Primary Residential Mortgage Inc. - Chris Wiley

04/25/2025

5.0 star review received on Experience.com for Christopher Wiley by Dustin D - The whole process was overwhelming at times, but the end result was Chris was able to get it done.

Click to see all 264 reviews of Christopher Wiley | Loan Officer | Primary Residential Mortgage, Inc., Loan Officer

02/10/2025

5.0 star review received on Experience.com for Christopher Wiley by Laura A I - They were helpfuk with questions and prompt with paperwork.

Click to see all 263 reviews of Christopher Wiley | Loan Officer | Primary Residential Mortgage, Inc., Loan Officer

01/27/2025

5.0 star review received on Experience.com for Christopher Wiley by Brent W - you And your team were awesome. Communication is key during any transaction and I always felt informed. we closed 1 day late. Not a big deal at all

Click to see all 262 reviews of Christopher Wiley | Loan Officer | Primary Residential Mortgage, Inc., Loan Officer

10/22/2024

5.0 star review received on Experience.com for Christopher Wiley by Robert T B - Chris was an absolute legend when it came to our mortgage. He helped get us approved despite most of our income coming from 1099 and K-1 sources, despite our bank for the last 20 years and Rocketmortgage not being able to. He stayed on top of all necessary documents and guided us through the incredibly complicated process of getting our loan. On top of that, he follows the day-to-day interest rates very closely as the closing date approaches so he can lock you in to the lowest possible rate for your closing time, which will absolutely save you money. He was able to explain, in perfect detail what to expect for closing costs and how escrow would work and just made the whole thing as easy as it could be. I will use him for my next mortgage, and every one after that, and recommend him as strongly as possible to family and friends. Seriously, Chris is a mortgage Jedi.

Click to see all 261 reviews of Christopher Wiley | Loan Officer | Primary Residential Mortgage, Inc., Loan Officer

10/19/2024

5.0 star review received on Experience.com for Christopher Wiley by Gillian B - We had a quick and successful experience with Chris.

Click to see all 260 reviews of Christopher Wiley | Loan Officer | Primary Residential Mortgage, Inc., Loan Officer

10/09/2024

As I conclude this "why Refinance?" Series, you can see that theres multiple benefits to refinancing when the time is best for you.

A mortgage is not a one size fits all, and not all lenders are the same. Reach out to me today for a customized home loan solution that fits YOU and your short and long term financial goals and objectives!

If you’re not interested at this time, referring me to your family or friends is the best compliment!

10/02/2024

Finally, reason #4 of the "Why Refinance?" series!

Dropping mortgage insurance. As mentioned on my previous post, FHA loans can be great for getting your into your home with more lenient criteria. However, FHA loans usually have mortgage insurance for the life of the loan.

Conventional loans will have mortgage insurance if you put less than 20% down on your home purchase, but the mortgage insurance will drop off when you have sufficient equity in your home

This will be removed one of three ways:
1. You continue with your payments on your conventional loan and it will automatically drop off when you're at 22% equity
2. You continue with your payments on your conventional loan, and request it be removed at 20% equity
*these two avenues may take a decade or even more, depending on what your interest rate and initial down payment was*
3. You refinance your home, and when you get your appraisal, it shows you have enough equity in your home to drop off the monthly mortgage insurance.
*This can take as little as a year/few years depending on how fast your home appreciates, how much you originally put down , and what your initial interest rate was*

As this refinance environment approaches, keep in mind all these benefits, and feel free to reach out with any questions you have! If you’re not interested at this time, referring me to your family or friends is the best compliment!

09/29/2024

Should I buy or should I continue renting?

I get it, your monthly rent payment might be cheaper (at least for now) than what your mortgage payment would be, making it hard to take the leap to homeownership.

But the truth is, rent continues to increase each year where as a fixed rate mortgage is consistant

Not to mention, rent payments are 100% interest, meaning you get no return from your money.

On the contrary, a mortgage has a variety of benefits like
-Steady payment
-Part of the payment goes towards your homes equity
-Tax Benefits *
-The home appreciates over time

AND your monthly payment doesn't have to be set in stone.

Divorce your rent and marry the home instead. Lock in the home at today's price, and date the rate until it makes sense to refinance

And yes, I can help watch your rate for the best time to refinance!

*Consult your tax advisor for details about possible tax benefits

If you’re not interested or in the market at this time, referring me to your family or friends is the best compliment!

09/25/2024

When you purchase a home, your home loan has a specific loan program.

Lets take an FHA loan for example:
If you currently have an FHA loan, this was likely for one or multiple of these reasons below
-Your credit was too low for other loan programs
-The rate was better than alternative options at the time
-It allowed you to search in a higher price range
-The mortgage insurance was cheaper than alternative options at the time
-It allowed you to come in with less down than alternative options

FHA loans can be great for getting into a home, but they are not typically a loan program you want to stay in for the life of your loan.

Why you ask? Unlike Conventional loans, most FHA loans have a monthly mortgage insurance that never drops off. AKA, if you have an FHA loan and keep it for the entire loan term, you will usually have a monthly mortgage insurance

Alternatively, Conventional loans mortgage insurance drops off once you have enough equity in your home. I'll be breaking down mortgage insurance more tomorrow!

If you’re not interested at this time, referring me to your family or friends is the best compliment!

09/23/2024

This 'Cost of Waiting Analysis'
is a side by side comparison of buying now in the current market vs buying a year from now at 1/2% lower in rate.

So.. Is it better to buy now at a higher rate or wait for rates to improve some more before buying?

Here's why it can be costly to wait to purchase a home:

1. In this example, this home is expected to appreciate by ~$28,000 in 1 year meaning the total cash to close will increase

2. Even with the rate decreasing by 1/2%, waiting is still a higher payment by ~$20 because of the higher loan amount borrowed will increase

If you date the rate, it means you know your rate is temporary. My suggestion is to buy the home you love at today's price, with today's rate, and then when rates continue to drop, you refinance into the rate you were going to waiting for

But don't refinances cost money? Yes, they do.. but:
1. it can be financed in
2. it's not as much as when you purchase and
3. your home equity increased
You may even be eligible for a streamline, meaning very minimal documentation is required!

Coming soon.. Why you should divorce the rent

If you’re not interested or in the market at this time, referring me to your family or friends is the best compliment!

09/18/2024

Reason 2 of the "Why Refinance?" Series: Access your home's equity

When it comes to refinancing your home,
1. you can do a simple 'rate and term refinance', which means you are not taking cash out, or
2. You can do a cash out Refinance.

First, what is a cash out refinance? It's when you use a portion of your homes equity, and pull cash out to use for a variety of reasons.

Second, what are some of the reasons to do a cash out refinance?
A cash out refinance can be used for so many different reasons. Some of the more common reasons include, but are not limited to
-Consolidating debt: Think credit card balances, medical bills, student loans, installment loans, etc. These might (and probably do) have a higher interest rate than your mortgage rate, and consolidating these can free up hundreds and even thousands in your monthly cashflow
-Home Improvement Projects: Take cash out and use it to do those renovations you've been dreaming about!
-Take cash out for investing in other sources: the possibilities are endless!
-Take cash out for a new home. If you are looking to take cash out of your home to buy a secondary or investment property, you can tap into your homes equity to bring more funds in
-The list doesn't stop here, reach out if you want to see if a cash out refinance makes sense for you

*FYI: You need to have enough equity in your home to take out cash. That being said, there are alternative avenues that may be applicable to you such as a HELOC, stand alone second mortgage, renovation refinance loan, etc. but thats a whole different conversation, so reach out if you'd like to hear more!*

If you’re not interested at this time, referring me to your family or friends is the best compliment!

09/16/2024

Home appreciation is arguably the greatest superpower of homeownership.

Of course, no one has a crystal ball but the forecasted appreciation chart is based on historical and anticipated market trends & data.

This chart is based on the home price of $500,000 bought today.

Appreciation alone can help massively grow your net worth

And you can use the equity you gain from the appreciation of your home for a plethora of things in the future! Some of which include, but are not limited to:
-Having more favorable terms when you refinance
-Taking cash out for projects, goals, travel, investments, etc.
-Paying off debt (credit cards, installment leans, student loans, medical debt, etc)
-Larger down payment on your next home
-And the list goes on!

Next week, we will discuss why you should "date the rate"

If you’re not interested or in the market at this time, referring me to your family or friends is the best compliment!