Grace Crelencia - Loan Officer

08/01/2024

𝐔𝐒 𝐌𝐚𝐫𝐤𝐞𝐭𝐬 𝐒𝐮𝐫𝐠𝐞 𝐚𝐬 𝐅𝐞𝐝 𝐇𝐢𝐧𝐭𝐬 𝐚𝐭 𝐑𝐚𝐭𝐞 𝐂𝐮𝐭𝐬 𝐚𝐧𝐝 𝐓𝐞𝐜𝐡 𝐒𝐭𝐨𝐜𝐤𝐬 𝐑𝐚𝐥𝐥𝐲:

-𝐅𝐞𝐝𝐞𝐫𝐚𝐥 𝐑𝐞𝐬𝐞𝐫𝐯𝐞 𝐂𝐡𝐚𝐢𝐫 𝐉𝐞𝐫𝐨𝐦𝐞 𝐏𝐨𝐰𝐞𝐥𝐥 signaled potential rate cuts in September.

-𝐓𝐞𝐜𝐡 𝐬𝐭𝐨𝐜𝐤𝐬 𝐫𝐚𝐥𝐥𝐢𝐞𝐝, with Advanced Micro Devices exceeding earnings expectations.

-𝐍𝐯𝐢𝐝𝐢𝐚 𝐬𝐡𝐚𝐫𝐞𝐬 𝐬𝐨𝐚𝐫𝐞𝐝 by 12.8%, marking the chipmaker’s best day since February.

-𝐃𝐨𝐰 𝐉𝐨𝐧𝐞𝐬 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐀𝐯𝐞𝐫𝐚𝐠𝐞 by 100 points (0.2%).

-𝐒&𝐏 500 𝐚𝐧𝐝 𝐍𝐚𝐬𝐝𝐚𝐪 𝐂𝐨𝐦𝐩𝐨𝐬𝐢𝐭𝐞 surged by 1.6% and 2.6%, respectively.

For more details, check out the full report on CNN:

Wall Street expected the Fed would announce it is not raising or lowering rates this month, but the drumbeat is getting louder for a rate cut sooner rather than later.

06/10/2024

𝐖𝐡𝐲 𝐅𝐇𝐀 𝐋𝐨𝐚𝐧𝐬 𝐄𝐱𝐢𝐬𝐭

The Federal Housing Administration (FHA) loans were established under the National Housing Act of 1934 during the Great Depression to revitalize the housing market and make homeownership more accessible. Here are the main reasons for their existence:

𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐒𝐭𝐚𝐛𝐢𝐥𝐢𝐳𝐚𝐭𝐢𝐨𝐧: FHA loans were introduced to stabilize the housing market during the Great Depression, addressing foreclosures and declining home values.

𝐀𝐜𝐜𝐞𝐬𝐬𝐢𝐛𝐢𝐥𝐢𝐭𝐲 𝐭𝐨 𝐇𝐨𝐦𝐞𝐨𝐰𝐧𝐞𝐫𝐬𝐡𝐢𝐩: FHA loans lowered barriers by reducing down payment and credit requirements, enabling more people to buy homes.

𝐇𝐨𝐮𝐬𝐢𝐧𝐠 𝐐𝐮𝐚𝐥𝐢𝐭𝐲 𝐈𝐦𝐩𝐫𝐨𝐯𝐞𝐦𝐞𝐧𝐭: By insuring loans for home improvements, the FHA promoted the renovation and modernization of homes.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐂𝐨𝐧𝐟𝐢𝐝𝐞𝐧𝐜𝐞: FHA loans reassured lenders with a government-backed guarantee, reducing their risk and encouraging more favorable terms for borrowers.

𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬 𝐨𝐟 𝐅𝐇𝐀 𝐋𝐨𝐚𝐧𝐬

FHA loans offer several advantages to homebuyers, particularly those who might struggle to qualify for conventional mortgages:

𝐋𝐨𝐰𝐞𝐫 𝐃𝐨𝐰𝐧 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬: FHA loans require a down payment as low as 3.5% of the home's purchase price, compared to the typical 20% for conventional loans.

𝐅𝐥𝐞𝐱𝐢𝐛𝐥𝐞 𝐂𝐫𝐞𝐝𝐢𝐭 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: Borrowers with credit scores as low as 580 can qualify for the 3.5% down payment option, while those with scores between 500 and 579 may qualify with a 10% down payment.

𝐇𝐢𝐠𝐡𝐞𝐫 𝐃𝐞𝐛𝐭-𝐭𝐨-𝐈𝐧𝐜𝐨𝐦𝐞 𝐑𝐚𝐭𝐢𝐨: FHA loans allow for a higher debt-to-income (DTI) ratio compared to conventional loans, helping borrowers with higher existing debt to qualify.

𝐀𝐬𝐬𝐮𝐦𝐚𝐛𝐥𝐞 𝐋𝐨𝐚𝐧𝐬: FHA loans are assumable, meaning the buyer can take over the existing loan if the homeowner sells the property.

𝐑𝐞𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐧𝐠 𝐎𝐩𝐭𝐢𝐨𝐧𝐬: The FHA offers refinancing options, including the FHA Streamline Refinance, which is a simplified process with less paperwork and potentially lower closing costs.

𝐌𝐨𝐫𝐭𝐠𝐚𝐠𝐞 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞: FHA mortgage insurance is often more affordable than private mortgage insurance (PMI) on conventional loans, especially for borrowers with lower credit scores.

𝐋𝐞𝐧𝐢𝐞𝐧𝐭 𝐂𝐥𝐨𝐬𝐢𝐧𝐠 𝐂𝐨𝐬𝐭𝐬: FHA loans allow sellers, builders, and lenders to contribute up to 6% of the buyer’s closing costs, reducing the financial burden on the buyer.

FHA loans were created to make homeownership more accessible and stabilize the housing market during economic turmoil. They continue to offer significant benefits, making them a valuable option for many homebuyers, especially those who may not qualify for conventional loans. If you'd like to see how an FHA loan can benefit you, call me for a 𝐅𝐑𝐄𝐄 𝐜𝐨𝐧𝐬𝐮𝐥𝐭𝐚𝐭𝐢𝐨𝐧 at 321-233-5959!

06/07/2024

06/03/2024

It's interesting to see the survey results from LendingTree, highlighting that a slim majority of homebuyers are not shopping around for multiple mortgage offers despite the potential savings. Here's a summary of the key points from the survey:

● 54% of homebuyers received only one mortgage offer for their most recent home
purchase.
● 22% of homebuyers received two mortgage offers.
●17% of homebuyers received three or more mortgage offers.
● 2% of homebuyers received four mortgage offers.

The survey also found that 45% of homebuyers who did shop around managed to get a lower offer the second time around, suggesting that comparison shopping can lead to better deals.

These findings underscore the importance of shopping around for mortgage offers to potentially secure better rates and save money.

Contact me to shop around for the best mortgage rates! As a broker at Loan Factory, my job is to find you the most competitive rates available. We work with over 167 lenders, allowing me to save you time and money without repeatedly running your credit. Let me help you secure the best deal with ease and efficiency. ☎️ 321-231-5959

05/16/2024

🏡 The Florida housing market is experiencing a notable decrease in down payments, making it easier for potential homebuyers to enter the market. This shift is a significant advantage for buyers, as it reduces the initial financial burden and improves affordability and accessibility despite overall high prices. According to The Mortgage Reports, high mortgage rates and economic uncertainty have led to adjustments in home prices and down payment requirements. This trend can help buyers secure homes with less upfront cost. hashtag hashtag hashtag hashtag hashtag

If you've found your dream home and are ready to make the move, contact me for a free consultation. You may even qualify for a grant to help with upfront costs or buy down your rate! Call 321-233-5959 ☎

Some areas in the state saw what people are prepared to put down to purchase a home plunge.

05/01/2024

🏠 𝐁𝐮𝐲𝐢𝐧𝐠 𝐚 𝐡𝐨𝐦𝐞 𝐢𝐬 𝐚𝐧 𝐞𝐱𝐜𝐢𝐭𝐢𝐧𝐠 𝐣𝐨𝐮𝐫𝐧𝐞𝐲, 𝐚𝐧𝐝 𝐈'𝐦 𝐡𝐞𝐫𝐞 𝐭𝐨 𝐠𝐮𝐢𝐝𝐞 𝐲𝐨𝐮 𝐞𝐯𝐞𝐫𝐲 𝐬𝐭𝐞𝐩 𝐨𝐟 𝐭𝐡𝐞 𝐰𝐚𝐲 𝐰𝐢𝐭𝐡 𝐭𝐡𝐞𝐬𝐞 𝐞𝐬𝐬𝐞𝐧𝐭𝐢𝐚𝐥 𝐭𝐢𝐩𝐬:

𝐆𝐞𝐭 𝐏𝐫𝐞-𝐀𝐩𝐩𝐫𝐨𝐯𝐞𝐝 - Understand your budget by getting pre-approved for a mortgage before you start house hunting. It'll make you a more attractive buyer!

𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐍𝐞𝐢𝐠𝐡𝐛𝐨𝐫𝐡𝐨𝐨𝐝𝐬 - Spend time in potential neighborhoods at different times of the day. Check out local amenities, schools, and commute times to ensure it fits your lifestyle.

𝐏𝐫𝐢𝐨𝐫𝐢𝐭𝐢𝐳𝐞 𝐘𝐨𝐮𝐫 𝐍𝐞𝐞𝐝𝐬 - List out your must-haves versus nice-to-haves. Knowing what you're flexible on will help narrow your search.

𝐈𝐧𝐬𝐩𝐞𝐜𝐭 𝐓𝐡𝐨𝐫𝐨𝐮𝐠𝐡𝐥𝐲 - Always opt for a professional home inspection to avoid any surprises after the purchase.

𝐓𝐡𝐢𝐧𝐤 𝐋𝐨𝐧𝐠-𝐓𝐞𝐫𝐦 - Consider how your needs might change over time and if the home can accommodate those changes.

Ready to start your home-buying journey?

Contact me today for more insights and personalized guidance!

04/25/2024

Urgent Announcement for Prospective Homeowners!

Act quickly to secure your $10,000 grant! For all HomeReady first loans locked on or before April 30, 2024, at 11:59 PM PST, qualified borrowers are eligible for a generous $10,000 in down payment and closing cost assistance.
Starting May 1, 2024, the grant amount will be reduced to $7,500. Don’t miss out on this extra benefit to ease your path to homeownership.

Contact me today 321-233-5959 or visit my website https://www.loanfactory.com/gracecrelencia for more information and to lock in your loan under the current, more advantageous conditions!

04/24/2024

🚀 Exploring Adjustable-Rate Mortgages (ARMs): Why They Might Be Right for You! 🏡

Are you considering buying a home but worried about high fixed mortgage rates? Let's dive into the world of Adjustable-Rate Mortgages (ARMs) and uncover their potential benefits:

Lower Initial Rates: ARMs often start with lower rates compared to fixed-rate mortgages, making them an attractive option for buyers seeking lower initial monthly payments.
Flexibility: Perfect for those who plan on moving or refinancing within a few years. With ARMs, you’re not locked into a high rate for 30 years if your circumstances change.
Potential Rate Caps: Many ARMs come with rate caps which limit how much the interest can increase in a given period, providing a level of protection against dramatic rate hikes.
Market Adaptability: If interest rates fall, so does your payment! You won't have to refinance to take advantage of lower rates as you would with a fixed-rate mortgage.
Increased Buying Power: Lower initial payments can help buyers afford a more expensive home than they might with a fixed-rate mortgage, making ARMs ideal for entering higher-priced markets.
👉 Whether you're a first-time homebuyer or looking to invest in property, considering an ARM could provide financial flexibility and potential savings. Remember, it’s important to weigh these benefits against the risks, like possible rate increases over time. Always consult with a financial advisor to find the best mortgage solution for your needs.

04/22/2024

Looking to revamp your kitchen or tackle a major renovation? Skip the high costs of credit cards and personal loans. Opt for a HELOC and enjoy lower interest rates to save more!

Contact me for more info: 321-233-5959

04/17/2024

5 Key Points from Today's Newsweek Article - "Homebuyers Are Making Surprising Move"

1. Increase in Mortgage Applications: Despite rising mortgage rates, there was a notable increase in mortgage applications. For the week ending April 12, applications rose by more than 3%, which includes a 0.5% increase in refinance applications from the previous week.

2. High Mortgage Rates: Mortgage rates have been fluctuating, reaching as high as 7.13% for the 30-year fixed rate, the highest since December 2023. This upward trend in rates reflects ongoing economic strength and persistent inflation.

3. Impact of Economic and Inflation Data: The rise in mortgage rates is influenced by recent economic data suggesting strong economic activity and inflation rates higher than the Federal Reserve's target. This has led to higher interest rates, with the Federal Reserve hiking rates to levels not seen in over two decades.

4. Federal Reserve's Outlook: Federal Reserve Chair Jerome Powell indicated that high borrowing costs might persist for some time, which could influence future mortgage rate trends. Following his comments, the 30-year fixed rate increased to 7.5%.

5. Buyer's Market Response: Despite the deterrent generally posed by higher rates, homebuyers showed a willingness to engage in the housing market. The increase in applications was primarily driven by purchase applications, although they were still below the pace seen in 2023.

Link to article:

Buyers are overcoming high rates to purchase homes, according to the Mortgage Bankers Association.