Jennifer Beeston

5 Simple Ways to Become a Badass at Saving Money

Mon, 19 Dec 2022 00:09:24 GMT

5 Simple Ways to Become a Badass at Saving Money

Jennifer explains the importance of making saving a priority and focusing on your 401K.

What Is House Hacking? Hope for Buyers Who Can't Afford a Home

Sun, 18 Dec 2022 19:34:04 GMT

What Is House Hacking?

Hope for Buyers Who Can't Afford a Home

Jennifer discusses the benefits of House Hacking and how it can help you afford a home you did not think was possible.

VA Loans and Termite Inspections Report with Countries

Sun, 28 Feb 2021 07:41:00 GMT

VA Loans and Termite Inspections

www.zerostressmortgage.com NMLS #247743 Jennifer Beeston

Who Pays For The Pest Report?

The 9 states where VA buyers can pay for a termite inspection are:

In all other states the buyer is not allowed to pay for termite inspection. The lender will verify the buyer did not pay for the report by asking for proof so be prepared. This does not mean the seller has to pay for the report. The Realtors could pay for the report as well.

States You 100% Need A Termite Inspection In

If you are buying or refinancing a property in the following states, then a termite inspection and clearance will be required. The exception is if you are doing a VA IRRL Streamline refinance.

*States You Do Not Need A Termite In

*These states do not require a termite inspection unless the VA appraiser calls one out on the appraisal which is rare unless there is something very clearly to the eye going on.

The Fun 5: In These States It Depends On The County

In these states It is county by county so make sure you check the county

Check out this link for exact counties https://www.benefits.va.gov/HOMELOANS/appraiser_cv_local_req.asp

3 Big Signs You Are Not Ready To Buy A House

Tue, 26 Jan 2021 17:18:00 GMT

3 Big Signs You Are Not Ready To Buy A House

Let me start by saying that if you are not ready right now it does not mean you will never be ready. The key is knowing where you are now and the steps to get where you want to go. I say that upfront because I run into a lot of people that give up if they are not ready the first time. Don’t give up. Look at the path to ownership as a path like the “Game of life”. Remember that board game? It was the best. Right? Approach this with the same joy and enthusiasm. Sometimes you have to take extra steps to get to the finish line but if you keep playing by the rules then you will get to the finish line. Ok here we go!

When looking at qualifying a person for a home loan I am looking at three big categories. It is generally in one of these categories that I get “red flagged” that someone is not ready. They are:

What I am looking for is that the above 3 categories are stable. Yes, the key to getting pre-approved is showing stability. So, let’s go through them one by one

You may be thinking underwriters are super annoying dream killers right now, but they are not. They are your best friend double checking everything for you to make sure you do not end up house poor or with a foreclosure. I came into the business in 2008 and spent my formative years listening to people breakdown on the phone about losing their homes. I had not put people in these loans, but I was the person they now called as they were looking for hope and a solution.

We had none because the people had never qualified for the loan in the first place. My heart broke for every single person who had been told by a lender not to worry and they could afford the payment. Loose underwriting led to heartbreak. You may think you would not care if you lost a house but tell that to the people who lost their spouses to suicide over it.

Dark right?

[Complete Guide] How to Rate Shop Lenders?

Sat, 09 Jan 2021 21:00:00 GMT

[Complete Guide] How to Rate Shop Lenders?

First things first. You are not going to put your name and contact information on any sites that say they will offer you the lowest rate. That is a last resort. Some of those sites literally are selling your info for $50+ to multiple lenders which can turn your life into an endless loop of receiving robocalls. Yes, when they say they are comparing lenders for you they are literally selling your info like a baked good to the highest bidder. Lenders who pay for leads are successful by implementing the age old sales technique of hounding. Think I am kidding? Fill out your info on one of those sites and wait for the calls to come in. I have had clients who had to change their phone number.

If I was shopping a lender as a lender here is what I would do.

If you are buying a home, ask them about their preapproval process and their loan process. Perhaps they have a handy video like this to refer you to https://youtu.be/eevVm2BHKNA They key is you want to see if you get along with the lender. Do not lead with “I am rate shopping lenders for a house I may buy in 6 months”. Rates change very day and lenders cone in and out of the market. The lender who is the lowest in January may not be in June. You have already identified this lender is in a lower ballpark, so it is really about that magical click right now. Do you click? This call it to identify who you like and who will help you reach your goals and most importantly who you trust.

If you are refinancing, you are also looking for a person who is competent however now is the time to ask for a rate based on your scenario. Can we do an official loan estimate without an application? No. Can we give you a rate over the phone and what the lender gees are based on information you give us? YES. If they will give you a rate over the phone awesome. If they will only give you an estimate of rate once you fill out an application be wary. I am always happy to tell people where I am with rates and fees based on their scenario. If they want a loan estimate, they need to fill out an application. It is not worth the paper it is written on without an application. If you get a bunch of lenders to send you estimates without an application they are all garbage because rates change every day and the time between you collecting all those estimates and filling out an application and the lender locking it is rarely going to be same day. This is your intro call to the lender. Once again it is to reaffirm the ballpark and make sure the loan officer is competent and someone you want to spend the next 30 days with . If they are rude now, they are not going to get nicer on day 25.

3) More Research:

I love research, don’t you? Yes, now you need to look up the individual person you are working with. The loan officers. How are their reviews? No reviews? Check linkedin and facebook and even Instagram. Nothing still? Check them out here https://nmlsconsumeraccess.org/ This will tell you everything you need to know. It is important to note that lenders who work at banks are not required to have a NMLS number but all your loan officers at quicken, loan depot, guaranteed rate etc… have NMLS numbers. If you want to see what these looks like my NMLS is 247743. It shows my employment history, how long I have been in the business and all the states I am licensed in as well as if any regulatory actions have been taken . This can be handy as lenders only should be discussing rates with you for states, they are licensed in.

4) Time to input information :

Now is the time to fill out an online application and have the lenders pull your credit. Of the three I would apply with two. Who were the top two you talked to? Apply with both of them. If you are refinancing now is the time to consider locking and seeing who actually has the lowest rate and fees. If you are buying it is time to go through the preapproval process. Remember I have the handy video https://youtu.be/eevVm2BHKNA For refinances you stop here at step 4. Buyers lets go to #5.

5) Time to choose: You have preapprovals from both lenders. Are the rates similar? Is the service similar? If you like them both but one is much higher you should start focusing more on the lower one. When you are writing offers use preapproval letters from the lender you think will most likely win. Once you are in contract you are going to call both of them and ask for rates and their fee. You are doing this again because as I said in step two the lender who is lowest in January may not be the lowest in June. Always good to double check. Time to Pick the winner.

A special note: If one lender is the clear winner just pledge your loyalty to them and take the guesswork out. There are circumstances when one lender is just truly better in all ways and will take amazing care of you. By working with one lender you are not putting yourself at a disadvantage. It is like dating and marriage. Steps 1-4 you were dating. Now it is time to get married.

To consider:

Personally, I have paid more on refinances and purchases to work with lenders who I trust will get the job done. Could I have spent 19 hours and gotten a lower rate with a lender I did not know or trust sure. But for .125% or $500 why would I take the risk? Money is important but getting the job done is more important and working with a less trusted lender to save $100 is not worth the mental pain. It does not matter how great “the rate” is if they can’t close it.

2nd Job Income for Loan Qualifying [Key Takeaways]

Sat, 09 Jan 2021 20:36:00 GMT

2 nd Job Income for Loan Qualifying

Often when people are looking at buying a home, they will get a 2 ^nd job or an additional source of income so they can qualify for more house or save a bigger down payment. People are often disappointed when I let them know that in order for a lender to use income from that 2 ^nd job you need a two-year history of having two jobs at the same time. It does not have to be the same 2 ^nd job. Perhaps over the last few years you have had a few 2 ^nd jobs. They key that underwriters are looking for is that you have successfully maintained having two jobs at the same time. In addition, they are looking for a way to determine how much income to use from the 2 ^nd job. If you have a 2 ^nd job where the hours are all over the map a two-year history give them the ability to average the income.

If your 2 ^nd job is 1099 meaning that it will trigger you filling self-employed tax returns, they will want two years of filed taxes. Yes, two years of filed taxes. If you use your tax returns to write off all your income, then yes it erases the income for us as well. Whatever you tell the IRS we take as a fact. I say this because if I had a nickel for every person who wrote off all their income on their taxes said to me “well I make a lot more, I just don’t want to pay taxes on it. You know the game right.??” I would be retired.

If I am speaking with a borrower about their long-term mortgage planning I am generally trying to not use a 2 ^nd job to qualify. I am always trying to encourage people to use less of what they could qualify for. The reason is that time over time the happiest borrowers I know and see are the ones who have not stretched themselves too thin. Having the ability to quit your 2 ^nd job and still make your mortgage payment is powerful. There is not enough that can be said about the security of financial freedom.

Key Takeaways:

Helpful Links:

If you are self employed/gig income: https://www.youtube.com/watch?v=q_GClrlqYh0

The key to mortgage affordability: /mortgage-affordability/how-much-mortgage-can-i-afford/

VA Loans and Your Credit Scores Impact on Rates

Wed, 06 Jan 2021 13:20:00 GMT

VA Loans and Your Credit Scores Impact on Rates

VA loans are different from conventional loans in many ways. One of those ways is the impact to the rate based on your credit score. If you are doing a conventional loan your credit score is very important as it is one if the factors lenders are using to make up your rate. There are “adds” to the rate based on credit score. Pricing on conventional loans is done in 20 point “buckets” so basically 700 vs 720 have different Rates. For a conventional loan the lower the credit score the higher the risk. If a borrower goes bad on a conventional loan the lender gets stuck with the loan and a huge potential loss. 2008 anyone?

THIS IS NOT TRUE WITH VA. VA itself has no official credit score adds. VA is a federally backed loan. What this means is that regardless of credit score the government is insuring the loan so 800 vs 600 credit score = same risk to lender. The government is backing and insuring the loan so if the borrower goes into foreclosure, it is the government on the hook not the lender. The fact the government is on the hook makes it zero risk to the lender which is why you will see some lenders offering very similar rates to both a 600 and a 700 credit score.

The problem I see is that there are a lot of lenders that are using conventional pricing models with VA which is not a benefit to the borrower and is without merit. To be blunt, it is an easy way for a lender to make more money and have higher margins by playing into what society expects. If you have bad credit you generally accept that you are going to pay a much higher interest rate for something. That is true with credit cards and cars so generally if a person with less then perfect credit is told a rate is higher because of that they accept it. I am seeing lenders charge 2+% more for lower credit on VA and it is so so wrong and accepting that higher rate is unnecessary. Make sure you work with a lender who is not gouging you because of credit.

Important Points To Remember:

Helpful Links:

Every Wednesday I do a Video on VA Loans: www.youtube.com/jenniferbeeston

Why your credit score may be lower when a lender pulls: https://youtu.be/J6gJ7QMnIs8

Federally Backed Loan: https://en.wikipedia.org/wiki/Government-backed_loan

FHA Tightens Their Belt on Landlords and Self Employed

Wed, 05 Aug 2020 13:27:00 GMT

FHA Tightens Their Belt on Landlords and Self Employed

For months I have been waiting. We knew it was going to come. It was impossible for FHA to not react to the economic havoc Covid has created. Landlords and self-employed borrowers’ risk has exponentially grown. Landlords across the country are facing a lack of rental income and businesses are being impacted. Well, ladies and gentlemen FHA has tightened their belt and I expect more investors to follow suit and FHA to tighten even further. Here are the changes

It is important to note that these changes are for case number issued on and after August 12 ^th 2020. There are two issues in these new guides which I see as the biggest stumbling blocks for qualifying.

Everything else is just dotting I’s and crossing T’s. Making sure you are receiving payment for your rental to offset income seems fair. Making sure the income on your business still matches your prior year seems fair. So, what is next? FHA has allowed pretty high debt to incomes over the last few years.

I expect based on these changes we will see a reduction in allowable debt to income in the near future. If you are qualifying for VA you are going to want to make sure your lender is up to date on the guidelines and I would urge you to keep your debt to income below 45%. It is not the guideline yet but based on these changes I do not see that being too far off in the future.

To review the FHA letter https://www.hud.gov/sites/dfiles/OCHCO/documents/2020-24hsgml.pdf

For FHA updates: https://www.hud.gov/program_offices/administration/hudclips/letters/mortgagee

Self Employed Borrowers 2020 Additional Requirements

Mon, 03 Aug 2020 03:45:00 GMT

Self Employed Borrowers 2020 Additional Requirements

Buying a home or refinancing a mortgage in 2020 has additional requirements for self-employed borrowers you need to be aware of if you are self-employed and looking for a mortgage. Covid has changed the way we live, and lenders are keenly aware of this.

Businesses that were doing great in 2019 may have been shut down for a portion of 2020 so income from 2019 alone is not an accurate barometer of the business’s health. It makes sense when you think about it. The world pre Covid was a different place.

You could walk into restaurant, go to a movie and get your teeth cleaned. Now many industries are shut down or have serious restrictions which have affected the businesses health. In order to get an accurate view of self-employed income lenders are now requiring additional documentation that takes 2020 into consideration.

If you are self-employed, you should get these items ready to give to your lender. On all of our preapprovals we are asking for this day one now. Saying you think your business is fine is not enough to get a preapproval.

We need these documents upfront so we can send to our self-employed income desk to calculate the businesses health. I have seen no exceptions to this so best to be prepared. Below are the new requirements.

In addition to tax returns to qualify we now need

recent month preceding the loan application date OR

YTD P&L

*This is written 8/1/2020.

The Basics Of Money To Finance a Great Life!

Fri, 19 Jun 2020 15:00:00 GMT

The Basics Of Money to Finance a Great Life!

Money is mysterious. It should not be but it is. We live in a country where our education system does not cover the basics of money . We cover 17th-century history but not how to balance a checkbook or use a budget. We have people coming out of high school with no idea how money works.

They come to me years later drowning in debt looking to buy a home they cannot afford. If our schools had some solid form of financial education our country as a whole would be so much better off. My pet peeve is the lack of financial education in schools. It keeps me awake at night.

Can you tell?

Add to that the negative connotations spread through the media that if you care about the money you are a miser or cheap and you have a recipe for financial disaster. Watching your money and caring about having money is GOOD. I talk to people all day about money.

It is my job and I love it. From all these interactions I can tell you that people are suffering and not living the lives they dream of because they do not understand the basics about money and are concerned about the negative connotations of knowing too much about their money. Below are three items I feel are the absolute basics. If you are not already doing these. Please do and feel free to check in with me to let me know how it goes.

1) Live Below Your Means:

A budget is a great way to examine if you are living above or below your means. There are old school spreadsheets etc you can use personally I prefer mint.com It is FREE and If you pay your credit cards and have all your banking online Mint will be a breeze.

You literally put in all your accounts logins and it will analyze those accounts and create graphs showing you where you are spending your money. It is always an eye-opener the first time you look at that pie graph.

You can very quickly see where you are overspending and narrow it down not just to the category but actual store. It also has the option to set budgets for any category. This is a very easy way to see where all your money is going. Make it a game to see where you can cut.

If you are not a sports fan and watch minimal TV, a simple cut is to cancel cable and get Hulu. Hulu is like $8 a month. Have a landline and a cell phone?

Do you really need the landline?

In an emergency, you have a better chance of the cell phone working. You can go through and analyze these things and make cuts.

Starbucks your vice?

Have you tried a Nespresso machine?

If you make 10k net and are spending 10k a month you are setting yourself up for a miserable life.

2) Respect your creditors but understand they are not your friends :

Respecting your creditors is the key to a good credit score. Pay your bills on time or early. Never miss a payment. Think of most of your creditors as loan sharks.

If a guy in an alley with a bat said he would lend you a $100 but if you do not pay it back that month you now owe him $125 and he is going to tell everyone you are a deadbeat would you wait a month to pay him? No, you would not and yes credit cards can have interest rates as high as 25% and when you are late they report it to the credit bureaus.

You do have to have credit cards though. We have a whole new generation of people terrified of credit and living off the grid until they want a home. Guess what? No credit history = no loan. Use credit cards for convenience and to build credit and get airline miles but pay them off in full every month.

If you cannot pay it off you should not be charging it. That is the hardest thing for anyone to learn. Let’s say it together; If you cannot pay it off you should not be charging it. For all my clients building their credit, I say put one tank of gas on the card every month and pay it off. That is it.

3) SAVE SAVE SAVE :

Save 20% of your net income every month. If you make $1000, that means $200 in savings per month. Make 20k?

That is 4k in savings per month.

It has to be automatic in your brain that the first bill you pay is to yourself and it is 20% of your net in savings. The normal thought pattern is to pay everything due and then buy whatever you want and then save.

That is the wrong way. Save first. Of course, you need to pay your bills but if you followed 1 and 2 this should be a breeze. Picture yourself as the guy in the alley with a bat and if you don’t save 20% then next month you have to save more.

Remember, you do not have to make a lot to save money. You just have to live below your means. Some of my best saving clients make less than 100k a year and they are not extreme cheapskates.

Bottom Line:

Money is not mysterious. Banks and creditors would love you to think that it is very complicated but it is not. Don’t fall into the consumer traps. Understand money and use it to get what you want and to insulate yourself and your family.

How To Freeze Credit in 2020

Wed, 17 Jun 2020 18:10:00 GMT

How To Freeze Credit in 2020

Identity theft is happening everywhere. Everything is hackable and literally nothing is safe. The IRS has been hacked for goodness sake so you really have to go above and beyond to keep your credit safe . In order to protect yourself, I recommend freezing your credit. Freezing your credit makes it so that no one can open up new lines of credit in your name.

You can still use all the credit cards you have and it does not affect their limits it literally just makes it so that someone cannot open new credit lines in your name. It does not protect you from people hacking and using your current cards or bank accounts but from where I sit as a lender it is when thieves start opening new lines that the damage gets out of control. If you can make it so only you can open new lines of credit in your name you are ahead of the game.

How to Freeze your credit : Use the links below. Do not get tricked into expensive unnecessary credit monitoring services. If you want credit monitoring many credit cards do it for free now.

Yes, for free and seriously you can set individual alerts on your credit cards so you get alerted when a transaction occurs which would be my suggestion.

Freeze your credit and do that and you are ready to go!

Equifax: https://www.freeze.equifax.com/Freeze/jsp/SFF_PersonalIDInfo.jsp

Experian: https://www.experian.com/freeze/center.html#content-01

Transunion: https://freeze.transunion.com/sf/securityFreeze/landingPage.jsp

All three sites will give you a pin code you will need in order to unfreeze your credit. You will need to unfreeze your credit if you want a new mortgage or a new credit card or auto/personal loan.

Keep these pins in a safe or somewhere safe. Do not lose the pins. It is super easy to freeze and unfreeze as long as you keep the pins.

Stay Safe!

COVID 19, Foreclosures and the Impact to Housing

Fri, 29 May 2020 20:41:00 GMT

Dear Foreclosure Hunters,

With unemployment hitting levels worse than the great depression people are wondering when we will see the fall out in the housing market. When will we see all the foreclosures which seem inevitable? Over 20 million job losses in April alone.

COVID 19, Foreclosures and the Impact to Housing

The country, as I write this in May, to a large extent is still shut down. The world as we know it has changed except for one thing. The housing market is still buzzing. I am not kidding. The housing market is buzzing. With the initial COVID shutdown we saw purchases come to a halt but as the country slowly starts to reopen, we are back to the world of multiple offers and house prices increasing.

I cannot legally go and get a haircut, but my clients are competing with 20 people for a house. I am seeing this across the country. So, what gives?

This pandemic has been subsidized by the United States. This is not a political statement. This is a fact. The government reacted swiftly to the crisis and introduced measures to lessen the economic fallout. By allowing loan forbearances and passing measures such as stimulus checks and increased unemployment amounts the effect on the economy has been dampened from the absolute catastrophe it could have been had no measure been put in place. This is a good thing.

The million/billion-dollar foreclosure question is how long can the government continue to subsidize the economic impact and when will this all end? There is no cure and there is no vaccine at this time. Until there is, it continues to spread. Depending on who you talk to a 2 nd shutdown is inevitable.

Will people be allowed to defer their mortgage for another year from then or how will that work? Can the government really do more stimulus checks? We have already seen that the increased unemployment has led to labor shortages as encouraging someone to go back to work when they make more from the safety of their home not working has been an issue.

How can we keep everything afloat if COVID closes us down again?

And the big question I see is what about all the states whose revenue has been severely impacted?

How will they pay their workers in the upcoming years?

If you look like a state like California, we already have high state income tax, if that gets increased you hurt people again. There is not an obvious solution to the pending “bills” that will need to be paid.

In reality, we will not see the full economic impact for over a year. If you just look at the forbearance portion, people have up to one year that they can not make their mortgage payments and it is ok. It is not until that window is up +6+ months to see if we are going to get a flood of foreclosures.

Personally, I hope we avoid foreclosures and depression or recession but for all my foreclosure buyers start “stacking cash” now and watch what happens over the next two years. Patience as they say Is a virtue.

Thanks for reading and stay safe,

Jen

How Long Does It Take To Get Pre Approved For A VA Loan?

Sat, 09 May 2020 08:58:00 GMT

How Long Does It Take To Get Pre Approved For A VA Loan?

Many people assume the VA mortgage process is long and arduous. This is not accurate. Getting a VA loan can be just as quick and easy as getting a conventional loan as long as you are working with an experienced VA lender. An experienced VA lender will properly prepare you so that you do not have any delays.

A VA preapproval can be done same day in many cases. It is all about preparation. Remember, the preapproval is your ticket to home shopping, so it is critical you get one.

In order to get a fast pre-approval, it is a good idea to optimize the loan approval process from your end as much as you can. Gathering the below documents before you speak with a lender can help make the process smoother, faster and more accurate.

VA Loan Eligibility Criteria:

First thing’s first, before getting any VA Loan, you need a Certificate of Eligibility (COE) from the Department of Veterans Affairs. This certificate states that the applicant has indeed served in the US armed forces for at least the minimum amount of time to make them eligible for this certificate.

This certificate would then be brought to a lender for the next phase. This link will take you to the VA portal which lists the current requirements as well as has a link so you can retrieve your certificate of eligibility online . The VA administration has made this really easy which is great!

Beyond the certificate of eligibility, I would suggest gathering the following for your first conversation with the lender. Here are the documents that you are going to need with your preapproval application:

About Jennifer Beeston :

How To Save Money To Pay Your Down Payment For Your Property

Mon, 04 May 2020 05:39:00 GMT

If you are looking at mortgage loans you need to shop your rate. I know you have heard that a million times before but I have to say that if you do not shop your rate in this market odds are you are leaving money on the table… a lot of money. There is a huge variance in the mortgage market when it comes to mortgage rates at the current moment. I am seeing HUGE differences in rate across every loan type based solely on which lender you are speaking to. Same borrower, same loan, HUGE rate differences based only on what lender you are speaking to. I repeated this because it is serious. Variances from .25% on a conventional loan to as much as 1% on a government loan. I have never seen this level of disparity before, it is unprecedented and there are a few market conditions which have led to this:

Refinance volumes dropped off a cliff :

mortgage companies that were largely refinance based are bleeding and trying wherever they can to stay afloat. That means higher margins which = higher rates for the consumer

Mortgage originators who were refinance based are now having to recreate themselves .

This is leading to two things. You have lenders coming in undercutting the market to take share (YAY THIS IS GREAT for consumers!) and you have lenders trying to make up for the lack of their volume by increasing what they get.

Market disruption is leading to increased competition and deceptive marketing .

We have new lenders popping up every day with a new pitch as to why they save you money and are better for you. GREAT! Competition is great for consumers. BUT Make sure you look past the marketing to the actual rate and fee.

I have looked at a few of these that say they are saving you money since they do not have loan officers, yet I have compared rates and their rates are the same as mine and in a few cases higher.

How is this saving you money?

It is not.

It is like self-checkout at the grocery store. Did checking out your groceries save you any money?

No, but it saved the company money by making you do it yourself. Get past the marketing to the rate and the fee.

It has to be both. Neither one or the other.

Don’t just assume since they say they are saving you money, they are. If a guy tells you he has kittens in a van behind the parking garage, it does not mean he really has kittens. Same principal here.

Interest rates have gone up.

Lenders are playing this two different ways – you have some fattening their margins and blaming the rate increase as a market condition even though the extent of that raise is not 100% market driven and then you have other lenders fighting to gain more market share by cutting their margins to get you the lowest rate (AGAIN YAY, GREAT for consumers).

You want to be working with the lender trying to get market share because that will save you money.

There is going to be a huge shake up in the mortgage market in the next two years. Lenders that think they can make 2%+ on every loan are going to go out the door.

I am making it my personal mission to make sure this nonsense stops which is why I am urging you to shop your rate. Shop, shop, shop, your rate.

If you are a borrower getting FHA or VA (BOTH OF WHICH ARE ACTUALLY AWESOME PRODUCTS BTW) you HAD better triple check your rate as that is where I am seeing the most outlandish differences.

But seriously, even on a conventional conforming loan I am seeing as much as half a percent RATE difference ADD THAT UP OVER A THIRTY YEAR LOAN TERM!

Some lenders will try to tell you that they have better customer service or can close the loan faster so of course you need to pay more. That is a sales technique.

Yes, a sales technique.

There are plenty of top tier lenders who can get you a great deal and give you A+ customer service and speed. You can have it all!

Now go save some money and make me proud!:)

– Jen

The 3 Big things you need to know about FHA

Fri, 15 Feb 2019 17:55:00 GMT

FHA (US Federal Housing Administration) has mortgage insurance no matter how much you put down. A lot of people assume that, since with a conventional loan if you put down twenty percent you don’t have mortgage insurance, so with FHA it must be the same. Wrong! FHA requires monthly mortgage insurance regardless of how much… The post The 3 Big things you need to know about FHA appeared first on Jennifer Beeston.

First Time Home Buyers Program in the County of Sonoma

Tue, 22 Jan 2019 23:14:00 GMT

The first and most important thing you need to know about this program is that it is for Sonoma County employees in a SEIU local 1021 job classification. What is that? Odds are if you work for the county it makes total sense. This program is interesting in that it basically is a 2nd mortgage at a… The post First Time Home Buyers Program in the County of Sonoma appeared first on Jennifer Beeston.

The city of Visalia, California offers a first-time home buyers’ program to purchase homes

Thu, 17 Jan 2019 18:48:00 GMT

The city of Visalia, California offers a first-time home buyers’ program to purchase homes in the City of Visalia. The purpose of the program is to help first time homebuyers into homes they can afford by granting them money via a silent second. What this means is that the city is not giving you “free money”… The post The city of Visalia, California offers a first-time home buyers’ program to purchase homes appeared first on Jennifer Beeston.

Ten Ways To Save Money in the New Year

Fri, 14 Dec 2018 18:56:00 GMT

1. If you own a home Get a mortgage checkup. If your interest rate is higher than the market or you have mortgage insurance, you may be able to refinance into a better position which would save you money. Refinances are closing in as fast as 15 days so in 15 days you could save… The post Ten Ways To Save Money in the New Year appeared first on Jennifer Beeston.

Affordable Housing

Wed, 05 Dec 2018 21:58:00 GMT

Affordable housing is a huge issue in our country. HUD considers anyone paying more then 30% of their income towards housing as cost burdened and may have difficulty affording basic life expenses such as food. In many parts of our country I would argue the average housing payment is 42% of the majority of buyer’s… The post Affordable Housing appeared first on Jennifer Beeston.

2019 Loan Limits Going Up

Fri, 30 Nov 2018 23:27:00 GMT

Fannie Mae and Freddie Mac have increased conventional loan limits for 2019: Explained I am sure by now you have seen at least a few social media posts about loan limits going up. They basically say new loan limits for 2019. I am here to give you the full low down so next time you… The post 2019 Loan Limits Going Up appeared first on Jennifer Beeston.

The Culture Of Always Being “on”

Mon, 05 Nov 2018 19:06:00 GMT

In the past ten years technology has radically changed the way we do business. We have the ability to do so many things faster and more efficient. But with any great achievement there is often sometimes a negative aspect. So, what is the negative aspect of all the great tech advancements over the last ten… The post The Culture Of Always Being “on” appeared first on Jennifer Beeston.

Timeline of a Purchase Loan: Controlling the Process

Fri, 21 Sep 2018 23:36:00 GMT

The post Timeline of a Purchase Loan: Controlling the Process appeared first on Jennifer Beeston .

How Much Mortgage Can I Afford?

Mon, 10 Sep 2018 18:01:00 GMT

You will need a basic calculator for this. The one on your phone is totally fine. In a perfect world you would talk to a great, amazing mortgage originator upfront. However, we all know that is not realistic and if you are like me you want to crunch the numbers first to get a rough… The post How Much Mortgage Can I Afford? appeared first on Jennifer Beeston.

The #1 way to know you can afford your proposed mortgage payment

Tue, 23 Feb 2016 23:02:00 GMT

Lets start with a truth bomb. The max mortgage I can qualify you for will make you “house poor”.

Yes, the way loan guidelines are written I can get you up to a level where you can pay your mortgage, basic bills and have Top Ramen every night until you get a raise or a new job. Want to go out for dinner? NO Want to buy a new sofa? NO Want to go on vacation? Hahahahahhahahaha, NO, you are “house poor.” All your money goes to your house and basic bills. And by the way you may have to cut cable and use heat bi weekly. I do not want you to become a victim of “house poverty.”

That is why when people ask me what they qualify for I do not max qualify instead I talk about what they have been paying and what they have been saving.

That is the secret to determine what you can actually afford.

If you pay $2400 a month in rent and your proposed payment is $3600 a month, have you been saving $1200 a month? Do you have $1200 a month leftover every month? NO? Well then time to make a budget to see what you are willing to cut. Not willing to cut anything?

Well then, $2400 a month is the max payment you can handle. If you pay $2400 a month and have been saving $2000 a month then a $3600 a month payment is ok.

Bottom Line:

Getting MAX qualified and shopping based off of that number is a recipe for disaster. Don’t do it. Respect yourself and the quality of life you want to have. I understand the max mortgage may get you a slightly nicer house but you will give up everything else for it. Look at what you have been paying and what you have been saving. That will help you find the home loan that fits you.

The post The #1 way to know you can afford your proposed mortgage payment appeared first on Jennifer Beeston .