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What a Difference 75 Days Makes!
What a difference 75 days has made as far as mortgage rates are concerned. If you looked into buying a home in September / October of 2023 and thought man rates are just TOO HIGH, then now may be a great time to re-evaluate that. The analysis above compares where we were at 75 days ago versus right now in a real world example using a $600,000 purchase price.If you're a homebuyer looking to purchase, now is a great time because we're in our typical seasonal lull until the first part of February. Right now there are less buyers hunting for homes and it's easier to get under contract right now. If you wait until spring, there's a good chance that rates may be even lower which will bring even more competetition to the market (harder to get your offer accepted). Not only will it be harder to get an offer accepted, we may find ourselves back in 'bid over ask' situations due to the increased the competition, and nobody likes overpaying for anything. Let us know if you'd like an updated analysis that's customized for you.If you're a home seller, NOW is a great time to prepare to sell your home. Inventory remains limited and with the recent drop in rates, you'll get a lower payment on your replacement home and at the same time still get top market value for your home due to the low inventory situation. We also have a 'buy before you sell' program that will allow you to get into your next home without selling your current one first. Reach out for details or if you have any questions.Thanks!
Saturday Morning Joe – The Only Weekly Mortgage Market Update You Need! 12-16-23
Welcome Back! Mortgage rates end about ANOTHER half a percent LOWER this week than two weeks ago! I go into it on the deeper dive. Check out the analysis here on this page to see what the rates actually look like today. JUST A REMINDER, FHA has increased their loan limits in OC, San Diego, LA Counties so now it's possible to get a $1.19M home in those areas with 3.5% Down - WOW! Grab some coffee and get caught up in just a few minutes with what's going on in the current mortgage market, including rates, talking points, affordability hacks for buyers, and ways we can work together to best help today's homebuyers through education rather than emotion.FHA remains the affordability front runner for 90% of the Clients we talk to right now and you'll see why if you watch this week's analysis. Check out the deeper dive to see what the mbs markets actually did this week. Lots of economic news this week! See how it affected the mortgage rate markets here.Things that could move the mortgage rate market this coming week:Monday: NAHB Housing Market IndexTues: Housing Starts and PermitsWed: Mortgage Apps, Existing Home Sales, 20-year bond auctionThurs: GDP Q3 Final Reading, Initial Jobless ClaimsFriday: Personal Consumption Expenditures (PCE), New Home Sales As always, we are here for you - when you are working, we are working. The analysis above was priced with current rates based on a 740 credit score, primary residence home purchase for FHA, VA, and Conventional loan structures. The links on the right (or down below on mobile) will take you to: * A Deeper Dive screen recording illustrating what rate market did this week and why. Along with Talking Points for the week. * National Average Rates so you are confident your clients will always be getting below market rates using Joe Wiggins, your Preferred Mortgage Broker! Let's win together! If you'd like to collaborate on an IG Reel, Post, or Story just LMK - we do a quick recorded Q and A and cut up the content for you or we can go live!
Saturday Morning Joe – The Only Weekly Mortgage Market Update You Need! 12-2-23
Welcome Back! Mortgage rates end about a half a percent LOWER this week than two weeks ago! I go into it on the deeper dive. Check out the analysis here on this page to see what the rates actually look like today. ADDITIONALLY, FHA has increased their loan limits in OC, San Diego, LA Counties so now it's possible to get a $1.19M home in those areas with 3.5% Down - WOW! Grab some coffee and get caught up in just a few minutes with what's going on in the current mortgage market, including rates, talking points, affordability hacks for buyers, and ways we can work together to best help today's homebuyers through education rather than emotion. FIRST TIME RATES HAVE DROPPED THIS MUCH ALL YEAR! Really in several years! Check out the deeper dive to see why and check out the analysis video to see where rates are at now! GOOD NEWS FOR ONCE, FAM! FHA remains the affordability front runner for 90% of the Clients we talk to right now and you'll see why if you watch this week's analysis. Check out the deeper dive to see what the mbs markets actually did this week. Lots of economic news this week! See how it affected the mortgage rate markets here. As always, we are here for you - when you are working, we are working. The analysis above was priced with current rates based on a 740 credit score, primary residence home purchase for FHA, VA, and Conventional loan structures. The links on the right (or down below on mobile) will take you to: * A Deeper Dive screen recording illustrating what rate market did this week and why. Along with Talking Points for the week. * National Average Rates so you are confident your clients will always be getting below market rates using Joe Wiggins, your Preferred Mortgage Broker! Let's win together! If you'd like to collaborate on an IG Reel, Post, or Story just LMK!
Saturday Morning Joe – The Only Weekly Mortgage Market Update You Need! 11-11-23
Welcome Back! Mortgage rates end about a quarter of a percent higher this week than last, mostly due to...well, you guessed it Fed Reserve members running their mouths. I go into it on the deeper dive. Check out the analysis here on this page to see what the rates actually look like today. Grab some coffee and get caught up in just a few minutes with what's going on in the current mortgage market, including rates, talking points, affordability hacks for buyers, and ways we can work together to best help today's homebuyers through education rather than emotion. FIRST TIME RATES HAVE DROPPED THIS MUCH ALL YEAR! Really in several years! Check out the deeper dive to see why and check out the analysis video to see where rates are at now! GOOD NEWS FOR ONCE, FAM! FHA remains the affordability front runner for 90% of the Clients we talk to right now and you'll see why if you watch this week's analysis. Check out the deeper dive to see what the mbs markets actually did this week. Lots of economic news this week! See how it affected the mortgage rate markets here. As always, we are here for you - when you are working, we are working. The analysis above was priced with current rates based on a 740 credit score, primary residence home purchase for FHA, VA, and Conventional loan structures. The links on the right (or down below on mobile) will take you to: * A Deeper Dive screen recording illustrating what rate market did this week and why. Along with Talking Points for the week. * National Average Rates so you are confident your clients will always be getting below market rates using Joe Wiggins, your Preferred Mortgage Broker! Let's win together! If you'd like to collaborate on an IG Reel, Post, or Story just LMK!
Saturday Morning Joe – The Only Weekly Mortgage Market Update You Need! 11-4-23
Welcome Back! What a month it has been for mortgage rates! WOW. You don't want to miss this week's deeper dive. Grab some coffee and get caught up in just a few minutes with what's going on in the current mortgage market, including rates, talking points, affordability hacks for buyers, and ways we can work together to best help today's homebuyers through education rather than emotion. FIRST TIME RATES HAVE DROPPED THIS MUCH ALL YEAR! Really in several years! Check out the deeper dive to see why and check out the analysis video to see where rates are at now! GOOD NEWS FOR ONCE, FAM! FHA remains the affordability front runner for 90% of the Clients we talk to right now and you'll see why if you watch this week's analysis. Check out the deeper dive to see what the mbs markets actually did this week. Lots of economic news this week! See how it affected the mortgage rate markets here. As always, we are here for you - when you are working, we are working. The analysis above was priced with current rates based on a 740 credit score, primary residence home purchase for FHA, VA, and Conventional loan structures. The links on the right (or down below on mobile) will take you to: * A Deeper Dive screen recording illustrating what rate market did this week and why. Along with Talking Points for the week. * National Average Rates so you are confident your clients will always be getting below market rates using Joe Wiggins, your Preferred Mortgage Broker! Let's win together! If you'd like to collaborate on an IG Reel, Post, or Story just LMK!
Saturday Morning Joe – The Only Weekly Mortgage Market Update You Need! 10-28-23
Welcome Back! What a month it has been for mortgage rates! WOW. You don't want to miss this week's deeper dive. Grab some coffee and get caught up in just a few minutes with what's going on in the current mortgage market, including rates, talking points, affordability hacks for buyers, and ways we can work together to best help today's homebuyers through education rather than emotion. These past few weeks have been busy news weeks - Fed speak is still doing damage to mortgage rates (please listen to NAR Chairman Powell), they didn't raise this period but their comments expose their ignorance. AND NOW Industry Lobby Leaders like NAR, MBA, and David Stevens (former Director of FHA), amongst many others, are OPENLY CALLING for the Fed to improve things - easy steps that are not bailout moves but rather common sense. FHA remains the affordability front runner for 90% of the Clients we talk to right now and you'll see why if you watch this week's analysis. Check out the deeper dive to see what the mbs markets actually did this week. Lots of economic news this week! See how it affected the mortgage rate markets here. As always, we are here for you - when you are working, we are working. The analysis above was priced with current rates based on a 740 credit score, primary residence home purchase for FHA, VA, and Conventional loan structures. The links on the right (or down below on mobile) will take you to: * A Deeper Dive screen recording illustrating what rate market did this week and why. Along with Talking Points for the week. * National Average Rates so you are confident your clients will always be getting below market rates using Joe Wiggins, your Preferred Mortgage Broker! Let's win together! If you'd like to collaborate on an IG Reel, Post, or Story just LMK!
Saturday Morning Joe – The Only Weekly Mortgage Market Update You Need! 9-23-23
Welcome Back! What a wild couple of weeks for mortgage rates! WOW. You don't want to miss this week's deeper dive. Grab some coffee and get caught up in just a few minutes with what's going on in the current mortgage market, including rates, talking points, affordability hacks for buyers, and ways we can work together to best help today's homebuyers through education rather than emotion. These past few weeks have been busy news weeks - Fed speak is still doing damage to mortgage rates (please shut up Chairman Powell), they didn't raise this period but their comments expose their ignorance. FHA remains the affordability front runner for 90% of the Clients we talk to right now and you'll see why if you watch this week's analysis. Check out the deeper dive to see what the mbs markets actually did this week. Lots of economic news this week! See how it affected the mortgage rate markets here. As always, we are here for you - when you are working, we are working. The analysis above was priced with current rates based on a 740 credit score, primary residence home purchase for FHA, VA, and Conventional loan structures. The links on the right (or down below on mobile) will take you to: * A Deeper Dive screen recording illustrating what rate market did this week and why. Along with Talking Points for the week. * National Average Rates so you are confident your clients will always be getting below market rates using Joe Wiggins, your Preferred Mortgage Broker! Let's win together! If you'd like to collaborate on an IG Reel, Post, or Story just LMK!
Saturday Morning Joe – The Only Weekly Mortgage Market Update You Need! 7-15-23
Welcome Back! What a wild couple of weeks for mortgage rates! WOW. You don't want to miss this week's deeper dive. Grab some coffee and get caught up in just a few minutes with what's going on in the current mortgage market, including rates, talking points, affordability hacks for buyers, and ways we can work together to best help today's homebuyers through education rather than emotion. These past few weeks have been busy news weeks - Feds raised the Fed Funds Rate by 25 bps, rates have overall gotten a little worse in the last 30 days as you'll see on today's video mostly due to the back and forth on the passing of the Federal debt ceiling! FHA remains the affordability front runner for 90% of the Clients we talk to right now and you'll see why if you watch this week's analysis. Check out the deeper dive to see what the mbs markets actually did this week. Lots of economic news this week! See how it affected the mortgage rate markets here. As always, we are here for you - when you are working, we are working. The analysis above was priced with current rates based on a 740 credit score, primary residence home purchase for FHA, VA, and Conventional loan structures. The links on the right (or down below on mobile) will take you to: * A Deeper Dive screen recording illustrating what rate market did this week and why. Along with Talking Points for the week. * National Average Rates so you are confident your clients will always be getting below market rates using Joe Wiggins, your Preferred Mortgage Broker! Let's win together! If you'd like to collaborate on an IG Reel, Post, or Story just LMK!
Saturday Morning Joe – The Only Weekly Mortgage Market Update You Need! 7-1-23
Welcome Back! Grab some coffee and get caught up in just a few minutes with what's going on in the current mortgage market, including rates, talking points, affordability hacks for buyers, and ways we can work together to best help today's homebuyers through education rather than emotion. These past few weeks have been busy news weeks - Feds raised the Fed Funds Rate by 25 bps, rates have overall gotten a little worse in the last 30 days as you'll see on today's video mostly due to the back and forth on the passing of the Federal debt ceiling! FHA remains the affordability front runner for 90% of the Clients we talk to right now and you'll see why if you watch this week's analysis. Check out the deeper dive to see what the mbs markets actually did this week. Lots of economic news this week! See how it affected the mortgage rate markets here. As always, we are here for you - when you are working, we are working. The analysis above was priced with current rates based on a 740 credit score, primary residence home purchase for FHA, VA, and Conventional loan structures. The links on the right (or down below on mobile) will take you to: * A Deeper Dive screen recording illustrating what rate market did this week and why. Along with Talking Points for the week. * National Average Rates so you are confident your clients will always be getting below market rates using Joe Wiggins, your Preferred Mortgage Broker! Let's win together! If you'd like to collaborate on an IG Reel, Post, or Story just LMK!
Saturday Morning Joe – The Only Weekly Mortgage Market Update You Need! 6-24-23
Welcome Back! Grab some coffee and get caught up in just a few minutes with what's going on in the current mortgage market, including rates, talking points, affordability hacks for buyers, and ways we can work together to best help today's homebuyers through education rather than emotion. These past few weeks have been busy news weeks - Feds raised the Fed Funds Rate by 25 bps, rates have overall gotten a little worse in the last 30 days as you'll see on today's video mostly due to the back and forth on the passing of the Federal debt ceiling! FHA remains the affordability front runner for 90% of the Clients we talk to right now and you'll see why if you watch this week's analysis. Check out the deeper dive to see what the mbs markets actually did this week. Lots of economic news this week! See how it affected the mortgage rate markets here. As always, we are here for you - when you are working, we are working. The analysis above was priced with current rates based on a 740 credit score, primary residence home purchase for FHA, VA, and Conventional loan structures. The links on the right (or down below on mobile) will take you to: * A Deeper Dive screen recording illustrating what rate market did this week and why. Along with Talking Points for the week. * National Average Rates so you are confident your clients will always be getting below market rates using Joe Wiggins, your Preferred Mortgage Broker! Let's win together! If you'd like to collaborate on an IG Reel, Post, or Story just LMK!
Saturday Morning Joe – The Only Weekly Mortgage Market Update You Need! 6-17-23
Welcome Back! Grab some coffee and get caught up in just a few minutes with what's going on in the current mortgage market, including rates, talking points, affordability hacks for buyers, and ways we can work together to best help today's homebuyers through education rather than emotion. These past few weeks have been busy news weeks - Feds raised the Fed Funds Rate by 25 bps, rates have overall gotten a little worse in the last 30 days as you'll see on today's video mostly due to the back and forth on the passing of the Federal debt ceiling! FHA remains the affordability front runner for 90% of the Clients we talk to right now and you'll see why if you watch this week's analysis. Check out the deeper dive to see what the mbs markets actually did this week. Lots of economic news this week! See how it affected the mortgage rate markets here. As always, we are here for you - when you are working, we are working. The analysis above was priced with current rates based on a 740 credit score, primary residence home purchase for FHA, VA, and Conventional loan structures. The links on the right (or down below on mobile) will take you to: * A Deeper Dive screen recording illustrating what rate market did this week and why. Along with Talking Points for the week. * National Average Rates so you are confident your clients will always be getting below market rates using Joe Wiggins, your Preferred Mortgage Broker! Let's win together! If you'd like to collaborate on an IG Reel, Post, or Story just LMK!
Saturday Morning Joe – The Only Weekly Mortgage Market Update You Need! 6-10-23
We're Back! After a few weeks off, we are back! Grab some coffee and get caught up in just a few minutes with what's going on in the current mortgage market, including rates, talking points, affordability hacks for buyers, and ways we can work together to best help today's homebuyers through education rather than emotion. These past few weeks have been busy news weeks - Feds raised the Fed Funds Rate by 25 bps, rates have overall gotten a little worse in the last 30 days as you'll see on today's video mostly due to the back and forth on the passing of the Federal debt ceiling! FHA remains the affordability front runner for 90% of the Clients we talk to right now and you'll see why if you watch this week's analysis. Check out the deeper dive to see what the mbs markets actually did this week. Not a lot of news this past week but next week we get a TON of data so stay tuned... As always, we are here for you - when you are working, we are working. The analysis above was priced with current rates based on a 740 credit score, primary residence home purchase for FHA, VA, and Conventional loan structures. The links on the right (or down below on mobile) will take you to: * A Deeper Dive screen recording illustrating what rate market did this week and why. Along with Talking Points for the week. * National Average Rates so you are confident your clients will always be getting below market rates using Joe Wiggins, your Preferred Mortgage Broker! Let's win together! If you'd like to collaborate on an IG Reel, Post, or Story just LMK!
Saturday Morning Joe – The Only Weekly Mortgage Market Update You Need! 6-3-23
We're Back! After a few weeks off, we are back! Grab some coffee and get caught up in just a few minutes with what's going on in the current mortgage market, including rates, talking points, affordability hacks for buyers, and ways we can work together to best help today's homebuyers through education rather than emotion. These past few weeks have been busy news weeks - Feds raised the Fed Funds Rate by 25 bps, rates have overall gotten a little worse in the last 30 days as you'll see on today's video mostly due to the back and forth on the passing of the Federal debt ceiling! FHA remains the affordability front runner for 90% of the Clients we talk to right now and you'll see why if you watch this week's analysis. Check out the deeper dive to see what the mbs markets actually did this week. Not a lot of news this past week but next week we get a TON of data so stay tuned... As always, we are here for you - when you are working, we are working. The analysis above was priced with current rates based on a 740 credit score, primary residence home purchase for FHA, VA, and Conventional loan structures. The links on the right (or down below on mobile) will take you to: * A Deeper Dive screen recording illustrating what rate market did this week and why. Along with Talking Points for the week. * National Average Rates so you are confident your clients will always be getting below market rates using Joe Wiggins, your Preferred Mortgage Broker! Let's win together! If you'd like to collaborate on an IG Reel, Post, or Story just LMK!
Saturday Morning Joe – The Only Weekly Mortgage Market Update You Need! 5-6-23
Grab some coffee and get caught up in just a few minutes with what's going on in the current mortgage market, including rates, talking points, affordability hacks for buyers, and ways we can work together to best help today's homebuyers through education rather than emotion. This past week was a busy news week - Feds raised the Fed Funds Rate by 25 bps, and as you'll see on today's video the mortgage rate market improved! FHA remains the affordability front runner for 90% of the Clients we talk to right now and you'll see why if you watch this week's analysis. Check out the deeper dive to see what the mbs markets actually did this week. As always, we are here for you - when you are working, we are working. The analysis above was priced with current rates based on a 740 credit score, primary residence home purchase for FHA, VA, and Conventional loan structures. The links on the right (or down below on mobile) will take you to: * A Deeper Dive screen recording illustrating what rate market did this week and why. Along with Talking Points for the week. * National Average Rates so you are confident your clients will always be getting below market rates using Joe Wiggins, your Preferred Mortgage Broker! Let's win together! If you'd like to collaborate on an IG Reel, Post, or Story just LMK!
Copy of Saturday Morning Joe – The Only Weekly Mortgage Market Update You Need! 4-22-23
Grab some coffee and get caught up in just a few minutes with what's going on in the current mortgage market, including rates, talking points, affordability hacks for buyers, and ways we can work together to best help today's homebuyers through education rather than emotion. This past week was a busy news week - Feds raised the Fed Funds Rate by 25 bps, and as you'll see on today's video the mortgage rate market improved! FHA remains the affordability front runner for 90% of the Clients we talk to right now and you'll see why if you watch this week's analysis. Check out the deeper dive to see what the mbs markets actually did this week. As always, we are here for you - when you are working, we are working. The analysis above was priced with current rates based on a 740 credit score, primary residence home purchase for FHA, VA, and Conventional loan structures. The links on the right (or down below on mobile) will take you to: * A Deeper Dive screen recording illustrating what rate market did this week and why. Along with Talking Points for the week. * National Average Rates so you are confident your clients will always be getting below market rates using Joe Wiggins, your Preferred Mortgage Broker! Let's win together! If you'd like to collaborate on an IG Reel, Post, or Story just LMK!
Saturday Morning Joe – The Only Weekly Mortgage Market Update You Need! 4-22-23
Grab some coffee and get caught up in just a few minutes with what's going on in the current mortgage market, including rates, talking points, affordability hacks for buyers, and ways we can work together to best help today's homebuyers through education rather than emotion. This past week was a busy news week - Feds raised the Fed Funds Rate by 25 bps, and as you'll see on today's video the mortgage rate market improved! FHA remains the affordability front runner for 90% of the Clients we talk to right now and you'll see why if you watch this week's analysis. Check out the deeper dive to see what the mbs markets actually did this week. As always, we are here for you - when you are working, we are working. The analysis above was priced with current rates based on a 740 credit score, primary residence home purchase for FHA, VA, and Conventional loan structures. The links on the right (or down below on mobile) will take you to: * A Deeper Dive screen recording illustrating what rate market did this week and why. Along with Talking Points for the week. * National Average Rates so you are confident your clients will always be getting below market rates using Joe Wiggins, your Preferred Mortgage Broker! Let's win together! If you'd like to collaborate on an IG Reel, Post, or Story just LMK!
Saturday Morning Joe – The Only Weekly Mortgage Market Update You Need! 4-15-23
Grab some coffee and get caught up in just a few minutes with what's going on in the current mortgage market, including rates, talking points, affordability hacks for buyers, and ways we can work together to best help today's homebuyers through education rather than emotion. This past week was a busy news week - Feds raised the Fed Funds Rate by 25 bps, and as you'll see on today's video the mortgage rate market improved! FHA remains the affordability front runner for 90% of the Clients we talk to right now and you'll see why if you watch this week's analysis. Check out the deeper dive to see what the mbs markets actually did this week. As always, we are here for you - when you are working, we are working. The analysis above was priced with current rates based on a 740 credit score, primary residence home purchase for FHA, VA, and Conventional loan structures. The links on the right (or down below on mobile) will take you to: * A Deeper Dive screen recording illustrating what rate market did this week and why. Along with Talking Points for the week. * National Average Rates so you are confident your clients will always be getting below market rates using Joe Wiggins, your Preferred Mortgage Broker! Let's win together! If you'd like to collaborate on an IG Reel, Post, or Story just LMK!
Saturday Morning Joe – The Only Weekly Mortgage Market Update You Need! 4-8-23
Grab some coffee and get caught up in just a few minutes with what's going on in the current mortgage market, including rates, talking points, affordability hacks for buyers, and ways we can work together to best help today's homebuyers through education rather than emotion. This past week was a busy news week - Feds raised the Fed Funds Rate by 25 bps, and as you'll see on today's video the mortgage rate market improved! FHA remains the affordability front runner for 90% of the Clients we talk to right now and you'll see why if you watch this week's analysis. Check out the deeper dive to see what the mbs markets actually did this week. As always, we are here for you - when you are working, we are working. The analysis above was priced with current rates based on a 740 credit score, primary residence home purchase for FHA, VA, and Conventional loan structures. The links on the right (or down below on mobile) will take you to: * A Deeper Dive screen recording illustrating what rate market did this week and why. Along with Talking Points for the week. * National Average Rates so you are confident your clients will always be getting below market rates using Joe Wiggins, your Preferred Mortgage Broker! Let's win together! If you'd like to collaborate on an IG Reel, Post, or Story just LMK!
Saturday Morning Joe – The Only Weekly Mortgage Market Update You Need! 4-1-23
Grab some coffee and get caught up in just a few minutes with what's going on in the current mortgage market, including rates, talking points, affordability hacks for buyers, and ways we can work together to best help today's homebuyers through education rather than emotion. This past week was a busy news week - Feds raised the Fed Funds Rate by 25 bps, and as you'll see on today's video the mortgage rate market improved! FHA remains the affordability front runner for 90% of the Clients we talk to right now and you'll see why if you watch this week's analysis. Check out the deeper dive to see what the mbs markets actually did this week. As always, we are here for you - when you are working, we are working. The analysis above was priced with current rates based on a 740 credit score, primary residence home purchase for FHA, VA, and Conventional loan structures. The links on the right (or down below on mobile) will take you to: * A Deeper Dive screen recording illustrating what rate market did this week and why. Along with Talking Points for the week. * National Average Rates so you are confident your clients will always be getting below market rates using Joe Wiggins, your Preferred Mortgage Broker! Let's win together! If you'd like to collaborate on an IG Reel, Post, or Story just LMK!
California’s Largest Down Payment Assistance Program Ever!
Welcome to the Cheat Sheet for the new CalHFA Dream for All Loan (aka the 20% down assistance program). This is for Consumers and Realtors alike, and the spirit of this is to get CORRECT information out to the masses who may be able to benefit from this program. There is A LOT of information housed on this webpage - both pdfs and videos, and it is constantly updated, but here are some main points about this product that I think you should be aware of for starters: @ This program is for first time homebuyers. The definition of a first time homebuyer is 'somebody who has not owned a primary residence in the last three years' @ Everyone going on the loan MUST occupy the home being purchased (no non occupying cosigners). @ The minimum credit score for this program is 680 @ CalHFA will lend you up to 20% of the sales price. They do not GIVE it to you. It is a loan, and it will need to be repaid when you SELL the home. The payments are therefore deferred AND it is a zero interest loan. Please see the video for more details @ CalHFA is able to provide this program because they require an Equity Share Agreement - that means if they lend you 20% of the sales price, they are in for 20% of any equity gain when you SELL the property - please see video regarding Equity Share Agreement on this page for detailed info, as there are variables here @ This is a Conventional Loan and requires DU approval - there are no exceptions here. @ Manufactured homes on permanent foundations that meet Fannie Mae guidelines are acceptable @ Max Debt to Income Ratio is 45% with a 680 and up to 50% for 700+ so long as DU allows @ The interest rates for this program are set by CalHFA and change DAILY @ We are one of the only lenders who can lock in this loan as soon as you go under contract (many lenders are not allowed to lock until much later in the process which is risky). @ We are one of the only lenders who can permanently buy down the rate on CalHFA's rate sheet - YES it IS possible In my opinion this is a great program for somebody who is a first time buyer and their ideal price range is just out of reach for qualifying reasons, for a first time buyer who just wants a lower payment and doesn't want to use their own funds for down payment, and for a first time buyer who doesn't have a whole lot of money saved for down payment who needs to buy a home to get in the game. There has never been a LARGER down payment assistance program available in the State of California with such common sense, real world guidelines. Thank You CalFHA! Please share this with a friend or colleague who may need it - this link can also be posted to social media! Cheers Friends! Joe Wiggins 909-641-0527
Saturday Morning Joe – The Only Weekly Mortgage Market Update You Need! 3-25-23
Grab some coffee and get caught up in just a few minutes with what's going on in the current mortgage market, including rates, talking points, affordability hacks for buyers, and ways we can work together to best help today's homebuyers through education rather than emotion. This past week was a busy news week - Feds raised the Fed Funds Rate by 25 bps, and as you'll see on today's video the mortgage rate market improved! FHA remains the affordability front runner for 90% of the Clients we talk to right now and you'll see why if you watch this week's analysis. Check out the deeper dive to see what the mbs markets actually did this week. As always, we are here for you - when you are working, we are working. The analysis above was priced with current rates based on a 740 credit score, primary residence home purchase for FHA, VA, and Conventional loan structures. The links on the right (or down below on mobile) will take you to: * A Deeper Dive screen recording illustrating what rate market did this week and why. Along with Talking Points for the week. * National Average Rates so you are confident your clients will always be getting below market rates using Joe Wiggins, your Preferred Mortgage Broker! Let's win together! If you'd like to collaborate on an IG Reel, Post, or Story just LMK!
Saturday Morning Joe – The Only Weekly Mortgage Market Update You Need! 3-18-23
Grab some coffee and get caught up in just a few minutes with what's going on in the current mortgage market, including rates, talking points, affordability hacks for buyers, and ways we can work together to best help today's homebuyers through education rather than emotion. The analysis above was priced with current rates based on a 740 credit score, primary residence home purchase for FHA, VA, and Conventional loan structures. The links on the right (or down below on mobile) will take you to: * A Deeper Dive screen recording illustrating what rate market did this week and why. Along with Talking Points for the week. * National Average Rates so you are confident your clients will always be getting below market rates using Joe Wiggins, your Preferred Mortgage Broker! Let's win together! If you'd like to collaborate on an IG Reel, Post, or Story just LMK!
Saturday Morning Joe – The Only Weekly Mortgage Market Update You Need!
Grab some coffee and get caught up in just a few minutes with what's going on in the current mortgage market, including rates, talking points, affordability hacks for buyers, and ways we can work together to best help today's homebuyers through education rather than emotion. The analysis above was priced with current rates based on a 740 credit score, primary residence home purchase for FHA, VA, and Conventional loan structures. The links on the right (or down below on mobile) will take you to: * A Deeper Dive screen recording illustrating what rate market did this week and why. Along with Talking Points for the week. * National Average Rates so you are confident your clients will always be getting below market rates using Joe Wiggins, your Preferred Mortgage Broker! Let's win together! If you'd like to collaborate on an IG Reel, Post, or Story just LMK!
Realtor Cheat Sheet for Seller Concessions, Loan Limits, and Condo Approvals
As a busy Real Estate Agent have you ever wished you had a point of reference for loan limits, seller concession rules, condo approvals, etc? Well that’s why I created this cheat sheet dashboard - so it's all in one place! It’s easy to use, is mobile friendly, and a great point of reference when you need info quickly. So what you do is bookmark this page on your mobile device to your icon screens or on your browser, so that you can pull up the info when you need it. Of course we are here to answer all of your questions at 909-641-0527, but created this so you have the info at your fingertips when needed. We are always looking to bring value to our Referral Partners and Realtors in general so please let us know if there's anything you'd like to see added to this page. Of course you can always call, email or text us to run this info down for you, but it's good to have it in case you're in a time crunch or a late night strategy session. While the documents here provided are specific to our Market, here are also some Direct Links for Ease of Reference and Use in case you need the FULL LISTS: Conventional Loan Limits for 2023 (full list): https://singlefamily.fanniemae.com/media/document/xlsx/loan-limit-look-table FHA Loan Limit Lookup: https://entp.hud.gov/idapp/html/hicostlook.cfm FHA Approved Condo Lookup: https://entp.hud.gov/idapp/html/condlook.cfm **Please note that VA does not technically have a max loan amount, but rather follows Conventional Limits for zero down. You can go higher however stepping above the Conventional limits will require a down payment that we would need to calculate (we will do this for you for accuracy). Also, VA does not have a public Condo lookup so you'd have to text us the address and association name to 909-641-0527 for us to look it up inside of the credentialed VA portal.** Thanks!
Top 5 Reasons Why Now is a Great Time to Buy a House
Hello, Are you a buyer that has gone to the sideline to wait to purchase a new home or has been delayed from entering the real estate market? If so, I'm sure your reasons could be valid, but I wanted to ensure you have all the information on whether this is a wise choice. The main issue, I assume, would be " affordability " from the significant rise in rates that has lowered your buying power or knocked you out of qualification. You might think this is a negative, but I wanted to highlight this exact issue and show you that it is an excellent thing for you as a potential home buyer. In the video above, I've laid out the domino effect of the increase in the rates market, which allows you opportunities that have not been present in the last few years for home buyers. The lack of affordability and inventory is an exciting and challenging dynamic in this market, making it completely different. What I mean by that is that usually, these two forces don't line out together in this magnitude. For example, when affordability issues last crept into the market, the housing supply spikes with the pullback of buyers, which we experienced recently in 2018/19. The main issue that has caused a much-needed pause in our housing market has been the spike in rates, which caused our affordability issues. So we should focus on the opportunities that present you as a home buyer now vs. just six months. ........................................... Six Months Ago vs. Today Six Months Ago: Buyers competed against 10+ offers per property. Buyers had to release all loan, inspection, and appraisal contingencies. Buyers had to convert their loans into " cash offers " to compete. Buyers had to overbid on their offers to compete. Buyers had to settle on whatever home came on the market. Buyers are being delayed in converting their " cash overs " into loans in this high-rate environment. Today: Few Buyers, which means less competition. Buyers can write offers with and maintain their contingencies. Buyers with minimum down payments can purchase again. Buyers can get fair value or even undervalued properties with their offers. Buyers have more choices of homes than buying whatever comes to market. With help from lenders like myself, we can structure much better terms, like buying down the rate.
Your Guide To Help You Select The Correct Buydown Program
Hello, If you're a buyer trying to purchase in today's market, you might have heard of a "rate buydown." But, you might be like most consumers with how they work, which one to select and why it would benefit you and your family. What Is a Buydown? A buydown is a mortgage financing technique with which the buyer attempts to obtain a lower interest rate for at least the first few years of the mortgage or possibly its entire life. TEMPORARY BUYDOWNS 3-2-1 Buydown? In a 3-2-1 buydown, the buyer pays lower payments on the loan for the first three years. For each of the first three years of the mortgage, the buyer's interest rate would increase incrementally by 1% annually. The total interest rate would apply beginning with the fourth year of the mortgage loan. While the buyer received savings from the lower interest rate in the first three years, the difference in the payments would have been made by the seller to the lender as a subsidy. 2-1 Buydown? A 2-1 buydown is structured the same as a 3-2-1 buydown; however, its discount is only available for the first two years. So you would have a 2% interest rate reduction for the first year of the mortgage, then a 1% discount for the second year. Your interest rate and monthly payments would increase until your loan reaches its actual percentage rate. This happens in year three of the loan. At this point, your monthly mortgage payment would reflect the real loan rate. You would pay upfront for the 2-1 buydown at closing; theoretically, the money you save over the first two years would cancel that payment. 1-0 Buydown? A 1-0 Buydown is a temporary buydown where the start rate and first year payment are based on a rate that is one percent below the note rate. Example - if your note rate is 5.5%, then your first year start rate would be 4.5%. The second year and all remaining years would be based on your note rate. 1-1- Buydown? A 1-1 Buydown is a temporary buydown where your payment is based on a rate that is one percent below your note rate for the first two years of the loan, and the third and remaining years payments are based on your note rate. Example if your note rate is 5.5%, then your first year payment is based on 4.5%, second year payment is also based on 4.5%, and then the third and remaining years are based on the note rate in this case of 5.5%. Temp Buydown Pros and Cons Whether it makes sense to use a buydown to purchase a home can depend on several things, including the amount of the mortgage, your initial interest rate, the amount you could save in interest over the initial loan term, and your estimated future income. How long you plan to stay in the home also can come into play in determining your break-even point. Pros * A buydown temporarily reduces your interest rate, saving money and lowering your monthly payments during the initial loan term. * Choosing a buydown may allow you to pay less for the home than the seller's listing price. * It could make sense for homebuyers whose income will increase in the years to come. * With a temporary buydown if you were to refinance before the buydown funds are used, the remainder of those unused buydown funds are credited back to the Client in the form of a principal reduction on the loan balance. With rates likely to drop in the next 6, 12, 18 months, this is a powerful PRO right now. Cons * Once the buydown rate ends, your monthly payment could be higher than expected. * You could struggle with monthly mortgage payments if your income doesn't increase and if rates don't drop in the coming years. PERMANENT BUYDOWN Just as the name indicates, the rate is bought down permanently so there are no adjustments - if the going fixed rate is say 6.5% and that rate is permanently bought down to 5.5%, then your payment is always based on that fixed rate - there are no adjustments. PROS * There are no payment adjustments * Can help with qualification in many cases or to increase buying power, as you will qualify off of that permanent rate, wheras with the temporary buydown you qualify off of the note rate even though the start rate can be much lower than that. CONS * If rates drop below your bought down rate and you refinance, the funds used to permanently buydown that rate are lost. With rates likely to do just this in the next few years this is a big con of a permanent buydown as compared to a temporary buydown. * They are usually more expensive than temporary buydowns - sometimes this is a non issue and sometimes this is a big issue - every case is unique. So Which Concession Gets You The Most Bang For Your Buck? Between asking for a price reduction, temporary buydown, permanent buydown, or closing costs to be paid - which one makes the most sense for you? Our no nonsense report on the right side of this page shows you which option gives you the most bang for your buck depending on what your goal is! Best practice is to get your specific analysis and cost vs benefit structure report as everyone's case is unique. We do these for free for our clients so just reach out! .................................................................................................................................................................................................................... Attn: Realtors Buydowns for Open Houses: Do you have an Open House Coming Soon? If so, let's get Buydown options out to potential buyers ( see PDF Flyer attached ) You can view the Open House Property here - https://joewiggins.lenderlaunchpad.com/listing/15645-saddleback-rd-riverside-ca-92506 Buyer Motivation: Do you have Buyers that have left the market until the following year? If so, I have built an excellent presentation explaining why I think it's a great time to purchase now vs. next year. You can view that here -
Using Creative Finance to Motivate and HELP Today’s HomeBuyer
Hello, Higher interest rates are definitely impacting your buyers' qualifications if you have not noticed. The higher rates are also beginning the "price drops " trend, which sellers try to use to create more activity and affordability for buyers. In this market especially, Buyers and Sellers BOTH want to walk away knowing they got a great deal, and that's exactly what this permanent rate buydown strategy accomplishes. It will help you earn more appreciative clients, as you serve them best. Most sellers and many listing agents don't know or can't show the actual numbers on how price versus buydown actually impacts buyers. This inability to show the numbers and knowledge of how dropping the rates has a more significant impact on a buyer's payment than lowering a sales price could ever have is creating situations where buyers and sellers COULD HAVE gotten better deals and put themselves in better financial positions. Honestly when both parties understand this concept, it's extremely rewarding and we have a system to educate them / bring them up to speed quickly, so it doesn't create lag or any difficulties for you explaining, etc. The biggest advantage I think 2022 Buyers have are: 1. Way less competition on offers, 2. Sellers (and Listing Agents) are way more willing to work with you., 3. Sellers are paying costs again, which allows for the creative financing strategies included in this presentation page! Price vs. Rate - Did you know that a PRICE DROP of 30k has the same benefits as a 10k SBD to a buyer's payment? So, if that is the case, then we can leave 20k on the seller's net sheet vs. taking 30k off of it to address affordability issues with buyers. In addition, the buydowns that help buyers the most are so deep that they could not do it any other way other than with the seller's help. It's truly a win-win. Permanent Seller Buy Down Offer Strategy - I wanted to show you how a permanent Seller Buydown works in the real world and how both the Buyer & Seller can benefit. Real World examples (analysis with video explanations) for different sales prices are linked up here in this presentation. Temporary Buydown Strategy - this is another great tool to get your Buyer an amazing deal in a rising rate environment. The benefits of lower rate payments for the first two years of the loan with the peace of mind of knowing exactly what your long term rate looks like if rates don't drop lower here for a refinance in the next 12-24 months! Motivating Buyers: This is just an incredible tool to get a great deal for a Buyer, and such an awesome way to develop an actual strategy that works to get them a payment that's HUNDREDS of dollars lower than it would have been if they had worked with another Agent unwilling to take the time to explain. To feel comfortable WITH a deal we have to feel like we ARE GETTING a great deal. This definitely achieves that goal. This strategy, if nothing else, creates extreme gratitude, loyalty, and referrals from happy clients. Marketing Your Property: Now that you understand how powerful a tool it is to reduce rate vs. price with the Seller Buy Down, then let's market your property with a custom Permanent Seller Buydown Video from me so that we can spread and help affordability to all buyers. In addition, isn't this a better conversation to have instead of a price drop discussion? Also, how cool would it be to share this strategy at a listing appointment? We can help with all of that by arming you with a video that is specific to your seller or potential seller - our Partners who are using this now absolutely love it. As always, I'm here to help however I can. I love working with home buyers and am confident that my organizational and operational structure as a local mortgage brokerage gives everyone who works with me an outrageous competetive advantage. This link is shareable so if you know of anyone who needs to check this out please forward it to them. Let me know how I can help!
Real Estate / Mortgage Rate Time Machine
Hello, These higher interest rates will impact buyers' qualifications if you have not noticed. The higher rates are also beginning the "price drops " trend, which sellers use to help attract affordable housing for buyers. But, most sellers don't know or can show the actual numbers on how that impacts buyers. This inability to show the numbers and knowledge of how dropping the rates has a more significant impact on a buyer's payment than lowering a sales price could ever have. Price vs. Rate - Did you know, and I can show you through this side-by-side comparison, how a PRICE DROP of 30k has the same benefits as a 10k SBD to a buyer's payment? So, if that is the case, then we can leave 20k on the seller's net sheet vs. taking 30k off of it to address affordability issues with buyers. Seller Buy Down - I wanted to show you how an SBD works and how both the Buyer & Seller can benefit when the SBD + is structured within a purchase transaction. ( videos below ) It's all about strategy right now, so reach out and schedule a time to discuss your strategy and put your mortgage rate into a real estate time machine to lower your payment!
ARE Mortgage’s Unique Value Proposition for Referral Partners
Hello! This is our webpage where we outline our Unique Value Propositions (UVPs) for our Referral Partners. At ARE Mortgage, the A stands for great Advice, the R stands for a great Rate, and the E stands for a great Experience. With over 30 years in the business, our Founder, Joe Wiggins recognized that many Lenders offer maybe one or two of the three but RARELY have all three. We provide all three - it's hard coded in our name, and we hope you spend a few minutes checking out our UVP page. We have been doing loans for a long time and are not naive enough to think that we can tell you what you need to be a success in Real Estate. But rather, we have a very special set of skills and invest heavily in some tools that may provide value to You, Your Business, and most importantly, the lifeblood of your Business - your most valued Clients. On this page we outline the following UVP's for our Partners: 1. Service Level Agreement 2. Winning Offer Package 2.0 3. Total Cost Analysis for Clients 4. Why Brokers are Better 5. Marketing - pre, during, and post closing, all co-branded (we refer back on average of 18 listings per year to original referring agent) This includes full access to ListReports and Homebot, so that not only are you creating new business and leads but you're also able to nurture your own database.
Countering Low Ball Offers
Hello, If you haven't yet noticed, these higher interest rates are starting to impact buyer qualification. The higher rates are also beginning the trend of "price drops", which some agents and sellers sometimes use to help attract more seemingly affordable housing for buyers. But most sellers don't know or cannot show the actual numbers on how that impacts buyers. The fact is that providing a below market rate to the Buyer has a much more significant impact on a Buyer's payment than lowering a sales price could ever have. Price vs. Rate - Did you know, and I can show you through this side-by-side comparison, how a PRICE DROP of 30k has the same benefits as a 10k SBD to a buyer's payment? So, if that is the case, then we can leave 20k on the seller's net sheet vs. taking 30k off of it to address affordability issues with buyers. Seller Buy Down - I wanted to show you how an SBD works and how both the Buyer & Seller can benefit when the SBD + is structured within a purchase transaction. (examples of this SBD strategy for higher and lower priced homes are shown on the video presentations on this page). I'm an expert at helping Listing Agents, Buyers Agents, and Homebuyers structure an effective buydown to both maximize seller net and at the same time provide maximum buyer benefit. I'd love to be your go to in the event you get a 'low ball offer' OR in the event you're about to make a 'low ball offer.' I'm happy to help!
Price Drop Vs Rate Drop
Hello, These higher interest rates will impact buyers' qualifications if you have not noticed. The higher rates are also beginning the "price drops " trend, which sellers use to help attract affordable housing for buyers. But, most sellers don't know or can show the actual numbers on how that impacts buyers. This inability to show the numbers and knowledge of how dropping the rates has a more significant impact on a buyer's payment than lowering a sales price could ever have. Price vs. Rate - Did you know, and I can show you through this side-by-side comparison, how a PRICE DROP of 30k has the same benefits as a 10k SBD to a buyer's payment? So, if that is the case, then we can leave 20k on the seller's net sheet vs. taking 30k off of it to address affordability issues with buyers. Seller Buy Down - I wanted to show you how an SBD works and how both the Buyer & Seller can benefit when the SBD + is structured within a purchase transaction. ( videos below ) Marketing Your Property - Now that you understand how powerful a tool it is to reduce rate vs. price with the Seller Buy Down, then let's market your property with a custom SBD Video from me so that we can spread and help affordability to all buyers.
Mortgage News This Week with Joe Wiggins – Week ending May 1st, 2022
Overview of what the mortgage rate market did this week ending 5/1/22. Explanation of how the pricing works, the current rate trends, and how you can use tools like lock and shop to your strategic advantage to win new buyers and show sellers why they should work with you in this market. I'm including some marketing material you can download and use as you see fit regarding the lock and shop program. Talking points with Buyers for this week: 1. Rates are rising - let's get you locked now so you can shop stress free. 2. Dear Homebuyer, getting a great deal on a loan is important but even more important is getting your offer accepted. Ask me how we are able to make your offer to buy as close as you can get to a cash offer by eliminating the loan contingency from day one. 3. Home values remain in an upward pattern, so risk of waiting to buy is really where will rates be if you wait. Some experts are expecting up to 7% by this September - let's get you locked in now and see if we can find something that works within your budget now while rates are still lower. 4. My Lender can give you some below market rate options that are specific to your profile that you may not have seen yet. Don't forget that with Us, your Buyer is getting the following: 1. Top notch service with insane 'speed to contact' along with live updates (to them and to you as their Realtor) through our partner portal system. 2. A customized total cost analysis that demystifies the loan options available specifically to them, so that they can shop with confidence. 3. The ability to lock their rate in NOW without being under contract for up to 120 days. If rate improves, we can float it down. 4. Fully pre underwritten at pre approval package issuance - this means you can make offers without a loan contingency if you wish. 5. Listing agent attraction system which includes digital text and video package highlighting your buyer's strengths (90% offer rate acceptance with this system). Rates are rising, so if you have Clients who have come to you pre approved from Banks, Direct Lenders, Credit Unions, etc. that are getting priced out due to continual rate increases, just remember our rates are considerably LOWER (between .25 and .75 lower) than most retail competitors - this can keep your buyer in the game who has higher DTI, or who is just looking for a better deal. I really enjoy working with you, hope you had an amazing weekend, and wish you a wonderful NEW WEEK AHEAD! Let's win!
Fed hikes interest rates – but what does that really mean to you?
The Federal Reserve Board raised the Fed Funds rate from .25% up another .25% to .50% effective rate on March 16th, 2022. This is the first time they've done this since 2018. They also announced that their target for the effective Fed Funds rate by the end of 2022 is between 1.75% and 2.00%, so that translates to a possible .25% increase at each of the Fed's six remaining policy meetings this year. In addition, they project the rate to be at 2.8% in 2023, as their current thought is that a Fed funds rate above 2.4% will 'curb inflation.' Yeah I know but who cares and what's with the bad news, Joe? Well let's benefit from it and talk about the good news: Good News #1: Feds fund rates do not directly set the mortgage rate that you'll get on your home loan. This means when you hear doom and gloomers talking about 'the Feds just raised your rate again' - they're not talking about your mortgage rate. Good News #2: Since it has been announced, these increases have already been / are most likely already being priced into the mortgage rates that we see today, so that means if they increase less than announced, then that could be GOOD for mortgage rates. The thing to lookout for here is what they do with monetary policy - specifically reducing their balance sheet. If they do this aggressively, it could cause way worse problems than an increasing Fed funds rate ever could. There's your raincloud - you're welcome. So don't get freaked out - increasing Fed funds rates do not automatically mean higher mortgage rates, and rates for housing here in the US are still near "historic lows." Having a solid plan now when financing real estate is CRITICAL, and that's why we do a total cost analysis for each and every client. If you're looking to finance real estate in today's market, you owe it to yourself to reach out to get your free, customized, total cost analysis. It will help tremendously.
What is an ‘inverted yield curve’ and why does it matter to you?
This video explains what most mortgage and real estate people are referencing when they talk about an 'inverted yield curve' and more importantly why that could matter to you or how can this info benefit YOU if you're in the market to finance real estate right now. Knowing that lower rates could be ahead can give you a distinct advantage on choosing the smartest rate and cost structure today, as the chances are slim that you will have any loan closed between Jan 15th 2022 and current date for very long should rates drop in the next 12-24 months. Consumers - it's always smartest to get your own customized total cost analysis from ARE Mortgage Group, so that you're aware of all possible loan structure options. Realtors - it's a great idea to pair your homebuyers with a Lender like ARE Mortgage Group, so you can rest assured they are getting a total cost analysis. At ARE Mortgage Group, ARE stands for great Advice, a great Rate, and a great Experience - for every Client, every time.
Rates: Where we’ve been, Where we are now, Where we’re heading, and what you can do to get lower rate – Conventional
Check out an analysis showing where we were a year ago, where we are today, and where we're projected to be a year from now. I'm using a 740 FICO score, Primary Residence, Purchase loan in this example with 5% down. For year over year price appreciation I'm using 10% with the 'year ago' price of $500k. What you'll see is that historically, affordability is still high, even with the recent bump upward in interest rates. You'll also see that the monetary policy strategy that is known right now calls for additional rate increases as well as quantitative easing - both of which can combine to put us on an increasing rate trajectory. Rather than just leave you with bad news, I go into a way to get a rate that's a half point lower than a current 30 year fixed rate and take a deeper dive on some of that with the other attachments on this webpage. Everybody's situation is unique but I love going back to history and doing some forecasting to give folks who are currently in the market some perspective on why now is still a great time to purchase a home and at the same time what the cost of waiting could potentially look like if you wait. Every one of our Clients gets a total cost analysis customized for them in the spirit of education and in determining with certainty the smartest loan structure for their specific needs! To get started on your customized analysis today, you can apply 24/7 here securely from any device: https://tinyurl.com/2t7v9a83