Post by: pianoman9701 on July 29, 2022, 03:25:19 PM
HELOC - home equity line of credit - an open line of credit given at a fixed rate
HElones - A 30-year loan for a set amount based on your home's equity
Stand-alone second - A second mortgage not funded by the funder of the first mortgage
Reverse Mortgage - For us older folks. Depending on the equity in your home and the ages of the borrowers (primary must be at least 62), if you qualify, the least you get are no more monthly mortgage payments, and often receive an additional cash payout, and a year later, a line off credit. You can't lose your home no matter how long you live UNLESS you don't pay taxes and insurance, or allow the property to fall into disrepair. You must live in it as your primary residence. While you live in it, the equity continues to increase over time as market property values increase. These are now hugely different from when these loans first started. The regulations are now quite stiff in favor of the property owner and disclosure includes amortization showing projected values and equity. The biggest consumer group are those on fixed income coming up a little short each month or wanting to save extra money to travel, get an RV, etc.
DSCR - Debt Service Coverage Ratio. This is a loan mainly for investors and the loan is approved based on the rental income potential of the property. A down payment is normally high - 25-30%.
Post by: pianoman9701 on July 29, 2022, 03:32:10 PM
Hey Gang, I've paired up with Mike Maddox at Maddux Mortgage, still licensed in OR and WA. Some of the products we carry are HELOCs and HEloans, stand-alone seconds, DSCR, and Reverse. And because Mike takes a lower brokerage commission, the rates will be lower than I would've quoted previously
HELOC - home equity line of credit - an open line of credit given at a fixed rate
HElones - A 30-year loan for a set amount based on your home's equity
Stand-alone second - A second mortgage not funded by the funder of the first mortgage
Reverse Mortgage - For us older folks. Depending on the equity in your home and the ages of the borrowers (primary must be at least 62), if you qualify, the least you get are no more monthly mortgage payments, and often receive an additional cash payout, and a year later, a line off credit. You can't lose your home no matter how long you live UNLESS you don't pay taxes and insurance, or allow the property to fall into disrepair. You must live in it as your primary residence. While you live in it, the equity continues to increase over time as market property values increase. These are now hugely different from when these loans first started. The regulations are now quite stiff in favor of the property owner and disclosure includes amortization showing projected values and equity. The biggest consumer group are those on fixed income coming up a little short each month or wanting to save extra money to travel, get an RV, etc.
DSCR - Debt Service Coverage Ratio. This is a loan mainly for investors and the loan is approved based on the rental income potential of the property. A down payment is normally high - 25-30%.
And we still do conventional, Jumbo, government, 1st-time homebuyer loans.
Post by: Birdguy on July 29, 2022, 09:10:05 PM
Post by: 92xj on July 29, 2022, 09:41:16 PM
Hey Gang, I've paired up with Mike Maddox at Maddux Mortgage, still licensed in OR and WA. Some of the products we carry are HELOCs and HEloans, stand-alone seconds, DSCR, and Reverse. And because Mike takes a lower brokerage commission, the rates will be lower than I would've quoted previously
HELOC - home equity line of credit - an open line of credit given at a fixed rate
HElones - A 30-year loan for a set amount based on your home's equity
Stand-alone second - A second mortgage not funded by the funder of the first mortgage
Reverse Mortgage - For us older folks. Depending on the equity in your home and the ages of the borrowers (primary must be at least 62), if you qualify, the least you get are no more monthly mortgage payments, and often receive an additional cash payout, and a year later, a line off credit. You can't lose your home no matter how long you live UNLESS you don't pay taxes and insurance, or allow the property to fall into disrepair. You must live in it as your primary residence. While you live in it, the equity continues to increase over time as market property values increase. These are now hugely different from when these loans first started. The regulations are now quite stiff in favor of the property owner and disclosure includes amortization showing projected values and equity. The biggest consumer group are those on fixed income coming up a little short each month or wanting to save extra money to travel, get an RV, etc.
DSCR - Debt Service Coverage Ratio. This is a loan mainly for investors and the loan is approved based on the rental income potential of the property. A down payment is normally high - 25-30%.
And we still do conventional, Jumbo, government, 1st-time homebuyer loans.
Let’s say someone with 800+ credit score and wants 200k of a HELOC, what’s your fixed rate percentage?
Post by: pianoman9701 on July 30, 2022, 09:58:09 AM
Nice, that sounds like a pretty good deal all the way around!
I'm very fortunate to have found this company. Mike Maddux is a former Marine, very dedicated, and a great leader. He's forward-thinking, completely motivated, and has added products that are recession proof. I'm confident in his support and am looking forward to helping his company be successful. :tup: