The Mortgage Brothers Show

We go through the LSU (Loan Status Updates) which is an Arizona specific form. This is an important form that lenders will need to send to the sellers throughout the purchase transaction. We give our insight on the form and highlight the items we think are important for seller, buyers, and Realtors to be looking at.

We highlight the important line items that borrowers and realtors need to look at in the Arizona Prequalification form. We talk about the advantage of showing a higher loan amount on the prequalification form to show strength if it is a competitive market and multiple offers are expected on homes for sale. We discuss the importance of borrowers sending income and asset documentation so sellers can feel confident in the buyer’s ability to qualify.

Delayed Financing (Defined Term) has more to do with avoiding normal Seasoning Requirements (6 months) when doing a Cash-Out Refi then really anything else. It could be called “No Seasoning Cash-Out Refinancing”. Basically Someone delays getting financing by first paying cash (or can be from a HELOC, or secure loan) and THEN decides to put financing on the property after COE but doesn’t want to wait the standard 6 months seasoning!

Top 10 Mortgage DO’s and DON’Ts on home loans when purchasing a home:

Seller Concessions are also known as ‘3rd Party Contributions’. Who is a typical interested party in a purchase transaction? Sellers, Buyer Agents and Listing Agents are 3rd party contributions.

In this episode, we covered solar panels and how borrowers should view them when looking to buy.

How do student loans affect qualifying for a mortgage? 70% of college students graduate with a significant amount of loans. Student loans balances are climbing every year and it can greatly affect these borrowers when they try to get approved for a mortgage.

Welcome, everyone. Tom and I have decided to talk about student loans and how they affect mortgages. And this comes from a question that was asked by someone in our audience, a realtor. And we thought this was a great topic.

What are points? Customers are asking about points. Buydown points, buydown rate, how does it work, what is it?

The FICO score is actually named after a couple of individuals, and the individuals … who is it? I think it was Bill Fair and Earl Isaac, actually came up with the FICO score. It was Fair and Isaac and Company. That actually has roots that go back quite a ways, and I always thought that that was extremely interesting.

Well, people call or email us about first time home buyer programs, which we have. And we want to talk about one of the best, we were going to talk about the best first time home buyer program that we have and what we believe is the best first time home buyer program in the country. But people call about down payment assistance programs.

It’s March 12th 2019 and millions of people are in the process of filing their 2018 tax returns. In today’s show, Eddie and Tom Knoell go through the parts of a Mortgage Are Tax Deductible based on the 2018 tax rules. They discuss whether principal, interest, taxes, or insurance are tax deductible as well as what closing costs are tax deductible.

Welcome, everybody. This is our first podcast, first official podcast, and I’m telling you, we’re excited. Tom and I, we wanna use this podcast to be answering questions that borrowers have, sellers, buyers, real estate agents, anybody who’s willing to listen and anyone who has questions, we wanna use this podcast as a medium to get all these questions in the mortgage business out to them. Right, Tom?

Attached and Detached Resales in the Greater Phoenix Metro Area for prior 30 day period as of 2/9/19

The $200,000 to $300,000 price range is the hottest market in terms of market share in the Greater Phoenix Metro Area accounting for 44% of the sales of resale single family houses in January 2019!

So where are all the affordable single family homes?