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As rates continue to rise, this could be your last chance for many years to lock in a lower rate. As rates and mortgage amounts go up, the impact on your bottom line increases. Over time, this difference in rates can cost you thousands of dollars. 

Are you a good candidate for refinancing? When you refinance your mortgage, you pay off the remaining balance on your current loan and get a new one. You can get a new rate and new terms. You can get a cash-out refinance where you tap into the equity to extract cash and then get a new mortgage. You can even pay money in and take out a smaller mortgage. Those with adjustable-rate mortgages may be good candidates for refinancing. As mortgage rates climb, so will your monthly payments. If you lock in a fixed-rate mortgage now, you may be able to save thousands of dollars later. The same is true for people with high-rate mortgages who have since improved their credit. Today, most people aren't getting ARMs because the rates are about the same as fixed-rate mortgages. If you have an ARM, now is a good time to refinance into a fixed before rates get even higher. 

Cash-out refinance options. If you have outstanding higher-rate consumer debt and an above-market mortgage interest rate, a cash-out refinance might  be be a good option. That way you can consolidate all the debt into one presumably more affordable monthly payment. With a cash-out refi, you can use that money to pay off credit card debt (which usually carry higher interest rate) and get a new mortgage with better rates. 

What does refinancing cost? Refinancing fees vary by lender and state. Calculate when you'll break even on the new mortgage by taking into account the costs of refinancing and any prepayment penalty for paying off your mortgage early. On average, borrowers can expect to pay between 3 and 6 percent of their balance in refinancing fees. 
  • Application fee: We only charge a $28 credit report fee. 
  • Loan-origination fee: Our origination fee is 0 percent. 
  • Discount Points: It depends on if you want to lower your rate and pay loan-discount points. This is a discretionary expense. 
  • Appraisal fee: It varies from $525 for Conventional appraisal to $725 for FHA appraisal. Please inquire about our special appraisal credit program
  • Title and Escrow fee. 
  • Property insurance. Not really a fee since you have to incur this cost with or without refinancing.  
All of the above costs can be rolled into the new loan amount or you can ask the lender to pay them in exchange for a slightly higher interest rate (known as no-cost refinancing). 





Posted by Sam Kader on October 8th, 2018 12:42 PM
The new federal law starting September 21, 2018 called the Economic Growth, Regulatory Relief and Consumer Protection Act will help consumers stop intruders in their tracts. The three big credit-reporting agencies - Equifax, Experian and TransUnion will be required to offer you a credit freeze indefinitely for free of charge. This service normally will cost $10 per credit bureau or $30 total for all 3 credit bureaus. The consumer who signs up for a voluntary credit freeze is given a PIN that you will have to provide in order to unfreeze your credit file in order to apply for new credit at no cost.  

Under the new law, if a consumer asks for a freeze online or by phone, the credit reporting agency has to put the freeze in place no later than the next business day. If the consumer wants to lift the freeze to finance a new iphone 10s or buying a new house, that has to happen within an hour. 

The lesser option - a fraud alert  means that you are adding a red flag to your credit report to alert a lender to carefully verify your identity before making a loan. Under this new law, a fraud alert will last one year instead of 90 days. In case of a victim of identity theft, you would still be able to extend a fraud alert for seven years. 

Identity theft is a huge business because of its huge payouts. Thieves can use your stolen Social Security number for getting medical care or poaching your medical insurance, filing fraudulent tax refunds, filing for unemployment benefits or even getting Social Security benefits. 

Even if you are not affected by the Equifax data breach in 2017, people should consider placing a credit freeze with each of the three credit bureaus after September 21, 2018 as it substantially limits potential abuse of one's credit report. Here's how you can do it.  










Posted by Sam Kader on September 17th, 2018 8:55 PM

Yeah, you have finally reached the last milestone of your home buying process and have received the key to your house. It's moving day. Here are some moving expenses that you should factor in your budget: 

1. Peak surcharges. Many moving companies raise rates during busy summer times and weekends. Have a flexible schedule and relocate in an off-peak period to save money. 

2. Packing materials and equipment. Boxes, bubble wrap and packing tape can add up quickly. Estimate accurately of what you need or seek free materials from friends or online. If you are not hiring a professionals, try tenting these items to save money - furniture covers, hand trucks and bungee cords. 

3. Excess cargo. Movers usually factor the number and weight of items into the bill. To save money, donate or sell what you can before your move. 

4. Cleaning. If you have a security deposit at your current place, housecleaning services typically charge between $200 to $300 for a one-time cleaning. You will save money by doing some or all of the work yourself. 

5. Utilities.  Watch for deposits, taxes, and connection and installation fees hen setting up utilities. Ask these companies about charges in advance. 

6. Food. Think snacks for the road, restocking the refrigerator and pantry and feeding friends who've helped. Go to Costco could save you money. 

7. Lost or damaged items. Some belongings might not survive the journey. It may be worth purchasing protection to repair or replace property. If you have homeowners or renters insurance, you likely have some coverage but check your policy to confirm. 

8. Tips. Movers appreciate tips after a long day of heavy lifting. A good rule of thumb is 5 percent of the total bill. 

9. Storage. If you can't immediately move your possessions into your new home, you might have to rent a self-storage unit.Costs vary by size and location. The less time and space you need, the less expensive it will be. 

Moving is a huge undertaking. Mentally walk through the process from start to finish and outline the potential items and services you will need at least a month in advance. Then research prices and get multiple estimates for the best deals and services. 













Posted by Sam Kader on September 2nd, 2018 7:33 PM


Introducing the one-close construction loan. Construct your custom-made homes with waterfront views, game rooms, granite counter-tops, mechanic's garages and more. Everyone has their own ideas of what a perfect home is like but they're are not always available on the market. This custom-tailored loan products offers you the chance to both build and finance the home of your dreams all with just one application and one closing. 

Features and benefits: 

  • Consolidate construction and purchase for only one set of closing costs and fees. 
  • Pay just interest-only payments during construction. 
  • Option to avoid re-qualification post-construction available. 
  • Loan amounts up to $3,000,000.
  • Rate can be locked at any time during the loan application/process.
  • Simple and flexible draw process with no set schedules. 
  • Renovations available on existing homes. 
Eligible property types: 

  • 1-unit site-built homes
  • Planned unit development (PUD)
  • Modular home (constructed in sections off-site)
  • Detached site condominium (must be fee simple interest for land and dwelling
  • Tear-downs & major renovation up to 12 month construction period only 
Download this flow chart to see process flows. 

Whether your dream home involves a little touch of Rehab Loan or building it from the ground-up with our Construction Loan, you have options with us. 
Posted by Sam Kader on August 30th, 2018 4:28 PM


Let me help you save hundreds of dollars at closing: 

  • Available on all purchases - Conventional, FHA, USDA and VA. 
  • Conventional - Low down payment of 3%. Entire down payment of 3% can be gifted. 
  • FHA - low down payment of 3.5% (for those with high DTI ratio and low FICO score).
  • USDA and VA - 100% Financing, 0% down payment. 

Posted by Sam Kader on August 29th, 2018 7:31 PM

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