homeowners

Apache is functioning normally

Loyalty? Not in the mortgage business. That is, if you actually want to save money on your home loan.

A few years back, an HSBC survey revealed that 52% of U.S. homeowners “switched providers” (sorry, they’re British) when obtaining subsequent mortgages.

This was mainly driven (53%) by the desire to get a better deal, aka a lower mortgage rate with fewer closing costs.

That survey also found that 46% of consumers investigated a mortgage switcheroo, again either to save money or to lock in a new low rate due to rising interest rates.

Other reasons homeowners decided to go with another mortgage company were because they moved and purchased a new property.

Or due to their current mortgage deal was expiring. I think they mean an adjustable-rate mortgage resetting.

Is It Bad to Switch Mortgage Lenders?

mortgage retention

A new report from Black Knight claims that loan servicers retained just 18% of the estimated 2.8 million homeowners who refinanced a mortgage in the fourth quarter of 2020, the lowest share on record.

Interestingly, those who refinanced to improve their rate and/or term were retained at a higher rate (23%) versus those pulling cash out as part of the transaction (11%).

This could be due to cash out refinances being harder to come by lately, and thus offered by fewer lenders. Or it just feeling more complex to the homeowner.

But here’s the biggie – among higher-credit quality rate and term refinances, borrowers who switched mortgage lenders received more than an eighth of a percent lower rate than those who refinanced and remained with their current lender/servicer.

In other words, you might get a lower mortgage rate if you switch mortgage lenders, instead of remaining loyal.

So is it bad to switch mortgage lenders? Not if you want to save money! Of course, your old lender might not feel the same way.

Mortgages Are Mostly a Commodity

  • Home loans aren’t all that different from one another
  • This is why lenders are increasingly coming up with unique ways to sell you one
  • The vast majority are 30-year fixed products whose only difference might be the interest rate or fees involved
  • And the majority just follow the underwriting guidelines of Fannie Mae, Freddie Mac, or HUD

It’s really no surprise that a lot of consumers don’t stay with their original mortgage lenders and/or loan servicers.

Aside from some existing lenders sometimes talking borrowers out of a refinance, the product is mostly the same no matter where you get it.

That makes customer retention difficult, especially when other lenders are aggressively marketing to homeowners.

These days, the majority of home loans are backed by the agency guidelines of Fannie Mae, Freddie Mac, or the government via FHA loans and VA loans. I think it’s something like 90% of mortgages.

This means mortgage loans are pretty homogeneous, despite what channel they’re originated in, or which institution provides the financing.

You could get the same exact home loan from a local credit union, a big bank, an online mortgage banker, or a mortgage broker.

And who really cares where you get your mortgage as long as the company is competent enough to close the thing, and honest in terms of rate and fees?

It’s not like you’re going to walk around and brag about your cool mortgage from X bank after the fact. It’s certainly not a status symbol, or a conspicuous transaction.

I’m pretty sure I’ve never had a conversation about someone’s branded mortgage before.

And I doubt an “influencer” is going to post about theirs on Instagram. Well, I take that back, they might…because someone paid them.

Mortgage Advertising Is Following the Insurance Model

  • Like mortgages, most forms of insurance are similarly boring and unoriginal
  • But that doesn’t stop mega insurers like Geico from advertising to you 24/7
  • Other insurers create catchy new names for run-of-the-mill coverage that isn’t really unique
  • Mortgage lenders are beginning to do that too in a bid to separate themselves from the crowd

This is exactly why insurance companies use celebrity endorsements and smart marketing gimmicks to get you to switch, or conversely, to stick around.

Car insurance isn’t cool or exciting and never will be, nor are mortgages, as much as I want them to be.

Ultimately, we’re all being sold the same thing, it’s just that some companies try to differentiate themselves by slapping clever names onto their products.

For example, Quicken Loan’s Rocket Mortgage is about reinventing the mortgage process, not the mortgage itself.

You’re still probably going to get a 30-year fixed home loan or some other ordinary mortgage that you would get anywhere else.

It’s just the way you get it that might change. Instead of meeting face-to-face with a banker, you might upload documents on your smartphone and authorize the release of documents electronically.

This could make the experience a lot easier and more pleasant, but it doesn’t mean you’re necessarily getting anything different.

Because everyone is basically offering their customers same thing, it comes down to price, customer service, and now perhaps clever marketing.

The one exception is portfolio home loan programs, which are actually unique to the mortgage lender providing them. These are loans kept on the originating bank’s books that contain distinct underwriting guidelines.

We’re starting to see more of them, though most lenders remain fairly cautious with the mortgage crisis still a not-too-distant memory, despite taking place a decade ago.

For example, a lot of the zero down mortgages you see are unique to the companies offering them, the latest one I came across from Ideal Credit Union.

And some of the so-called fintech disruptors like SoFi Mortgage are actually providing unique offerings like a 5/1 ARM with an interest-only option and jumbo loans as high as $3 million with just 10% down.

Be Careful Not to Pay More for the Same Exact Mortgage

  • While it’s important to use a mortgage lender you can trust
  • Such as one that can actually close your home loan competently without major delays
  • It doesn’t really matter what “brand” the mortgage it is after it funds
  • And there’s a good chance it’ll be resold to a different company shortly after closing anyway

Those exceptions aside, many of us have very similar mortgages that are only unique in terms of where they originated from.

As noted, most of today’s mortgages are conforming loans, meaning they meet the guidelines of Fannie and Freddie. Or they’re simply backed by the government via the FHA, VA, or USDA.

And just about all of them are 30-year fixed-rate loans that function exactly the same.

That’s why you have to ask yourself – if the company isn’t offering anything different, why pay more?

Might as well bargain shop and find the best mortgage rate with the lowest closing costs, instead of simply going with a household name because of a funny commercial.

At the end of the day, as long as they get you to the finish line, you’ll probably never think about your mortgage company again. Just make sure they’re reputable first…

Chances are your mortgage will be sold off in a matter of months anyway, so the company you get it from likely won’t even service it.

In fact, your final correspondence might be a notice of your home loan changing hands…

(photo: lamdogjunkie)

Source: thetruthaboutmortgage.com

Apache is functioning normally

The real estate market carnage continues with all the major iBuyers pausing home purchases thanks to the coronavirus.

Zillow Offers Pauses Purchases

This morning, Zillow announced that it had stopped home buying via Zillow Offers amid the “market uncertainty” related to COVID-19.

While it’s unclear if it was mandated, they did note that the move was “in response to local public health orders related to COVID-19,”and also to ensure the protection and safety of its staff, customers, and partners.

Specifically, some states like California have implemented emergency orders requiring individuals to stay at home and cease all non-essential business, which includes some real estate activities.

The company said it would continue to market and sell homes through Zillow Offers, despite halting open houses for its homes last week.

Zillow said it ended 2019 with 2,707 homes in its inventory, and as of March 19th, had reduced it to approximately 1,860 homes.

All 24 markets where Zillow Offers currently operates are affected by the move.

Opendoor Cash Offers Suspended

Meanwhile, Opendoor is putting cash offers on hold as a result of COVID-19.

In a statement posted on their website, the iBuyer said, “If you’re currently in our offer process, be on the lookout for communication from us. If you’re not, here’s how we can still help with your home sale.”

In terms of that help, they are still allowing third parties to make a cash offer for your property, as opposed to Opendoor itself.

If you take them up on that option, you can still skip the showings, prep work, and choose you own close date.

They said they’ll get back to customers via email within 2-3 days if eligible.

You can also use one of their partner real estate agents to list your home in traditional fashion, though I think we all know selling right now probably doesn’t make a ton of sense unless absolutely necessary.

Offerpad Might Be on Hold Right Now

I visited Offerpad’s website to see how they were being impacted, but couldn’t get a totally clear answer.

However, they do have an “important notice” posted at the top of their website that reads:

“To ensure that our customers, employees, and third parties are safe to the best of our ability, our processes have been subject to temporary changes.”

“We need to ensure that all services, including third parties, associated with a customer’s purchase or sale will be available. We appreciate your flexibility during this time.:

So there’s a good chance they are following suit and putting new purchases on hold as well.

As reported last week, RedfinNow was the first to temporarily halt home purchases, as indicated in an 8-K filing.

Two Takeaways to Consider

One issue, as mentioned by Zillow, is that real estate isn’t necessarily an essential business activity.

At least when it involves investors trying to make money by buying and selling real estate.

For everyday Joes looking to buy or sell a home, I assume it’s still okay to do so. It certainly can be argued as essential in certain situations.

However, a bigger concern is if this is the canary in the coal mine.

If billion-dollar companies like Redfin and Zillow aren’t interested in buying our homes, what does that say about the health of the real estate market?

I think the worry is if this situation doesn’t improve in the next several months, we might see scores of foreclosures flood the market, which could lead to lower home prices.

Conversely, if the government and loan servicers get ahead of it and work hard to help unemployed homeowners, things might turn out okay.

And really, with all the spending going on, there’s bound to be inflation, which could benefit homeowners as the world recovers.

Source: thetruthaboutmortgage.com

Apache is functioning normally

According to realtor.com, the March 2023 median listing home price in Lexington, KY was $339.9K. This shows an upward trend of 7.9% year-over-year, which is good news for homeowners concerned with the economic situation in the US. Redfin points out that the market there is still highly competitive, with the average home receiving at least 6 offers, and the average sale coming within 22 days. Judging from the list of agents we went through to select the four below, the region has above average professionals handling the deals as well. Here’s four of Lexington’s best.

allnutt 2

Sandy Allnutt, of The Agency, has one of the nicest Facebook page’s we’ve seen in some time. A perfect mix of info/relevance and personality, this social channel should be a template for how agents operate their pages. Allnutt’s 319 perfect reviews on Zillow, and 120 stellar ones on Google cement her place in our list as one of the region’s top professionals. Throw in an effective Instagram channel, a useful (if mediocre looking) website, and you’ll quickly put Allnutt in the same category as the best agents in America. 

The well traveled agent has operated out of Lexington since 1989, and seems to have turned over every marketing rock for her firm’s clients. The group has a useful but sparse YouTube channel, and some media mentions locally. Where Allnutt really shines in on LinkedIn, where she’s networking with over 1,300 business professionals. One of these days we should quiz agents to see how many leads/sales come from LI. 

Website, Facebook, Contact # 1-859-699-4663

Kymberly Clem – McCreary is the “mover” in this list of top agents. With her small team, she’s managed almost 80 sales in the past year. That may not sound like a lot, but for a professional woman who’s only been in real estate for just over 3 years, it’s an accomplishment. The former Lockheed Martin exec, has also put together a fairly impressive digital marketing scheme. 

Looking at her linktr.ee breakdown, I see she’s covered every base to let potential clients connect with all her profiles, bios, and listings. Facebook to LinkedIn, she’s engaged remarkably well during such a short span of time. One thing I find particularly telling is the fact this professional is already making use of TikTok. She’s got over 500 followers there already. The YouTube channel needs a lot more content and followers, but what she’s posted so far is very nice. 

A last note, Kymberly also opted to be a Premier Zillow Agent, and I would not be surprised to see Google Ads for he agency either. If this U.S. Army veteran’s efforts have one negative point, it’s that the website could use some more SEO attention (60% score) and aesthetics. Other than this, and more local media notice, she’s on track to be the leading agent in this part of Kentucky. 

Website, Facebook, Contact # 1-859-248-1142

kim
nick

Nick Ratliff sold 102 homes in the past 12 months. On Zillow, he has over 200 perfect reviews. Even more impressively, he has received 273 perfect Google reviews. The former Better Homes & Gardens agent also has the best website in this group, SEO-wise at least, with a score of 70%. Functionally, his site is top notch too. 1,600 followers on Facebook, a useful YouTube channel, 1,100 followers on LinkedIn, etc. etc. etc.

Ratliff is doing all the right things, albeit maybe not as diligently/powerfully as he should. The agent seems to have devoted a lot of time and effort on Twitter, which would be better used on Facebook or doing media outreach to get mentions of his company. Twitter is a horrible conversion network, and will remain so unless Elon Musk gets creative. 

Website, Facebook, Contact # 1-859-554-2075

Deborah Back’s team, The Brokerage, is one of Kentucky’s most successful real estate groups. The team has almost 280 perfect Zillow reviews, and ticks all the boxes in social media marketing. One thing that differentiates this broker from many others, is the fact her team has gotten the website/web billboard right. Their website is very nice aesthetically, even though it only scores 59% for SEO. 

Another plus in Back’s favor is the team’s effective Instagram channel, which could be a bit more creative. Also, The Brokerage business page on LinkedIn shows that the team is growing at a decent clip of almost 10% per year, with agents of 3.5 years tenure. This is a good sign of a healthy real estate entity. If Deborah and the team could rejuvenate her YouTube channel with some helpful videos, and work on SEO and boosting social a bit, the company would surely prosper even more.  

A last note on Back, it’s indicative of her role that there is not a single photograph of her alone anywhere on the web that we are allowed to use (copyright). So, I took this one on the right from her Twitter account. The caption reads “Rise and Shine.”

Website, Facebook, Contact # 1-859-983-2717 

Bach 2

Special update: We were informed by a reader that the original photo of Nick Ratliff was incorrect. We have replaced it with a version from the agent’s website.

Phil Butler is a former engineer, contractor, and telecommunications professional who is editor of several influential online media outlets including part owner of Pamil Visions with wife Mihaela. Phil began his digital ramblings via several of the world’s most noted tech blogs, at the advent of blogging as a form of journalistic license. Phil is currently top interviewer, and journalist at Realty Biz News.

Latest posts by Phil Butler (see all)

Source: realtybiznews.com

Apache is functioning normally

All 12 Federal Reserve districts have seen issues with a lack of housing inventory, which is largely due to existing homeowners holding back on listing their homes after previously locking in low mortgage rates. 

Demand from the buyer side has remained steady or increased, however, and new home builders have responded to inventory shortages by increasing speculative inventory production, according to the Federal Reserve Beige Book, released Wednesday. 

The Beige Book is a compilation of data and interviews with bank and branch directors, community organizations and economists from on or before May 22.

“Residential real estate activity picked up in most Districts despite continued low inventories of homes for sale,” the report states. 

The Beige Book also notes that “home prices and rents rose slightly on balance in most Districts, after little growth in the prior period.”

In return, the lack of inventory of homes for sale pushed demand for rental properties in some areas — including New York, Chicago, St. Louis, Kansas City Federal Reserve districts.

Following are excerpts of statements on housing conditions from each of the 12 Federal Reserve districts. 

***

Boston – Contacts around the District attribute the still-low sales numbers to low inventories more than to weak demand, as slightly lower mortgage rates have helped bring more buyers to the market.

House price appreciation has slowed on average but remains slightly positive, with the exception that home prices in Massachusetts (not including Boston) have experienced modest declines from a year earlier. The modest price growth in the Boston area marks a trend reversal from the preceding few months. 

Contacts anticipate that, despite healthy buyer demand, home sales are likely to experience only a modest seasonal increase moving forward, owing to extremely low inventory levels.

New York – The residential sales market has been strong across the District. A New York City-area contact reports that the sales market in and around New York City has picked up strongly in recent weeks after a brief pause in early April, which was due to uncertainty in the banking sector.

After a slow start to the year, housing markets in upstate New York have also started to pick up, with bidding wars and multiple offers becoming more common. Inventory remains exceptionally low and is restraining sales activity in much of the District. A key factor suppressing new listings is the prevalence of homeowners with historically low interest rates on their existing mortgages, reducing the incentive to sell and move.

A strong economy and relatively high mortgage rates have pushed some movers to the rental market, boosting demand.

Philadelphia –  High interest rates have continued to dissuade existing homeowners from listing their house and losing their low interest rate. Existing home sales have fallen moderately in this district, and prices have continued to rise as the market heats up again. New home builders have benefited from the unseasonably modest sales of existing homes as the resale market has slowed. 

Cleveland – Demand for residential construction and real estate has stabilized in this District, and contacts attribute this stabilization to the arrival of spring and flattening interest rates.

Homebuilders have reported an increase in speculative construction projects in this District, as many buyers want to purchase and move into homes immediately, in part to avoid further rises in interest rates.

Richmond – Residential real estate respondents indicate in the report that the spring market is off to a good start, with sales prices continuing to appreciate, but not at the same pace as last year. For-sale inventory remains constrained due to fewer people putting their homes on the market, but buyer traffic has been steady while the days on market has increased slightly in the last month. 

However, fluctuations in mortgage rates have caused buyers to pull back, with pending sales and closed sales both down in this District. Builders have been offering strong incentives to close deals. 

Atlanta – Housing demand throughout the District has remained strong despite interest rate and home price volatility. Though home sales are down compared to a year ago, sales in many markets in this District have increased on a monthly basis, as buyer sentiment has modestly improved. 

The supply of existing homes for sale has remained low as homeowners have showed increased hesitancy to list homes for sale, especially if they financed at a low interest rate. Home prices remain down from peak levels but have recently shown month-to-month improvement.

New home builders have responded to inventory shortages by increasing speculative inventory production, and some have begun to reduce buyer incentives.

Chicago – Residential construction activity has been down modestly in this District. Contacts report that high-interest rates have led some projects to be postponed or canceled and that while construction costs had fallen, the decline isn’t enough to offset higher financing costs. 

Residential real estate activity has decreased modestly as well. Prices and rents have declined, and the low inventory of homes for sale has helped to prevent larger declines.

However, there have been reports of rising retail rents in some areas because of a lack of high-quality new construction.

St. Louis – Rental rates for residential real estate have increased slightly in this District. The number of new listings in residential real estate have dropped sharply in Louisville since our previous report, while new listings in the Memphis and Little Rock regions have remained unchanged. Seasonally adjusted home sales have remained unchanged since the previous report. 

Minneapolis – Residential construction has remained subdued. Single-family permitting in April was more than 40 percent lower year over year in the Minneapolis-St. Paul region; most other large markets in the District saw even bigger declines. Discounts have started to appear for some speculative developments.

Closed (residential real estate) sales in April fell notably year over year across the District, with many larger markets seeing declines of 30 to 50 percent. Median sale prices have declined in western and central Montana and have been flat in several other markets. 

Kansas City – Housing rental rate growth has remained elevated in several western District states, but the pace of increases has declined broadly and swiftly from the growth rate experienced during the past year. 

Dallas – Housing demand broadly has held up in the Dallas District, though sales have continued to be weaker than a year ago. Contacts have noted a decent spring selling season, with prices largely stable, and builders have been able to raise prices slightly in selected areas.

Outlooks have been cautious, however, with some voicing concern about whether demand would hold up beyond the spring selling season.

San Francisco – Activity in residential real estate has slowed further in this District. Contacts across the District have reported stable demand for single-family homes, although high mortgage rates have restrained prices. Existing single-family inventory has been low, and owners appeared hesitant to forego their existing low-rate mortgages by listing their homes.

Despite reported improvement in the availability and cost of materials, construction of new homes has been flat-to-down as developers responded to higher financing costs.

Source: housingwire.com

Apache is functioning normally

Boston fintech firm Knox Financial plans to expand its lending business and loan products with $50 million in funding it received from a real estate advisory firm. 

New York-headquartered Saluda Grade provided the funding in forward flow capital which Knox will use to expand its lending business into Georgia, Knox representatives said Wednesday. The fintech also will offer additional loan products, including home equity lines of credit (HELOCs), new purchase loans and cash-out refinancings. 

“A homeowner’s best investment is the home they live in — far better than the returns we’ve seen from the stock market in 2022, and a great hedge against record-high inflation,” said David Friedman, co-founder and CEO of Knox Financial. 

Established in 2018, Knox aims to help manage residential rentals with its algorithm-based platform. Its rental pricing and projection model also calculates the rate of return an investment property is expected to produce over time. When a property is enrolled in the platform, Knox automates and oversees the property’s finances and taxes, insurance, leasing, banking and bill pay, according to the company’s website. 

The funding comes shortly after Knox launched its first mortgage product, dubbed the Knox equity access program (KEAP), in April. KEAP loans give homeowners access to capital, based on the equity in the home, to turn it into an investment property with Knox. Homeowners can then use their KEAP loan to fund a downpayment on their next home and to pay for repairs on their investment property.

In return, Knox charges an origination fee and third-party costs to the borrower. Knox also keeps 10% of the rental income generated from properties listed on its platform. 

Prioritizing home equity solutions in a rising rate environment

The 2022 housing market has been underscored by interest rate spikes and refi decline and lenders are working hard to adjust to new borrower trends. HousingWire recently spoke with Barry Coffin, managing director of home equity title/close at ServiceLink, about the ways lenders can capitalize on these trends by revving up their home equity solutions.

Presented by: ServiceLink

Knox’s expansion comes amid a shrinking mortgage origination market. As mortgage rates began increasing this year, lenders, mortgage tech firms and real estate brokerages started laying off employees, often citing rapidly declining market conditions. 

With rising mortgage rates, company representatives said Knox has seen growing interest in second lien products such as home equity loans or HELOCs from borrowers who have tappable equity but don’t want to refinance. 

“As mortgage rates have risen, more inventory will become available at more competitive pricing,” said Matt Marra, chief growth officer at Knox.

Knox Financial raised $10 million in Series A funding in April 2021, led by G20 Ventures, following a $3 million seed round in January 2020. The largest markets for Knox are metropolitan areas of Boston, Atlanta, Houston, Dallas and Austin, Texas. According to Marra, Knox oversees a portfolio of $150 million in combined value.

Source: housingwire.com

Apache is functioning normally

Most mortgage lenders offer both home purchase loans and refinances. But Direct Access Funding is all about the refis.

In fact, the Southern California based lender refers to itself as a the “refinance division” of its parent company.

Seeing that most refinances are driven by the desire to obtain a lower mortgage rate, there’s a good chance their pricing is competitive.

They say they’ve got the best refinancing rates period and quality customer service to boot, which their reviews seem to back up.

So if you’re an existing homeowner looking for a better mortgage, they could be worth looking into. Let’s dig into the details.

Direct Access Funding Fast Facts

  • A direct-to-consumer mortgage lender that offers home refinance loans
  • Founded in 1998, headquartered in Irvine, California
  • The refinance division of Absolute Home Mortgage Corporation
  • Licensed to do business in 15 states and the District of Columbia
  • Their parent company funded $2 billion in home loans last year
  • Claim to offer the best mortgage refinance rates

As the name implies, Direct Access Funding is a direct-to-consumer mortgage lender based in Irvine, California, which is in the heart of Orange County.

Instead of a physical branch network, they work remotely with customers from a central call center to help you process and close your loan.

The company is located near many other mortgage lenders, including CashCall Mortgage, ClearPath Lending, loanDepot, and Watermark Home Loans.

As noted, they dabble only in mortgage refinancing, meaning their target market is existing homeowners as opposed to home buyers.

They are actually a division of Absolute Home Mortgage Corporation based out of Fairfield, New Jersey, which originated about $2 billion in home loans last year.

They’re currently licensed to do business in 15 states and the District of Columbia.

Those states include Arizona, California Colorado, Connecticut, Delaware, Florida, Illinois, Maryland, New Jersey, North Carolina, Ohio, Oregon, Pennsylvania, Tennessee, and Virginia.

How to Apply with Direct Access Funding

To get started, you can call them on the phone or simply visit their website and begin on your own.

Your best move might be to get in touch with a licensed loan officer first to discuss mortgage rates, lender fees, and overall eligibility.

Once you get the information you need to proceed, you can fill out their digital mortgage application online.

It allows you to complete the form 1003 electronically, eSign disclosures, and upload supporting documents via a secure portal.

Once your loan is submitted, you’ll be able to manage your loan online from start to finish.

It’s unclear if the processing and underwriting of your loan is completed in-house or at their parent company’s headquarters.

Regardless, their goal is to make refinancing stress-free and they employ the latest technology and solutions to make that happen.

Because they focus on existing homeowners only, the process should be faster than traditional banks and lenders.

Loan Programs Offered by Direct Access Funding

  • Rate and term refinances
  • Cash out refinances
  • Streamline refinances
  • No cost refinances
  • Conforming loans backed by Fannie Mae and Freddie Mac
  • FHA loans
  • Fixed-rate mortgages in various loan terms

Direct Access Funding seems to be solely focused on mortgage refinances for existing homeowners.

This includes rate and term refinances, cash out refinances, and streamline refinances.

They can also structure your loan as a no cost refinance through the use of lender credits so nothing needs to be paid out of pocket.

In terms of loan types, I believe they only originate conforming loans backed by Fannie Mae and Freddie Mac, along with FHA loans.

It’s unclear if they offer VA loans or jumbo loans as well.

You can get a fixed-rate mortgage such as a 30-year fixed or a 15-year fixed, and possibly an adjustable-rate mortgage too.

They lend on primary residences, second homes, and investment properties, including condos/townhomes.

All in all, their product menu isn’t vast but should cover most of the population.

Direct Access Funding Mortgage Rates

While they claim to have the “best” mortgage rates for a refinance loan, they don’t list their rates online. At least not on their website.

However, you might find them on third-party websites alongside other lenders in mortgage rate tables.

My assumption is their rates are very competitive since they’re a branchless, refinance-only lender.

And because refis are generally pursued to save money, they will need to beat your existing rate to earn your business.

But do take the time to compare their quote to other lenders to be sure. And also ask about any lender fees, such as a loan origination fee or application fee.

I’d classify them as a low-cost mortgage lender because of their lightweight business model (lack of branches and advertising), which is a good thing if you’re looking for lowest possible rate/fee.

Direct Access Funding Reviews

On Experience.com, Direct Access Funding has an impressive 4.91-star rating out of a possible 5 from over 1,000 customer reviews.

You are able to filter the reviews by loan officer to see how certain individuals have performed in the past. If a certain person stands out, be sure to ask for them when calling in.

Over at Google, they have an even better 4.9-star rating from nearly 200 reviews, which is pretty close to perfection.

Lastly, they’ve got a 4.9 rating on Bankrate from 15 reviews, with 100% of reviewers indicating they’d recommend the company to others.

Their parent company Absolute Home Mortgage Corp. is an accredited company with the Better Business Bureau (since 2013) and currently holds an ‘A+’ rating based on complaint history.

All of these reviews give them some legitimacy, even if they’re not a household name like some of the larger lenders out there.

In closing, Direct Access Funding seems to be a streamlined refinance shop that could be a good fit for an existing homeowner looking for a lower mortgage rate or cash out.

They’re probably best suited for those with plain vanilla loan scenarios (e.g. W-2 employee, conforming loan amount, single-family residence).

If that’s you, they might be able to beat your existing mortgage rate and save you money each month.

But those with more complex loan scenarios (self-employed borrowers, investors, jumbos) may want to look elsewhere.

Direct Access Funding Pros and Cons

The Pros

  • Can apply for a home loan online in minutes without a human
  • Offer a digital mortgage application (paperless process)
  • Say they offer the best refinance rates
  • Excellent reviews from past customers
  • Parent company is accredited, A+ BBB rating

The Cons

  • Not licensed in all states
  • No branch locations
  • Only offer refinancing products (not home purchase loans)
  • No mention of lender fees

Source: thetruthaboutmortgage.com

Apache is functioning normally

Mortgage lending is largely about the numbers. The process of originating a mortgage is logical, mathematical and should, therefore, be predictable.

From a homeseeker perspective, the process of searching for and purchasing a home is both logical and emotional. The logical side of the process often means a long list of requirements like square footage, number of bedrooms and baths, school quality, proximity to work and shopping, etc.

But for those searching for a home, there is a fair deal of emotion that factors into their decision to make an offer. Who hasn’t fallen in love with a property and conjured up visions of what life could be in a new home? This is likely one of the reasons real estate agents are known to say, “Marry the home, date the rate.”    

Once the homeseeker has found that dream home, it’s now time for them to figure out how they are going to pay for it. And while you might think that this is when the homeseeker flips the switch from emotion to logic, our recent research suggests that there is a strong emotional component to the financing of a home. Keep in mind that, for most, going through the mortgage application is something that happens a small handful of times in their lives. 

Earlier this year, CreditXpert fielded a national survey of those that had recently purchased a home, refinanced a mortgage or anticipated being in the market for a home in 2023. Through this survey we wanted to better understand how consumers think about their credit, the process of applying for a mortgage and what they thought about CreditXpert’s predictive analytics tool that gives them the precise steps they need to take to reach a target credit score.

After showing the participants the tool, we asked them to share the top three reasons they would use CreditXpert to improve their credit score. The number one reason (“will help me save money over the life of the loan”) was clearly logical and not much of a surprise to our team. But subsequent reasons caught us by surprise and clearly pointed to the emotional side of the mortgage application process.

The pink bars in the chart below clearly spell it out. Homeseekers cited more confidence that they were getting the best interest rate (28%), felt empowered to work with their lender (25%), took the mystery (fear) out of the process (21%), gave them more confidence (there’s the confidence word again!) they could qualify (20%) and took some of the stress out of the process (18%).

Picture-1

The mortgage application process is stressful, meet your borrowers where they are

All borrowers start out hopeful and get excited when they see a home that’s nearly perfect. As the deal gets closer to the closing table, applicant anxiety begins to enter the red zone. There are always one or two reasons for the applicant to panic before it’s all signed and then, when it’s all over, they swiftly go from elation to exhaustion, as they realize how much this process took out of them.

For the loan originator, the mortgage is a transaction. For the borrower, the mortgage makes a life-changing event possible.

Not to put too fine a point on it, the chart makes clear that for the mortgage borrower the housing/mortgage transaction is much more emotional than logical.

Building empathy to build applicant trust

The perfect example of by-the-numbers mortgage lending is the refinance transaction. If it makes sense, it’s clearly visible in the numbers for everyone to see. There is little emotion for the homeowners either, as they are only in the deal to get a better rate and term.

A purchase mortgage transaction is different.

New homebuyers are strapped into an emotional roller coaster and once they make the offer, they are in a desperate rush to the closing table.

Demonstrating empathy and understanding towards your borrowers is crucial for building trust. When people feel genuinely heard, understood and cared for, trust builds.

The simple act of helping your borrowers improve their credit score helps build that trust by empowering them, building their confidence, taking the mystery out of the transaction and overall reducing their stress. In a highly competitive market, that’s a recipe for closing more loans.

For those that need help qualifying for a mortgage, improving their score can be lifechanging. For those that are well qualified, improving their score could help you make a more competitive offer and lower their cost of homeownership. And for those where an improved score would not result in a better outcome, the simple act of showing them that you are shaking the trees and working hard for them will increase transparency, build trust and help you close more loans.   

To learn more about CreditXpert, click here.

Source: housingwire.com

Apache is functioning normally

Let’s talk mortgage basics: “What is the loan-to-value ratio?”

If you’re currently shopping for a home or already going through the mortgage loan process, chances are you’ve heard the phrase loan-to-value ratio get thrown around on more than one occasion.

You may have also encountered the acronym “LTV” while perusing mortgage advertisements or playing around on mortgage rate comparison websites.

Regardless of what’s going on in the housing market, you should know all about this very important term when applying for a home loan.

Why? Because it can greatly affect mortgage rate pricing, refinance options, and overall loan eligibility.

How to Calculate the Loan-to-Value Ratio (LTV)

loan to value ratio

  • It’s actually one of the easiest calculations you can make
  • Simply divide the loan amount by the appraised value or purchase price
  • And you’ll wind up with a percentage known as your LTV
  • The tricky part might be agreeing on a sales price and getting the home to appraise at value

Simply put, the loan-to-value ratio, or “LTV ratio” as it’s more commonly known in the industry, is the mortgage loan amount divided by the lower of the purchase price or appraised value of the property.

If we’re talking existing mortgages (in the case of refinance loans), it’s the outstanding loan balance divided by the appraised value.

When calculating it, you will wind up with a percentage. That number is your LTV. And the lower the better here folks!

It’s actually very easy to calculate (no algebra required) and takes just one step. You don’t even need a mortgage calculator. In fact, you might be able to run the numbers in your head. Honest!

Let’s calculate a typical LTV ratio:

Property value: $500,000
Loan amount: $350,000
Loan-to-value ratio (LTV): 70%

In the above example, we would divide $350,000 by $500,000 to come up with a loan-to-value ratio of 70%.

Using a basic household calculator, not a so-called “LTV calculator,” simply enter in 350,000, then hit the divide symbol, then enter 500,000. You should see “0.7,” which translates to 70% LTV. That’s it, all done!

This means our hypothetical borrower has a loan for 70 percent of the purchase price or appraised value, with the remaining 30 percent the home equity portion, or actual ownership in the property.

LTV ratios are extremely important when it comes to mortgage rate pricing because they represent how much skin you have in the game, which is a key risk factor used by lenders.

A Lower LTV Ratio Means More Ownership, Better Mortgage Rate

low LTV low rate

  • The lower your loan-to-value ratio the more home equity or down payment you have
  • Which is another way of saying ownership or skin in the game
  • A low LTV equates to a lower mortgage rate because you’re viewed as less risky
  • It means the bank is risking less since you are more invested in the underlying property

Essentially, the lower the loan-to-value ratio, the better, as it means you have more ownership (home equity) in the property.

Someone with more ownership is less likely to fall behind on payments or foreclose, seeing that they have a greater equity stake, aka financial interest to keep paying the mortgage each month.

They’ve also got more options if they do struggle with payments, as they could just sell the property without taking a loss (or the bank losing money).

Not only that, but banks and mortgage lenders also set up pricing adjustment tiers based solely on the LTV ratio.

Those with lower LTV ratios will enjoy the lowest interest rates available, while those with high LTVs will be subject to higher mortgage rates and/or closing costs.

For example, if you’re being “hit” by the lender for having a less-than-stellar credit score, that adjustment will grow larger as the loan-to-value ratio increases (higher LTV ratio = greater risk).

So if your mortgage rate is bumped a quarter percent higher for a loan-to-value ratio of 80%, that same pricing hit may be increased to a half percentage point if the LTV ratio is a higher 90%.

This can certainly raise your interest rate in a hurry, so you’ll want to look at all possible scenarios with regard to down payment and loan amount to keep your LTV ratio as low as possible.

More importantly, just maintain an excellent credit score and you’ll have plenty of loan options, regardless of your chosen down payment or available home equity.

80% LTV Is a Very Important Threshold!

80% LTV

  • Keep your mortgage at/below 80% LTV if you want to save money
  • You won’t have to pay private mortgage insurance (PMI)
  • And it should result in a lower mortgage interest rate with fewer pricing adjustments
  • You’ll also enjoy greater lender choice as most banks will lend up to 80% LTV

Most borrowers (who have the means) elect to put 20% down when buying a home, as it allows them to avoid mortgage insurance and the much higher pricing adjustments often associated with LTVs above 80%.

Fewer adjustments mean you can secure a lower interest rate on your mortgage. And if you can avoid PMI at the same time, it’s a win-win for your monthly housing payment!

You may also find it easier to get approved, as virtually all banks and mortgage lenders will accept LTVs of 80% or less.

But you don’t necessarily need to put 20% down to enjoy the benefits of a low-LTV mortgage.

Also Get to Know the Combined Loan-to-Value Ratio (CLTV)

Looking at the above example again, if you were to raise the first mortgage amount to $400,000 and add a second mortgage of $50,000, the combined loan-to-value ratio, or CLTV as its known, would be 90%.

Banks and mortgage lenders have both LTV and CLTV limits, meaning they won’t allow homeowners to borrow more than say 80, 90, or 100 percent of the property value.

These limits came down after the Great Recession but are creeping back up again…

Let’s do the math here; again, no mortgage calculator required!

Simple math: $400,000 + $50,000 = $450,000 / $500,000 = 90% CLTV

You would have a first mortgage at 80% LTV, and a second mortgage for an additional 10% LTV, making the CLTV 90%. Simply add up both numbers.

Sometimes borrowers elect to break up home loans into a first and second mortgage, known as combo mortgages.

This keeps the loan-to-value ratio below key levels, thereby reducing the interest rate and/or helping the homeowner avoid private mortgage insurance.

Tip: The undrawn portion of a home equity line of credit (HELOC) typically isn’t included in the CLTV calculation.

Max LTV by Home Loan Type

max LTV

  • FHA loans go as high as 96.5% LTV (3.5% down payment)
  • Conforming loans (Fannie/Freddie) go as high as 97% LTV (3% down)
  • USDA and VA loans go to a full 100% LTV (zero down)
  • Jumbos, cash-out refis, and investment properties are much more restrictive
  • And there is no maximum LTV in many cases for streamline refinances

There are certain LTV limits based on home loan type, with conventional loans (non-government) typically being more restrictive than government loans.

And mortgage refinance programs often less accommodating than home purchase loans.

At the moment, you can get an FHA loan as high as 96.5% LTV, which is just 3.5% down payment.

You can get a conventional loan as high as 97% LTV, which at just 3% down is higher than it used to be.

In recent history, the maximum was 95% LTV, but now Fannie Mae and Freddie Mac are competing directly with the FHA.

[See FHA vs. conventional for more on that.]

You can get either a VA loan or USDA loan at 100% LTV (which represents no money down).

These are the most flexible loan programs LTV-wise, but they are also only available to veterans or those living in rural areas, respectively. So not everyone will qualify for these types of mortgage loans.

There are also proprietary home buying programs from various private mortgage lenders that allow for 100% LTV financing if you take the time to shop around.

If it’s a jumbo home loan, a cash-out refinance, or an investment property, the loan-to-value will be a lot more limited, potentially capped at just 70-80% LTV, depending on all the attributes.

And finally, those underwater or upside down borrowers you hear about; they owe more on their mortgage than the property is currently worth.

This can happen due to negative amortization and/or home price depreciation.

A quick underwater loan-to-value ratio example:

Property value: $400,000
Loan amount: $500,000
Loan-to-value ratio (LTV): 125%

As you can see, the underwater borrower has a LTV ratio greater than 100% (this equates to negative equity), which is a major issue from a risk standpoint.

For the record, you get 1.25 by dividing 500 by 400.

The problem with homeowners in these situations is that they have little incentive to stick around, even with a modified mortgage payment, as they’re so far in the red that there’s little hope of recouping home value losses.

However, the popular Home Affordable Refinance Program (HARP) allowed millions of underwater homeowners to refinance to lower rates with no LTV limit. And many of these folks are probably now back in the black.

Today, this type of program still exists, but is a permanent option known as a high-LTV refinance, or HIRO for short.

So there are options to refinance and get a lower interest rate, as long as your loan is owned by Fannie Mae or Freddie Mac, no matter the mortgage balance relative to the property value.

Same goes for FHA loans and VA mortgages thanks to the FHA streamline refinance and the VA IRRRL option.

Despite being far behind new homeowners entering the market in terms of building home equity, many of these formerly-underwater borrowers now have lots of equity thanks to rising home prices and several years of paying down their mortgages.

That’s why you have to consider the long-game in real estate and never give up, even when times get tough. This also illustrates why home buying shouldn’t be a quick or hasty decision.

A Lower Loan-to-Value Can Save You Money!

  • A lower LTV generally results in a better interest rate
  • Which means cheaper monthly mortgage payments
  • It puts more of your hard-earned dollars toward the principal balance each month
  • Potentially saving you thousands of dollars over the life of the loan!

As noted, a lower LTV will likely result in big savings thanks to a lower interest rate.

Additionally, you may be able to avoid costly private mortgage insurance, enjoy expanded loan program eligibility, and have an easier time getting approved for a mortgage.

If your LTV is higher than you’d like it to be, there are some creative options to lower it.

Borrowers Can Reduce Their LTV in a Variety of Ways

  • Come in with a larger down payment if it’s a home purchase loan
  • Ask for gift funds to increase your down payment
  • Or break your mortgage up into two separate loans (combo loan)
  • Make extra payments or a lump sum payment for a refinance to get the LTV down before you apply
  • Or simply wait for natural amortization and home price appreciation to lower your LTV over time

If we’re talking about a home purchase, simply bring in more down payment money and the LTV will be lower. Easier said than done, sure, but possible for some.

Perhaps someone will gift you the money or act as a co-borrower?

Alternatively, you can look into breaking up your financing into two loans, with both a first and second mortgage.

If it’s a mortgage refinance, simply pay down the mortgage balance a bit more before you apply, whether on schedule or by making extra mortgage payments.

This can be especially helpful if you’re super close to a certain LTV threshold, or just above the conforming loan limit.

Speaking of, pay close attention to your LTV – if it’s just above 80% or some other meaningful tier, think about adjusting your loan amount down (your loan officer should advise you here!).

Lastly, there’s another way existing homeowners can get their LTV down and it requires no effort whatsoever.

You don’t have to do anything except sit back and watch your property value increase over time, thereby lowering your LTV in the process. Of course, the opposite can happen too if home values drop!

But as noted, real estate should be treated with a long time horizon, so be sure you have the ability to ride the ups and downs and make moves when it’s most favorable to you.

Read more: 10 ways to build home equity.

Source: thetruthaboutmortgage.com

Apache is functioning normally

While it’s hard to compare the current possible housing crisis to the very real one experienced about a decade ago, there are fears of negative market impact due to COVID-19.

We’ve already seen listing prices fall, along with a big jump in delistings, where home sellers pull their properties off the market.

And home purchase mortgage applications continue to plummet, especially in large metros like LA, NY, and Seattle, per the MBA.

purchase apps

Meanwhile, real estate brokerage Redfin revealed via an SEC filing that it was laying off 7% of its workforce, which could result in roughly 236 job losses.

Then we have Wells Fargo curtailing its mortgage menu, and ARMs pricing higher than fixed-rate mortgages.

The number of mortgages in forbearance has also surged 1000%, and is likely to get a lot worse the longer this goes on.

The real estate and mortgage industry certainly isn’t operating as usual, and it’s even reminiscent of times back in the early 2000s.

Temporary Inability to Pay the Mortgage?

  • The housing crisis a decade ago was driven by shoddy financing
  • Such as stated income, option ARMs, interest-only loans, and so on
  • This potential crisis is being driven mostly just by loss of income due to COVID-19
  • As long as it’s temporary it shouldn’t create too many problems for the housing market

This time around, the number one issue is inability to make mortgage payments due to loss of income or unemployment as a result of coronavirus.

Either companies have laid off staff due to a loss of business, or small business owners have taken a hit because they’ve had to close up shop.

Others might just be experiencing a temporary loss of income or a pay cut while companies navigate the uncertain waters ahead.

Whatever the situation, the problem seems to center around capacity to pay, as opposed to being overleveraged, or holding a home loan with some creative financing terms like interest only or an exploding ARM.

Homeowners could mostly afford their monthly mortgage payments before this unforeseen event took place, unlike the crisis that took place in the early 2000s.

Back then, borrowers took out mortgages they couldn’t afford, and serially refinanced them as their inflated home values grew.

Today, many homeowners have a sizable equity cushion, partially because cash out refinance volume has been very low, and also because home prices have risen a ton over the past decade.

This puts them in a much better position than those homeowners from 2006 who purchased a property with zero down financing and stated their income on the application.

That’s the good news. The bad news is many housing markets were already vulnerable before COVID-19 hit, and thus could see some an uptick in foreclosures if this plays out for a long period of time.

Almost Half of the 50 Most Vulnerable Counties Are in Florida and New Jersey

  • 14 of the highest risk counties can be found in New Jersey
  • Several are also located in the NYC suburban area
  • Another 10 are in Florida, mostly in the central and north part of the state
  • Others are scattered along the Mideast coast

So where are the potential foreclosure hotspots, once any coronavirus-related moratoria disappear?

Well, a new “Special Coronavirus Market Impact Report” released by ATTOM Data Solutions found that half of the most vulnerable counties reside in Florida and New Jersey.

They rank market risk by looking at three main factors:

– Percentage of housing units receiving a foreclosure notice in Q4 2019
– Percentage of homes underwater (LTV 100 or greater) in Q4 2019
– Percentage of local wages required to pay for major homeownership expenses

As we know from the prior mortgage crisis, payment default was driven by homeowner equity to some degree, with underwater borrowers often throwing in the towel because they had nothing to lose.

This was further exacerbated if they didn’t have the money to make mortgage payments, or if they were simply overextended.

Finally, if a foreclosure notice was already received before the coronavirus pandemic took place, it’s clearly a bad sign for a situation that likely just got worse.

As for which counties are on alert, there are 14 in New Jersey, such as Camden and Ocean, along with five in the New York City suburban area: Bergen, Essex, Passaic, Middlesex, and Union counties.

And there are 10 counties in Florida, mostly in the northern and central portions of the state, including Clay, Flagler, Hernando, Lake, and Osceola counties.

Additional New York counties include Orange, Rensselaer, Rockland, and Ulster.

There are also a handful of counties in the top 50 in Delaware, Louisiana, Maryland, North Carolina, South Carolina, and Virginia.

Only Seven Risky Housing Markets in the Midwest and West

  • The housing markets in the Midwest and West appear to be stronger overall
  • The only high-risk markets are in Illinois, mostly the Chicago metro
  • Along with Shasta County, CA, which is just south of Oregon
  • And Navajo County, AZ, in the northeast part of the state

Things appear to be a lot better in the Midwest and West, with just seven counties total landing in the top-50 most vulnerable list.

Every single Midwestern county can be found in Illinois, including Kane, Lake, McHenry, Tazewell, and Will.

Most are in the Chicago metropolitan area, a region that has never really seen massive amounts of home price appreciation since the crisis.

In terms of the West, only two counties made the top-50, including Shasta County, CA and Navajo County, AZ. Both aren’t major metros.

The report also revealed that counties where median home prices range from $160,000 to $300,000 account for 36 of the most vulnerable counties.

Meanwhile, counties with median home prices below $160,000 or above $300,000 made up just 14.

This is because those with median prices below $160,000 are among the most affordable, while those priced above $300,000 have some of the highest home equity amounts, and thus the lowest foreclosure rates.

The takeaway here is that most of the country looks pretty good overall with regard to housing market risk.

That could change depending on how long things play out, but there are plenty of mortgage relief programs available, including a 6-12 month forbearance via the CARES Act.

As long as this is somewhat temporary, and most homeowners get back to work, it should be a momentary blip.

Read more: How does mortgage forbearance work?

Source: thetruthaboutmortgage.com

Apache is functioning normally

After more than 18 years in executive management of a worldwide manufacturing company, Steve started his second career in real estate in 2002. Now, in 2023, his company, ERA Doty Real Estate, won ERA Real Estate’s Gene Francis Memorial Award for Top All-Around Company. Here he speaks with Realty Biz News about how his career change was at its core about culture. 

Steve Doty Head Shot

Tell me about how you got into real estate.

Before I got into real estate, I was an engineer. I worked for a family manufacturing company for nearly 17 years. After the company was bought by a large German corporation, I realized we didn’t see eye to eye. I didn’t agree with some of their philosophies. I believed in supporting the families that we did business with, our vendors, and the people who worked in the plant. I believed that relationships were important within business.

It soon got to the point where I didn’t enjoy my job. I didn’t enjoy all the problems that went along with it. My blood pressure was high, I was smoking three packs of cigarettes a day, and the stress was literally killing me. One day in 2003, I was flying back from a trip to Seattle and realized I was dreading going back to work. I thought to myself, “I’m done with this, I’m just done.”

I told my mom, who had worked in real estate all her life, that I hated my job and she said, “Quit. Go into real estate.”

So, I took the suit and tie off and started my second career. Today, I wear boots and blue jeans and I don’t dress up. I may even come into the office in shorts. I absolutely love what I do now. It doesn’t feel like work to me. It feels like I play for a living. We laugh, we joke. We run around with a cowbell and ring the cowbell and cheer when people have big closings or put big deals together. It’s a lot of fun.

What makes your approach to real estate different?

When I started in real estate, the brokerage model was broken. All of these large offices had locks on the doors and locked file cabinets. They poked each other in the eyes, pulled each other’s hair, and stole each other’s clients. There was a lot of drama.

I just felt like it was time for something different and the market was ready for someone to look at the business differently. I promoted the mentality that a rising tide raises all ships, and we all began to help each other, collaborate and learn from each other and do things together. We were a performance culture. We were small, agile, collaborative, quick thinkers who helped each other. 

As my company grew, I was able to acquire my biggest competitor in 2016. But then we stopped growing. We hit a wall because the new people didn’t share our ideology. I learned that this mindset doesn’t work for everybody. In the first 18 months following the acquisition, we walked about $21 million in sales volume out the door.

I paced the floor every night. I felt like a failure. I couldn’t figure it out and just when I was really struggling an agent walked in, sat down, shut the door, and said, “Be yourself and everybody will come. They want to be around you and your electricity. They want to be inspired. Stop trying to make people like it and let’s grow with the people that do.”

That was a life-altering moment for me and we began to grow from there instantly. As soon as we did it, that’s when we went from decreasing in sales to everybody being happy, going back to playing nice with each other, and growing a business again.

What is your guiding principle as a broker/owner?

That’s simple. My job is to be focused on growth but it’s not about growing the business – growing people is what I do. That just happens to benefit the business. The thing that may make me unique is that the terms “boss” “leader” and “mentor” make me a little bit uncomfortable. 

We bring groups of people together to tell me what I’m doing right and what I’m doing wrong. I write those things on the wall and then within days of them doing that, I report back to them to tell them how we’re going to improve or change. I’m a person who likes to involve everybody in the building, know what their strong suit is and then figure out how to meet their needs. We treat an agent like a customer.

How do you sustain or create a cohesive culture in your company?

I’m a believer that you can’t create culture, you must embrace it and participate in it. We’re here to change people’s lives through homeownership. And we do that from a foundation of mutual respect for each other, our strengths and our weaknesses, and the absolute belief that we are better and stronger when we work as a team. 

In addition to having a focus on helping each other out, being the best at our craft, and having fun, we also come together to help our community. Over the years, we have raised hundreds of thousands of dollars for numerous community projects including, The Special Olympics, The Salvation Army, The Muscular Dystrophy Association Smoke Out, Cystic Fibrosis, Operation Christmas Child, Pulling for Vets, The Northeast Arkansas Humane Society and more. 

How do you define success?

At the end of the day, I think success is all about balance. You are happy with what you do and have time to enjoy your family, your community, and your personal life and the things are important to you. I’ve been lucky that what I do in my business makes me happy and that we have been successful because of it.

About ERA Doty Real Estate

ERA Doty Real Estate is part of the ERA Real Estate network, a global leader in the residential real estate industry for nearly 50 years that features a powerful network of like-minded entrepreneurs supported by the brand’s game-changing technology, products and powerful lead generation. With offices in Jonesboro, Paragould, Flippin, Mountain Home, Conway and Hot Springs, ERA Doty Real Estate serves clients locally in Arkansas and Missouri and works with out-of-town clients looking for retirement or vacation homes. The firm’s 160 agents specialize in all areas of real estate including residential, commercial and relocation. 

Find topics in marketing, technology, and social media for realtors, and housing market resources for homeowners. Be sure to subscribe to Digital Age of Real Estate.

Latest posts by RealtyBiz News (see all)

Source: realtybiznews.com