The Mortgage Brothers Show

00:00 Welcome everyone, Mortgage Interest Rate Update for today In this presentation we’ll update you home loan interest rates today. Whether you are looking to refinance your mortgage or purchase a home, we recommend that you go with a Mortgage Broker. You’ll get a lower rate, have lower costs, and receive better customer service. Thanks for listening and reading the Mortgage Brothers Show. If you would like to contact us; 📞 Call us at 480-565-7843 💥 Email us at rates@azmortgagebrothers.com💥 Visit us online at https://www.azmortgagebrothers.com/ Be sure to ask us for a free quote on your next mortgage in Arizona. We’ll personally work with you and help you through the whole process. Source materials in the presentation have been taken from county records, Redfin, Zillow, Freddie Mac and the Economic Research at The Federal Reserve Bank of St. Louis. Signature Home Loans LLC does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. Signature Home Loans NMLS 1007154, NMLS 210917 and 1618695. Equal housing lender

Conforming Loan limits just went up! Today we’ve got an important announcement. So, we just want to get right to it.Conforming loan limits just went up! They’re now at… drumroll…$625,000And this is from the previous (i.e., this year’s) $548,250.Normally, this increase goes into effect January 1st, but we have access to this new loan amount right now. This is a big increase.Between 2021 we saw ~7% increase in the loan limit, and this year we’re seeing ~13%, which is just fantastic.In terms of purchasing power…With the minimum down on conventional loans being 5%, with the $548,250 loan limit and the minimum down, the max purchasing power you had was ~$577,000. But now, with the new limit that we have early access to, with the minimum 5% down on the conventional loan your purchasing power jumps all the way up to ~$657,000.This is, again, fantastic and it helps keep you out of that jumbo loan range. This is huge news too if you’re looking to cash-out. There’s a lot of lenders who aren’t able to offer this. Thankfully, we are. If you’re interested in this or learning more give us a call at 602-535-2171 or shoot us an email at one of the addresses below. •••Thanks for listening and reading the Mortgage Brothers Show. Let us know if you have any questions you’d like us to answer on this podcast. You can email your questions to Tom@AZMortgageBrothers.com or Eddie@AZMortgageBrothers.com. Be sure to ask us for a free quote on your next mortgage. We’ll personally work with you and help you through the whole process. Signature Home Loans LLC does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. Signature Home Loans NMLS 1007154, NMLS #210917 and 1618695. Equal housing lender.

We’re talking about what it means to hold title on a property and some different ways you might hold it. If you want to dig really deep into this, we suggest checking with legal counsel. We’re simply mortgage experts trying to answer some questions.  It’s not an exhaustive list, but let’s dig into some common questions and scenarios.What does it mean to hold title?Holding title means you own the property. Being on the loan doesn’t mean you hold the title or that you actually own the property. Holding title as a sole owner This would mean that you’re holding the title all by yourself and that when you die it would be directed to wherever your estate designates to go. You would need to give instructions and you may have to set up a trust. This is a simple, straightforward way to hold a title. Can you still hold title as a sole owner if you’re married?You can still hold sole title as a married person. However, often the title company insuring the title will require that the other spouse specially relinquishes their right to the title establishing that both parties are okay with this situation.What does it mean to hold a title with co-ownershipThis means that the property is owned by two or more people. Co-ownership as community property with rights of survivorshipIf you’re in a community property state, you can take the title as a community property with rights of survivorship. The rights of survivorship means that if one of the owners dies, the deceased party’s ownership is automatically transferred to the surviving owner. This is the same if there are more than two owners. If the third dies, and there is a right of survivorship, the other two would receive the third party’s share.Holding Title as Joint TenantsThis is another type of co-ownership. This is a type of property ownership by two or more people who don’t necessarily have to be married. However, they do need to own the property in equal interests. For example, if there are ten people on the title, you’d all need to have a 10% stake in the title. What’s cool with joint tenancy is that you can each separately convey your ownership to whoever you want, depending on the agreements of the tenancy. It’s also possible, if you want to, do this with rights of survivorship. Tenancy in commonThis is ideal for people who are buying for investment or the like. If someone puts up a lot of money and one person owns, say, 80%, and then you could have, say, ten other people who each own 2%. This is the most autonomous way to own property. You can sell it by yourself. You don’t have to get anyone’s permission. However, you can’t sell the whole property, just your share in it.•••We hoped this helped orient you a bit about some different ways to hold title. If you have any more questions you can give us a call at 602-535-2171. We’re always happy to help.Thanks for listening and reading the Mortgage Brothers Show. Let us know if you have any questions you’d like us to answer on this podcast. You can email your questions to Tom@AZMortgageBrothers.com or Eddie@AZMortgageBrothers.com.Be sure to ask us for a free quote on your next mortgage. We’ll personally work with you and help you through the whole process.Signature Home Loans LLC does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. Signature Home Loans NMLS 1007154, NMLS #210917 and 1618695. Equal housing lender.

How Does My Car Loan Payment Affect My Mortgage?·       Car payment of $250/month: It will reduce your purchasing power $50,000·       Car payment of $400/month: It will reduce your purchasing power $90,000·       Car payment of $600/month: It will reduce your purchasing power $141,000·       Car payment of $1000/month: It will reduce your purchasing power $235,000  

PMI Calculation example based on these 7 factors:·     5% down·     200K loan amount ·     1 borrower ·     760 credit score·     Single family residence·     Primary·     Debt to Income Ratio