Sabrina Goldfarb - Mortgage Loan Officer - Modern Home Lending

09/07/2022

2023 conventional loan limits are out!! Conforming loan limits is the max amount of cash that a Buyer can borrower using a conventional loan. Contact me today if you're interested in learning more!

08/02/2022

This ride isn't as scary as it may seem..

With the media talking about escalating home prices, rising mortgage rates and past housing bubbles. Let me tell you what I'm seeing from the trenches of home financing. I think you'll like it :)

Price growth is slowing. After a record run of frenetically rising home prices, gains are slowing down. Homeowners still have newfound equity in their homes, and moderated prices can help new buyers.

Mortgage rates remain in the "low" range. After a couple of years with extraordinarily low mortgage rates, 2022 has seen some increases, yet rates are still well below long-term averages.

While the Federal Reserve Board may continue raising policy rates to cool inflation, mortgage rates have largely reflected the changes already. Even with the increases, home price gains and other advantages can make owning a better deal than renting.

What does all of this mean for you?
~For most, their homes have gained significant value. This protects them in case prices fall and provides equity to access for emergencies, home improvements or other expenditures. If you're in this position, I can help you with a home equity loan or line of credit.
~For those still looking to buy, market forces are tilting toward more housing supply (which means less competition), price moderation, and rate stabilization. This combination invites buyers who previously shied away from the frantic market back in the game. If this sounds like you, I may be able to help extend your buying power with many of our specialized loan programs.

Any time I can assist you or someone you know, please reach out!

07/20/2022

www.OptOutPrescreen.com this disallows credit bureaus from selling your personal data letting other lenders know that you applied for a mortgage!

06/08/2022

Credit scoring is changing to help consumers – specifically those with medical debt.

The three primary credit repositories (Equifax, Experian and TransUnion) have agreed to changes that will wipe approximately 70% of medical collection debt from consumers' credit files

As of July 1, 2022:
• Medical collection debt will be removed from credit reports after it has been paid. Typically, debt sent to a collection agency remains on a report up to seven years.
• Negative reporting for unpaid accounts will appear on reports only after 12 months have passed. This gives consumers extra time to finalize questions with providers and insurers before the debt affects their credit rating.
Beginning in the first half of 2023, medical collection accounts below $500 will not be included on reports at all.

If you or someone you care about has been denied credit or paid more due to a low credit score impacted by medical collection debt, it may be time to try again.

05/11/2022

Purchase to the closing table in only 8 days! Go team :)

04/21/2022

🚨Attention Realtors🚨

How to Check if a Condo is FHA or VA Approved?

With increasing prices and cost of living, we’ve seen more entry buyers looking at condos.

For FHA & VA buyers, we’ve created a guide (great to check for listings prior as well) to see if it’s FHA/VA approved:

Click here to view the full guide!

04/13/2022

When purchasing a home there are appraisal contingencies which could impact your loan:

Example One
*Buyer is putting 3% down as required by his conventional loan as a first-time buyer on a $300,000 home. However, the appraisal comes in at $290,000.

*This means to keep 3% equity or down payment on the home, Lender will only finance $281,300 (or 97% of $290,000).

*If this buyer wants to move forward, instead of the original $9000 down payment with a $291,000 loan amount...they’ll have to come up with a down payment of $18,700 with a $281,300 loan amount, assuming the seller doesn’t drop sales price.

Example Two
*A Buyer is putting 20% down on a $500,000 home with a conventional loan of $400,000

*Appraisal came in at $480,000 – buyer would have a couple options if the seller doesn’t drop sales price:

*Option 1 Buyer can keep their loan of $400,000 but because appraisal is $480,000, they will have monthly mortgage insurance based on having just under 20% equity of appraisal price. Mortgage insurance will not be very expensive since they’re still putting at least 15% down and it will be taken off sooner than most loans because they’re close to 20% equity.

*Now if they wanted to avoid monthly mortgage insurance without increasing their rate, they could drop their loan amount to $384,000 (80% of $480,000). Instead of a down payment of $100,000 and loan of $400,000, they are coming up with $116,000 down payment and a loan of $384,000 to avoid monthly mortgage insurance.

04/05/2022

On conventional mortgages and some other loans, there is an option to do what’s called a mortgage recast (also known as re-amortization).

03/25/2022

https://modernhomelending.com/ways-to-buy-a-new-home-before-selling-your-current-one/?fbclid=IwAR1oKH80o8aURbhazncX9mGTExR2_OLjmQkeM2GBWB7mI7mH9zjMDsCXfMw

We have options for Non-Standard buyers! If you have a unique situation that you think precludes you from home ownership, think again!

02/16/2022

Make Your Mortgage Modern!