Kunal Khanna - Fairfax Mortgage

11/01/2024

🚨🚨VERY weak jobs report! 🚨🚨

Only 12,000 jobs added in October, and here’s where it gets even more interesting - the jobs reports for August and September were both revised down significantly, by a total of 112,000 jobs. August’s numbers dropped from 159,000 to 78,000, and September’s from 254,000 to 223,000! 📉

Now, while that doesn’t sound like a win for the economy, it could be exactly what we need to see relief in mortgage rates. With job growth slowing down, it’s likely we’re looking at a more favorable environment for rate cuts. All eyes are on the Fed’s next meeting on the 7th, and with numbers like these, another rate cut feels more secure than ever! 😁

This means you or your clients could benefit soon with lower mortgage rates, so stay tuned - now’s the time to keep your options open if you’re considering buying or refinancing! 😎

CMS Mortgage Inc
703-899-2178
[email protected]
NMLS #253695
Former Underwriter with close to half a billion in closed loan production

10/29/2024

Fannie Mae and Freddie Mac have just increased their appraisal waiver programs from 80% to 90% LTV/TLTV.

This means more home buyers will be able to put just 10% down and avoid the expense and waiting period of a traditional appraisal.

These waivers allow lenders to underwrite loans without an appraisal, using historical data and public records instead.

In addition, the pair's more robust inspection-based appraisal waivers will allow LTVs as high as 97%, meaning just 3% down w/o an appraisal.

Freddie Mac says the move will help lower-income borrowers, including many first-time homebuyers.

Fannie Mae says, "Responsibly increasing the eligibility for valuation options that leverage data- and technology-driven approaches can also help reduce costs for borrowers."

The changes are expected to go live in Q1 2025.

To date, Freddie Mac’s ACE waivers have saved borrowers more than $1.63B in appraisal fees, while Fannie Mae's appraisal alternatives have saved more than $2.5B.

Perhaps not good news for appraisers. But faster, cheaper, and easier closings for home buyers.

10/08/2023

“Sundays should come with a pause button.” ~ Anonymous

Have a great weekend to all!

10/07/2023

Home is where your feet might roam, but your heart’s forever anchored. Why not secure that love with a mortgage pre-approval? It’s the love letter your future home is waiting for. 💕🏠✅

Message me if you have any questions or would like to get started!

Kunal Khanna |Your Mortgage Guru


🏛Fairfax Mortgage
🏆 % in the country
📲703-899-2178
📬[email protected]
⚜NMLS ,
📍VA, DC

10/06/2023

Mortgage Tip #1 | Hurting your Credit Score

✨🏡 Mortgage Tip #1: Love your Credit Score, Don’t Hurt it!

Lenders pull your credit when you apply for a mortgage and again before you close. If your score changes drastically during that time (for the worse), you could lose your loan approval. Once pre-approved, try keeping your credit the same by not opening new accounts, missing payments, or racking up too much credit card debt.

So… If your score decides to play hide and seek (and not in a good way), you could wave bye-bye to your loan approval. 🙅‍♀️👋

Message me if you have any questions or would like to get started!

Kunal Khanna |Your Mortgage Guru


🏛Fairfax Mortgage
🏆 % in the country
📲703-899-2178
📬[email protected]
⚜NMLS ,
📍VA, DC

10/05/2023

10/05/2023

Dear Renting Let’s break up

Isn’t it time you ditched the monthly rent for a monthly mortgage (aka an investment?)

As inflation continues to rise, the cost of living continues to get higher. This includes the cost of rent. Instead of giving your money to someone else, why not invest it into something that you could own?

Message me if you have any questions or would like to get started!

Kunal Khanna |Your Mortgage Guru


🏛Fairfax Mortgage
🏆 % in the country
📲703-899-2178
📬[email protected]
⚜NMLS ,
📍VA, DC

10/04/2023

Did you know? The Impact of Interest Rates

Get ready to have your mind blown by the impact of interest rates on your purchasing power! 🤯💸

Did you know that a 1% change in an interest rate can affect your purchasing power by about 10%? For example, if you qualify for a $400,000 mortgage at 3%, you’d only qualify for around $360,000 if the rate went up to 4%

So, whether you’re just starting your home buying journey or considering a refinance, keep a close eye on those interest rate fluctuations. They have the power to shape your financial landscape and determine the scope of your homeownership dreams.

Message me if you have any questions or would like to get started!

Kunal Khanna |Your Mortgage Guru


🏛Fairfax Mortgage
🏆 % in the country
📲703-899-2178
📬[email protected]
⚜NMLS ,
📍VA, DC

10/03/2023

🏡 Understanding your loan options is a crucial step on the path to homeownership. Let’s take a moment to dive into the world of mortgages and discover the key to unlocking your dream home! 🔑

🗝 Fixed-Rate Loans: Stability is the game here. With a fixed interest rate, your monthly payments stay the same for the loan’s lifetime. Great for budgeting and long-term planning. 📈

🗝 Adjustable-Rate Loans: These start with a lower interest rate, which can adjust over time. Ideal if you plan on moving before the rate goes up. ⏱️

🗝 FHA Loans: With lower down payment requirements, these government-insured loans are perfect for first-time homebuyers or those with less-than-perfect credit. 👍

🗝 VA Loans: A fantastic benefit for our veterans – these loans often require no down payment or mortgage insurance. 🎖️

🗝 USDA Loans: Living in a rural or suburban area? You might qualify for a USDA loan, which also offers zero down payment options

When you’re ready to explore these options and more, I’m here to help and guide you. Your dream home awaits. Let’s unlock it together! 🔑

Message me if you have any questions or would like to get started!

Kunal Khanna |Your Mortgage Guru


🏛Fairfax Mortgage
🏆 % in the country
📲703-899-2178
📬[email protected]
⚜NMLS ,
📍VA, DC

10/02/2023

Down Payment Hacks

Ever had a little extra dough 💰 fall into your lap – a tax refund, a sweet work bonus, or a lucky inheritance? Before you dive headfirst into a shopping spree or vacation booking, let’s detour to the land of Down Payment Hacks

Use Windfalls Wisely

Did you just receive a tax refund, an inheritance, or a nice bonus at work? Instead of splurging it on the latest smartphone or a luxury vacation, channel it into your down payment fund. It might not be as exciting, but future you will high-five you for being so responsible!

It may not sparkle like a new gadget or dazzle like a tropical getaway, but picture this: a future you, living in your dream home, high-fiving you across time for such a wise choice! 🏡🙌

Message me if you have any questions or would like to get started!

Kunal Khanna |Your Mortgage Guru


🏛Fairfax Mortgage
🏆 % in the country
📲703-899-2178
📬[email protected]
⚜NMLS ,
📍VA, DC

10/01/2023

October is here with pumpkin spice and mortgage approvals that are oh-so-nice. Let’s turn your home-owning dreams into a reality! No tricks just treats 🎃🏠🍂

09/29/2023

BUYING “AS IS” WHAT DOES IT MEAN FOR BUYERS?

Buying a home ‘as is’ can be a great way to save money! If you’re okay with doing a few fixes or renovations, buying a home ‘as is’ can be cheaper than buying one that’s in perfect condition!

Often, the home is in very decent condition and current owners simply don’t know the state of the property which is why they’re listing it ‘as is!’

Message me if you have any questions or would like to get started!

Kunal Khanna |Your Mortgage Guru


🏛Fairfax Mortgage
🏆 % in the country
📲703-899-2178
📬[email protected]
⚜NMLS ,
📍VA, DC