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ON THE 
HOUSE

12.12.23

Welcome to the Inaugural Edition

Welcome to the inaugural edition of “On The House,” where I, James Carmody, a seasoned Loan Officer with close to 20 years of mortgage lending experience, share my expertise to empower you, wherever that is, in your real estate journey. I hope you’ll find useful tips, interesting insight, and a few laughs – this is “On The House”, where mortgage and real estate smarts are available in your inbox every week!

I'm James Carmody

If you'd like to get in touch with James Carmody, visit his website here

Video of
the Week

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Our digital HELOC is fast. It’s so fast that it basically takes the same amount of time it takes to order the latest almond mocha espresso creme something-or-other. AND you’ll get access to your funds in as few as 5 days at synergyoneheloc.com
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Digital HELOC

Industry Insights

The Fed May Cut Interest Rates 6 Times in 2024 as US Economy Slows

Recap: The Federal Reserve has been waiting for signs of weakness in labor markets and inflation coming down. Both of which have been happening.

My Take: I feel the Federal Reserve does not hike rates in December and pauses through the winter, with rate cuts beginning as early as March.

Read more about it here: The Fed Will Cut Interest Rates 6 Times in 2024 As US Economy Slows: ING (businessinsider.com)

House Hacking

A Beginners Guide to Making the Most of Your Home

Recap: This is an article that features all the tips and tricks around this new idea of “house hacking.”

My Take: Whatever it’s called is these days, (in this case, “House Hacking”) I think it’s an important concept and strategy for entry level investors and first time home buyers to know if they want to buy more than one unit at a time and collect rents on the other units to offset monthly cost while building equity.

Read more about it here: House Hacking: A Beginner’s Guide | FortuneBuilders

Video

Top 3 FAQs

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James Carmody Video Link mobile mockup
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I have almost 20 years of experience in the mortgage business, so I’ve gotten just about EVERY question you can think of. Here are the top 3 most frequently asked questions in the mortgage business, and how I answer them:

What is the pre-approval process?

  • During the pre-approval process, a mortgage lender gathers your documents.
  • A mortgage lender is going to look at income documents, your credit, your assets, and and use that information to put together some programs that are available to you.
  • Once everything is in order, a mortgage lender will issue a pre-approval letter.

How do I get the best interest rate?

  • First and foremost, FICO® score is king! Your credit score plays a huge factor in the rate you’ll get.
  • It also largely depends on how much money you have for a down payment, what type of loan program you’re applying for, if the home will be your primary residence or a rental, and the type of property.

Is now a good time to buy?

  • It’s a good time to buy when it makes sense for you!
  • Some questions to consider when purchasing a home: What’s going on in your life?
  • Are you buying your first home, or looking to invest? Are you expanding your family, or are you downsizing? What’s going on in your life that warrants the purchase?
Watch the full Top 3 FAQs video HERE!

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