Written by Chase Majerus
Welcome to the 3rd edition of This Week Today, your source for all things mortgage and real estate with light hints of finance because, well, you can’t talk about the former without the ladder. Get it? Ladder? Like the thing every homeowner should probably own? Okay any who… grab your tea and crumpets and enjoy the newsletter!
Trivia: What is the MOST EXPENSIVE home in the world? Answer at the end of this newsletter!
A home equity line of credit, or HELOC, lets you borrow against your home’s available equity. Applying for a HELOC with Synergy One Lending is fast and easy. Our application is fast, easy, and all online. If pre-approved, you’ll be instantly presented with your offer options.
Could this be the thing that SAVES Americans from drowning in student loan debt and enable more to become homeowners?
The Saving on a Valuable Education (SAVE) plan, introduced by the Biden administration, aims to make student loan repayment more affordable, potentially halving monthly payments and even reducing many to $0
This plan might also make it easier for people to buy homes because it helps lower how much debt you’re seen to have compared to your income, which is a big deal when you’re trying to get a mortgage. Basically, it means you get to keep more of your paycheck before you have to start paying back loans, and for some, it could mean paying a lot less every month.
But there’s a snag: when it comes to getting a mortgage, lenders might not count a $0 payment as actually $0, which could make it tougher for people with smaller incomes to buy a home.
Read more about SAVE here: www.cnbc.com
Ultra famous actor and comedian, Jim Carrey, has dropped the price of his luxurious Los Angeles compound to $23,950,000, after initially listing it for nearly $29 million in February 2023.
Let’s check out the specs:
Read about this grand Los Angeles estate here: www.realtor.com
Alright, so here’s the lowdown: Only about half of people with a mortgage escrow account really get how the thing works, even though a whopping 80% have heard of it and know it’s supposed to cover the bills for property taxes and insurance stuff.
But, with home prices and insurance rates shooting up, people’s escrow costs are getting jacked, and now a lot of homeowners are scratching their heads wondering why their monthly payments are creeping up. The kicker? A good chunk of homeowners with fixed-rate mortgages are living in la-la land, thinking their payments are set in stone, but surprise, surprise, they ain’t.
And with insurance premiums doing the high jump (we’re talking a 35% leap in two years!), some folks are in for a bit of a financial workout to keep their homes cozy and covered.
Read about this here: www.housingwire.com
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Download the app on the appropriate app store with the links below!
This was a problem that wasn’t that bad of a problem but is now kind of getting worse. Like that toothache you have (go see a dentist).
The U.S. commercial real estate sector is facing a potential crisis, with rising interest rates causing property values to drop and making it tough for borrowers to refinance. Big hits have been taken by entities like KKR and New York Community Bancorp due to losses in real estate lending, and there’s a looming issue with a wave of mortgages coming due, particularly affecting smaller U.S. banks heavily invested in commercial property.
While banks and non-bank lenders are trying to mitigate defaults through renegotiations and high-interest loans, the strain might lead to a significant number of smaller bank failures, echoing the historical response to the Great Fire of London by removing vulnerable parts to stop the spread of disaster. It’s a bit of a tinderbox situation, but there’s hope that with the right moves, the worst can be averted.
Read about this growing concern here!: www.reuters.com
At Synergy One Lending, our team members’ expertise expands beyond the bounds of mortgage. We asked one of our top producers, James Swift, to share his experience having successfully grown his referral network through video & social media marketing. Here’s what he had to say:
The modern mortgage experience has expanded its reach across all digital platforms, including social media. We recognize these opportunity areas and have armed our Loan Officers with the tools to grow their business through video marketing.
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Social Space
Our Top Social Links of the week
Video: How important is lighting in your home? Well, check this video out and let us know when you get some lamps – Watch here!
Video: Japan’s tiniest apartment. If there was a competition, this apartment would win the tiniest gold medal – Watch here!
Read or Watch: 100% car free community in Arizona. Culdesac is the nation’s first rental community designed and built specifically for car-free living. – Read here!
Listen: This band is called “Real Estate” and they have a great sound. Does it have anything to do with real estate other than the name? It doesn’t have to. – Listen here!