[Felix]

Housing Starts for October were reported at a 1.372 Million annual unit pace, which is up 26,000 from last month’s revised report of 1.346 Million, and above estimates of 1.35 Million. Housing Permits, which are a good indicator of future starts, increased to 1.487 Million units. This is up 16,000 from last month’s figure of 1.471 Million.

9:31 AM: Stocks have started the day higher. The Dow is +73.83 at 35,019.30 and the S&P 500 is +4.59 at 4,512.83. Mortgage Bonds are +6bp at 101.25.

[Felix]

You can advise them to opt-out of pre-screened credit offers by contacting the major credit bureaus directly or visiting the official website of the Consumer Credit Reporting Industry at http://www.optoutprescreen.com
This should reduce the number of trigger leads generated from your clients’ credit inquiries.

Costs of it vary and the conversion rate is very slim.

[Felix]

Your credit score can have a significant impact on your mortgage application. Here’s how:

1. Loan Approval: Lenders use your credit score to assess your creditworthiness. A higher credit score indicates that you have a history of responsible financial behavior, making you a more attractive borrower. A lower credit score may make it more challenging to get approved for a mortgage, or you may receive less favorable terms.

2. Interest Rates: Your credit score can directly affect the interest rate you’re offered on your mortgage. Borrowers with higher credit scores typically qualify for lower interest rates, which can save you a significant amount of money over the life of your loan. Conversely, if you have a lower credit score, you may be offered a higher interest rate, resulting in higher monthly mortgage payments.

3. Loan Terms: Lenders may offer different loan terms (e.g., 15-year or 30-year mortgages) based on your credit score. Borrowers with excellent credit may have more options when it comes to loan terms, while those with lower credit scores may have fewer choices.

4. Down Payment Requirements: A lower credit score might lead to more stringent down payment requirements. Lenders may require a larger down payment to offset the perceived risk of lending to someone with a lower credit score.

5. Private Mortgage Insurance (PMI): If you have a lower credit score and are unable to make a substantial down payment (typically less than 20% of the home’s purchase price), you may be required to pay for private mortgage insurance. PMI adds an additional cost to your monthly mortgage payments.

6. Loan Approval Conditions: In some cases, if your credit score is borderline, the lender might approve your mortgage application with conditions or higher requirements, such as a larger down payment or a co-signer.

It’s essential to monitor your credit score, take steps to improve it if necessary, and be prepared for the impact it can have on your mortgage application. You can check your credit report for errors, pay bills on time, reduce outstanding debts, and avoid opening new lines of credit shortly before applying for a mortgage to help improve your creditworthiness and potentially secure a better mortgage deal. Consulting with a mortgage professional can also provide you with personalized advice based on your specific financial situation.

[Felix]

This product is extremely stringent to their guideline

There are NO exceptions or variances.
Due to this product being considered Non-QM O/O, it falls into State Restrictions, TRID and High Cost guidelines!
This particular product is a portfolio product that requires a board to review due to the nature of this product, which may cause delays in turn time

[Felix]

A different side of Mr. Carlucci🤣

[Felix]

https://www.youtube.com/watch?v=FNRFqIveZNQ

[Felix]

Regardless of the ratio? or should it be 1:1?

[Felix]

Why NEXA With Mike Kortas will be at 1 PM CDT (Thu)
Here’s the link: https://www.zoom.us/j/4802285442

zoom.us

Join our Cloud HD Video Meeting

Zoom is the leader in modern enterprise video communications, with an easy, reliable cloud platform for video and audio conferencing, chat, and webinars across mobile, desktop, and room systems. Zoom Rooms is the original software-based conference room solution used around … Continue reading