax returns that have been recently filed will need to be documented as paid or as reserves. Please watch out for this and make sure there are sufficient funds in your accounts to cover the amount owed on top of required down payments, closing costs and/or reserves, or provide proof that the funds have cleared your account prior to the date of the bank balance.

If you are interested in purchasing a home and want to work with a seasoned home loan specialist call me now at 214-945-1066 or apply online at www.mortgageprosUS.com.

Richard Woodward, NMLS 217454
Your Local, Direct, 5 Star Rated Mortgage Lender
Office:  (214) 945-1066
 www.MortgageProsUs.com
Service First Mortgage  NMLS 166487
6800 Weiskopf Ave #200, McKinney, TX 75070
 
Licensed by the Texas Department of Savings and Mortgage Lending (SML) Mortgage Banker Registration. Service First Mortgage is an Equal Housing Lender. This is not an offer of credit or commitment to lend. Loans are subject to buyer and property qualification. Rates and fees are subject to change without notice.

Posted by Richard Woodward NMLS#217545 on March 17th, 2017 5:02 PM

HomeReady mortgages are designed to encourage home ownership.  For those clients looking for a larger property or have higher credit scores, HomeReady is an excellent choice.

You only need to make a 3% down payment for home loans up to $424,100.  The down payment can even be a gift from a relative or fiancé.

Read more about the program by visiting our HomeReady loan program page. 

HomeReady designed to encourage home ownership

Contact the Richard Woodward Mortgage Team today for your FREEApply Online Now consultation and customized mortgage purchase plan. Call now at 214-945-1066 or complete an online application now.


Posted by Richard Woodward NMLS#217545 on March 1st, 2017 10:32 AM

Realtors

Are you attracting leads with Facebook?  If not, this is a great starter class for you. Facebook Secrets for Agent Success CE class 1 hr Elective #31068.

 

Learn about Facebook and its massive impact on society today. With 1.65 Billion users as of January 1, 2016, this social media vehicle is an amazing facet for the professional agents exposure.

You'll Learn:

  • Amazing Facebook Statistics
  • Facebook uses for agents
  • How to make Facebook work for you
  • Facebook best practices
  • Growing Your Facebook Fan Page
  • How to use Facebook Live to drive your brand recognition
  • How to work with local businesses to gain referrals.

Register for the class by relying to this email.  I will host a mastermind and best practice workshop after the CE class if you would like to attend.  Bring your laptop or tablet and we will work together to improve your Facebook presence.

1hr Facebook Secrets for Agent Success

 

Thursday Feb. 23rd | 11:30 – 1:00 PM | Cost $10 Lunch Provided

 

Service First Mortgage 6800 Weiskopf Ave., Suite 200 McKinney, TX 75070

 

RSVP at (214)945-1066 richard@MortgageProsUs.com

Posted in:Realtor Tips and tagged: Facebook
Posted by Richard Woodward NMLS#217545 on February 21st, 2017 9:54 AM
Thank you so much to all my wonderful customers this January. I love making people happy home owners.

Write a review or read more reviews here: www.mortgageprosus.com/5starreviews 

Posted by Richard Woodward NMLS#217545 on February 9th, 2017 2:57 PM

How to buy a new home without selling you current home first.  Are you thinking of buying a new home? If you are and you have a home to sell, you might worry about how to coordinate that. Buying and selling simultaneously can be stressful. Wouldn't you rather buy a new home and then take your time moving? But you need the equity in your existing home for the down payment on the new home.

Hi my name is Richard Woodward, Manage of specialty lending programs for Service First Mortgage. I've been providing home buyers with the best possible mortgage programs for over 17 years. I may have the answer to your buying and selling dilemma. Ultimately my goal is to provide you the best possible home mortgage possible and our propriety Service First Bridge Loan helps solve that problem.

Our bridge loan program allows you to take out the equity you will need from your existing home to use for the down payment and closing cost of your new home. Close on your new home and then take your time to sell your existing home.

The benefits to you are you can better control your move schedule, plan for your new mortgage payment, possibly avoid mortgage insurance, and perhaps most importantly in this tight sellers market, make your offer more attractive to buyers by not making your offer contingent on the sell of your existing home.

By not making your offer contingent upon the sell of your existing home, you are more likely to negotiate the best price on your new home or beat out your competition.

To learn more about this program, call me at (214) 945-1066 or visit my website blog at www.mortgageprosus.com/blogmortgageupdatge 

How to use a Bridge Loan to buy a home without immediately selling your existing home.

Richard Woodward, NMLS 217454

Your Local, Direct, 5 Star Rated Mortgage Lender

Office: (214) 945-1066

www.MortgageProsUs.com

Service First Mortgage NMLS 166487

6800 Weiskopf Ave #200, McKinney, TX 75070

Licensed by the Texas Department of Savings and Mortgage Lending (SML) Mortgage Banker Registration. Service First Mortgage is an Equal Housing Lender. This is not an offer of credit or commitment to lend. Loans are subject to buyer and property qualification. Rates and fees are subject to change without notice.

Posted by Richard Woodward NMLS#217545 on February 7th, 2017 2:04 PM

Divorcing later in life is not a new phenomenon, but it is becoming more and more common. Indeed, the increased occurrence of “grey divorce,” as it’s called, has been identified as a significant 21st century divorce trend. Even though the overall divorce rate is actually declining, it’s on the rise among older generations.

Those of us in the business of helping people plan for a secure financial future have long known that grey divorce presents a unique set of challenges to our clients. A reverse mortgage might represent a new strategy for making the recipient of a divorce settlement last as long as possible.


Reverse mortgages were created specifically for senior homeowners, 62 years and older, who want to convert part of their home’s equity into loan proceeds. With not only the rising financial requirements of senior homeowners but when there is limited or fixed income in a divorce situation, reverse mortgages are becoming a popular option and tool to supplement income.

Divorcing your mortgage Feb 2017


How can a reverse mortgage help your divorcing clients? Call me for more details.
www.mortgageprosus.com/divorceandyourmortgage


Richard Woodward, NMLS 217454
Your Local, Direct, 5 Star Rated Mortgage Lender
Office: (214) 945-1066 
www.MortgageProsUs.com 
Service First Mortgage NMLS 166487
6800 Weiskopf Ave #200, McKinney, TX 75070

Licensed by the Texas Department of Savings and Mortgage Lending (SML) Mortgage Banker Registration. Service First Mortgage is an Equal Housing Lender. This is not an offer of credit or commitment to lend. Loans are subject to buyer and property qualification. Rates and fees are subject to change without notice.

Posted in:Mortgage and tagged: Reverse Mortgage
Posted by Richard Woodward NMLS#217545 on February 3rd, 2017 2:28 PM

Here is a great article about how to use a Reverse mortgage as part a saving plans. Many retirees are experiencing a shortfall in savings. Did you know you can extinguish your existing mortgage and allow your reverse mortgage to build a growing line of credit? Seniors can tap the line of credit when needed and keep taxable retirement funds is place, of course always consult your financial planner or CPA in regards to retirement planning.

According to the article in Fortune Magazine by Matthew Heimer taking a Home Equity Conversion Mortgage or Reverse mortgage early as possible could provide a boost to ones sagging retirement plan.  

Here is an excerpt from the article:

Guttentag’s strategic take focuses on two quirks of the federal rules governing HECMs. One is that the amount you can borrow is indexed to your age—so the earlier you take one, the bigger the line of credit you can set up. The other is that if a homeowner opens a HECM credit line, but doesn’t use it right away, it can earn interest over time, at the prevailing mortgage rate plus 1.25%. That’s much more interest than a saver would earn from, say, Treasuries—and the rate rises whenever the Federal Reserve raises rates.

Hence Guttentag’s advice: Take out a HECM as soon as you’re eligible, at age 62, and hold off using it for as long as you can. Fifteen or twenty years down the road, when homeowners are more likely to have depleted their savings, they can convert the HECM credit line into a so-called tenure payment. And thanks to the compounded interest, he argues, that payment is likely to be much larger than what they would have gotten by putting a comparable amount of cash into an annuity--a common strategy among income-seeking retirees. Guttentag lays out some hypothetical scenarios in the chart below:

HECM taken Today: Tenure Payment Versus Longevity Annuity Payments beginning in 20 years

To learn more about how to qualify for a reverse mortgage or just to ask a question, please  call me at 214.945.1066

Richard Woodward, NMLS 217454
Your Local, Direct, 5 Star Rated Mortgage Lender
Office: (214) 945-1066 
www.MortgageProsUs.com/ReveresMortgages
Service First Mortgage NMLS 166487
6800 Weiskopf Ave #200, McKinney, TX 75070

Licensed by the Texas Department of Savings and Mortgage Lending (SML) Mortgage Banker Registration. Service First Mortgage is an Equal Housing Lender. This is not an offer of credit or commitment to lend. Loans are subject to buyer and property qualification. Rates and fees are subject to change without notice.

Posted by Richard Woodward NMLS#217545 on February 1st, 2017 5:27 PM
Doctor Home Loans.  The caring help you need when you are buying your home. From the time you first speak to The Richard Woodward Mortgage Team about your physicians home loan to the time you close, our highly trained team will focus on your needs.

We understand each physician’s situation is different, including deferred student loans and pending employment contracts for future income. Our team has been trained to identify the problems you could face and the solutions you will need. Whether you are going into residency, starting a new position at a different company, or in private practice, we understand the complexities of your situation and know how to select the correct loan program for you.

We ask questions to find out where you are in your career and your transition so we know how to guide your home purchase process.

We talk to you about your timing for closing, your employment start date and when your relocation needs to occur.

Our clear understanding of all the lending guidelines surrounding student loans, new employment contracts, low down payments, gift funds, and loan amounts ensures a hassle free home purchase process so you can focus on your career.

Apply Online nowYes, we know Doctor Home Loans!  If you are ready for your new home please call now (214) 945-1066 or start
Posted by Richard Woodward NMLS#217545 on January 25th, 2017 10:56 AM
The seller has accepted your offer, and now you just got to sign the closing papers. Right?

Unfortunately that is not right. Depending upon your level of pre-approval, you still may need to provide some additional documentation to your lender. I was watching TV the other night and saw an advertisement for Quicken Loans Rocket Mortgage app. As a Dallas and Fort Worth lender with 17 years of experience, this commercial made me laugh out loud. I quite frankly don't know how they get away with telling people there is no paperwork.

Almost any lender can allow you to get prequalified online or over your phone, in fact I have a mobile app, richardwoodward.mortgagemapp.com, available as well.  The hard work comes in documenting what you have input as your income and assets. Let me be perfectly clear, even at Quicken Loans Rocket Mortgage, all borrowers must provide proof of who they are, how much they earn, and how much they have in the bank. It's just basic mortgage lending 101. Gone are the days that you can just sign your name and get the keys to your dream home.

With that in mind, watch this video for some advice on what to do and what not to do during the mortgage process.

If you have not been preapproved by a local and direct lender, I would be very much appreciative of helping you with your home buying needs. I am available for face-to-face meetings, over the phone chats, video communication via the Internet, or text communication. Ultimately my goal is to ensure a fast and easy stress free home buying experience. You can start your process now online at www.mortgageprosUS.com or simply give me a call at 214-945-1066.

Richard Woodward, NMLS 217454

Your Local, Direct, 5 Star Rated Mortgage Lender

Office:  (214) 945-1066

 www.MortgageProsUs.com

 

Licensed by the Texas Department of Savings and Mortgage Lending (SML) Mortgage Banker Registration. Equal Housing Lender. This is not an offer of credit or commitment to lend. Loans are subject to buyer and property qualification. Rates and fees are subject to change without notice. Link to RMLO Complaint recording instructions.


Posted by Richard Woodward NMLS#217545 on January 4th, 2017 2:30 PM
I was reading an article on The Dallas Morning News entitled "Soaring Dallas-area home prices a third higher than before recession". Dallas-area prices are about 33 percent higher than at the last housing market peak before the recession.

Nationwide home prices are basically back to where they were before the housing market crash and recession, according to the monthly Standard & Poor's/Case-Shiller home price report.

Rising Dallas Home Values in 2016

Dallas was one of the top five cities for annual home price gains in October, according to Case-Shiller. Area prices were 8.1 percent higher than a year ago in the latest nationwide comparison.

National home prices were 5.6 percent ahead of October 2015 levels. Seattle, Portland, Denver and Dallas were the markets with the biggest home value increases.
I believe home prices and interest rates will continue to rise into the summer of 2017 for the Dallas area because many large companies will be opening their new offices this year and bring with them workers and thus- new home buyers.

With that in mind, I would recommend you buy a home sooner rather than latter.  If you need help with First Time Home Buyer programs, FHA, VA, USDA or Jumbo Loans for luxury homes, give me a call today at (214) 945-1066 or apply online now for a complimentary pre-approval.

Richard Woodward, NMLS 217454
Your Local, Direct, 5 Star Rated Mortgage Lender
Office:  (214) 945-1066 
 www.MortgageProsUs.com 

Licensed by the Texas Department of Savings and Mortgage Lending (SML) Mortgage Banker Registration. Equal Housing Lender. This is not an offer of credit or commitment to lend. Loans are subject to buyer and property qualification. Rates and fees are subject to change without notice. Link to RMLO Complaint recording instructions.



Posted by Richard Woodward NMLS#217545 on December 29th, 2016 1:25 PM

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