Leo Acero - Guild Mortgage

Leo Acero - Guild Mortgage A team focused to deliver the best home loan experience, catered to all of your needs and wants. N

NMLS #1511795 I am authorized to do business in the states of California and Nevada. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act; NV Mortgage Company #1141; Guild Mortgage Company; Equal Housing Opportunity; NMLS #3274 (www.nmlsconsumeraccess.org/). For more licensing information, please visit www.guildmortgage.com/licensing

07/24/2024

Updating

05/12/2024

Happy Mothers Day to all you wonderful mothers!

04/15/2024

Did you know closing costs include:

- Your home inspection
- Your Appraisal
- Home Owners Insurance (12 months pre-paid & 2 months escrowed)
- Tax's for your property (3 months pre paid & 3 months escrowed)
- Title Fee's

These are just some examples so you can see these aren't all related to "lender fee's"

01/16/2024

What is a seller concession:

Where a seller if asked and negotiated can contribute a certain % towards your closing costs and/or rate buy-down.

12/15/2023

Alright so let's get some more info out there. There is always this perception that I hear constantly. "Hey your fee's are really high!."

Mortgage Rates Online vs. Actual Rates:

When consumers see mortgage rates online, these are often advertised or quoted rates, and they may not reflect the specific circumstances of an individual borrower.

The rates advertised online may be based on certain assumptions, such as a high credit score or a specific loan-to-value ratio.

Actual rates can vary based on individual factors, including the borrower's credit score, loan amount, down payment, and other financial considerations.

Lenders provide personalized rates based on the borrower's specific financial profile and the current market conditions.

Paying Points to Lower Interest Rates:
Borrowers may have the option to pay points upfront to lower their interest rate over the life of the loan.

Points are essentially prepaid interest. By paying points, borrowers can reduce their monthly mortgage payments and, in SOME cases, save money over the long term.

The decision to pay points depends on factors such as how long the borrower plans to stay in the home. If they plan to stay for an extended period, paying points may or may not be a cost-effective strategy. Every ones situation is different.

Lender's Responsibility for Third-Party Fees:

Lenders are required to provide a Loan Estimate (LE) to borrowers within three business days of receiving a loan application.
(in contract). Always pay attention when shopping. In order to provide you an accurate quote an application must be obtained. Always look for special verbiage, DISCOUNT doesn't mean discount it's a cost associated with the rate.

The LE includes an estimate of all the costs associated with the loan, including lender fees and third-party fees.

Lenders must gather fee information from all third-party service providers involved in the mortgage process, such as appraisers, title companies, and escrow services etc.

The Closing Disclosure (CD), provided to the borrower at least three business days before closing, further details the final loan terms and closing costs. It should closely match the information provided in the LE.

Just some information as you are out shopping. Always ask what are YOUR fee's? That is important to know as those differ from all the other 3rd party fees. Did your taxes and insurance get impounded properly?

The more information you have at your disposal the better off you will be when you are out looking at home loans.

11/30/2023

Last week was monumental in rates lowering. Those that have followed the market and looked at all the DATA have seen this trend was coming. That being said last week we say 20% increase in home applications rise. What does this mean?

That the consumer is finally seeing the downward trend, and now it's the start of the race. As prospective home buyers see this decrease in rates the market will shift. Inventory is already low, which will mean only lower as home buyers get ready to jump on the ship.

We saw during the pandemic how hard the competition was during those times. As these rates start to go down, you will see stronger competition. You will be fighting for that home, so why go through the stress.

11/06/2023

Myth: You Need a 20% Down Payment
Reality: Contrary to the popular belief that you must have a 20% down payment to buy a home, there are various options available. Many lenders offer mortgage programs with lower down payments, such as 3% or 5%. Additionally, some grant programs and assistance initiatives can help you secure a mortgage with even less upfront cash. Explore these alternatives to find a homeownership path that suits your financial situation.

Calculate Your Debt-to-Income Ratio
To calculate your debt-to-income ratio (DTI), add up all your monthly debt payments (e.g., mortgage, car loans, credit card minimum payments) and divide it by your gross monthly income. Multiply the result by 100 to get a percentage.

Home Inspection is Non-Negotiable
Never skip a thorough home inspection. It helps identify potential issues, ensuring you make an informed decision and avoid costly surprises after purchasing a home.

10/23/2023

Retirement accounts!

10/02/2023

A reverse mortgage is a financial option that can help specific homeowners tap into the equity they've built up in their homes without selling the property or making monthly loan payments. Here's how it works in simple terms:

You Must Be Older: Typically, you need to be at least 62 years old to qualify for a reverse mortgage.

You Keep Your Home: You continue to own and live in your home, just like before. You don't have to move out.

No Monthly Payments: Unlike a regular mortgage where you make monthly payments to the lender, with a reverse mortgage, you receive payments from the lender. You don't need to make any monthly repayments.

Access Your Home's Equity: Over time, you've probably built-up equity in your home (the difference between its value and what you owe on it). A reverse mortgage lets you access some of that equity as cash. You can receive the money in various ways, such as a lump sum, monthly payments, or a line of credit.

Loan Repayment: The loan is usually repaid when you move out of the home, sell it, or when you pass away. At that point, the loan is typically repaid using the proceeds from the sale of the home. If the home's value isn't enough to cover the loan balance, don't worry – you won't owe more than the home is worth.

Federally Insured: Many reverse mortgages are insured by the federal government, which provides added security and protections for borrowers.

Reverse mortgages can be a useful financial tool for retirees who want to supplement their income, cover unexpected expenses, or improve their quality of life in retirement. However, it's important to carefully consider the terms, costs, and implications of a reverse mortgage and consult with a financial advisor to make sure it's the right choice for your individual circumstances. When used wisely, reverse mortgages can be a valuable resource for older homeowners.

08/30/2023

When you're considering buying points on a mortgage, it's not always just a matter of whether you want to or not. Lenders take into account various financial factors to determine whether you're eligible to buy points and what the cost might be. Here's how credit score and loan-to-value (LTV) ratio come into play:

Credit Score Impact: Your credit score is a measure of your creditworthiness. Lenders use it to assess the risk of lending to you. If your credit score is lower, it might indicate a higher risk for the lender. In this scenario, you might be required to buy points to secure the loan, even if you hadn't planned on it due to your current fico score. Conversely, if you have a strong credit score, you might have more flexibility in choosing whether or not to buy points.

Loan-to-Value (LTV) Ratio: The LTV ratio is the percentage of the property's value that you're borrowing. If you're making a smaller down payment, your LTV ratio is higher. A higher LTV ratio can be seen as riskier for lenders, as there's less equity in the property. To mitigate this risk, a lender might require you to buy points as a condition of the loan, even if you weren't initially considering it. This helps the lender feel more secure in case the value of the property decreases.

Minimum Requirements: In some cases, lenders might have minimum requirements for buying points. For instance, they might have a policy that if your credit score is below a certain threshold or your LTV ratio is above a certain level, you must purchase a certain number of points to be eligible for the loan.

These factors highlight the fact that your financial profile can influence not only your eligibility for certain loan terms but also the requirement to buy points. It's important to be aware of these possibilities and to work with your lender to understand the terms and conditions associated with buying points.

Remember that while buying points can have benefits in terms of reducing your interest rate and monthly payment, it's a decision that should align with your overall financial goals and circumstances. If you find yourself in a situation where you're required to buy points, take the time to evaluate the costs and benefits and consider seeking advice.

08/21/2023

Yo, imagine this – you've hustled, made your Casa super comfy, and now it's time to kick back. Enter reverse mortgages, Let's get real when it comes to reverse mortgages, ditching the rumors and focusing on the real deal:

The Truth about Reverse Mortgages:

Retirement, upgraded: Tired of stressing about funds when you're supposed to be living life? Reverse mortgages are like your personal cash stream to fund your retirement goals.

Zero Monthly Stress: "peace out" to those monthly mortgage payments. With reverse mortgages, you get to loosen up your wallet and do more of what you enjoy.

Cash, Your Way: Whether you're into a fat lump sum, regular payouts, or an emergency stash, reverse mortgages can help you with that.

Home Sweet HQ: The rad part? You're staying in your home, your sanctuary.

Home Sweet Ownership: Guess what, legend? You're still the boss of your house. Let's debunk the myth – lenders (ME) aren't crash in' your pad; they're just helping you unlock your pad's equity.

Kicking Back with the detail on Reverse Mortgage

Age Is Just a Number: If you're about 62 or older and have some equity action going on, you're invited to this reverse mortgage bash.

Loan Info: Your loan amount depends on stuff like your age, how much your crib's worth, and the interest scene. The older you are and the swankier your place, the more cash you can get.

No Repay Pressure: Listen up – repayment's only happening when you're ready to make moves. So, until then, enjoy the ride without any drama.

Rates on Cruise Control: Rates come in all flavors – fixed or adjustable. Choose the one that best fits with your financial flow.

Counseling Sesh: Before you dive into the reverse scene, you'll have a laid-back chat with a counselor. They're making sure you're good to ride this out, and not be in a position that can hinder you.

Fees? Yeah, but...: There's a cover charge for this -
origination, closing, and servicing fees. But hey, no worries, they're usually tacked onto your loan tab just like a refinance.

Limits: – you've got limits to how much equity you can tap into.

Just some info for you to process. May be a fit may not, but rather you have it than not.

Address

Reno, NV

Opening Hours

Monday 8am - 5pm
Tuesday 8am - 5pm
Wednesday 8am - 5pm
Thursday 8am - 5pm
Friday 8am - 5pm

Telephone

+17756823835

Website

https://calendly.com/mynvlender/60min

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