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ON THE
HOUSE
02.07.24
Bet On Yourself, Not the Superbowl
Ladies and gentlemen, it is officially the week of the Super Bowl in Las Vegas! And while there will is a projected 68 million people who plan on making a bet on the big game, we think there is a much better bet to be made. The bet on YOURSELF!
Check out this video everyone’s favorite foul mouthed, serial entrepreneur and the CEO and founder of VaynerMedia, Gary Vaynerchuk. In this video you’ll hear about why betting on yourself if the only way to really win!
If you'd like to get in touch with James Carmody, visit his website here
Video of
the Week
Learn more here
Many of you probably started out the year with plans to work on your health & fitness. But did you also make plans to work on your financial fitness?
It’s easy to do when you use our app, S1Finfit. Monitor your credit, track expenses, set spending goals and more – all for FREE. It may be February already, but it’s not too late to make 2024 the year you crush your financial fitness goals! Download in the app store or go to S1Finfit.com to get started.
Time to get Financially Fit
Industry Insights
Best Levels in More Than a Month Ahead of Jobs Report
Recap: Rates dropped on clarity from the Fed. Most likely the first-rate cut will now be in May. The 10-year treasury touched six-month lows.
Read more about it here: www.mortgagenewsdaily.com/markets/mbs-recap-02012024
Banks Report
Tightened Lending Standards for Nearly all Residential Mortgages
The Federal Reserve’s latest quarterly Senior Loan Officer Opinion Survey (SLOOS) for the fourth quarter of 2023 revealed that banks have tightened lending standards across nearly all categories of residential real estate loans due to an elevated interest rate environment.
Despite this tightening, there is optimism among banks that loan demand will increase in 2024, buoyed by the expectation of interest rate cuts by the central bank. The survey also noted a significant decline in homeowners withdrawing equity from their properties, attributing this to high interest rates and rising home prices, while banks anticipate lending standards to largely remain unchanged in 2024.
Read more here: https://www.housingwire.com/
Video
Loan Process 101
What is the mortgage loan process? I attempted to get this information to you as concisely as possible:
- You’re going to meet with a lender. The lender is going to help you create a budget. Most importantly, what’s your monthly payment? What is your cash out to close for down payment, closing costs, prepaid items, etc.
- You’re going to meet with the real estate agent. The realtor is going to take what you’re pre-approved for from the lender, see what areas that you want to live in, see what amenities you desire, and how many bedrooms and bathrooms you need. Then they’re going to show you properties and find one you like.
- You’re going to right an offer! Work with the realtor and the lender to make your offer as strong as possible. You’ll negotiate back and forth with the seller on price and timelines.
- Open escrow and close. When you open escrow, you’re going to start by doing a home inspection, then an appraisal. And then a lender is going to get the loan approved and close. At the end of that, you’re going to sign loan documents with the notary public. And then you close!
Congrats! You are now a homeowner!
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