Mortgage News Archives - Page 3 of 3

How To Reduce Trigger Leads

Posted on April 5, 2023April 6, 2023 by Jon Dao

WHAT IS A TRIGGER LEAD?

Trigger leads are generated when a consumer’s credit report is accessed during a loan application process. Credit bureaus like Equifax, Experian, and TransUnion can sell the consumer’s information as trigger leads to other companies, and these companies will begin calling you multiple times to solicit business. It’s frustrating as Homeseed needs to request your credit scores from the credit bureaus for the purpose of a mortgage loan.

IS THIS LEGAL?

The sale of trigger leads is currently legal, but there is a proposed bill called the Trigger Leads Abatement Act of 2022 that aims to prohibit their creation and sale.

HOW DO I STOP THEM?

There is no way to completely stop trigger leads, but taking steps such as opting out of pre-approved credit offers can reduce them significantly.

Opt-Out of Phone Calls and Texts
Visit www.optoutprescreen.com to register yourself for the Electronic Opt-Out for 5 years. You can also register yourself by calling 888-567-8688. Visit www.donotcall.gov and register up to 3 phone numbers. Be sure to click on the link emailed to you from register@donotcall.gov within 72 hours to confirm your registration.
Opt-Out of Email and Mail Offers
Visit www.dmachoice.org and select Email Opt-Out Service to register up to 3 emails. Be sure to click on the link emailed to you within 30 days. You can also register up to 5 records for your household for 10 years. Please note they do charge a $4 admin fee for registration.

2023 Conforming Loan Limits

Posted on November 30, 2022December 2, 2022 by mmttest2

Every year the Federal Housing Finance Agency (FHFA) announces their conforming loan limits for the upcoming year immediately following the November release of their House Price Index (HPI). FHFA uses this data on home price appreciation to set the new loan limits for the upcoming year. For areas in the country that are considered high cost, FHFA increases loan limits further and will go up to 150% of the baseline conforming loan limit.

In 2023, the new conforming loan limit for most of the US for one-unit properties will increase to $726,200, an increase of $79,000 from $647,200 in 2022. This means in areas of high-cost or with special statutory provisions, the loan limit can reach as high as $1,089,300. An example in Washington State would be the counties of King, Snohomish, and Pierce, where the loan limit will increase to $977,500, an increase of $86,250 from $891,250 in 2022. This significant increase will help home buyers access more credit in many markets where home prices are still seeing double digit appreciation year-over-year.

If you have any questions or want to find out if you qualify for a conforming loan, please reach out today!

2023 Conforming Loan Limits By County

Lock & Shop: Lock in your rate today before you find a home

Posted on May 27, 2022November 18, 2022 by mmttest2

Purchasing a home should be an exciting process, but having to worry about interest rates rising in this market can dampen some of the joy. That is why Homeseed is offering our Lock & Shop program to clients. Potential homebuyers will now be able to lock in your rate before you have a fully executed purchase contract, so you can have peace of mind that your interest rate will not go up while searching for your home.

Homeseed has developed our Lock & Shop program to allow for your rate to be protected for up to 60 days. Extensions are also available for more time. By locking in your rate now while you look for your home, the Lock & Shop program gives you the opportunity to save money should interest rates continue to rise as many experts predict they will throughout 2022. Locking in a rate now also helps you manage your home budget by removing any surprises of a higher monthly mortgage payment if interest rates were to rise.

Please reach out today with any questions. The Homeseed Team is ready to get you pre-approved and help strengthen your offer by letting sellers know you are certified for financing with an interest rate that is already locked!

Housing Market Alert – Seattle Has Over 15% Year Over Year Appreciation

Posted on April 29, 2021March 15, 2022 by mmttest2

Home appreciation continues to reach historic highs as tight supply and strong demand lead to an extremely competitive housing market. According to the S&P CoreLogic Case-Shiller home price index, prices in February rose 12% year over year across the US. This 12% gain is a 15-year high, and Seattle is one of the top cities with a gain of 15.4% year over year.

Those trying to enter the housing market are feeling the frustrations and disappointments of a competitive low inventory market. In many cases, buyers are having to make over five offers on homes before getting one accepted. However, the risk and rewards can quickly make sense when you consider the yearly equity gains with appreciation being higher than most full-time annual salaries. With a 15.4% gain in home prices year over year in Seattle, a person purchasing a $750,000 home last year would have gained $115,500 in appreciation on average. Historically low interest rates are also helping give a small boost to your purchasing power, so long as they remain low.

In the end, the most important thing prospective homebuyers need to consider is if are you in a position to responsibly take on a mortgage payment. Make sure you are evaluating a range of factors including your finances, personal life, and future. Connect with us today if you have any questions. If you have anyone looking to get pre-approved to purchase a home or refinance, we’d love the opportunity to serve them!

Homeseed Launches Wealth and Asset Management Tool

Posted on April 23, 2021July 1, 2022 by mmttest2

Homeseed is constantly looking for ways to provide value for our clients and industry partners that extends past the transaction. Our goal is to be your trusted advisor for life and provide ample opportunities to engage and communicate with us regarding your home. To help support this goal, we will soon be launching a tool that provides dynamic financial reports to clients about their home or any other potential real estate endeavors.

For most individuals, 83% of wealth comes from real estate at the average age of retirement. Therefore, it is important to provide homeowners with the appropriate tools and the guidance of a Homeseed Loan Advisor to manage wealth through the largest asset they will likely ever own, their home. Our monthly reports will provide you with information regarding your home’s value, financial strategies in connection with your equity position, and plenty of engagement opportunities with your Loan Advisor to help you grow your real estate portfolio and continue to build wealth.

Homeseed is excited to be providing this service to all our clients and partners, even those who have already financed a home through us in the past. We want to empower you to take ownership of managing your wealth in a simple, engaging, and meaningful way. Communicating with our Loan Advisors will also always be a simple click away as well.

Please reach out if you’d like to learn more about this new tool we will be offering. If you also have anyone looking to get pre-approved to purchase a home or refinance, we’d love the opportunity to serve them!

Have you thought about building your dream home?

Posted on March 11, 2021March 15, 2022 by mmttest2

Finding and getting an offer accepted on any home is tough in today’s housing market, but what if you could build your own dream home? You could design it how you want and potentially build your own equity in the process. Either buy land and finance it into the costs of the loan or build on land you already own while using its equity as a down-payment. With a construction loan from Homeseed, there are plenty of options and adjustments available throughout the process as you build your dream home.

“Nothing worth having comes easy” is the mantra to remember when going through the building process. The whole process can be daunting but having a can-do attitude will be your ticket to success.

Here’s a simplified checklist for the construction process:

Research land: location, available utilities, cost for development
Research type of home: layout, cost to build, finishes
Research builders: reputation, easy to work with, attention to detail, cost per square foot
Research loan options: which loan option fits your project and financial goals.

Doing your own research will help you prepare for the challenges ahead. Depending on how you like to organize a project, you will want to keep a digital or paper record of all the details and information you discover. Tip: check out the local jurisdiction in the location you are wanting to build for building requirements and costs. Some building departments have super helpful websites as well.

Getting the financial piece nailed down is one of the early important steps. Here at Homeseed, we offer Conventional (conforming and Jumbo loan amounts), FHA, VA, and USDA construction loans. Speaking with a loan advisor about your financial goals will help you decide which loan option is best.

Category: Mortgage News