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Your Purpose In Life

January 27, 2023 by Brett Tams

  Show Summary Welcome back to the show and Merry Christmas!! I’m recording this two-part series that we’re going to share with you over the next two episodes on Christmas Eve! I…

Posted in: Small Business Tagged: All, Applications, ask, before, Benefits, bonuses, build, building, business, Buy, chase, Children, Christmas, clear, closing, coffee, country, couple, Deals, estate, expectations, expense, experience, experts, Financial Freedom, Financial Wize, FinancialWize, free stuff, freedom, get started, Getting Started, Getting Started in Real Estate Investing, gift, gifts, Giving, goal, goals, good, great, Grow, happy holidays, holiday, Holidays, home, house, How To, impact, industry, Interviews, Investing, investors, job, journey, Lead Generation, Learn, lessons, Life, Live, Local, Make, Make Money, making, Making Money, mindset, money, More, needs, new, new year, offer, Operations, opportunity, Other, paint, Planning, portfolio, pressure, products, questions, rate, ready, Real Estate, Real Estate Investing, Real Estate Investing Secrets, real estate investor, Real Estate Investors, right, risk, safety, second, secrets, Sell, sellers, shopping, Social Media, students, the new year, time, tips, transformation, value, Video, will, work, working, wrong, youtube

Ditch Your Car And Walk More

January 27, 2023 by Brett Tams

As I recently said in Welcome To Paradise – We’re Living On A Sailboat!, we no longer have our Jeep. Since we are preparing to cruise and will be leaving the marina soon, we no longer have a need for full-time use of a land vehicle. Now, technically we still own our Jeep, but it’s […]

The post Ditch Your Car And Walk More appeared first on Making Sense Of Cents.

Posted in: Debt, Home Tagged: active, All, ARMs, before, Benefits, big, biking, bills, Budget, Buy, car, Car Insurance, cents, cleaning, country, creativity, data, Debt, desk, driving, exercise, expenses, expensive, Family, Financial Wize, FinancialWize, Florida, front, General, great, health, healthy, helpful, home, house, household, Insurance, job, jobs, Life, Live, Living on a sailboat, love it, LOWER, maintenance, Make, making, Medical, medical bills, money, More, more money, new, Other, pressure, productivity, ready, risk, save, Save Money, shopping, Spending, Spending Less, splurging, target, time, title, Transportation, trust, vehicles, walk to work, walking, will, work, working

Goal Setting: How to Become A Better Saver

January 27, 2023 by Brett Tams

Saving more money is one of those big goals that a lot of people have, but get stuck. I know this because we use to be right there too. The year would fly by and we were nowhere near our goal. With a few months left, we’d scramble to figure out how to knock it out. It

The post Goal Setting: How to Become A Better Saver appeared first on MintLife Blog.

Posted in: Financial Planning, Real Estate News Tagged: 2, 2022, All, app, Apps, author, Auto, Bank, big, Big Picture, bills, Blog, bonus, Budget, building, Buy, buy a house, car, Car Insurance, Checking Account, city, College, color, company, Competition, couple, Credit, data, date night, Debt, Emergency, Emergency Fund, expenses, Family, finances, Financial Freedom, Financial Goals, Financial Planning, Financial Wize, FinancialWize, football, freedom, friendly, fun, fund, goal, goal setting, goals, good, house, How To, ideas, Income, inheritance, Insurance, kids, layout, Learn, Life, Live, Make, making, Mint, mint.com, mobile, money, More, more money, Motivation, net worth, questions, Review, right, risk, save, Saving, Saving 101, saving money, savings, Savings Account, savings goal, Savings Goals, second, simple, Spending, spouse, Start Saving, Style, summer, target, time, tips, title, white, will

Explaining the Loan Process Part 4: Underwriting Mortgage

January 27, 2023 by Brett Tams

There are many steps associated with securing a home loan. After the preparation, paperwork, pre-approval and appraisal, you’ll find that you’re still not quite ready to pick up the keys to your new property. Final verification from your lender is required to ensure you’re equipped to repay your mortgage in full and on time. This is where the mortgage underwriting process comes into play. During the underwriting stage, your application moves from the loan processor to the mortgage underwriter. The underwriter will ensure your financial profile matches your lender’s qualification guidelines and loan criteria. Then, the underwriter will make the final decision to approve or deny your loan application. The mortgage underwriter plays a crucial role in finalizing your loan, so it’s important to set yourself up for success during this stage. In fact, there are several steps you can take to improve your overall financial health and increase your chances of being approved. What Is the Role of a Mortgage Underwriter? A mortgage underwriter is responsible for analyzing your risk to determine if your loan terms are acceptable. The underwriter will investigate to make sure your application and documentation are truthful, and they will double-check you have described your finances accurately. Mortgage underwriting standards have become more stringent, thanks in large part to new Consumer Financial Protection Bureau requirements enacted in the last few years. This requires mortgage underwriters to look closely at the applicant’s employment and financial history before approving a loan. Depending on your lender, the mortgage underwriter may be part of an in-house underwriting team or a separate processing/underwriting company your lender uses to outsource the underwriting process. The underwriting process may vary slightly among lenders, who can delegate responsibilities to originators, processors and underwriters accordingly. Make sure to check with your loan originator for guidance on what information to send to whom. How Long Does Underwriting a Mortgage Take? Underwriting mortgages is an essential part of the overall home loan process and generally takes about 30–60 days, depending on the type of loan, lender and current volume of borrowers. The underwriting process itself demands only a small fraction of that time, typically only a few days. That said, because authentication and verification of the loan are the primary reason for underwriting, mortgage companies are very thorough in reviewing every aspect of the loan before they are willing to finalize it. This means that if the underwriter encounters an issue, it may delay your closing. Determining Your Risk In order to assess a borrower’s risk, mortgage underwriters primarily look at the “Three C’s” of underwriting: Capacity: Do you have the means and resources to pay off your debts? Underwriters assess your available resources by reviewing your employment history, income, debts and asset statements. (Note: If you are self-employed, you may be asked to provide additional documentation such as income and work status.)They will also review your savings, checking, 401(k) and IRA accounts to ensure you can still pay your mortgage if expenses arise unexpectedly. Underwriters will pay particular attention to your debt-to-income ratio; they want to ensure you have enough money to fulfill your current financial obligations, as well as take on a new mortgage. Credit: Do you have solid repayment and credit history? Your credit is one of the most important factors in the loan approval process. The underwriter will review your credit score and determine your ability to make the proposed mortgage payments on time and in full. Collateral: What is the value and type of property being financed? The mortgage underwriter must make sure the loan amount meets the loan-to-value requirements of the product. Otherwise, in the case of a default, a lender may not be able to recover the unpaid balance of the loan. In order to place a value on the property, an underwriter will typically order a home appraisal, which will assess the home’s current worth.In addition, the underwriter will likely review the type of property you are looking to buy. This is important for several reasons.First, different types of properties carry different risks. For example, many lenders consider an investment property a riskier investment. This is because, historically, a borrower who is in a difficult financial situation is more likely to walk away from an investment property than their primary residence.Second, lenders need to be sure that the property they are helping you purchase doesn’t already have any legal claims on it. The lender will likely work with a title company during underwriting; mortgages, liens, claims, easement rights, unpaid taxes, restrictive covenants and pending legal action already attached to the home can derail a possible loan. Performing a title search ensures that the property can be transferred to you once the mortgage is finalized. How You Can Streamline the Underwriting Process Underwriting a mortgage can’t, and shouldn’t, be rushed. It takes time for the lending company to verify your information and do a final evaluation to determine whether you represent a good candidate for the loan. On the other hand, while the underwriter is ultimately responsible for the approval of your loan, there are a few things you can do to reduce your risk and make the process go more smoothly: Protect Your Credit Score Nowadays, many lenders are required to check the borrower’s credit twice during the home loan application process: once during pre-approval and once right before closing. Maintaining a good credit score throughout the application process is crucial. Any changes can delay your loan process or adversely impact your ability to obtain a loan. Respond Promptly to Requests for More Information For the purposes of approving or denying your loan, a mortgage underwriter is essentially a real estate and financial investigator. This means they will be reviewing all of your documentation and paperwork in detail and reaching out for more information when something is incomplete. Don’t be concerned if they ask for clarification on a late payment, missed signature or large deposit—these are all normal requests. The important thing is to respond quickly and accurately, which will reduce the length of the underwriting stage and improve your chances of being approved. Be Proactive About Your Loan Approval The underwriter will take care of reaching out to the necessary parties, but that doesn’t mean you have to sit back and wait. Give your employers or other relevant parties advanced notice that they may be contacted to provide information. Call your lender and/or broker to check on the status of your application to make sure the underwriter is not missing any necessary information. In addition, keep records of your conversations with your lender so you have a record of what documents were provided and when. Do All You Can to Help Your Underwriter With the home you love at stake, the underwriting process can seem very intimidating. However, being prepared by filling out your application and supporting documents carefully and accurately will save you precious time. A Pennymac Loan Expert will be happy to answer any additional questions you may have about the underwriting process. Jump to… Part 1 – Getting Prepared for the Home Loan Process Part 2 – Completing a Home Loan Application Part 3 – Understanding Loan Processing Part 4 – Explaining the Mortgage Underwriting Process Part 5 – The Mortgage Closing Process Part 6 – Transfer of Loan Servicing

Posted in: Refinance, Renting Tagged: 2, action, All, ask, assets, balance, before, Blog, Broker, Buy, closing, company, Consumer Financial Protection Bureau, Credit, credit history, credit score, Debt, debt-to-income, Debts, decision, deposit, Employment, estate, expenses, finances, Financial Wize, FinancialWize, good, good credit, health, history, home, Home appraisal, home loan, house, impact, Income, investment, investment property, IRA, jump, Legal, lenders, lending, liens, loan, loan approval, Main, Make, money, More, Mortgage, mortgage payments, Mortgages, new, Other, payments, PennyMac, pre-approval, proactive, property, protect, protection, Purchase, questions, ready, Real Estate, Review, right, risk, save, savings, search, second, self-employed, Servicing, stage, taxes, time, title, title search, Underwriting, value, volume, will, work

10 Personal Finance Rules College Students Can’t Afford To Break

January 27, 2023 by Brett Tams

Personal finance 101 may not be on your course schedule, but that doesn’t mean you can’t school yourself on how to manage money. Learn these 10 personal finance rules that you can’t afford to break.Personal finance 101 may not be on your course schedule, but that doesn’t mean you can’t school yourself on how to manage money. Learn these 10 personal finance rules that you can’t afford to break.

The post 10 Personal Finance Rules College Students Can’t Afford To Break appeared first on Money Under 30.

Posted in: Commercial Real Estate Tagged: 2021, advice, after college, All, assessment, Auto, auto insurance, average savings, Bank, before, Budget, Budgeting, build, building, business, car, Career, Careers, clear, College, college graduate, college students, company, cooking, Credit, credit card, credit cards, credit score, data, Debt, decades, decision, deposit, Direct Deposit, discover, diversify, dream, Emergency, Emergency Fund, employer, employer-sponsored retirement plan, entry, expense, expenses, experience, experts, Family, Fees, Finance, financial tips, Financial Wize, FinancialWize, first job, fund, funds, get started, goals, good, good credit, grace period, graduation, great, groceries, habits, health, healthy, home, How To, impact, Income, industry, Insurance, interest, interest rate, interest rates, Investing, investment, investment portfolio, investments, IRA, job, jobs, Learn, learned, lenders, Life, Live, LLC, loan, Loans, low, LOWER, Make, Manage Money, manage my money, market, Marketing, marriage, married, money, Money Management, More, Mortgage, mortgage loan, Move, needs, new, offers, office, opportunity, organize, Other, paycheck, payments, Personal, personal finance, plan, portfolio, principal, protect, Purchase, questions, rate, Rates, ready, refinancing, retirement, retirement plan, Review, rewards, right, risk, routine, running, Salary, sales, save, Save Money, Saving, Saving for Retirement, savings, Savings Account, School, search, single, Spending, stage, Start Saving, stress, student, student loan, Student Loans, students, Style, time, tips, title, tools, under, unique, value, wealthfront, will, work, young, young people

30-Year Fixed Mortgage Rate at 15-Month High of 3.93%

January 27, 2023 by Brett Tams

Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.93 percent, up from 3.87 percent.

Posted in: Mortgage, Mortgage Rates, Paying Off Debts, Renting Tagged: 0 down, 15-year, 2, 30-year, All, apr, ARM, Auto, Bank, Blog, calculator, Conventional Loans, covid, Credit, credit score, Current Mortgage Rates, data, down payment, Economic indicators, Economy, Europe, Fall, Featured, fed, Federal Reserve, FHA, FHA loan, Financial Wize, FinancialWize, FOMC, government, home, home loan, home loans, index, Inflation, Insurance, interest, interest rate, interest rates, investors, jobs, jobs report, Jumbo loans, labor market, loan, Loans, LOWER, market, Market Trends, Monetary policy, More, Mortgage, mortgage calculator, MORTGAGE RATE, Mortgage Rates, Mortgages, payments, PMI, pressure, rate, Rates, Recession, resume, risk, single, taxes, the fed, title, trends, updates, VA, VA loan, value, will, Zillow, zillow mortgage marketplace, Zillow.com

Government Foreclosure Settlement Means Homeowners Could Get Reduced Principal, A Refinance Or Compensation

January 27, 2023 by Brett Tams

The government just announced a settlement with 5 major banks that will mean some homeowners will now be eligible to receive reductions in principal, a refinance or compensation.

The post Government Foreclosure Settlement Means Homeowners Could Get Reduced Principal, A Refinance Or Compensation appeared first on Bible Money Matters and was written by Peter Anderson. Copyright © Bible Money Matters – please visit biblemoneymatters.com for more great content.

Posted in: Mortgage, Real Estate, Refinance Tagged: AllY, author, Bank, bank of america, banks, business, Buy, chase, Citi, Compliance, cost, dating, Delinquencies, entry, Fannie Mae, Fannie Mae and Freddie Mac, FHA, Financial Wize, FinancialWize, foreclosure, Foreclosures, Freddie Mac, General, government, great, green, home, home loan, homeowners, homes, Housing, interest, interest rate, interest rates, JPMorgan Chase, Learn, loan, loan modification, Loans, low, Make, Make Money, making, market, missed payments, money, Money Matters, More, Mortgage, mortgage market, mortgage payments, Mortgages, payments, principal, rate, Rates, Real Estate, Refinance, refinancing, risk, settlement, states, time, title, under, wells fargo, will, work

Net Worth, Projects, and Dogs – Update Q1 2022

January 27, 2023 by Brett Tams

Another quarter in the books! Every three months, I’ll be taking a look at my personal finances, recent news from The Best Interest, and more dog pictures. Here are my previous quarterly updates: Q1 2021 Q2 2021 Q3 2021 Annual Review 2021 Why share this info? To brag?! No way! I want to be transparent. I practice what I preach… Read More »Net Worth, Projects, and Dogs – Update Q1 2022

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Mortgage Delinquency Rates Record Low – Is This the Calm Before the Debt Storm?

January 27, 2023 by Brett Tams

Mortgage delinquency rates are at all-time lows, but some key metrics indicate that this might change. Learn more here.
Posted in: Business Tagged: 2, 2016, 2021, 2022, 2023, 30-year, 30-year fixed rate, active, Adjustable Rate Mortgages, affordability, All, all-time highs, apple, ARM, ARMs, asking price, assets, author, balance, Bank, Banking, banks, basic, before, bidding, bidding wars, bills, bond, build, buyers, car, clear, color, Commercial, cost, covid, COVID-19, COVID-19 pandemic, Credit, credit card, Credit Card Debt, credit cards, Crisis, data, Debt, Debts, Delinquencies, delinquencies and foreclosures, Delinquency rate, Economy, equity, estate, expensive, experts, Fall, Family, fed, Federal Reserve, Financial Wize, FinancialWize, fixed rate, Fixed rate mortgage, foreclosure, Foreclosures, fun, funds, Giving, good, graph, great, growth, historical, home, home loans, Home Ownership, home prices, home value, homebuyer, Homebuyers, Homeowner, homeowners, homeownership, homes, household, Housing, housing crisis, Housing market, housing prices, Income, Inflation, inflation rate, Insurance, interest, interest rates, Learn, Legal, lending, list, loan, Loans, low, low mortgage rates, LOWER, making, market, money, More, Mortgage, mortgage cost, mortgage debt, mortgage interest, Mortgage Interest Rates, mortgage loan, mortgage loans, Mortgage originations, MORTGAGE RATE, Mortgage Rates, Mortgages, Move, net worth, new, Originations, Other, ownership, pandemic, paycheck, paycheck to paycheck, payments, Personal, plan, points, Popular, present, pressure, priced in, rate, Rates, Real Estate, Recession, Refinance, relocating, Residential, risk, room, Saving, savings, Sell, selling, single, single-family, soaring, stimulus, Strategies, Style, the fed, time, title, Travel, Treasury, trend, Twitter, under, Unemployment, value, will, work

Betterment Review: The Original Robo-Advisor Service

January 27, 2023 by Brett Tams

Betterment offers the best combination of investment options, tax-loss harvesting and low fees of any robo-advisor – with no minimum investment requirement.

The post Betterment Review: The Original Robo-Advisor Service appeared first on Bible Money Matters and was written by Peter Anderson. Copyright © Bible Money Matters – please visit biblemoneymatters.com for more great content.

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