Check out my Mortgage Revolution video.

Mortgage Revolution represents everything that is right about the lending industry.  All profits are donated to various charitable organizations and is filled with volunteers with one common goal… to educate one another so that together we can make a positive impact in our industry that we each love so much.

My personal hope is that I present some of the most engaging content on how to create killer visual videos that go viral.  If I can just share my tips, thoughts, and passion for the importance video can play in our lives, perhaps it may spark a fire internally in just a few professionals that can only be doused by the satisfaction of taking immediate and measurable action.  If I can just see that “ah-ha” moment click in someone’s eyes, then all the preparation and anxiousness leading up to the event will be worth it for me.

To those who have expressed unwavering support for me, my videos, and my involvement with Mortgage Revolution… I sincerely appreciate your belief in me.

Look out New York… here I come!!

FHA has been given the authority to change the amount charged to borrowers for the up front and annual mortgage insurance premiums… and they wasted little time making some adjustments.

This is going to impact how Realtors write up FHA purchase agreements, as well as the monthly payments borrowers might expect when buying or refinancing their home.

The new premium amounts will be effective on all FHA case numbers assigned on or after October 4, 2010 – so borrowers that already have an FHA transaction in process won’t be impacted, but new FHA clients who come into process on, or after, October 4th will be subject to the new guidelines.

Here’s what you need to know:

• The Up Front Mortgage Insurance premium is now 1.0% for all standard FHA programs, including on purchase money mortgages. This is a significant change from the 2.25% Up Front Mortgage Insurance typically in place on FHA 30 year Fixed Rate transactions.

• …but don’t pop the bubbly just yet — the Annual Mortgage Insurance premium is now .90% for LTV’s greater than 95% on 30 year loans…which is also a significant change from the .55% we’ve been accustomed to using when we calculate the monthly payment.

• There are different annual premium amounts for lower loan to values and for 15 year terms, so call me for more details if needed. And by the way, FHA now has the authority to raise the Annual Mortgage Insurance premium “at will”…up to 1.55%…so I’ll be keeping closing tuned to any changes and will be sure to keep my partners, clients, and followers informed.

So let’s break this down so we can really understand the impact this may have on the average homebuyer.

Current FHA Scenario:

Purchase Price: $250,000

Interest Rate: 4.250%

Down Payment: 3.500%

Principal & Interest: $1,213.51

Property Taxes: $225

Home Insurance: $38

Mortgage Insurance: $109.73

Total Monthly Payment (PITI): $1,586.24

New FHA Scenario (Effective October 4th, 2010)

Purchase Price: $250,000

Interest Rate: 4.250%

Down Payment: 3.500%

Principal & Interest: $1,198.68

Property Taxes: $225

Home Insurance: $38

Mortgage Insurance: $179.55

Total Monthly Payment (PITI): $1,641.23

That’s right — the new payment would now be almost $55 a month higher.  Over a 5 year period this adds up to a $3,299.40 difference in payments.  Another consideration is that if you determining a price range of home you may qualify for, this increase in mortgage insurance may reduce your qualified amount by $10,000 or more.

My advice?  With interest rates at their lowest levels in history and the pending FHA changes, if you are thinking of putting an offer on a home or just doing a simple refinance, you better do it soon… or it may cost you much more in the long run.

As always, please consult with your trusted mortgage professional for specific guidance.  If you reside in Oregon or Washington, I would be happy to help.  If you live in any of the other 48 states, I can give you a referral to a top mortgage professional in your local area.

What is one thing you wish you would have done differently when you look back at your first home purchase experience?

Ashley said, “I recently purchased my first home at the end of 2009. We have been living in our new home for about a month. I do not have previous experience to compare to, however I feel I made a very sound business investment by purchasing our home at this time when the market is in a downturn.  Making sure you have a realtor who is working in your best interest is really important to finding an affordable home that works for your lifestyle. The realtor we used was very knowledgeable about the market and understood what we were looking for. I don’t believe we would be homeowners without all the hard work our realtor put into making sure we found our perfect home.

Sandra said, “Look closer at how my new development was developed and whether the conditions of approval to build it had been adhered to. An example is large mature trees that were intended to be saved should have been protected much better when they graded for initial site development and built the homes. The rules were not followed very closely by the developer, the City didn’t enforce very well, and the owners (for trees on private lots and trees on HOA property) got stuck with trees that later died and were very expensive to have removed.”

What tip/advice would you give to someone who is looking at buying their first home?

Ashley said, “Identify qualities of a home you can and cannot live without, how long you plan on living in the home, the degree of upgrades you want to tackle, and the amount of time and money allotted for projects. Work with a realtor that understands what you are looking for and who has your best interest at heart. Don’t be afraid to ask questions!!!”

Hugh said, “Home-Buying can be a complicated process so be sure you have a mortgage broker and real estate agent that have your best interests at heart. Our broker was very positive, truly interested in us and in our satisfaction and made the process flow as smoothly and as quickly as possible. We had a deadline to meet due to unforeseen circumstances and he was able to meet it for us. Our real-estate agent would not “allow” us to buy a home that she felt wasn’t a good buy or that might cause us trouble. She was very critical at every flaw and even saved us from some heavy buyer’s remorse. These two factors can make the difference between satisfaction and disaster.”

Angie said, “You must work with the right professionals. We were introduced to a real estate agent through a friend of ours and immediately had a funny feeling about her. We were a little naive about the process of buying a home and didn’t really even consider the idea of interviewing several agents. Well it was our own fault and we eventually got connected with a lender through our agent….what a nightmare!! The mortgage guy took three days to return our phone calls and it always seemed like we were inconveniencing him. After working for a month with these two professionals???, we decided that homeownership was not for us. About 6 months later we were looking through the PCC website and noticed your class and decided to educate ourselves about the whole first buyer process.Thank goodness we did! The class opened our eyes to many things that were never really explained to us the first time around. There is a big difference in the quality of real estate/mortgage professionals out there…work with the right people.”

Kirstin said, “Neighbors: we have some great neighbors, but we also have some lame neighbors. When you rent, it’s not that big of a deal. People move, there is turnover, etc. Plus, you yourself are more free to move too. But we may be living next door to these crummy people for years, even decades. And there is not a landlord to complain to. I don’t know how we could have prevented this, and I don’t know that I would have changed my mind about the house had I known ahead of time, but looking back I would have at least knocked on doors to say hello BEFORE we bought the house. Then we would have had some idea. But on the flip side, we do feel very fortunate to have our great neighbors!”

Matt said, “Owning a home is definitely a BIG change from renting. Plus, just knowing how to fix things yourself and/or knowing the right people to call. Here’s a little story for your students…within about one year of moving in, I was taking a shower that went cold. I check all the faucets. Cold. I knew it was the water heater, but what did I know about water heaters? I call the 800 # on the water heater itself, and we figured out that the pilot light had gone out, they walked me through re-lighting it and all was well. But when I first made the discovery, all I could think was WHY CAN’T I JUST CALL MY LANDLORD?!”

What is your favorite part about being a homeowner today?

Kirstin said, “We love being homeowners! I love that we can paint the walls whatever colors we want, we have our own yard, we adopted 2 wonderful cats, and we are making a monthly payment (unlike rent) that makes this home all our own.”

Jeanie said, “My husband would say that his favorite part is having room for his big screen tv, but I think we would both agree that waking up each morning knowing that THIS IS OUR HOME AND IT JUST FEELS RIGHT.”

Scott said, “The paradoxical feelings of privacy and separateness from those around you and belonging to a neighborhood or community at the same time.”

John said, “There is a sense of freedom and financial flexibility when owning a home. It has been one of the best investments I’ve made. I really didn’t think I could purchase a home on my own, but I did and it is possible. It wasn’t as hard as I thought it would be. I feel that anyone can do it, if they optimize the resources that are available to a first time home owner.”

Ashley said, “Having a place to call our own. The freedom to decorate and landscape the way we want. Experiencing all the adventures good and bad that comes with owning your home.”

Rates Hit a 50 Year Low

In June of 2009, my office had record volume largely due to the unbelievably low interest rates.  We helped countless homeowners reduce their overall mortgage payments.  As low as rates were at that time, can you believe they are almost .750% or better today?  It is the lowest interest rate average since Freddie Mac began tracking interest rates in the 1970’s and believed to be the lowest rates since the 1950’s.

For well qualified borrowers I am locking conventional 30 year fixed rates at 4.250% (APR 4.399%).

Breaking Down the Numbers

To give you an idea of how much money these rates could save you, I thought I would break down the numbers to better illustrate the savings.  Take a look at a couple of hypothetical scenarios (assumes 750 credit score, 35% DTI, loan amount $275,000, and 25% equity in your home):

Your current Rate: 5.750% (30 Year Fixed)

Your current Payment (P&I): $1,604.83

New Interest Rate: 4.250% (30 Year Fixed)

Your New Payment (P&I): $1,352.84

Total Monthly Savings: $251.99

10 Year Potential Savings could equal $30,238!!

If your rate is currently 6.375%, your monthly savings could be $362.81 per month or $43,537 over 10 years.

Now, it is important to note, that this rate may not be available to everyone and subject to full loan approval.  FHA, VA, and conventional rates may vary depending on the program, borrowers credit score, and amount of equity they may have (if any) in the home.  But for $30,238 in potential savings, it certainly may be worth a quick call or email to see if you may qualify.

But My Home Value Has Declined

This is the reality for homeowners all over the country.  While losing equity in your home, or in extreme cases “being upside down” in your home, may limit your refinance opportunities or impact your interest rate, there is hope.  You could be eligible for a number of programs that may not require an appraisal or allow for a loan amount higher than your current value, like an FHA Streamline, Fannie Mae DU Refi, or Freddie Mac DU Refi Plus.  All of these programs allow for an amazing amount of flexibility and attractive interest rates.

What Should You Do?

If you are interested in having a FREE consultation with me or someone on my team, please gather your most recent mortgage statement and give me a call or send me an email to schedule a time to connect.  If lowering your payments, reducing your mortgage terms, or perhaps getting out of a risky Adjustable Rate Mortgage is something that you have been thinking about, then it is time to take action today.

Call or email me anytime: 503-597-3500 or dustin @dustin360.com

Don’t get me wrong, I want to be a productive member of society.  I have a family, full-time job, and responsibilities that I have committed to.  Most days, these activities and the people in my life provide me with more than enough challenges and excitement.

But that’s not good enough!

There is an insatiable desire to achieve more with my life.  The only way to satisfy this thirst is to stop talking about it – and just start doing it!!  A few years ago I began writing down my goals.  They ranged from the simple, to the flat out dangerous.  There were no rules to what I listed, if I could dream it, and it inspired me, I added it to my list.  I would figure out the logistics when the time was right.

Why am I sharing this with you?  Two reasons: 1) I know I am not the only one out there who feels that they can do so much more with their life.  I hope my list, and eventual successes, inspire you to write out your goals and take action.  2) By sharing my goals with all my friends, family, and followers, it offers a level of accountability I have never had before.  I am blessed to have some brilliant people in my life and they encourage me to reach for greatness everyday and I hope you will as well.

With that being said, here is my Dustin360 List:

Professional

100 Facebook fans (Yes – thanks for the support… help me get to 250 fans)
250 Facebook fans
500 Facebook fans
1000 Facebook fans
5000 Facebook fans
Become a significant part of Loan Toolbox and/or Mortgage Market Guide (Got a voicemail from Sue Woodard November 2009.  One of the best days of my life)
Speak in front of an audience (50+)
Speak in front of an audience (100+)
Speak in front of an audience (200+)
Speak in front of an audience (500+)
Speak in front of an audience (1000+)
Have the top producing mortgage branch for my company (Complete 2009.  Amazing if people really knew the struggles I had to overcome in my life to get there.  My entire team’s passion and hard work finally paid off)
Become top producing mortgage branch in a quarter (complete 2009)
Meet Tim Braheem
Be a significant factor in helping a loan officer develop into a superstar producer
Work an average of 25 hours per week (down from 60+)
Create a video that gets 10,000 views (Complete.  Overcoming Obstacles video I made via Edgevolution)
Create a video that gets 25,000 views (Complete… Overcoming Obstacles)
Create a video that gets 100,000 views
Build a creative design/think space in my mortgage office
Write an e-book
Become proficient with Adobe Photoshop
Create my own personal brand/lending website (Complete.  Your looking at it.)
Re-design NWMA website
Become a friend with my Big 4 mortgage lending icons (Sue Woodard, Tim Braheem, Dave Savage, & Todd Duncan)… Have the great fortune of knowing Sue Woodard and Dave Savage thus far.  Truly great leaders in the lending industry.
50 YouTube Subscribers to follow dustin360 channel
100 YouTube Subscribers to follow dustin360 channel
250 YouTube Subscribers to follow dustin360 channel
500 YouTube Subscribers to follow dustin360 channel
Win an award for a website I created

Adventure

Swim with sharks (Complete.  Did this in the Bahamas 2010)
Narrowly escape with my life (unscathed)
Hike the Oregon section of the Pacific Crest Trail
Hike the entire Pacific Crest Trail
Sail in the Carribean for 1 month
Try and surf (Did this in 2010 in Hawaii with my son Nick)
Participate in a Baja race
Run with the bulls
Drive a Ferrari
Ride in a hot air balloon
See a lion in the wild
Ride an elephant
See a Grizzly Bear in the wild
Wrestle (or just tap) an alligator or crocodile
Save a life

Travel

Vacation in 10 different Caribbean islands (Bahamas)
Reach my 10/10/10 travel/vacation goal
Reach my 20/20/20 travel/vacation goal
Travel to Mexico
Visit New York
Visit Boston
Watch a Knicks game in Madison Square Garden
Walk through Central Park (NYC)
See a game at Fenway Park
See a Cubs game at Wrigley Field
Visit Every Continent (North America, South America, Europe, Asia, Africa, Australia, & Antarctica)
Visit all 50 states
Walk the Golden Gate Bridge
Stay in a bungalow in Fiji/Bora Bora
Visit the Amazon jungle
Visit Machu Picchu
Throw a dart on a map and GO to wherever it lands
Snowboard in Whistler

Fitness

Trail run
Trail ride on a mountain bike
Run a 3k (Done – Ran 3k for Portland Race for the Cure in 2009)
Run a 5k (Done – Charity run with my family called the “Give N Gobble on Thanksgiving morning 2009)
Run a 10k
Complete a duathlon
Run a mile under 9 minutes
Run a mile under 8 minutes
Run a mile under 7 minutes

Personal Balance

Take all 3 of my boys to a Trailblazer game (Nick & Ashton done… just Noah)
Take a 3 day adventure hike with Nicholas (oldest son)
Family swim with dolphins
Take a tropical vacation with my childhood friend and his family
Live somewhere tropical 6 months out of the year
Coach for one or more of my son’s teams (Complete.  Coached my son’s basketball team in 2009.  Had a blast)
Watch a meteor shower with my wife and kids
Take a 2 week vacation
Take a 1 month mini-retirement
Take a 3 month mini-retirement
Take a 6 month mini-retirement
Take a 1 year mini-retirement
Be debt free (except house)
Be totally debt free
Sleep in a hammock somewhere tropical

Giving Back

Offer “5 paid days” a year for all employees who spend that time volunteering for a worthy cause
Run with and sponsor 50 clients-friends-family-partners in Portland “Race for the Cure”
Run with and sponsor 100 clients-friends-family-partners in Portland “Race for the Cure”
Run with and sponsor 250 clients-friends-family-partners in Portland “Race for the Cure”
Run with and sponsor 500 clients-friends-family-partners in Portland “Race for the Cure”
NWMA donates $1,000 to charity per month average
NWMA donates $5,000 to charity per month average
Start Teddy bear drive for children in who are in the  hospital during the holidays

Just Because

See Foo Fighters in concert
Buy everyone in the bar a drink
Make a once in a lifetime trick basketball shot
Finish my tattoo
Jump in a big mud puddle just because it was there
Sit court-side at an NBA game
Win a contest for best photo
Learn to speak a foreign language
Buy the person in line behind me a cup of coffee
Throw a real boomerang
Watch The Godfather 1, 2 & 3
Go skinny dipping with my wife

Geesh – looking back through this, it really struck me that I have quite a few things that I want to tackle in my lifetime.  I encourage you to also think about what goals you really want to passionately pursue.  Once you identify these items, write them down, and review the list weekly.  Don’t let anyone or anything stop you from hitting these goals and being your best.  Afterall, this is your story… now go live it!

Effective June 1st, 2010, your lender may now be required to re-pull your credit report prior to closing.  Fannie Mae’s new “Loan Quality Initiative” is intended to improve loan quality and eliminate the poor underwriting practices that helped accelerate the housing market meltdown.

I see this being a particularly painful problem for many borrowers, realtors, and loan officers who do not effectively communicate the importance of managing their credit throughout the mortgage process.  For those unaware of this initiative, this may lead to delayed closing dates, higher interest rates, and worst case – the decline of a loan in the eleventh hour.

To avoid this happening to you, here are some quick Do’s and Don’ts you should consider:

THE DON’TS

DON’T make a major purchase with your credit.

DON’T fall for the “12 months interest free” advertisement.

DON’T open or apply for a new credit card.

DON’T transfer balances from one credit account to another.

DON’T pay off collections without consulting with your loan officer.

DON’T close any credit card accounts.

DON’T max-out or over charge your credit card.

DON’T consolidate your debt onto 1 or 2 credit cards.

DON’T take out a new loan.

DON’T sign up for any new gym memberships.

DON’T open a new cell phone account.

THE DO’S

DO continue making your mortgage/rent payment.

DO stay current on all existing accounts.

DO contact me if you have any questions.

With all the volatility inherent in today’s lending industry, it is more important than ever for borrowers to work with competent and knowledgeable mortgage professionals.  Ultimately my best advice is to simply avoid obtaining or re-arranging your credit until your loan has successfully closed.

Pre-qualified versus Pre-approved.  What does this really mean to you?

Pre-qualification simply means that you have consulted with a mortgage professional and based on a brief conversation or email correspondence, that loan officer has offered an opinion of a price range you may qualify for once you are ready to buy a home.  This is an important step to do early in the process to ensure you are searching for homes in the right price range.  It can be incredibly disappointing to have to reduce your house search by $100,000 if you have underestimated the difficulties of securing a loan in today’s mortgage market.

Once you feel comfortable with the pre-qualified amount your loan officer has discussed with you, the next step is to secure a pre-approval.  Pre-approval means that your financials have been reviewed and your lender has offered a commitment to provide a loan subject to a home appraisal, title work, and any regulations.  Most real estate agents will require that their buyers are pre-approved with a competent lender in order to help strengthen that buyers negotiating position.

In order to get pre-approved, you must submit a full loan application and typically provide the following items to your loan officer:

- Last 30 days pay stubs

- Last 2 years W2’s and/or tax returns

- Last 2 months bank statements

- Most recent statement from any retirement or investment accounts

Each borrower and loan scenario is unique and in addition to these items, your lender may also need the following items:

- Divorce Decree (ie. if child support or alimony is received or paid)

- Bankruptcy papers

- Certificate of Eligibility (If you are a Veteran applying for a VA loan)

- P&L if you are self employed

Once your lender has these items along with your application, they will pull a credit report and submit the file to underwriting for review.  Depending on the type of loan, the decision period for the pre-approval could range from 24 hours to as long as 5 business days.

Throughout the entire mortgage process, it is important to note that the smallest change to your finances or credit could result in a delayed closing, or worse… a declined loan.  Consult with your loan officer if you anticipate making any changes to your employment, savings or credit.  It is better to be safe than sorry.

If you have any questions about this process or would like to know how much you could qualify for, feel free to contact me anytime.

As Ralph Waldo Emerson so perfectly stated, “Finish each day and be done with it. You have done what you could. Some blunders and absurdities no doubt crept in, forget them as soon as you can. Tomorrow is a new day, you shall begin it well and serenely...”.  When the idea behind Dustin360 was first conceived, I knew it was a lofty vision for the lending industry.  How could I possibly create a lending website that not only gives today’s A.D.D. driven consumers the information they so desperately need, yet still make a site that accurately reflects who I am as a person and professional?  After all, I am so much more than a loan officer, I am a dedicated family man, multi-business owner, design junkie, travel enthusiast, Apple fan, and an intense individual.  How’s that for professional A.D.D.?

Trying to create all that in one website seemed like an impossible task.  I thought, “who cares if there is another mortgage website?  Does anyone really care about your quest to build a highly successful business and only work 25 hours a week?”.  “Is the idea too far out there for the mortgage industry?”.

Then I decided to take my own advice – stop thinking about it… and just start doing it!

However, when trying to blaze a new trail sometimes you discover new problems.  For the most part, www.dustin360.com has come together better than I had ever imagined.  But due to the massive size of the vision and our concrete timeline, my old nemesis decided to pay me a visit… Murphy’s Law… Anything that can go wrong, will go wrong.

The good news is that the site is up and running, but this isn’t the whole thing.  I frankly just ran out of time… and my time is heavily influenced by my priorities.  Over the next 1 – 6 weeks I plan on fixing some minor bugs and opening up some other areas of the site.  Here are some of the things you can expect to see very soon.

Video Page

Right now, the video page scrolls side to side.  After adjusting some coding, the videos will actually appear to get closer as they scroll towards the middle of the carousel.

There will also be a much expanded library of content that will be separated by category – Purchase, Refinance, Motivation, Balance, Spotlight – so you can quickly find the videos that you have the most interest in.

Homeownership Readiness Test

This is and idea I had about four years ago.  One of the most common questions I’m asked during my first-time homebuyer class is, “Are we ready to buy a home?”.  Many new homebuyers feel like they are ready, but true readiness depends on a variety of factors.  How cool would it be if I could develop an interactive online test that would take “hopeful homebuyers” through a series of questions and score their “readiness” as a result of their answers?  It will also automate a “next step” for those who may need to work on certain areas of their financial lives (credit for example).  They can get all of this in 5 minutes directly on www.dustinw360.com/home-test this Summer.

Webinar Page

This is an idea that I was inspired to create after listening to Scott Schang talk about it at Mortgage Revolution in January of 2010.  I have taught a first-time buyer class for years, why not bring that class into our social media friendly world?  With my design and content obsession, this could be a tremendous value for my clients, referral partners, and countless others who may be curious how to buy a home.  Better yet, what if we expanded a bit further on the ideas and made highly visual, content rich webinars about specific niche topics, like “How to boost your credit scores” or “10 reasons why you should get a home inspection” or “USDA vs. FHA”.  Well… you get the picture.

Blog

Additional content is coming VERY soon.  I am most excited about the blog and it will cover everything I am about: mortgages, real estate, graphic design, videos, giving back, leadership principles, family, balance, travel, desire to work 25 hours a week, helpful production tips, all shared with an uncommon transparency that you won’t find on a typical mortgage website.  It really will be a 360 degree look into my life, failures, successes and ambitions.  I only have two rules… 1) The content must be authentic.  2) It must kick ass.  Everything else is fair game.

I plan on making my industry “cool again” one day at a time.  Please help me spread the word and sign up for my updates, become of fan on Facebook, look me up on Twitter, and YouTube.  And please share www.dustin360.com with others.

I’d love to hear your feedback, please leave me a comment on Facebook or drop me an email.

Your faith in me is greatly appreciated!

Have an inspired day!

There are a number of factors the help determine what you may qualify for like credit scores, down payment, equity, income, debts, type of home, assets, debt-to-income ratios, and more.  It is best to consult with your mortgage professional to review financial scenario and how much of a loan you may qualify for.

What is APR?

Annual Percentage Rate (APR) represents the total cost of credit including interest and a portion of your closing costs. When reviewing your Truth-In-Lending statement (TIL), many borrowers confuse the APR with the Note Rate… the Note Rate is the interest rates your payments are based off of.

What is Mortgage Insurance?

Mortgage Insurance may be required if your down payment is less than 20% of the purchase price. This insurance protects the lender, in case a borrower fails to pay the loan.

What are closing costs?

Closing costs are expenses for financing your home loan. you may negotiate with the seller regarding who will pay some of all of them. Closing costs ay include, but are not limited to: Loan origination fee, title fee, discount points, underwriting fee, credit report, appraisal fee & processing fee.

What is prepaid interest?

This is interest on the loan charge to the borrower at closing to pay for the cost of borrowing for a partial month. For example, if a loan closes on the 15th of the month and the first payment is due 45 days later, the lender will charge 15 days of prepaid interest.

What are escrows?

Escrows are funds that your lender collects to pay your property taxes, hazard/flood insurance and PMI (if applicable). They are in addition to your monthly principal and interest payments and are used by the lender to pay your property taxes and insurance premiums.

When does it make sense to refinance?

It may make sense to refinance in order to obtain a lower interest rate, reduce the term of your mortgage, consolidate debts, convert from an adjustable rate loan to a fixed rate loan, or simply remove mortgage insurance from your payments.  Since every situation is different, it is best to discuss your scenario with Dustin in order to determine what your “break even” time may be and/or if there are any other benefits or risks to refinancing.

Can I lock in a rate?

Interest rates can be as volatile as the stock market.  They may change throughout the day.  In order to lock in an interest rate, we must have a complete loan application from a borrower and property a identified.

What is a conforming loan?

A loan eligible for purchase by the two major Federal agencies that buy mortgages, Fannie Mae and Freddie Mac.  The maximum loan amount for conforming loans is $417,000 (may vary in high cost areas of the country).

What are points?

It is an upfront cash payment required by the lender as part of the charge for the loan, expressed as a percent of the loan amount; e.g., “2 points” means a charge equal to 2% of the loan balance.

Should I work with a real estate agent?

In short… ABSOLUTELY.  To elaborate, if you are a homebuyer, your buyer’s agent will assist you in finding a home, negotiating the terms of your offer, and overseeing the process through the closing.  If you are selling your home, a listing agent will help list your home in the RMLS, market the home, help negotiate the terms of offers and manage the process for you.  If you need a quality real estate agent, let me know, I work with many of the best agents in the area.