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Apache is functioning normally

June 9, 2023 by Brett Tams

The FHA insures mortgages that are issued by banks, non-banks, credit unions, and other lenders. The main reason for this insurance is to protect lenders if there is a default on the loan. Because of this setup, FHA lenders can offer more favorable terms to borrowers who would otherwise have more difficulty qualifying for a … [Read more…]

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Apache is functioning normally

June 9, 2023 by Brett Tams

In 2019, one out of every 100 homes were purchased by an iBuyer, short for instant buyer, per a new report from real estate brokerage Redfin.

While it doesn’t sound like iBuying is catching on, consider the fact that the number is up nearly double from 0.6% in 2018.

And about 10 times higher than it was back in 2016, when virtually nobody sold their home via an iBuyer service.

Also recognize that iBuying at scale is a very novel concept, and a business that big household names have just recently got involved in.

Some of the larger names in the space include Offerpad, Opendoor, RedfinNow, and Zillow Offers.

Simply put, an iBuyer will purchase your home for a fee somewhat similar to what a real estate agent would charge, only to rehab it and list it weeks or months later to a new buyer.

The advantage is you don’t need to find an agent, list it, stage it, hold open houses, and deal with uncertainty from prospective buyers.

In essence, you can consider these iBuyers institutional home flippers.

If they streamline their operations enough to lower costs, they might grow even more popular and eventually displace thousands of real estate agents.

iBuying Most Common in Raleigh

iBuyer share

While iBuyers still account for a tiny piece of the overall pie, they snagged a whopping 7.3% share of home sales in Raleigh, North Carolina last year.

That was nearly double the 3.9% share reported in 2018, a testament to both the viability of iBuying and the good fit cities like Raleigh present to such companies.

Per Redfin chief economist Daryl Fairweather, places like Raleigh are “iBuyer sweet spots” because they are affordable, have newer housing stock, and are easy to price because many of the homes reside in homogeneous tract neighborhoods.

Raleigh is also a city poised to see home price growth, another important detail iBuyers have to consider when looking to turn a profit.

Lastly, it has been a pilot city for many iBuyers, who aren’t live in all cities across the United States just yet.

Similarly hot was Phoenix, AZ, where iBuyers scooped up 5.9% of homes for sale, followed by Charlotte and Atlanta (tied at 5.2%), and Las Vegas (4.1%).

iBuyers had a market share of 3% or more in 11 markets nationally, and at least 1% share in 21 total markets.

Again, because iBuyers haven’t rolled out to all cities nationwide, the numbers are still a bit scattered and lopsided.

In terms of volume, iBuyers purchased the largest number of properties in Phoenix (5,200+), followed by Atlanta (4,300+) and Houston (2,100+).

iBuying Surged in Tucson During the Fourth Quarter

iBuyer market share saw its biggest year-over-year increase in Tucson, AZ, where the number rose from 3.1% of homes in the fourth quarter of 2019 from zero a year earlier.

Again, this may reflect companies moving into new markets, but it also shows how quickly they are gaining traction and beating out traditional agents.

The second biggest increase was in Denver, CO, where the iBuyer share rose to 2.7% from 0.4% the year before.

Despite growing popularity, iBuyer market share did fall year-over-year in select markets, including Las Vegas (-3.4%), Phoenix (-1.2%) and Orlando (-1.0%), compared to Q4 2018.

However, Orlando was the only metro area to see its share fall on an annual basis from 2018 to 2019, declining from 2.6% to 2.2%.

iBuyers Like to Buy Homes on the Cheap

iBuyer median price

As noted, iBuyers tend to be interested in mid-market homes that are easily bought and sold, but there’s still quite a range nationwide.

The most expensive markets in 2019 were Riverside, CA, Denver, CO, and Portland, OR, where these companies purchased homes at a median $391,000, $386,000, and $377,000, respectively.

The cheapest markets included Tucson, AZ, Jacksonville, FL, and Atlanta, GA, where the median was $201,000, $202,000, and $212,000, respectively.

Overall, iBuyers paid a median $269,000 for the homes they purchased, up three percent from 2018, but well below the national median of $306,000 in January.

In every housing market other than Riverside, CA and Orlando, FL, iBuyers paid below the metro-area median.

In terms of unloading the homes once purchased, iBuyers were able to sell homes 15 days faster in 2019 than they did a year earlier, this despite the typical home sale taking two days longer.

iBuyer-owned properties were listed on the market for a median 38 days in 2019, compared to 53 days in 2018.

Meanwhile, a non-iBuyer home spent a median 37 days on the market last year, compared to 35 in 2018.

If iBuyers get better at what they do, it might become a more practical solution for home sellers, assuming these companies pass the savings onto consumers.

Source: thetruthaboutmortgage.com

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Apache is functioning normally

June 9, 2023 by Brett Tams

Applying for a life insurance policy often involves multiple steps and can take longer than getting other types of insurance. Let’s take a look at what’s commonly involved in the life insurance application process so you can proceed with confidence.

Term or Whole?

Before applying for life insurance, it’s a good idea to consider such things like how much coverage you need, how much you’re prepared to pay for premiums, and which riders you might like to include. You’ll also need to figure out whether a term life or permanent life policy makes sense for you. Whole life insurance is one type of permanent life insurance.

Term life and whole life insurance have important differences. Term life tends to be simpler and more straightforward. Someone purchases a policy for a certain dollar amount and term, and then has life insurance coverage for the designated time period (10, 20, 25, or 30 years, for example).

If the policyholder keeps up premiums and dies within that term, beneficiaries will receive the appropriate payout. Monthly payments are generally fixed with term life policies.

Reasons people choose term life include:

•   Term policies almost always cost less than whole life, sometimes significantly so.

•   Policyholders predict they’ll have enough money saved by the time the policy expires.

•   Beneficiaries are expected to be financially independent by the time the term expires.

Whole life policies, which also require regular payments, are intended to last the holder’s entire lifetime — there is no expiration date. They can cost up to 10 times as much as a term life policy because part of that money is invested into what’s called the policy’s cash value.

Policyholders can typically borrow against their cash value at an interest rate that’s specified in their policy. They may also be able to cash in their policy to receive money; that action closes out the whole life policy. Whatever is left over after the policyholder dies will be distributed to beneficiaries.

Recommended: 8 Popular Types of Life Insurance for Any Age

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The Application Process

When you’re ready to get the ball rolling on obtaining a policy, the first step is to fill out an application with your carrier of choice. The insurance company will review the application for completeness. If any information is missing, they’ll likely follow up to ensure that the application is completely filled out. Some carriers may conduct a phone interview when someone applies, while others do so only if an application is incomplete.

Recommended: How to Buy Life Insurance in 9 Steps

The Underwriting Phase

Next comes the underwriting phase, which every applicant goes through. There are two tracts of underwriting available: traditional and accelerated. The traditional tract requires a medical exam, and your blood and urine samples may be collected. The accelerated tract typically does not require a medical exam or blood or urine tests.

During this time, the insurance company will review your application for a wide range of factors that may include:

•   Your age

•   Your gender

•   Your current health

•   Your personal health history, including prescriptions

•   Your family health history

•   Your lifestyle and personal habits (for instance, a history of alcohol abuse or tobacco use)

•   Your occupation

•   How frequently you participate in hobbies that could be considered high risk

•   Other factors, including your driving record

The insurance company uses this information along with actuarial tables to determine your risk profile, or how much of a risk you are to insure. Your risk profile can impact how much coverage you qualify for and at what cost.

Medical Exams

A life insurance carrier will sometimes require a medical exam before issuing a policy.

The exam may be similar to a person’s regular annual physical. A medical tech will likely ask questions that are similar to those on the application, and a professional will conduct a physical exam. It can include measuring height and weight, checking blood pressure, and taking blood and urine samples.

In some cases, an EKG may be performed to measure the electrical activity of the heart. Men over age 50 may need to have a prostate-specific antigen test done to check prostate health.

When medical exams are required in applying for life insurance, it’s part of the underwriting process that helps a carrier understand the risk level of insuring the applicant. The tests performed can indicate if a person has high blood pressure and/or high cholesterol, elevated glucose, or other health issues.

Contestability

Some people may be tempted to downplay personal health issues when filling out a life insurance application. That is never a good idea. If someone didn’t fully disclose the truth about their state of health and died within two years of getting a policy, the insurance company can delve into the details. If information is found to be lacking or inaccurate, the carrier could deny beneficiaries the death benefit.

The Takeaway

Applying for life insurance often starts with deciding how much coverage you need, how much you’ll pay in premiums, and whether a term life or permanent life policy is right for you. Once you’ve finished comparison shopping and weighing your options, the first step is to fill out an application with the carrier of your choice and then undergo an underwriting process. During this time, the insurance company will consider a number of factors, including your age, gender, current health, personal health history, family health history, and lifestyle. A medical exam may also be required. The insurer uses this information, along with actuarial tables, to determine your risk profile, which can impact how much coverage you qualify for and at what cost.

If you’re shopping for life insurance, SoFi has partnered with Ladder to offer competitive life insurance policies that are quick to set up and easy to understand. You can apply in just minutes and get an instant decision. As your circumstances change, you can easily change or cancel your policy with no fees and no hassles.

Complete an application and get your quote in just minutes.

FAQ

Are there advantages to applying for life insurance when you’re young?

Yes, because carriers generally base policy price on risk factors, buying a policy when you’re young and healthy typically means lower premiums. Plus, with some term life insurance policies, buyers can lock in pricing when they purchase, and locking in at a low rate can be a financial plus.

Can I change the specifics of a life insurance policy — for example, change the amount of coverage?

Yes, some insurance carriers do allow this kind of flexibility. Current policyholders should check with their carrier. New applicants can check with the carrier to see what kind of flexibility is provided.

Is having employer-sponsored life insurance enough?

Maybe. While having this benefit is good, these policies are generally in the amount of one to two times an employee’s salary. That’s typically not enough to address debt and provide sustained financial help to beneficiaries, which is why it may make sense to purchase a second policy. Plus, employer plans may not be portable: If the employee leaves the company, the policy may be terminated.

What’s the right amount of coverage?

Each person’s situation is unique. Some use the DIME formula to determine the right amount. That acronym stands for Debts, Income, Mortgage, and Education. What will be needed to cover all of those bases? To streamline the process, you might want to calculate your life insurance needs.

Does it make sense to use an agent when buying life insurance?

Possibly. An agent can educate a consumer about what’s involved in getting a life insurance policy. This can be especially helpful if the process seems overwhelming. Many agents work on commission, so using one that does charge a commission can cause the cost of the policy to go up. Higher commissions are typically charged on whole life policies than on term life. However, not all agents charge a commission.



Coverage and pricing is subject to eligibility and underwriting criteria.

Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers- for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products.

Ladder, SoFi and SoFi Agency are separate, independent entities and are not responsible for the financial condition, business, or legal obligations of the other, Social Finance. Inc. (SoFi) and Social Finance Life Insurance Agency, LLC (SoFi Agency) do not issue, underwrite insurance or pay claims under Ladder Life™ policies. SoFi is compensated by Ladder for each issued term life policy.

SoFi Agency and its affiliates do not guarantee the services of any insurance company.

All services from Ladder Insurance Services, LLC are their own. Once you reach Ladder, SoFi is not involved and has no control over the products or services involved. The Ladder service is limited to documents and does not provide legal advice. Individual circumstances are unique and using documents provided is not a substitute for obtaining legal advice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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Source: sofi.com

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Apache is functioning normally

June 9, 2023 by Brett Tams

The insurance provider promises to cover certain expenses and losses in exchange for a monthly premium payment. The contract covers a specific period of time and the rates are locked in during the life of the contract.

At the end of the contract, the policyholder may renew the policy and enter into a new contract or simply allow the policy to expire. If you renew the policy, the monthly premium payment will be updated and locked in for the life of the new contract.

Many term life policies can be written to automatically renew with adjustments in premium payments while the amount of coverage remains the same. These plans are usually the most affordable of the different types of life insurance policies.

Life insurance is the best purchase you can make for the financial protection of your family. You’ll sleep better knowing that no matter what happens, your family will be taken care of.

Best Companies for $500k Term Policies

Getting Life Insurance

If you have never bought life insurance before, the process can be confusing, frustrating, and sometimes ever daunting. Don’t worry, buying a life insurance policy is much easier than it sounds. The first thing you have to do is decide which type of policy you want. There are several types: term, whole life, and no exam. Each of these has different advantages and disadvantages.

A term policy is the cheapest of the options, but is only effective for a certain time period. After that time is up, the policy is no longer in force. It’s pretty much like an expiration date.

After you decide which type of policy you’re going to get, you’ll need to calculate how large of a policy you are going to purchase. There is no “magic number” for life insurance plans, but there are a few things to consider.

The first is how much debt would you leave behind if something tragic were to happen? Do you have a mortgage payment? Student loans? Will your kids have student loans? All of your unpaid expenses can add up and leave your loved ones with more debt than you would have realized. Make sure your insurance policy will at least cover all of your final expenses.

The other factor to consider is your annual salary. One of the main purposes of these plans is to replace lost income if you were to pass away. The more people relying on your income, the larger policy you’ll need to purchase. While there are differing opinions, most financial experts agree that ten times your annual salary is a good target.

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How Much Does a $500,000 Term Life Policy Cost?

Term life insurance premiums are based on the length of the term and the health and age of the person covered by the policy. While term life insurance becomes more expensive with age, it still remains a viable and one of the cheapest forms of insurance even for the elderly.

Even as you age, the premiums remain relatively low. If you’re still at a younger age, it could be wise to purchase a longer policy so you lock in those lower rates for a longer time before you have to renew your policy and have the premiums recalculated. Even purchasing life insurance at 50 is cheaper than waiting another 10 years.

$500,000 Term Life Rates Men

Sex Age $500,000 20 year Term

Male 30 $20.88/mo

Male 40 $30.45/mo

Male 50 $81.35/mo

Male 60 $218.48/mo

Male 70 $830.81/mo

$500,000 Term Life Rates Women

Sex Age $500,000 20 year Term

Female 30 $18.71/mo

Female 40 $26.54/mo

Female 50 $59.08/mo

Female 60 $149.16/mo

Female 70 $532.88/mo

Term life insurance policies are good for people that don’t have a lot of money to invest and need a way to protect their families from the financial burdens of a funeral and loss of income due to a sudden death.

Health and Age Considerations

Insurance providers that issue life insurance policies will review your medical history for serious medical conditions and might require a medical examination if a condition is questionable.

With a medical exam, the insurance company will send a paramedic to your house to take simple vital signs and basic health information. The medical exam will consist of getting your weight, taking a blood sample, urine sample, and blood pressure, and answering questions about your health and family health history, such as if your family has a history of diabetes.

The insurance company then analyzes any medical condition to determine its possible influence on your death.

If you have a medical condition that seriously impacts your health and is potentially shortening your life expectancy, your policy application might be denied or higher premiums may be required.

This is typically referred to as high-risk life insurance. 

High-Risk Conditions

If you’re considered “high-risk,” you need to find a company offering cheaper high-risk coverage. Being listed as a “smoker” on your life insurance policy will double or triple your monthly premiums, regardless if you’re in perfect physical health. You can also see here for one of these types of high-risk conditions. 

If you have a condition that can be controlled by treatments or medication and is not potentially shortening your life expectancy, your policy should be accepted and there should be no huge impact on your premium payments. If you want to get the lowest rates, it’s important that you focus on your health.

On that note, consider losing weight, lowering blood pressure, lowering cholesterol, etc. The medical exam determines the premiums and chances of being accepted. A healthy diet and regular exercise can work wonders for your body, energy levels, and even your wallet.

The more excess weight you carry, the higher the risk you’ll pose to the insurance company. Losing the extra weight will put extra money in your wallet. It’s a win-win scenario.

The key is being upfront with your agent and letting them know everything about your health. Just because you don’t disclose it upfront, doesn’t mean the life insurance company won’t find out about it. Every one of the top 10 life insurance companies will find out a condition and will adjust your quotes accordingly.

Do I Really Need a $500,000 Policy?

Everyone has different needs, but a term life insurance policy with enough coverage to cover the funeral, pay off debt and have enough left over to live on for a while is always a good idea. It’s especially a good idea if you have children.

If you’re wondering how much to buy, please use our free term life insurance calculator to see the amount your family deserves. Don’t buy ANY plan before you do some number crunching. All you have to do is add your debts and your salary together.

Another way to save money on your $500,000 life insurance company is to shop around with different companies. If you already have different insurance policies, you can save money by bundling your policies with one company. However, don’t automatically go with the company you are already using.

Because every company is different, they all have different ratings and will look at your application through different eyes. You could end up with drastically different rates from one company versus another. If you want to make sure you get the most insurance for your money, get quotes from several different companies before you pick one of them.

A good $500,000 dollar term life policy will provide the security your family needs as it adjusts to the loss of a loved one and learns to make it without your income.

Why You Need Life Insurance

After you use the calculator you may realize that you actually need a bigger policy. A lot of applicants are surprised at just how large of a policy they should purchase. Before you ever purchase a plan though, you should realize the importance of one of these policies.

Your debt is going straight to your family if you die. There is no way around this fact. Do you want to leave that kind of inheritance?

These policies give your family members the resources they need to pay off any debt you would leave behind. They won’t have to worry about covering those expenses. They won’t have to worry about finding money to pay off your credit card bills or have to force themselves back to work because of finances.

Every year there are countless families suffering from the loss of a family member. While going through all of their sufferings, they find themselves under a mountain of debt they have no way to pay for. Don’t let your family become one of these stories.

Getting life insurance coverage is extremely important, but you want to get the best rates available for your age. Having life insurance coverage shouldn’t cost a fortune every month. When you’re shopping around for a $500,000 policy, you’ll notice the premiums are affordable, but some are cheaper than others.

Fill out the quote form and the best rates from the highest rated companies will come to you. We will provide you with quotes matching your specific situation and preferences.

Not only can we give you the best rates, but we can also answer any questions you have about life insurance. Understanding all of the rules, policy types, and terms can be quite confusing. We understand, and we are here to help.

Source: goodfinancialcents.com

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Apache is functioning normally

June 8, 2023 by Brett Tams

Real estate investors are some of the best clients an agent could hope for. Not only are they serious buyers and sellers, many do multiple deals per year. On today’s podcast with Johnny Hoang from The David Greene Team, we discuss the best way to win an investor’s business. Listen and learn what numbers you need to know, where to generate investor leads, and how to sell investors on your real estate services.

Listen to today’s show and learn:

  • Johnny’s start in real estate [1:23]
  • How working with builders prepared Johnny for real estate sales [4:29]
  • Johnny’s real estate sales stats [6:01]
  • Working with real estate investors in San Francisco [8:38]
  • A strategy for turning homeowners with high equity into real estate investors [9:15]
  • How Johnny gets investor leads [11:59]
  • How to win clients at a real estate meetup [17:19]
  • Common questions from prospective investors [19:44]
  • How to structure a real estate meetup [24:18]
  • What Johnny wishes he knew as a new real estate agent [25:16]
  • Johnny’s investment strategy and why he’s bullish on the Bay Area [28:23]
  • How to reach out to Johnny Hoang [36:41]

Johnny Hoang

Johnny Hoang is an investor and licensed real estate agent on The David Green Team. He is based out of the Bay Area but can help anywhere in NorCal.

He specializes in house hacking, bay area flip projects and buy/hold. Their mission is to help their clients build wealth with an investors eye, help them grow their portfolio the same way they did with theirs. Through the systems they created and experience they required, they want to help people using education as a tool. Their number one priority is to protect and serve your capital!

Now, his main mission outside of of building his portfolio; is to help other people build theirs through everything he’s learned and continue to learn. It’s going to be a good next couple of years.

Related Links and Resources:

Thank You Rockstars!
It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.
-Aaron Amuchastegui

Source: hibandigital.com

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Apache is functioning normally

June 8, 2023 by Brett Tams

Editor’s note: This post has been updated with new information.

Nobody likes a delayed flight, and so far this year, about 21.9% of flights have been delayed, according to data from FlightAware. You can even monitor a live airline flight cancellation page and a misery map showing airport locations and delays.

However, since the airlines can’t control the weather, delays are a necessary evil that passengers must put up with. Even if there’s a maintenance issue causing the delay, you don’t want to stray too far from the gate and risk missing your flight in case the issue is resolved quickly and the airline revises the departure time.

So before you head off to the airport lounge to drink away your sorrows, there are some things you need to know about flight delays. In some instances, you may even be entitled to financial compensation for your inconvenience.

Here’s what you should do if your flight is delayed.

Check in with the gate agent

PAUL HENNESSY/SOPA IMAGES/GETTY IMAGES

Don’t skip off to the airport lounge immediately after finding out about a flight delay. I’ve admittedly been guilty of this, and it’s almost caused me to miss a twice-delayed flight. After getting delayed during a flight a few years back, I figured I had enough time to grab some food and catch a cat nap at the lounge. I hadn’t realized that the flight had somehow been “un-delayed” until I happened to wake up a short time later. With just minutes to spare before the boarding doors closed, I arrived to catch my connecting flight — harried and out of breath.

I would have avoided this entirely had I checked with the gate agent to find out the new time or asked an employee at the lounge. They typically know these things.

Another thing: Don’t rely solely on the airport departure and arrival board, as they aren’t always updated. They’re usually accurate, but you’re likely to get the most up-to-date flight departure information by downloading your airline’s app to your phone and signing up for text flight alerts.

On another flight between my hometown airport Norfolk International Airport (ORF) and LaGuardia Airport (LGA), I discovered my outbound flight had been delayed minutes before the gate agent announced it over the intercom. Having multiple sources of information, especially as more flights experience operational delays these days, is better than relying on just one source.

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Know your credit card’s delay and cancellation policy

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At TPG we talk a lot about how to make your travel rewards credit cards work for you — and not only about earning elite status with airlines or finding the best lounge to plane spot. Sometimes your credit card will come in handy when a trip doesn’t go quite as planned.

One underrated benefit that can come to the rescue when things go wrong is trip delay coverage, according to TPG senior editor Nick Ewen. A delay isn’t just frustrating. It can cause you to miss a crucial flight segment and potentially leave you stranded at an airport.

Trip delay protection ensures that you won’t be responsible for additional (reasonable) expenses that occur due to a lengthy trip delay. However, some credit cards can save you money and hassle if you’re delayed due to weather, operational problems, strikes or other unplanned events. You will likely need to pay for the expenses upfront, but you may be eligible for reimbursement afterward.

Credit cards with trip delay protection include:

*Eligibility and Benefit level vary by card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

Related: Best credit cards that offer trip delay reimbursement

You may be eligible for a refund

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Know your rights if there’s a delay or cancellation.

If you decide not to fly your originally scheduled flight due to significant delays and cancellations, you should get your money or points back. Airlines will generally try and push a voucher on you. However, you don’t have to settle for it as you are entitled to cash.

Related: Can I get flight delay compensation? These are the ways you qualify

You may have a cancel and refund option available online or in the airline’s app. Although, as I’ve found in the past, the airlines don’t make it a simple process. So, you may end up having to call the customer service line. Remember, even if the airline offers you a voucher or miles, you’re typically entitled to a cash refund.

You have even more options if your travel falls under the EU261 regulation — which establishes rules on compensation and assistance to passengers in the event of denied boarding, cancellation or long flight delays.

EU261 provides some travel protections if your flight is delayed at departure, depending on how long the delay is. If you arrived at your final destination with a delay of more than three hours, you are entitled to compensation (unless the delay was due to extraordinary circumstances, like terrorism.)

As we reported last year, the regulation applies to the following:

  • Flights wholly within the European Union and operated by any airline;
  • Flights departing from the EU to a non-EU country and operated by any airline; and
  • Flights arriving in the EU from outside the EU and operated by an EU airline.

For rates and fees of the Amex Platinum card, click here.
For rates and fees of the Delta Reserve card, click here.

Related reading:

Additional reporting by Becky Blaine.

Source: thepointsguy.com

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Apache is functioning normally

June 8, 2023 by Brett Tams

You may fall in love with a home based upon it’s online listing but don’t forget to visit it in person before you make the commitment. Visiting an open house is a great way to get a feel for the property and see if it will work for you and your family.

Keep these things in mind during the open house to ensure that you get the most out of your visit.

1. Keep a poker face: Don’t be overly enthusiastic. It is best to remain calm, cool, and collected. Dull your emotions, whether good or bad, so you don’t compromise your position as a buyer. (Boston.com)

2. Pay close attention: Pay attention to everything. Keep a look out for cracks in walls and ceilings, damages to the floors, and the windows. Watch the other attendee’s reactions to certain things. If you see people abruptly leaving, there may be something wrong with the home. If people are mingling and taking their time it may be a sign that it will be a home with a lot of offers. (AOL)

3. Ask before taking photos: While looking at homes, it’s helpful to take photos to help you remember specific features of the home. During an open house, or any showing, it’s best to ask the homeowner before you start snapping pictures. (Frontdoor)

4. Look but don’t snoop: Storage can be a deal breaker when it comes to buying a home. If there isn’t enough room in closets and cabinets, it may sway your opinion. Look through storage spaces but don’t go rummaging through people’s belongings. Respect their home and their space. (Frontdoor)

5. Don’t bad mouth the home: If you don’t have anything nice to say, don’t say it at the open house. You may walk into a house and dislike it, but try to keep harsh opinions to yourself. Wait until you leave the open house to voice your opinion. You never know who may be listening and how it could work against you in the future. (Frontdoor)

6. Ask questions: Ask the owner, your real estate agent, and the listing real estate agent any question you might have.

Use these tips at every open house to help increase the efficiency and effectiveness of your home buying experience.

Source: century21.com

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Apache is functioning normally

June 8, 2023 by Brett Tams

Real estate has the power to change your life for the better, but it can do so much more than that. Today’s guest, Jen McConnell, used her commissions to fight pediatric cancer, and she later created a foundation to help further the cause. On this podcast, Jen shares how real estate changed her life and has given her the ability to impact the lives of countless others. Jen also covers the advantages of running your own brokerage, ways to deliver five-star customer service, and more.

Listen to today’s show and learn:

  • Jen McConnell’s start in real estate [1:34]
  • What agents learn selling homes for builders [5:31]
  • The Charleston real estate market [6:47]
  • McConnell Real Estate Partners’ sales and team structure [8:04]
  • The advantages of running your own brokerage [13:32]
  • Social media as a tool for real estate agents [15:20]
  • The financial crisis compared to this correction [17:17]
  • About The McConnell Foundation and donating to causes that matter [18:33]
  • Restarting in real estate after major life challenges [22:18]
  • Advice on starting a non-profit foundation [26:53]
  • Advice for agents on giving five-star service to get referrals [27:29]
  • Jen’s favorite CRM: Follow-Up Boss [30:19]
  • The post-closing checklist: When to follow up with buyers [31:13]
  • Transitioning from paid leads to referrals [34:42]
  • Where to find and follow Jen McConnell [36:25]

Jen McConnell

Jen was fortunate enough to start her real estate career when she was a junior in college.  Now with over 17 years of experience in the industry, she has a particular expertise in luxury real estate and custom home building. She moved to Charleston in 2006 after receiving her B.A. in Marketing from Ashland University. In 2022 Jen was awarded the South Carolina Women in Business Award, and chosen as a Top 40 Under 40 Real Estate Agent in Charleston.  Jen has also been featured on Charleston Home Showcase & Lowcountry Live and has been featured in Charleston Real Producers Magazine, Charleston Style & Design Magazine, Southern Living Magazine, The Post & Courier, Charleston City Paper, Charleston Regional Business Journal, Charleston Daily, Greenville Business Journal, Columbia Business Journal and many others. She is a Certified Luxury Home Marketing Specialist through the Institute for Luxury Home Marketing where she has been awarded the prestigious Million Dollar Guild award. Jen has also earned the coveted Realtor of Distinction Award achieving the highest rank possible as a Platinum Award winner through the Charleston Trident Association of Realtors. The Platinum Award places Jen in the Top 2% of agents in Charleston.

Jen is the Co-Founder of King Tide Investment Group and Blue Ocean Investments, both residential real estate investment companies based in Charleston, SC and Greenville, SC respectively. In 2021 Jen and her husband Josh opened their own brokerage on Isle of Palms and formed McConnell Real Estate Partners where she is the broker-in-charge.

Jen met her husband, Josh, in Charleston and was married at Wild Dunes on Isle of Palms in 2010. They now live on Isle of Palms and welcomed their daughter Bennett in 2016 and their son Bodhi in 2017. They have embraced all Charleston has to offer but most especially the outdoor living, the amazing restaurants and long summer days at the beach. The McConnell’s are avid Clemson Tigers, strong supporters of MUSC Children’s Hospital, the South Carolina Aquarium, Pet Helpers Adoption Center and are members of First United Methodist Church on Isle of Palms.

Jen prides herself on being persistent, utilizing her experience to always find the most advantageous terms for her clients, and providing unparalleled professionalism and expertise for her clients in each and every transaction. Whether you’re looking to buy, sell or invest in real estate throughout the Charleston area, Jen would love to share her passion and market knowledge with you.

Related Links and Resources:

Thank You Rockstars!

It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.

-Aaron Amuchastegui

Source: realestaterockstarsnetwork.com

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Apache is functioning normally

June 8, 2023 by Brett Tams

Referral and Marketing Tools; TPO Products; U/W, Doc Custodian Review; DSCR and 2nd Program News

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Referral and Marketing Tools; TPO Products; U/W, Doc Custodian Review; DSCR and 2nd Program News

By:
Rob Chrisman

Wed, Jun 7 2023, 10:50 AM

Mortgage news temporarily aside, how about the government contemplating a law that would require cars to have AM radio?! AM radio goes farther than FM or cellular streaming services which is why, in out-of-the-way places, like in mountains, you can tune in to an AM station for traffic reports. If you think radio, or the mortgage process, is confusing, try visual entertainment, with too many cable channels and media outlets to fill with 24-7 options and opinions. Too many shows cast across streaming channels. Too many hours on cable TV with financial pundits offering crazy predictions, just to get on TV. I wish that I had an org chart showing who is in charge of what, and how they fit together. I now have three remotes and need to figure out the relationship between Roku, Apple TV+, Prime Video, VUDU, Discovery, YouTubeTV, Sling, Disney+, HBO Max (“Max”), Hulu, Netflix, Paramount+, Peacock, Showtime, Starz… the list goes on and on. And what the heck is BritBox anyway? (Today’s podcast can be found here and this week’s is sponsored by Built Technologies. Join Built Technologies on June 20th at 12 PM CST for an exclusive webinar that will dive into proactive portfolio monitoring as Built’s experts share best practices for achieving greater visibility into your construction portfolio. Today’s includes an interview with Milo’s Josip Rupena on the impact pricing is having on young homeownership.)

Lender and Broker Software and Services

Summer is approaching, and every extra second counts when you’re working on your tan. Utilizing digital mortgage tools can save you a lot of time, reducing turnaround times and increasing operational efficiencies. Whether you are using a hybrid or fully digital eClosing process, it’s crucial to prioritize compliance and efficiency, ensuring the correct eSignature tools and processes is a major part of that. By leveraging advanced eSignature technology, you can simplify your operations, ensure compliance, and save time. Wolters Kluwer’s ClosingCenter and SmartSign Plus allow you to improve operational efficiency by as much as 50 percent, simultaneously improving the customer experience and collecting the key data you need to remain compliant with ever-changing regulations. Learn how advanced eSignature can improve your closing process now!

In today’s ever-changing mortgage landscape, the right lending partner is essential. That’s where Flagstar Bank comes in. As the second largest warehouse lender and a $124 billion asset bank, Flagstar offers the strength, stability, and best-in-class service you’ve been looking for. Flagstar warehouses most loan types, including conventional, NonQM, and construction. Our MSR, servicer advance, and EBO financing solutions are also available. Flagstar’s warehouse platform already gives approximately 400 warehouse clients of all sizes the flexibility to fund quickly and easily. In addition, our specialized mortgage banking team may be able to help streamline operations and provide greater value for cash balances. Don’t let market turbulence hinder your growth. Instead, choose Flagstar as your lending partner and unlock a world of opportunities for your business to thrive. Contact Jeff Neufeld or Patti Robins today to discuss what Flagstar can do for you.

It’s not news to you that lenders nationwide are facing rising interest rates and falling production volumes. Let’s give those decreased production volumes some perspective, shall we? Find out right now with MMI’s monthly Mortgage Industry Benchmarks newsletter, which lets lenders and LOs compare their recent performance to their peers via production-based tiers. After significant pipeline growth in March, lenders in every tier faced a decrease in production volume in April. Lenders in MMI’s Capital Tier ($500M-$5B production/year) averaged a 14.9 percent decrease in production from March to April while LOs in the Diamond Tier ($50-100M production/year) saw a 16.9 percent decrease in their monthly production. Now that you know how some lenders and LOs fared in April, find out how you stack up against your peers. Sign up for MMI’s monthly newsletter for to find out and for more insights like these!

“Unlock the secrets to consumer’s digital financial data with AccountChek® by Informative Research! Are you facing confusion and uncertainty regarding investor programs as they relate to verifications? Our expert consultation is here to guide you towards clarity and success. Navigating the complex landscape of asset, income, and employment verification can be challenging. Do not let it hinder your operations any longer. Let the experienced AccountChek team help you understand investor programs and streamline your verification processes. Book a consultation meeting today and gain access to our industry-leading expertise to provide you with the insights and answers you need to make more loan applications eligible for the many programs that leverage digital verification data. Say goodbye to confusion and hello to efficient verification processes that seamlessly feed into investor programs. Stop wasting time and resources on guesswork. Join the satisfied lenders who have already benefited from Informative Research’s consultation services and AccountChek. Click now to schedule your meeting and discover how we can revolutionize your mortgage operations.”

“Ensure Compliance with GNMA and Safeguard Investor Interests! Noncompliance is not an option: both your auditor and GNMA require that your Document Custodian undergo regular reviews. At Richey May, we are a step ahead and have scheduled reviews for four Document Custodians beginning in September 2023. Our team of experts is well-versed in Document Custodian Procedures and has years of experience helping mortgage companies comply with these requirements. We’ll conduct a comprehensive review of your Document Custodian to ensure compliance and identify any areas needing improvement. Trust us to safeguard the interests of investors and stay compliant. To schedule a comprehensive review, reach out to us.”

We all know volumes will return eventually, so why not get ahead of your competition during this slow season to optimize your operations with CandorPLUS? CandorPLUS builds upon the popular Candor LES underwriting engine and is a Lean Six Sigma Man + Machine solution spanning the entire loan fulfillment process. Why is now the best time? The current economic environment allows for favorable pricing. Manageable volume allows time to adapt and optimize. Right size operations for the last time… No more difficult layoffs. Instantly scale without additional headcount. Faster turn times increases market share and loyalty. Click here to learn more and take advantage of our introductory pricing!

Marketing and Referral Products

You have to apply for a license to become a bona fide Unicorn Hunter, but all you need on your quest for more referrals is a phone and SimpleNexus, an nCino company’s mortgage app. SimpleNexus’ all-in-one mobile technology empowers loan officers to implement a powerful referral strategy and establish quick and constant connections with real estate agents. By supporting ongoing digital collaboration between lenders, real estate agents, and consumers, SimpleNexus transforms the time-consuming process of engaging, nurturing, and converting leads into a single-sign-on experience. Download SimpleNexus’ latest white paper, Leveraging Digital for Smarter Referral Strategies, and make some magic in your pipeline.

Here’s a true story about the power of a SmartCRM™: a loan officer we know made the President’s Club… from a hospital bed. On a mortgage company’s production cruise not long ago, a winner slipped near the pool and landed on the back of his head. He was unconscious for 20 minutes, but when he woke up, he felt fine. Turns out he wasn’t fine. In fact, he almost died and spent a year in the hospital. That same year, from his hospital bed, he originated $12 million. How? Great relationships, a great assistant, and automated marketing. His Realtors and clients had no idea he was even sick. They continued to get great service from his assistant and targeted, personalized marketing from Usherpa. According to the Loan Officer, “Without Usherpa, I’d be out of business.” Find out how to originate more loans from anywhere with this free eGuide.

Free eBook: Winning Agent Business: The Lender’s Guide to a Strong Referral Network. In today’s volatile market, a steady stream of referrals means the difference between maintaining a pipeline and scrounging for leads. And as we move towards market recovery, a robust book of business will serve as an invaluable tool to take full advantage of profitable opportunities. Real estate agents still hold the keys to the referral kingdom. To create this eBook, Maxwell interviewed agents and broker-owners across the country. The result is firsthand advice to help you better network to create a strong funnel of referral leads. Download your free copy to learn the 4 qualities real estate agents value in their lending partners, agent networking dos and don’ts, 5 ways to become a go-to lender for real estate agents, and more. Click here to download “Winning Agent Business: The Lender’s Guide to a Strong Referral Network.”

Broker and Correspondent Programs

“U.S. Bank is dedicated to ongoing affordable housing efforts, and we believe sustainable homeownership is an important means of building wealth. Our commitment starts by empowering through education. As a trusted advisor, we’ve launched an educational breakthrough series aimed at providing lenders with the tools and resources to be successful. Join our upcoming breakthrough series “NextGen Homebuyers: How to Reach the Fastest Growing Homebuyer” or our “Affordable and Community Outreach” session to understand the challenges, opportunities and how to make a positive impact in growing communities. To learn more about participating, please contact your U.S. Bank account executive.”

Happy National Homeownership Month! A month that highlights and celebrates the value that owning a home brings to families, communities, and neighborhoods across the Country. And what better way to celebrate then to announce AFR Wholesale’s next edition of our “Why Wait?” series. We invite you on June 21st at 2 PM EST. to join AFR and special guests from Fannie Mae to learn about HomeReady® and how to leverage this program. Register Today! Over our series, we want to highlight affordable financing solutions that provide homeownership opportunities to more families. This provides you with a platform to learn from and ask Fannie Mae directly how to interpret program guidelines while AFR will provide insight on how to use this program as a solution for your borrowers. This live webinar will not be recorded, so sign up today and don’t miss it! Contact AFR by going to afrwholesale.com, email [email protected] or call 1-800-375-6071.

Are you frustrated as a retail loan officer or mortgage banker with the lack of flexibility to provide custom loan options? Take control: follow the lead of over 24,000 MLOs like you who have joined the wholesale channel in the last year. Whether you open your own independent mortgage brokerage or join a team as a loan officer, you’ll have the ability to provide your clients with the personalized solutions they need. Contact our team at BeAMortgageBroker.com today and you’ll be well on your way to a more fulfilling tomorrow.

Citi Correspondent Lending continues to make supporting underserved communities and diverse markets a priority, which is why we’re very excited to announce the pilot launch of our new HomeRun program. The first in a series of planned Community Lending initiatives, this program is a portfolio Community Lending product that allows up to 97 percent LTV, requires as little as 1 percent borrower down payment contribution and has no mortgage insurance requirement. These features could help make the path to homeownership significantly more affordable for your borrowers. Please reach out to your Citi Account Executive or our National Client Services Team to learn more about this new program and timeline for participant expansion.

Non-Agency, DSCR, and 2nd Changes

A&D Mortgage launched its Second Mortgage Program, designed to help homeowners and real estate investors access affordable financing options. The program offers competitive rates and flexible terms for owner-occupied homes, second homes, and investment properties.

Max Slyusarchuk, Founder and CEO of A&D Mortgage says: “We understand that life happens, and credit scores don’t always reflect a person’s full financial picture. Our new program allows us to meet those customers where they are and provide them with the financing they need.” Borrowers can access up to 85 percent combined loan-to-value (CLTV) ratios on their primary residence or up to 75 percent CLTV on a vacation home or investment property. Borrowers must have a minimum credit score of 660 or higher, with a maximum debt-to-income (DTI) at 50 percent.

Champions Funding’s Accelerator Program has been consolidated to serve as a portfolio-building vehicle for your real estate investors. To further reduce friction in Underwriting, you are connected directly to decision-makers to further speed things up. With streamlined Non-QM products, you can qualify borrowers fast and close even faster, in as little as 5 business days.

Just a few examples of Hometown Equity Mortgage Niches: 100 percent FHA financing, VOE only FHA, 1-year 1099, 1- year P&L use to qualify non owner properties, business bank statements down to 20 percent expense factor, Foreign Nationals no credit, 2-1 buydown use seller concessions, Bridge first time home buyer no income / blanket loans, 5-25 units.

Gain An Edge with Angel Oak DSCR Loans: 6 Months title seasoning for cash out, calculate the Debt Service Coverage Ratio (DSCR) based on interest-only payments, Condotels allowed,

Non-permanent residents, Foreign Nationals, Business Purpose Loans (allows LOs to close DSCR loans in states that they are not licensed in).

Capital Markets

Not much to report yesterday in the absence of economic data and Federal Reserve speakers. There was some chatter that the economy may be able to avoid a recession, though I’m not quite ready to declare that it’s headed for a soft landing just yet. We did see a little “spread tightening” (Treasury yields unchanged, mortgage rates down), which is good news considering MBS spreads continue to remain at historically wide levels. That isn’t helping mortgage rates and LOs as the spread between the 30-year fixed rate mortgage and the 10-year bond yield has surpassed the highs of last year, the 2008 financial crisis, and is back at levels last seen nearly 40 years ago.

Today’s calendar kicked off with mortgage applications decreasing 1.4 percent from one week earlier, according to data from MBA. This week’s results include an adjustment for the Memorial Day holiday. We’ve also received the April trade deficit at $74.6 billion, where expectations were for $75.8 billion versus $64.2 billion in March. Later today brings the latest Bank of Canada policy decision as well as consumer credit. We begin the day with Agency MBS prices roughly unchanged from Tuesday and the 10-year yielding 3.69 after closing yesterday at 3.69 percent. The 2-year is still up around 4.52 percent, so the yield curve inversion is alive and well.

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Apache is functioning normally

June 8, 2023 by Brett Tams

Have you been diagnosed with congestive heart failure?  It can make applying for life insurance coverage becomes a bit difficult.

You may be able to get it approved, however insurance companies will  be concerned about offering you coverage because of your potentially serious medical condition.

However, it is still very possible to get insured with congestive heart failure. Obviously it doesn’t mean your heart has actually failed and stopped working, or you wouldn’t be reading this information.  It simply means it isn’t working as efficiently as it once did.

That being said, CHF, along with other heart diseases like heart attacks, congenital heart disease, and coronary heart disease, are the Number One cause of death of adults in the country.  This includes both men and women.

Since this is the case, trying to get life insurance approved can be a longer process than it would normally take.  This is because of additional underwriting requirements such as medical records having to be ordered.  If the doctor’s office is slow in getting medical records to the insurance company, it will just take longer to get approved.

This means the SOONER you APPLY for coverage, the sooner the process will get started. You can complete our brief form on this page to get the ball rolling.

If the condition is severe then your type of coverage will be impacted. First off let’s look at some underwriting guidelines for life insurance on how they relate to congestive heat failure. Hopefully this gives you a idea on what is ahead on your application.

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Life Insurance Underwriting for Congestive Heart Failure

Your agent, knowing you have CHF, will ask you some pre qualifying questions when you first talk with them. Listed below are a few of them:

  • When was your congestive heart failure diagnosed?
  • Did any health issues contribute to your diagnosis of congestive heart failure?
  • Do you have high blood pressure or hypertension?
  • What tests have you had done to evaluate your condition?
  • Do you have high cholesterol?
  • Is there any history in your family with heart disease or death in the family due to heart conditions?
  • Tobacco user?
  • Are you prescribed any medicine to help with your issues?

Even though you might take some medications, beta blockers, inhibitors, or nitrates, for your condition, you still might be insurable as long as you don’t take multiples of each and have other issues that coincide with CHF.

When it comes to life insurance underwriting, the more information you can give the better. If your application doesn’t clearly describe your condition, your chances of a bad rating or rejection go way up. Make sure to fully answer all the application questions plus give any other details you think are important.

 

Life Insurance Quotes with Congestive Heart Failure

Congestive heart failure has a wide range of different severity levels. Your life insurance quote will depend on how serious your health issues are because of your condition. Insurance companies also do not accept applicants that have recently been diagnosed with congestive heart failure because they want some time to see how the condition develops.

To avoid rejections and get the best rate, its best putting off an application for twelve months after diagnosis.. From there, your rate will depend on your condition plus your overall health.

It is even possible that you may have CHF and not even realize it because the symptoms usually don’t show up initially.  The reason they don’t is because your body and your heart can mask it at first, which is called compensation.  The symptoms will start showing up when the heart just can’t pump enough blood to the rest of your body.

These are some standard rating classes that most life insurance companies use, though every carrier determines how you’d fall into each category, I’ll explain your chances with each class.

  • Preferred Plus:  Generally impossible. Congestive heart failure is too serious a condition and carries too many health risks for applicants to receive the best possible insurance rating.
  • Preferred:  Very difficult but not impossible. If your congestive heart failure has only mild health symptoms and you are in great health otherwise, you could get a preferred rating.
  • Standard:  The likely best rating for most applicants. Applicants that only started having heart failure at 60 or older, are in good health, and have waited at least a year after being diagnosed to apply can get a standard rating.
  • Table Rating (substandard):  Many of you will end up in this class due to the health issue.
  • Declines: Most applications within 3 to 6 months of a diagnosis for congestive heart failure.  And other persons who deal with many health issues combined with history of health

If there is a situation where you do find that due to your medical condition you are declined for traditional life insurance, then our next recommendation is to look at a guaranteed issue life insurance policy.  This type life insurance application only asks a few health questions, but not to decline your application but only to determine how much and when the death benefit would be paid out.

As you are thinking about applying for life insurance, you may also try to improve your chances of getting the best rate by doing some of the following:

  • Lower your sodium intake
  • Lower your cholesterol
  • Stop smoking
  • Exercise more often
  • Eat a healthier diet
  • Keep all other medical conditions under control with responsibly taking medications
  • Continue with proper medical care by your medical professionals

These recommendations are common sense, and your doctor may have other activities and guidelines.  Even though there really isn’t a cure for congestive heart failure, the above lifestyle choices can minimize the degree of your heart deterioration, and allow you to get a lower life insurance rate.

Other Considerations as You are Applying for Life Insurance

This is common sense, but if you haven’t thought about it, now is the time to be thinking about how much death benefit you are looking to buy.  Since you have a serious medical condition, you might not be able to afford what you would want, so be realistic in also considering how much money you have to budget for a monthly life insurance payment.

Also, how long a period will you need life insurance?  Although typically no one knows for sure when their beneficiary might be filing a claim on the policy, you will need to consider whether to buy a term life insurance plan or a permanent life insurance plan.  We can help you with making this decision.

Lastly, it would be a good idea not to drop or cancel any life insurance policy you presently own.  As you get older, the premiums increase.  So if you are comparing an old policy vs a new policy, the rates on the new policy will probably be higher than what you are paying now.

 

Congestive Heart Failure Life Insurance Case Studies

Its important to understand how filling out the application can hinder or help your approval percentage. Below are instances on how to and how not to go through the process.

Case Study: Female, 63 year old, non-smoker, diagnosed with congestive heart failure at age 61, taking Beta Blockers and Ace Inhibitors, no other health issues.

This applicant was only showing mild signs of congestive heart failure and was otherwise in very good health. She had no other health issues and no family history of heart disease. However, because of her condition, she was only receiving expensive, rated life insurance offers. We advised her to request an EKG to prove that her condition was under control. With this extra information, an insurance company gave her a much less expensive standard policy.

Case Study #2:  Male, 54 year old, diagnosed with congestive heart failure at 51, father died young from heart disease, former smoker, improved health and weight since the diagnosis

This applicant had a very poor lifestyle prior to his heart failure diagnosis. He was smoking, overweight, and had high blood pressure. This combined with his family history of heart disease led to him being rejected from all his life insurance applications. However, since his diagnosis, this applicant dramatically improved his lifestyle. He lost a good deal of weight and quit smoking which made his condition much less severe. Since his health had improved we let him know it would be smart to get a written referral from his doctor stating how much healthier he is now. By reapplying with this extra certification, this applicant was able to receive a rated policy despite his relatively risky profile.

While congestive heart failure is quite serious, it is not enough to prevent you from taking out life insurance. You just need to handle your application well. To make sure the process goes smoothly, it helps to work with expert brokers that understand this condition.

Source: goodfinancialcents.com

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