Kevin Stillman Mortgage Banker NMLS #507219

12/20/2021

Rates are rising and expected to continue in 2022. If you’re renting, let’s get you pre-approved to buy your new home!

11/30/2020

History repeats itself again and there has never been a better time to buy a home or refinance a mortgage!

05/10/2020

I've had several people ask me why rates haven't gone down or some programs have been eliminated. Questions worth of explanations. Let's start with some background. When the CARE Act was signed into law, one of the provisions was that any borrower with a federally backed mortgage on a single-family property is eligible for a forbearance for up to 180 days if they request one from their lender (or servicer). The "federally backed" verbiage is key. Fannie and Freddie were taken over by the Federal Housing Finance Authority during the last financial crisis, meaning the U.S. Treasury backs all mortgages funded by Fannie and Freddie. As a result, the "risk" of default has been diminished to near zero thanks to this backing of the federal government.

When Fannie or Freddie buys loans from a lender, this comes with the expectation of cash flows from the borrower's monthly payments. For lenders, selling loans provides capital to fund mortgages for borrowers. When a loan goes into forbearance, the lender servicing the loan has to continue to advance four months of payments for principal and interest until the loan is paid off or foreclosed on. This is really hurting lenders servicing loans, as the lenders are forwarding four months of payments on mortgages for which they are collecting no payments, cutting deeply into their liquidity. Those payments that must be forwarded can no longer be used for funding other mortgages or any expenses the company incurs. Because lenders servicing loans have to enable a forbearance on any single-family mortgage that is back by the federal government, lenders do not want to make a loan today that will become a forbearance later in the month, or next month or the month after, since it takes a lender about a year of collecting payments to recoup the cost of originating and funding a mortgage.

So, what is the end result? Lenders look to mitigate risk by doing one or a combination of raising rates, lowering maximum loan amounts, and limiting loan programs that present higher risk in normal markets.

03/26/2020

03/20/2020

I want to help simplify your financing so you can build the home of your dreams. Qualified borrowers can finance the home construction and lot purchase in a single closing with One-Time Close (OTC) Construction-to-Permanent loans. Contact me to learn more.

03/05/2020

The average 30-year fixed mortgage rate fell to an ALL-TIME low to 3.29% this week. Mortgage companies are reacting to the market and trying to keep up with the increased application volume. If you are purchasing a home, you're OK. Lenders prioritize purchases over refinances. If you are refinancing, expect your loan to close in 60 days. Be patient and lock in your rate at the time of application! We don't know if these rates are going to stick around!

02/20/2020

Mortgage rates haven't been lower since 2017! It's time to look at refinancing. Here is how you can tell if it makes CENT$:

$125,000/Your mortgage balance = rate spread

This is the rate differential you need to save money. For example, if your balance is $250,000, you only need a 1/2% difference in your rate and today's rate to refinance. If your rate is 4.25% for a conventional 30 year loan, rates are below 3.75% today depending upon credit score. Send me a message with your current rate, balance, home value and how many years you have left on your mortgage and I'll send you a complimentary mortgage review!

10/04/2019

The Waukee community is a great place to live and own a home!

06/06/2019

Rates are now below 4% on a 30 year fixed mortgage. Here is a quick way to find out if you should refinance:

$125,000/mortgage balance= rate difference

For example, if your mortgage balance is $250,000 and your rate is 4.50%, you could save money by refinancing because market rates are better than the .5% ($125,000/$250,000) difference you need to save money. Give me a call and I would be happy to provide a complimentary mortgage review for you!

06/01/2019

A new meaning to that “new but lived-in feel”!

🐄 🐄 🐄 🐄 💩

A handful of cows found their way into a newly built home and lived in it for a month before being noticed.

Shows it can always be worse!



Happy Friday!

💩🐄 💥 UPDATE 💥🐄💩

It happened in Montana. The family was moving from Washington. The Aunt was supposed to be checking on the place, but she didn’t. A rancher had filed a report about missing some cattle and even checked their barn, but not the house. They think a bad storm sent them looking for cover. They also think the storm blew a door in or somehow one of the cows nudged one open.