Who should get a VA Loan?

VA Loans

Who should get a VA Loan?

Superior Mortgage Lending is proud to serve those who have bravely served in the Armed Forces, allowing veteran borrowers to take advantage of their VA benefits. VA Mortgage Loans are the perfect program for anyone who has severed or is currently serving in the military. They were created to assist veterans and their family to be able to purchase a home easier.  At Superior Mortgage Lending we are very experienced VA lender, and have helped many veterans in Las Vegas Nevada to purchase or refinance a home . Many times the monthly payment with a VA Home Loan is less than your current rent!

 What are the Benefits of using a VA Loan?

VA Loans offer exceptional benefits for those who have served our county. The biggest advantage with VA loan is you can purchase a home with no money down. VA Loans have no monthly private mortgage insurance (PMI) resulting in a lower house payment for you. Down  payment and monthly payment are often the biggest hurdle to home ownership.  A VA Home Loan eliminates these  obstacles. You may also refinance your VA Loan up to 150% of the property value

VA Loans

 VA Refinance Loan

At Superior Mortgage Lending we take our VA borrowers to a new level with industry-leading government rates and pricing. VA IRRRL (Interest Rate Reduction Refinance Loan) allows VA borrowers to lower their current interest rate by refinancing an existing VA home loan. Obtaining a lower interest rate the mortgage monthly payment should decrease. ARM (Adjustable rate mortgage) is also an option when refinancing a VA Loan or purchasing a home.

VA Loans Highlights

  • No Down Payment Required
  • No Mortgage Insurance
  • Low Rates

How do I Apply for a VA Loan?

The first step to qualify for a VA Loan is to provide your DD-214 to determine eligibility. Veterans, active military personnel and military families can contact us directly to apply. Once we start the application and qualification process we can show you how to get into your home with no money down

We have the Best Loan Programs in Las Vegas for VA Home Loans.

Click on Purchase Assistant  to get started.

 Superior Mortgage Lending LLC – VA Loans Las Vegas 

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Posted in 15 Year Mortgage Rates, 30 Year Mortgage Rates, Best Mortgage Brokers in Las Vegas, Las Vegas Mortgage Broker, VA Loans, VA Loans Las Vegas | Leave a comment

Nevada FHA Loans

FHA Loan

What is an FHA Loan?

The main goal of the Federal Housing Administration (FHA) is to improve the housing market and protect lenders in case a borrower was to default on their mortgage. The FHA has become one of the largest insurer of mortgages in the United States. Superior Mortgage Lending LLC is proud to offer great rates and flexible financing options on Las Vegas, Henderson, North Las Vegas and the whole state of Nevada.

What can a FHA Loan be used for?

A Las Vegas FHA Loan can be used for a number of different purposes including but not limited to: purchasing a new home, special renovation projects, refinancing an existing mortgage, and even reverse mortgages. Cash-out refinance options are available to buyers in need of capital for this such as debt consolidation and home repairs. Streamline refinance loans are also labile to reduce interest on current loans.

FHA Credit Requirements

FHA Loans offer relaxed credit requirements and lower down payment options making them easier to qualify for and very popular to those in the state of Nevada. To qualify for an FHA Loan in Las Vegas they need a down payment of 3.5 percent and a credit score of 580. If a borrowers does not having enough savings, family members can also gift the down payment. FHA Loans are a popular option to first time home buyers in Las Vegas, North Las Vegas, Henderson, and the whole state of Nevada.

Nevada FHA Loan Requirements

  • Low Down Payment: The 3.5% down payment is generally less that for a similar conventional loan
  • Less stringent qualifying standards: for example- FHA will allow reestablishment of credit within two years after a discharge of bankruptcy; when any judgments have been fully paid, any tax liens have been repaid, or a repayment plan has been established by the IRS, and within 3 years after a foreclosure has been resolved
  • The property must be owner occupied: The FHA used to insure investors properties but they have virtually eliminated all such programs. Two-to-four unit properties qualify if they are owner occupied
  • Appraisal: The lender is required to obtain an appraisal of the property from an FHA-approved appraiser. The appraiser will note any major health and safety deficiencies on the Uniform Residential Appraisal Report (URAR)

 

    Average Home Price

as of 2017 – Nevada Home Values have gone up 8.8% and it is predicted to rise 3.7% within the next year

1% Down PaymentConventional Loan      3.5% Down Payment
FHA Loan
$269,999 $2,700.00 $9,450.00

 

Up-Front Premium

FHA charges an up-front premium of 1.75%-2.25% of the loan amount. In addition, FHA charges a monthly premium equal to .05% of the loan amount annually. If the property is sold within the first 84 months of the loan term, any unused portion of the up-front MIP will be returned to the borrower. When the loan balance drops below 78% of the original purchase price, the monthly payment may be cancelled, provided the borrower has made payments for five years on a thirty-year mortgage

Monthly Insurance Premium

FHA Mortgage Insurance premium is required for the loan regardless of the amount of the down payment. In contrast, conventional loans usually do not require mortgage insurance unless the loan-to-value ratio exceed 80%. All FHA loans require a mortgage insurance premium (MIP)

Working with an Experienced Lender

At Superior Mortgage Lending LLC, we are committed to helping our clients with all of the FHA Loan needs in Las Vegas, Henderson, North Las Vegas, and whole state of Nevada. If you are purchasing your first home, or want to refinance your current loan at a lower rate Superior Mortgage Lending LLC can help. Contact us today at 702-507-4170 with any questions you have on a FHA Loan and find out how to get qualified.

Posted in Best Mortgage Brokers in Las Vegas, FHA Mortgage, FHA Purchase, FHA Streamline Refinance, first time home buyers, Government Loans, Home Buyers Las Vegas, home loans las vegas, Home Mortgage, Home Refinance, Las Vegas Mortgage Broker, mortgage broker in las vegas, mortgage loans | Leave a comment

Home Builder Group Voices Support for Mortgage Deduction

June is National Homeownership Month and the National Association of Home Builders (NAHB) says that owning a home is as much a part of the American Dream as ever.  The Association commissioned a large-scale survey of 11,300 registered voter earlier this year and found that 70 percent feel owning a home is important.

“Americans continue to place a high priority on homeownership and work hard to achieve this goal for their families,” said NAHB Chairman Granger MacDonald. “Our members are committed to providing high-quality homes that meet the diverse needs of Americans across the country.”

In a press release, NAHB said the homeownership rate is at a record low, stalled at around 64 percent.   A key component in achieving homeownership for more Americans, regardless of income, is the mortgage interest deduction (MID), which been a part of American housing policy since the inception of the tax code more than 100 years ago. The deduction primarily benefits middle-class taxpayers, according to data from the Congressional Joint Committee on Taxation.  NAHB says it supports this tax incentive, as well as provisions that encourage development of affordable housing.

Elimination of the interest rate deduction is nearly always a subject for discussion when there are serious attempts to reform the tax code.  The deduction is available for both a primary residence and a property (real or not) claimed as a second home.  It is capped at interest on mortgages (on one or both properties) of $1 million and/or a $100,000 home equity loans.

In addition to promoting the MID, NAHB spoke out against regulations on all levels of government that affect home building. “We have long fought for sensible reforms to burdensome regulations that needlessly increase the cost of homes for low- and middle-income families,” said MacDonald, noting NAHB research that shows government regulations add about 24 percent to the cost of housing.  We must support the dream of homeownership and not create barriers through unnecessary federal regulations or tax code changes,” MacDonald said.

Welcome to Superior Mortgage Lending LLC!

Couple Buying House

HUNDREDS OF MORTGAGE OPTIONS UNDER ONE ROOF

Superior Mortgage Lending is a Las Vegas Mortgage Broker by design. We partner with several lenders to offer multiple Loan Products and we are not captured with certain credit scores and can offer better rates and no fees. At Superior we have NO ORIGINATION AND NO UNDERWRITING FEES. Our ultimate goal is to create lasting relationships with our clients so that we may continue providing excellent service for many years to come. We offer a wide variety of Residential and Commercial Loans. Superior Mortgage Lending is your premiere team of mortgage professionals in Las Vegas.
  • 1% DOWN CONVENTIONAL LOANS – Giving you a low down payment, a great rate and a head start on your equity
  • FHA LOANS – Taking FHA borrowers to a new level with industry-leading government rates and pricing
  • VA LOANS – A hero for our veteran borrowers. Whether you are purchasing a new home or refinancing
  • REFINANCE LOANS – Multiple options allowing you to refinance with aggressive pricing that help you lower your payment or cash-out
  • JUMBO LOAN – Look no further. Superior gives you the pricing and turn times you deserve with competitive pricing 
  • FIRST TIME HOME BUYERS – We have great alternatives for borrowers looking to purchase with a low down payment
  • MORTGAGES FOR CANADIAN CITIZENS – Canadian citizens who are interested in purchasing a second home in the US. We can help!
  • COMMERCIAL LOANS – With over 30 years of business, commercial and multifamily purchase, refinance and construction financing experience
  • ELITE – The obvious choice for top-tier borrowers! Comprised of some of the best rates and pricing in the industry. You’ve build outstanding credit, you deserve an outstanding rate
 We have build a brand of professionalism and excellence, as well as having loan products to help more people. We specialize in Mortgages only, that is our mission. Call us today and one of our professional Mortgage Loan Officers can help you get started.

CALL TODAY 702-507-4170

One of the Best Mortgage Brokers in Las Vegas. Helping You Finance Your Dreams!

Posted in 15 Year Mortgage Rates, 30 Year Mortgage Rates, Best Mortgage Brokers in Las Vegas, Commercial Real Estate Lending, Commerical Loans, Conventional Loans, Current Rates, energy savings, FHA Mortgage, FHA Purchase, FHA Streamline Refinance, first time home buyers, Government Loans, Hiring Loan Originators, Home Buyers Las Vegas, home loans california, home loans las vegas, Home Mortgage, Home Refinance, Jumbo Loans, Las Vegas Home Mortgages, Las Vegas Mortgage Company, Las Vegas Mortgage Lender, Loan Programs, mortgage broker in las vegas, Mortgage Interest, mortgage loans, Mortgage Refinance Arizona, Mortgage Refinance California, VA Loans, VA Loans Las Vegas | Leave a comment

luxury high-rise and residential market

The Las Vegas high-rise condo market is on the rebound

The market was hard hit with the onset of the Great Recession a decade ago that kept many prospective buyers from closing on sales as financing dried up and some who did buy suffered foreclosures.

Developers were hard-pressed to find buyers for their units and turned them into rentals or sold them in bulk to hedge funds and investors who are finding the market has turned in their favor.

Las Vegas-based SalesTraq reported 420 sales of condominium units among 16 high-rise towers it monitored in 2016. There were another 297 sales in five condo-hotel projects bringing the total to 717, according to SalesTraq. That’s 14.5 percent higher than 2015, when there were a total of 626 sales.

Nothing epitomizes the high-rise turnaround more than the sales of existing units at Veer Towers, the twin 37-story towers part of MGM Resorts International’s CityCenter development. Veer Towers opened in 2010 among the last high-rises built before the market collapse.

About One Queensridge Place

One Queensridge Place is luxurious residence to retreat to in a very chic corner of the city. Nestled in an exclusive residential neighborhood, only 10 miles west of the Las Vegas Strip; there is an abundant array of dining and shopping experiences all within proximity such as Tivoli Village and Boca Park. Golf enthusiasts, can also take advantage of numerous public & private courses only minutes away.

The two 18-story towers with 219 units offers a vast array of custom floor plans with two to four bedroom options, with square footage ranging in size from 2,000 to over 15,000 of pure extravagance. Each with balconies and or patios overlooking the city and picturesque beauty of Red Rock mountains.

As residence and architecture go, there is nothing quite like the inimitable, eternally elegant One Queensridge Place. A quietly luxurious residence, with classic French charm and beautiful gardens, that add a perfect poetic ambience. Yet, still carry all the modern comforts that appeal to global travelers. It is the ultimate royal treatment for those who are fortunate enough to live and savor its beauty.

World-class services and amenities include: gated facility with 24-hour security, valet, retreat room, library, private conference room, card room, media room, billiards room, housekeeping in common areas, indoor lap pool and outdoor swimming pool, state-of-the-art workout facility, and guest casitas. Along with well-manicured gardens and forecourt, that makes guests stop in their tracks and command attention. Another unique attribute about this property is that each resident has a private garage and elevator to their residence. Guests can also enjoy delectable treats at its barista café.

Residents can further indulge in a fine glass of wine in the temperature controlled wine cellar with private storage and entertain their guests in the events room equipped with a master kitchen, which can accommodate up to 14 guests for those special occasions.

For the ultimate spa experience, residents can splurge in his or her separate saunas, steam rooms, and couples room. Residents can also enjoy wet treatment rooms equipped with Vichy showers for the ultimate rejuvenation.

http://www.superiorml.com/loan-options/featured/conventional-loans-2/

Posted in 15 Year Mortgage Rates, 30 Year Mortgage Rates, Best Mortgage Brokers in Las Vegas, Commercial Real Estate Lending, Commerical Loans, Conventional Loans, Current Rates, FHA Mortgage, FHA Purchase, FHA Streamline Refinance, Government Loans, Home Buyers Las Vegas, home loans california, home loans las vegas, Home Mortgage, Home Refinance, Jumbo Loans, Las Vegas Mortgage Company, Las Vegas Mortgage Lender, Loan Programs, mortgage broker in las vegas, Mortgage Interest, mortgage loans, Mortgage Refinance Arizona, Mortgage Refinance California, Mortgage Refinance Nevada, real estate las vegas, refinance loans | Leave a comment

Looking for a Las Vegas house?

Lack of supply may be a problem

With the spring buying season underway, Las Vegas house hunters may have to spend more time scrolling through listings and visiting properties — and pay more than they hoped.

Southern Nevada’s inventory of available homes has been sliding for months amid a nationwide drop. Sales totals are still climbing, and the menu of options is not so diminished that it’s impossible to find a place, but availability has reached its lowest point since summer 2013.

A shrinking supply can be good for sellers, who can fetch higher prices amid strong demand and decreased competition. But it doesn’t bode well for buyers or for real estate agents, who have fewer properties to sell.

Roughly 11,200 single-family homes were listed for sale in Southern Nevada at the end of March, down 17 percent from a year earlier. Within that, almost 5,500 listings did not have offers, down 24 percent from a year earlier and the seventh consecutive monthly slide, according to figures from the Greater Las Vegas Association of Realtors, which pulls data from its resale-heavy listing service.

Starfish1

Homes worth ‘top dollar?’

Factors pushing or holding availability down include increased demand from buyers, a still-large tally of underwater borrowers who can’t easily sell, and a sizable number of rental homes that aren’t listed for sale.

Nationally, inventory has dropped in part because rising prices have made it “increasingly difficult” for homeowners to buy a place after they sell, according to Cheryl Young, a senior economist with listing service Trulia. Not only are “buyers in the hottest markets likely to be priced out,” but sellers “may be locked in to their existing homes.”

If that’s a factor in Las Vegas, it’s almost surely not as acute as in cities where home values have reached new peaks.

The median sales price of previously owned single-family homes — the bulk of Southern Nevada’s market — was $242,000 last month. That’s more than double the market’s low point but still below its peak of $315,000 in 2006, during the housing bubble, GLVAR data show.

HUNDREDS OF MORTGAGE OPTIONS UNDER ONE ROOF

Superior Mortgage Lending is a Las Vegas Mortgage Broker by design. We partner with several lenders to offer multiple Loan Products and we are not captured with certain credit scores and can offer better rates and no fees. At Superior we have NO ORIGINATION AND NO UNDERWRITING FEES. Our ultimate goal is to create lasting relationships with our clients so that we may continue providing excellent service for many years to come. We offer a wide variety of Residential and Commercial Loans. Superior Mortgage Lending is your premiere team of mortgage professionals in Las Vegas.
Posted in 15 Year Mortgage Rates, 30 Year Mortgage Rates, Best Mortgage Brokers in Las Vegas, Current Rates, FHA Mortgage, FHA Purchase, Home Buyers Las Vegas, home loans california, home loans las vegas, Home Mortgage, Home Refinance, Jumbo Loans, Las Vegas Home Mortgages, Las Vegas Mortgage Company, Las Vegas Mortgage Lender, Loan Programs, mortgage broker in las vegas, Mortgage Interest, mortgage loans, Mortgage Refinance Arizona, Mortgage Refinance California, Mortgage Refinance Nevada, real estate las vegas, refinance loans | Leave a comment

HOT THIS WEEK – Mortgage Broker

FHA/VA Guideline Update

Superior has access to lift the overlay limit of 55% DTI for FHA and VA loans. We will now follow the AUS guidance with DTI ratios for loans with FICO scores of 680 and higher. Loans with less than a 680 FICO will still be capped at a maximum of 50% DTI.

FHA and VA 3/1 ARM Loans

Superior has available a 3/1 ARM to our FHA, FHA Elite, VA and VA Elite product families. Visit http://www.superiorml.com and price a loan today.

Conventional Loans

Conventional 1% Down

Superior Mortgage Lending is excited to offer the Conventional 1% Down with Equity Boost LO FLYER AUGUST 2016

  • Borrower puts down 1%, our investor contributes 2%*, giving 3% equity at closing
  • Great low rates
  • Close in 30 days or less
  • Conventional 30-year fixed program
  • Available with no monthly Mortgage Insurance
  • Does NOT have to be First Time Home Buyer
  • 100% Gifts allowed
Visit the Marketing Toolbox to get your free ad kit today.

Rental Income

On the Real Estate Owned (REO) screen in EASE, rental income will now automatically flow to the income section. We will also order tax transcripts for the rental income to speed up the loan process.

Blink Enhancements

Credit Providers
Blink will now allow for multiple credit providers. Each individual user can now add in their own preferred credit provider.

Pulling Credit Reports through Blink
Now you have the ability to pull credit reports within Blink if a borrower opted to skip having it pulled during their initial application. Then you can populate the liabilities inside the Blink file to make a proper transfer to EASE.

FHA Loans

FHA loans are an attractive option, especially for first-time homeowners because it is insured by the Federal Housing Administration (FHA). Primarily, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.Typically the borrower can be approved with 3% Down vs 20% that is required on other loan programs.

For additional information, please contact your one of our experience Loan Officers at http://www.superiorml.com/staff/ .

Posted in Las Vegas Mortgage Broker | Leave a comment

15 Takeaways From Mortgage Industry’s Top Sales Conference: Mastermind 2016

When the Mastermind Summit was launched before the financial crisis, I didn’t want to be anywhere near a mortgage sales conference in Las Vegas. I say that as a mortgage sales veteran, but back then I was very uneasy about the irrational excess of the industry. Fast forward through a mortgage-led global economic meltdown, a much-needed regulatory wave, and the slow recovery that followed–Mastermind Summit survived and evolved into a marquee 2500-person event with top brass from every major U.S. mortgage company.

I attended and spoke at the conference last week, and these are the top 15 takeaways for consumers and housing pros.


1. If you have a vision, ignore the detractors:
When I told my story above to Mastermind Summit founder Steven Marshall, he responded that all he’s ever tried to do is give mortgage bankers education and a professional network to get better at serving consumers. This vision transcends market cycles because consumers still need to buy, sell, finance, or just talk through their real estate plans with well-informed pros regardless of market conditions. I was a detractor and I stand corrected.

2. Don’t scrap your career formula, just fine-tune it: If you attend conferences, this has happened to you: great speakers and ideas fill your notebook or iPad then you’re back to the same old routines by the end of the following week. It happens because you think you need to totally reinvent yourself and your business model. Wrong. You need to pick one or two things from conferences that’ll refresh you and your model–and you need to commit to them. Don’t be so fired up by new formulas that you flame out.

3. Signing bonuses are not a recruiting strategy: The mortgage industry, though massive and a reliable moneymaker, is a no-growth industry. Market share just moves around, and companies still bow too much to buying talent away from competitors. If you’re growing your company, sell top talent on your commitment to perform for them, and invest signing bonus funds into more talent to support that commitment.

4. The mortgage industry sucks at social media: It’s not just that there was no compelling content on #mastermindsummit and #mastermind2016 streams. It’s that executives at Mastermind treated this topic like a hot potato. This is understandable though. We suck at social media because we’re afraid of our regulators. Companies cannot just turn salespeople loose on social media because someone will inevitably take things too far. So companies have two choices: (1) let your salespeople talk business on their own social accounts and control it, or (2) let the company talk business from master accounts using teams who know how to speak to consumers and know the regs. There are ways to do both effectively, but that’s a post for another day.

5. QuickenLoans is the smartest mortgage company in America: There wasn’t one executive session where QuickenLoans wasn’t mentioned. They’re the number two mortgage lender in the country behind Wells Fargo, and have mastered lending, technology, and compliance–an extremely tough feat as the fintech lender meltdown is now proving. Last year QuickenLoans funded $79 billion and launched the first fully digital mortgage process. Now a 1600+ technology team makes sure everything constantly runs and improves, and founder Dan Gilbert is bidding to buy Yahoo, which would give Quicken access to millions more consumers. Cannot find a a smarter large-scale lender right now.

6. Public speaking beats death any day: According to most studies, people’s number one fear is public speaking and number two is death. Which means that at a funeral you’re better off in the casket than giving the eulogy. Seinfeld jokes aside, if planning to speak totally consumes you, that’s a good thing. It means you’re doing your homework, checking your facts, and keeping your head in the game. Your audience will know it, and you’ll live long and prosper.

7. Am I the only one underwhelmed by Tony Robbins?: He’s a huge draw for Mastermind and earns his motivational/coaching throne every time he speaks. But it’s more entertainment and celebrity factor than it is substance. I’m alone on this because he brought down the house. People love them some Tony.

8. The mortgage industry needs more badass women: Only 15% of Mastermind speakers were women, which isn’t so much a knock on Mastermind as a reflection of an industry that’s too male dominated. But two talks I enjoyed the most were by women: (1) Cindy Ertman is a colleague and a master of framing even the most mundane daily sales activities in a way that makes you want to jump up every morning and conquer the world, and (2) Casey Cunningham runs a mortgage sales training company and I was riveted by her back story from loan officer to executive to creating a company to fill an underserved segment of the industry.

9. Regulators are coming for mortgage and real estate company partnerships: In tech, it’s commonplace for a company to pay a referral fee to an “affiliate” relationship. In housing, consumer protection laws make this mostly illegal, but grey area has led to mortgage and real estate company affiliations.  Regulators call these marketing services agreements (MSAs) and last October, regulators drew a line in the sand on MSAs–not by making them illegal, but by saying “it appears that many MSAs are designed to evade RESPA’s prohibition on the payment and acceptance of kickbacks and referral fees.” Mortgage folks would be wise to remember this.

10. Consumer mortgage costs up 59% since Dodd Frank became law: The average total cost for a lender to originate a mortgage rose $2944 from 2010 to 2016. Higher prices for lenders means higher prices for consumers. It’s the price we all pay for a safer system.

11. 53-year-olds don’t know what’s best for millennials: The average age of a loan agent in this country is 53, and there are 87 million prospective homebuyers in the millennial generation. Does not compute. We need more millennials in the mortgage industry.

12. Mortgage banking is intellectual and pays well: After years of getting a bad rap, the industry is properly regulated and creating millions of happy homeowners. Doing so is very complex. This means challenging work and great pay for younger people who want to join in. Susan McHan, a friend and longtime mortgage CEO, said it best: “We need to embrace complexity. It’s good that it’s hard because it strengthens our image and attracts younger talent.”

13. Most connected goes to… Dave Savage, a mortgage software stalwart who knows everybody who’s anybody in the U.S. mortgage market, and more important, Dave is liked by everybody.

14. Best party goes to… Gold Star Mortgage. Parties are huge at this event to recruit and build brands, and Gold Star wins not because their party was so much better than the others, but because their relentless party promotion won them the largest crowd.

15. Best work/life balance lesson goes to… Tim Braheem, an industry legend: super agent turned software millionaire turned success coach. He talked about how to delineate whether success means symbols like houses, cars, and bank balances…or experiences like family time, happiness, and community involvement. Spoiler alert: you can have it all.

http://www.superiorml.com/

Posted in Las Vegas Mortgage Broker | Leave a comment

Weird Reasons You WON’T Get a Mortgage

If you’re hoping to purchase a home soon, there are plenty of things to concentrate on.  Your loan officer or realtor will probably give you a list of the documents you’ll need, and some “to do” items, like check on homeowner’s insurance and save your paystubs.
Getting a mortgage, however, isn’t just about the “do’s”.  While they aren’t necessarily “weird,” these commonly overlooked “don’ts” can easily prevent you from being approved, whether you’re planning to buy a house in the coming months or in the process now.  Don’t let them cost you your new home!

  1. Switching from an employee to a self-employed position
    The requirements to verify salaried/hourly employees’ income are straightforward:  W2’s and paystubs are often all that’s required.  Changing jobs, particularly if in the same field with salaried income, isn’t an automatic deal killer.  Transitioning from an employee to self-employment (aka contractor or “being paid by 1099”) is an entirely different matter.  Self-employed borrowers’ incomes are documented not by recent paystubs, but by IRS verified tax returns for the prior year (or two).  An employed borrower who could easily obtain a mortgage today may have to wait 2+ years to qualify the minute he becomes self-employed!  Ask your lender BEFORE you consider any employment changes, particularly if self-employment is involved.
  2. Failing to balance your checkbook
    You may regard overdraft fees as nuisances, mere inconveniences that “just happen”.  Your lender, however, likely views them as financial irresponsibility.   Some loan programs require underwriters review applicants with overdrafts more stringently than those without, regardless of credit scores or debt ratios.  If your recent bank statements have overdraft fees, tell your lender UPFRONT, rather than hoping they don’t notice.  They will!
  3. Applying for new credit and opening accounts during the loan process
    Transferring a $9,000 credit card balance you’re paying 16% interest on to a new, 0% account will lower your payment and help you qualify for the loan, right?  Not so much!  By making moves like this during the loan process, at a minimum you’re risking closing delays.  Purchasing that new car you’ve been eyeing before closing your mortgage (even after your loan is final approved!) may cost you that house.  Unless you plan to live in your car, buy it AFTER you’re in your new home.
  4. Ignoring small bills
    “My insurance was supposed to pay that bill, it was only $30!”, “I closed that credit card, but they still sent me another bill, so I just ignored it”, “I missed the payment cutoff, and they added a late fee, so I just paid double the next month”.  These may seem like trivial matters to you, but credit bureaus view them far differently.  Even with flawless credit, a small collection or late payment (even on a $25 credit card bill) can drop your credit scores dramatically.  Don’t endanger your loan approval: pay all your bills promptly, whether you think they’re fair or not!
  5. Not filing tax returns
    Taxes are a pain, right?  You can always do them later, or maybe the IRS won’t notice!  Guess what?  They will, and so will your lender.  Most lenders verify applicants’ income with matching IRS tax transcripts.  If you haven’t filed, there’s no transcripts, and you may have just lost that new house.  Filed a tax extension?  That’s OK.  Filed a tax extension, missed the extended filing date, so decided to wait until you need a mortgage to file?  Not OK, not at all!

When in doubt, ask your Mortgage Broker BEFORE you quit your job, buy a new car, bounce a check, or “forget” to pay a bill!

We specialize in Mortgages only, that is our mission. Call us today and one of our professional Mortgage Loan Officers can help you get started.
CALL TODAY 702-507-4170

One of the Best Mortgage Brokers in Las Vegas. Helping You Finance Your Dreams!

Posted in Las Vegas Mortgage Broker | Leave a comment

Why Home Buyers Should Consider Adjustable-Rate Mortgages

With interest rates on the rise, it may be time for home buyers to take a fresh look at some alternatives to the 30-year, fixed-rate mortgage, which has dominated the mortgage market since the financial crisis.

While many out-of-the-mainstream loans got a black eye in the subprime debacle, today’s versions have been shorn of the toxic features—such as negative amortization and prepayment penalties—that tripped up many borrowers during the housing bubble a decade ago.

Plan to move

Experts say today’s adjustable-rate mortgages, or ARMs, as well as interest-only loans, are especially suitable for borrowers who expect to move before any rate increases can wipe out the savings in the early years. They’re also useful for sophisticated borrowers wrestling with uneven income, borrowers who expect their income to rise, or borrowers who are willing to bet they can invest their mortgage savings for a greater return elsewhere.

A sweet spot

Many borrowers can find a sweet spot, for example, in the so-called 7/1 adjustable-rate mortgage, which carries a fixed rate for seven years before starting annual adjustments. With a typical rate of 3.75%, the monthly payment on a $300,000 loan would be $1,389, compared with $1,449 for a 30-year, fixed-rate loan at 4.1%, saving the borrower $5,040 over seven years.

A disciplined borrower

So who would take such chances?

Experts say most people would be wise to stay away, but an interest-only deal would suit a “disciplined” borrower likely to move during the interest-only period, as well as borrowers who have uneven incomes, are confident they can invest the savings more profitably or expect a rising income to make big future payments bearable, says Ray Rodriguez, TD Bank’s regional mortgage-sales manager for the metropolitan New York area.

New underwriting rules

Today’s interest-only borrowers qualify within underwriting rules which usually require lower debt-to-income ratios, higher credit scores and larger down payments than in the past. The goal is to ensure the borrower can pay even after rates rise and the principal payments kick in.

Today’s interest-only borrowers usually ‘require lower debt-to-income ratios, higher credit scores and larger down payments” than in the past, says David Doyle of Bank of America.

Superior Mortgage Lending aggressive ARM pricing can provide a lower payment for your client! Secure your borrower in a competitive 5/1, 7/1 or 10/1 low interest rate ARM.

  • Provide savings for your clients with lower rate and payment options
  • Quickly and easily price out your loans with Easy Qualifier (EQ) to determine your borrower’s best scenario
  • Reduced caps to 2/2/5 on all 5/1 ARM products
  • 7/1 ARMs qualify at the actual note rate

Elite High Balance ARM

Need an ARM loan to accommodate non-conforming loan amounts for your top-tier borrowers? The Elite High Balance 5/1 and 7/1 ARM products are great options.

  • 740+ FICO
  • Up to 90% LTV
  • Loan Amounts from $424,101 up to County Loan Limits
  • Appraisal Waivers honored
  • Underwrite to AUS findings

 

Posted in 15 Year Mortgage Rates, 30 Year Mortgage Rates, Best Mortgage Brokers in Las Vegas, Commercial Real Estate Lending, Commerical Loans, Conventional Loans, Current Rates, FHA Mortgage, FHA Purchase, FHA Streamline Refinance, first time home buyers, Government Loans, Hiring Loan Originators, Home Buyers Las Vegas, home loans california, home loans las vegas, Home Mortgage, Home Refinance, Jumbo Loans, Las Vegas Home Mortgages, Las Vegas Mortgage Company, Las Vegas Mortgage Lender, Loan Programs, mortgage broker in las vegas, Mortgage Interest, mortgage loans, Mortgage Refinance Arizona, Mortgage Refinance California, Mortgage Refinance Nevada, real estate las vegas, refinance loans, VA Loans, VA Loans Las Vegas | Leave a comment

Many Millennials Want to Become Homeowners, But Believe It’s Impossible

FACTS ON MILLENNIALS AND HOMEBUYING

  • U.S. millennials total 66 million individuals and 24 million independent households
  • The median age for first-time homebuyers has remained virtually unchanged for the past 40 years: In 2015 it was 31 years old, compared with 30.6 in 1970-74
  • Two-thirds of millennials haven’t reached that homebuying age of 31, and 22% are under 25 years old
  • Millennials are renting for a median of six years before buying, compared with a median of five years for renters in 1980
  • Millennials are expected to form 20 million new households by 2025
  • The median income for a millennial older than 25 is $38,220

MILLENNIALS WANT TO BUY HOMES

A 2014 survey by housing finance giant Fannie Mae found that the majority of millennials said they consider owning a home more sensible than renting for both financial and lifestyle reasons — including control of living space, flexibility in future decisions, privacy and security, and living in a nice home. Many young renters in the survey appear to be on the brink of homebuying, and 49% said their next move would likely be to own a home.

MILLENNIALS ARE LARGELY UNAWARE OF DOWN-PAYMENT OPTIONS

While younger renters cited a down payment and closing costs as the second-most-common reason for not buying, they may not know how much money is required. In a 2015 survey by Fannie Mae, 42% of those ages 18-34 said they didn’t know what lenders expect of them, and 73% were unaware of lower down-payment options that range from 1% to 5% of the home’s purchase price, as compared with the commonly cited lender preference of 20%.

Many Mortgage Brokers underwrite loans with down payments as low as 0% to 6%, the most popular option for first-time homebuyers and those with lower credit ratings. RealtyTrac estimates that about 30% of all homebuyers put down 3% or less on the cost of the home.

  • FIRST TIME HOME BUYERS – We have great alternatives for borrowers looking to purchase with a low down payment

“Many millennials believe they are unable to afford homes, when really many of them are unaware of the different financing options that exist — particularly those that allow for a down payment of 6% or less.

Superior Mortgage Lending is a Las Vegas Mortgage Broker by design. We partner with several lenders to offer multiple Loan Products and we are not captured with certain credit scores and can offer better rates and no fees.

HUNDREDS OF MORTGAGE OPTIONS UNDER ONE ROOF

Millennial

Conventional Loans

Conventional 1% Down

Superior Mortgage Lending is excited to offer the Conventional 1% Down with Equity Boost LO FLYER AUGUST 2016

  • Borrower puts down 1%, our investor contributes 2%*, giving 3% equity at closing
  • Great low rates
  • Close in 30 days or less
  • Conventional 30-year fixed program
  • Available with no monthly Mortgage Insurance
  • Does NOT have to be First Time Home Buyer
  • 100% Gifts allowed
Posted in Las Vegas Mortgage Broker | Leave a comment