Mason Mortgage Advisors

Many first-time home buyers are looking for ways to get into a house - here are ten programs that can help! 1. FHA Loan - This is most common assistance loan and you may already be familiar with FHA loans, these are widespread and help buyers with lower credit scores and less money saved for a down payment. 2. USDA Loan - are for lower-income borrowers in rural areas (but check with us you may not realize you are in a rural area :) 3. VA Loan - this is a great option for thos...e who have service in the military and their families as it allows no down payment! 4. Fannie Mae/Freddie Mac Loan - these are conventional loans that are a good option for those with good credit scores but can put down as little as three percent. 5. Good Neighbor Next Door Loan - this HUD program provide aid for first responders and teachers. 6. FHA Section 203k Loan - if you are getting a fixer-upper this is a great option as home improvement costs can be rolled into the FHA primary mortgage. 7. HomePath ReadyBuyer Program - this is program pays ups to 3% of closing cost assistance for Fannie Mae properties in foreclosure (you must complete an educational course as well) 8. Native American Direct Loan - this program is for Native American veterans on federal trust land. 9. Energy-efficient Loans - there are a few federal programs that allow for savings on homes rated as energy efficient or loans that allow the borrower to add efficiency upgrade costs into the primary mortgage. 10. Local State and City Programs - last but definitely not least there are many local options people often don’t know about that can provide assistance to first time home buyers! Check with us and we can review your situation and help you decide if any of these are a good fit! See more

As we enter a new year our mortgage outlook sees pressure on rates to increase. The Mortgage Bankers Association expects an increase from records lows but rates should still remain historically lower. The fed is likely to raise rates as it faces inflationary pressure for the first time in decades. Of course things are extremely fluid and subject to change. For those looking to refinance, we recommend acting now to lock in low rates. Cash-out refinances will still be attractive for some with moderate rises in interest rates as many have seen a large rise in equity. Purchase loans will likely be an increasing portion of mortgages overall. Check with us to see how all this affects you and we will recommend the best course of action based on your needs!

Happy New Year 2022! We wish you and your family a peaceful, prosperous, and healthy new year! A New Year and New Beginnings!

From everyone at our team, we wish you and your family a safe and happy holiday with plenty of good food and cheer.

Getting a good credit score is part of getting approved for a mortgage as well as a lower interest. Here are some quick things to do to check and possibly improve your score. Before we get started though, the first thing you should do is get your credit report! You can order it free here - https://www.annualcreditreport.com Now that you have your report lets get to those tips! 1. Check for Errors! You want the report to be clean and mistake free. Check if there are misspe...llings of your name or addresses. Other things might be duplicate accounts, incorrect account information, closed accounts that are still listed as open, fraud etc! 2. Clean up the Errors! If you found something wrong the next step is to get the errors fixed. You can contact the major three bureaus directly to fix any errors! Be prepared with paperwork to back up your case! Here are links to the three bureaus on how to address errors: https://www.experian.com//how-to-dispute-credit-report-in/ https://www.equifax.com//credit-report-ser/credit-dispute/ https://www.transunion.com/credit-dispu/dispute-your-credit 3. Pay Late Or Past Due Accounts This is important! Pay these off whenever possible. Here is a pro-tip: if you have an account with a late fee or in collection - contact them before paying and ask them to remove the record entirely if you pay the account off. This will really help your score! 4. Pay On Time Ok this is obvious but its important too - even if its the minimum payment make sure you get the payments in on time. 5. Open New Accounts Or Increase Your Limits This will help your credit to improve your credit utilization rate - how much of your available credit you use. The lower the rate used the better so don't open a new card and max it out - just open it and use it a little and pay it off monthly if possible. These are five quick tips that can really help boost your credit before you apply for a mortgage. If you are ready to apply contact us today and we will be glad to review the options with and see what best fits your needs! See more

The 30 year mortgage is the default standard for home owners, but many ask about 15 year mortgages as well. You may have noticed rates on a 15 year mortgage are amazingly low. A lower rate is better right? Well its not quite that simple. Most people of course get a 30 year mortgage. Lets review the pros and cons. The main pros of a 15 year mortgage are the aforementioned lower rate. You are also paying less in interest over the lifetime of the loan. For example a $200,000 mo...rtgage at 15 years with today’s current rates you’d be looking at less than $45,000 in interest. While the same loan at 30 years you’d pay over double that, over $100,000 in interest over the life of the loan. You also have the benefit of paying of the loan free and clear in half the time. Sounds great, why don’t people do it more? Well the kicker is higher monthly payments. Most people are looking for lower payments (especially with higher real estate prices). The above loan for 30 years would have a monthly payment around $850, while the 15 year loan would have a monthly payment of over $1300. That’s a big difference to most people. If you’re already saving comfortably for retirement, college, have savings and little other debt then the 15 year might be the call. But most people are looking for financial flexibility and the much lower monthly payment, hence the popularity of the 30 year term. But either way rates are low and we recommend taking advantage, so fill out the free consultation on our website and we can review your situation and see what program best fits your needs! See more

There’s some good news for home buyers looking to get a loan through Fannie Mae and Freddie Mac, for the sixth year in a row, the loan limit will increase for almost all counties in 2022. The Federal House Finance Agency (FHFA) said conforming loan limits will increase for most from $548,250 to $647,000 in 2022. That is almost a $100,000 increase in one year and reflects the increase in home prices nationwide. In high-cost areas with even higher home prices like coastal Cal...ifornia and the NYC area the maximums are even higher, the limits will got up to $970,000 in some of those areas. The limits are based on local real estate prices but as prices went up nearly everywhere the limits almost certainly increased in your county as well - contact us for the specific new loan limits in your county. You can schedule a free consultation and we can access your loan limit based on your individual needs. The new limits take effect on January 1, 2022.

We are wishing you and your family a joyous, safe and tasty Thanksgiving day Spending time with family and loved ones over a delicious meal is one of life's gifts so please enjoy. On this Thanksgiving day we are grateful and we are thankful for our relationship with you!

The housing market tight in many parts of the country and affordability a big issue for a lot of buyers, so buying a fixer-upper is something you might be considering. We’ve all seen the home make-over shows with amazing before and afters but is it right for you? Here are a few things to consider: 1. Know Your Limits How much of the work can you do. How much time do you have to put into renovations. Are you prepared to live in a work zone for a while ... 2. Work Out Costs In Advance Have a contractor walk through the inspection with you and get a written estimate for work he would do. If you are doing the work yourself price the costs of supplies, either way add 15% to the costs because surprises are likely. 3. Check Permitting Costs and Procedures Check with local officials to see if the work requires a permit and the permit costs. 4. Be Extra Careful with Structural Issues If the house requires structural repairs then double check the work and pricing. Hire a structural engineer to do an inspection and if structural work needs to be done make sure your bid discounts this work 5. Include Inspection Contingencies Make sure you hire professional inspectors and check for hidden issues like mold, piping issues, pest damage etc., if things come up ask for discounts. And if too many red flags come up or the seller won’t properly discount the costs for repair then stand firm and walk away and keep looking! See more

We want to wish everyone a safe and happy Veterans Day. And to especially thank all the veterans (and their families) who served to protect us.

Interest rates are still at historic lows but may not stay this low for long. With rates low and many owners seeing a rise in their equity, many people are asking about cash out refinancing or getting a home equity line of credit (HELOC). Here is a quick breakdown of the similarities and differences between the two loan types. Both allow you to get cash out immediately and in both cases you are borrowing against the equity in your home. The major differences is with a cash o...ut refinance, you are replacing your first loan with a new one and the home equity loan is a second loan to your existing first mortgage and an additional payment. Cash out refinancing generally has a lower interest rate, as it replaces the existing first loan and is seen as less exposure to lenders. Contact us for a free custom evaluation and we can quickly review your case to see how much cash you qualify for and see what program works best for you! See more

If you are thinking about selling your home and want to maximize your value without taking on major renovations here are some quick and (relatively) easy things you can do. 1. Update the hardware if you have dated or weathered knobs, mirrors, handles, faucets switching them out with more modern ones can make things look a lot fresher. 2. Paint this is one of the most obvious ones but a fresh coat of paint (or two) can work wonders. 3. Go Green adding plants can make thi...ngs look a lot livelier. 4. Deep clean the bathrooms if you have grout or stains they can be a big eye sore. 5. Deep clean the outdoors a power washer can make a huge difference on a dirty house as well as walkways and patios. 6. Smarten things up a wifi doorbell, cameras and lights are very popular add-ons. 7. Roll out the welcome mat literally a new mat and freshening up the entrance really helps. 8. Don’t forget the backyard if you have a sad lawn and furniture make sure they get some tlc too. 9. Precision landscape if you have bare patches on the lawn, re-sod them, if things are looking less then lively consider a few new plantings. 10. Get rid of the clutter if you have a lot of things piled up in the house consider making some goodwill runs it will make walk throughs more open and appealing. See more

Forget earlier this year when we saw new home sales actually drop. New home sales for March went up... a lot, up more than 20% in March compared to February, according to data provided by HUD. In fact it wasn’t just a monthly increase but March saw the strongest new home sales in over 14 years! Not since September 2006 have new home sales been at a faster clip. A combination of low interest rates and high demand look to fuel new home growth for the foreseeable future. The biggest obstacle to new home construction now is a surge in lumber prices which is adding on over $35,000 to the cost of average new single family home according to the National Association of Home Builders. Overall new home sales growth is up in most of the nation lead by the Midwest and South are up over 50%.

The housing market has extremely tight inventory and as a result there are often multiple bids on a home. If you find yourself competing with multiple bidders, here are some tips to come out on top and win a bidding war. Preapproval Letter Have a preapproval letter. A preapproval letter shows you are serious and there won’t be trouble getting a mortgage. Without this other bidders will be in a much stronger position. Make A Higher Offer Before doing this, make sure you stay w...ithin your budget, but a higher offer is (as common sense dictates) often a key to a winning bid. Your real estate agent can be helpful here to get an idea of how many bids are coming in as well as current market prices in the area. Escalate A really good strategy is to add an escalation clause. This helps you avoid overbidding, you can say you will outbid competing offers by a certain amount (for example $5,000) up to a set maximum price. Write A Letter A personal letter to the seller about why you love the property and perhaps why you can’t bid higher can be effective. If you explain what you love about the property and give some background on why you can’t bid higher it can leave a great impression and of course it doesn’t cost you anything to write a letter! Backup Offer If your bid does not get accepted, then its normally time to keep looking, however you can try to make a backup offer if there is a kick-out clause and have your realtor stay in touch to see if there are issues with the accepted buyers offer. See more

We Just had another CONVENTIONAL customer clear to close in 7 days! Again! Give us a call if you would like a quick, no-hassle closing.

Mason Mortgage Advisors is now also licensed in Florida and Arkansas! More states to follow!

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Today is your last chance to reserve a ticket to win the 2017 Dream Home Giveaway benefitting St. Jude Children's Research Hospital. We have less than 700 ticke...ts left and the winner will be drawn tomorrow! Help us sell out for the 4th year in a row get your ticket here: http://bit.ly/2riqn6F See more