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Thursday, July 28, 2016

How to Appeal a Low Refinance Appraisal

We wanted to share with you a recent article from MortageLoan.com in which Matt was featured as an expert source on appealing a low refinance appraisal.

Have you thought about refinancing your home and locking in at historically-low interest rates? Maybe you have explored the option, but have been denied by your lender, because your home appraised at too low a value.

The good news is, you can appeal that lender's decision. Your chances are not stellar, but it is possible. If you can prove that a factual error occurred in the appraisal process, you may have a chance. Even so, as the article mentions, Matt only sees a refinance appraisal overturned at about a 1 to 30 ratio. Again, the success rate for appraisal appeals is just low. 

There is one key way to really boost your potential for success, though. You want to focus on proving that the appraisers determined your home's value by comparing the home to non-comparable properties.

Appraisers lean heavily on the sale of comparable properties when determining the value of your home. If a similar home in your neighborhood sold recently for $250,000, an appraiser will generally stick within that range. 

Your best bet is to find a comparable sale that was missed by the appraiser. Maybe a home very similar to yours sold just days before the appraisal for $270,000. Now we have a different story to tell.

However, it generally is not always that cut-and-dry. Read the full article, here.

**The opinion shared in this post are the opinion of Matt Weaver only and do not reflect the opinion of Finance of America Mortgage, its parent company, or affiliates.**

How Our 7/24 Program Helps Buyers and Realtors Alike



I think we can all agree that, about seven years ago, we entered a multiple offer environment. We knew we were pre-approving clients the right way from the very beginning. However, when our clients found the home they loved, a listing agent would choose another offer for some other reason. 

We decided to develop a concept to combat that situation. It’s called 7/24. We offer a seven-day loan commitment and will close in 24 days or less. 

Imagine that you’re the seller and you have three offers on the table. Everyone is offering the same amount, but one has a seven-day loan commitment while others will take 30 to 45 days. The others will close in 30 to 45 days. Which would you choose?
We can close in less than 24 days!
Our Realtor partners have been leveraging the 7/24 concept for years. Their clients are able to win multiple offer situations the majority of the time. The idea behind 7/24 was to continuously add value to the Realtor community by helping them increase their sales and getting their clients into homes they absolutely loved. 

Some people might be thinking, “How can you close within 24 days?” We believe in having the right operation support. In fact, we believe in having more operations than sales. The entire loan process happens within our team and local to our office, allowing us to control the entire process, provide a great customer service experience, and raise client expectations. They deserve to close in 24 days or less. In fact, we just closed a transaction in 11 days!

If you have any questions, give us a call or send us an email. We would love the opportunity to be of service to you!

*This is not a commitment to lend.  Not all borrowers qualify. Restrictions Apply.

**The opinion shared in this post are the opinion of Matt Weaver only and do not reflect the opinion of Finance of America Mortgage, its parent company, or affiliates.**

Tuesday, July 26, 2016

Q&A with Finance of America’s Vice President of Sales’ Matt Weaver



With interest rates at an all-time low amidst what has arguably been the most contentious presidential election of all time, many Americans are no doubt probably wondering whether or not now is a good time to buy a home. And for the first-time buyer in particular, fulfilling the American dream can feel like an especially slope. To get some answers, 25A recently chatted with 18-year mortgage industry veteran and Finance of America’s Vice President of Sales’ Matt Weaver.

What’s your take on the recent rate cuts, and in your view, what is propelling that? 


Mortgage rates have been at an all-time low for quite some time. What’s most compelling is that we’ve seen about a half a percent decrease over the past ten days with what’s happening in the European markets, particularly the UK and the potential exiting of the European Union. As we know, when investors flee their stock positions they go into bonds, which end up having an effect on long-term rates interest rates by lowering them.

I’m very pleased by these recent developments, which I think is going create new opportunities for a lot of buyers to get off the fence and back into today’s marketplace.

Especially for the first-time buyer, what can they do to best optimize these opportunities? I think for the buyer who is just starting out, one of the most important things is that they educate themselves as much as possible and do their “homework” about buying a home before they actually do so. This is something that Finance of America is very passionate about. One of the biggest mistakes that first-time buyers make is that they engage the services of a real estate broker without ever first consulting with a mortgage lender. Of course, for somebody who has never bought before, this seems like the natural way of going about the home buying process—let me go look at the product first and then I’ll talk to the mortgage broker later—but it’s not practical. That’s really what I think the market needs to understand because number one, mortgage financing is not as difficult in some cases as some may think. In fact, it’s much more liberal than what the general public probably thinks. The question becomes are we preparing ourselves just like in anything … are we preparing ourselves in advance to know what we need to do or where we need to be to qualify.


Is it better to own or rent these days?

In most traditional markets, owning far outweighs renting eight times out of ten. The question then becomes how remove the myth of the buyer needing a lot of money to purchase a home—especially in situations where the actual monthly rent itself on top of first and last month’s rents and security deposits are essentially the same.

What I think the younger generation is missing is a shot in the arm. What I mean by that, is that today’s younger generation is no longer coming from a linear of wealth. Our country has been through some hard times and the mindset has shifted. With today’s markets they have an opportunity to springboard into their first level of wealth creation by owning their first piece of real estate. It is typically the first purchase that serves two purposes: the first being the necessity of somewhere to live, second and with greater value is the appreciation of their greatest asset over time far exceeding what they could have possibly saved from their monthly paycheck. To test this theory let’s ask those that have successfully retired what the key ingredient is, the common denominator will be real estate.


How does the first-time buyer who wants to buy and can’t do so by traditional means go about this?

Again, it’s all about education. I think what we have to do is make everyone more aware of the process when it comes to how to qualify, how to buy sensibly, how to borrow sensibly. More than ever before there are a lot of technological vehicles to help facilitate this, although it still doesn’t replace working with a qualified mortgage professional.


Besides major cities like New York, Los Angeles and Chicago, what are the best markets to buy in right now?

I think a lot of it depends on the use and whether or not that person is looking to use it as a primary, secondary residence or investment property. What’s popular now is using it as a secondary residence for part of the year and then renting it out for the balance of the year. This of course became fairly popular due to some of the popular online rental sites such as Air BNB. In terms of specific locations, the Carolina’s are doing really well and South Florida is always a prime market for these types of buyer. Again, a lot of it just depends on what the use is and what the strategy behind the buy is.


Depending on the outcome of the current presidential election, how will a Donald Trump win affect real estate and how will a Hillary win affect real estate, particularly with interest rates?

That’s a good question. It may be a little difficult to answer. Right now, I think everyone is just appreciating the show that’s happening. It will be interesting to see how that plays out, but I don’t really think that the Federal Reserve is playing to that tune. I really do think it all comes down to jobs and growth in the economy for them to really start making a move towards increasing interest rates. The question then becomes whomever we feel is going to stimulate more of that job growth.


**The opinion shared in this post are the opinion of Matt Weaver only and do not reflect the opinion of Finance of America Mortgage, its parent company, or affiliates.**

How Brexit and the Recent Slash in Interest Rates Can Benefit U.S. Home Buyers



With interest rates at an all-time low—and even amidst the uncertain impact of the U.K.’s recent decision to leave the European Union on top of one of the most contentious presidential elections in modern history—the benefits for today’s home buyers are unprecedented.


And more than any other sector of the market, this is especially true for the first-time home buyer who may still be on the fence about it. That said, though, it’s also essential to look before you leap by doing your homework and arming yourself with as much information as possible before you buy.


At Finance of America, one of the biggest mistakes that first-time buyers often make is that they engage the services of a real estate broker without ever consulting a mortgage lender. Of course, for somebody who has never bought a home before, this seems like the natural way of going about the home buying process—let me go look at the product first and then I’ll go talk to the mortgage lender. However, it’s not practical and that’s the most important thing that today’s buyer needs to understand.


Thus, the question then becomes how to remove the myth of the buyer needing a lot of money to purchase a home

The other thing that’s important to keep in mind is that mortgage financing today isn’t nearly as difficult as some people might think, particularly in more traditional markets where the benefits of owning outweighs buying eight times out of ten. Thus, the question then becomes how to remove the myth of the buyer needing a lot of money to purchase a home—especially in situations where the actual monthly rent itself on top of first and last month’s rent and security deposits are essentially the same.


What I think the younger generation is missing is a shot in the arm. What I mean by that, is that today’s younger generation is no longer coming from a linear of wealth. Our country has been through some hard times and the mindset has shifted. With today’s markets they have an opportunity to springboard into their first level of wealth creation by owning their first piece of real estate.


Again, it’s all about education. I think what we have to do is make everyone more aware of the process when it comes to how to qualify, how to buy sensibly, how to borrow sensibly. More than ever before there are a lot of technological vehicles to help facilitate this, although it still doesn’t replace working with a qualified mortgage professional.


**The opinion shared in this post are the opinion of Matt Weaver only and do not reflect the opinion of Finance of America Mortgage, its parent company, or affiliates.**

Wednesday, July 13, 2016

Everything You Need to Know About the Pre-Approval Process

I’m here to explain a little bit about our pre-approval process. Those of you who know me are already aware that the pre-approval process is one of my biggest passions.

At the Pulse Team, we do everything up front before you find a home and before any big decisions are made. Our pre-approval process is streamlined. We start with a 10-minute application over the phone and then email you the exact items that we need.

Once the items are gathered, we’ll review your information within 24 hours or less. We’re open seven days a week from 8 a.m. to 9 p.m. so that we are accessible whenever you need us. Once you have our pre-approval letter, you can rest assured that your loan will close successfully.

"Our thorough pre-approval process is designed to help you close successfully."

Our pre-approval process is designed to give our clients a competitive edge in today’s marketplace, especially since we are in a multiple offer environment right now. Most agents are aware of the thoroughness of our process, so everyone involved in the transaction will be comfortable with us.

The mortgage industry has one major flaw, and that is the lack of a thorough process. Most mortgage lenders play the odds with a real estate agent’s time. These lenders know that out of every 100 buyers who do not speak to a mortgage lender upfront, 70 will still be able to close successfully.

The remaining 30 will fall into one of three buckets: they will have to either reduce their budget, fix something in their financial profile, or delay buying for more than 12 months. We don’t just play the odds. We devote the same time, energy, and resources to each client from the very beginning so that everyone knows exactly where they stand.

If you have any questions about the pre-approval process, just give us a call or send us an email. My team and I would be happy to help you!

**The opinion shared in this post are the opinion of Matt Weaver only and do not reflect the opinion of Finance of America Mortgage, its parent company, or affiliates.**