Brady Holland
Senior Mortgage Banker
V.I.P. Mortgage, Inc. 8414 N. 90th St. | Suite 102 Scottsdale, AZ 85258 RETURN SERVICE REQUESTED
85026 PERMIT 1441
Real estate financing can be a daunting task. And that is especially true in today’s world where lenders are more cautious about lending due to economic uncertainty. I understand that choosing a mortgage is one the biggest decisions that you will make. You want the best interest rate and you want the pre-approval, application, and close of escrow process to be hassle-free. I understand. I listen to your needs. And I respond quickly and deliver. Let me put my nearly two decades of residential lending experience to work for you! • The needs of every client are different. I specialize in tailoring a loan and financing strategy that will best fit the individual needs of each client. • Have you ever closed on a mortgage and later had remorse that you may have picked the wrong loan program or paid too much in fees? I offer a benefit analysis on every loan to ensure that the loan program and the associated costs are the best fit and in the best interest of the client. • I use the latest lending technology to deliver a loan credit decision in hours, not days. • Closing thousands of loans over the course of my career assures you that as an industry veteran I have the knowledge and expertise to handle every situation. • My impeccable reputation is my best asset. I always strive to exceed your expectations and earn your business for life!
Call me today!
Arizona Homeowner May | June 2011
Welcome to spring. While most of the rest of the country is just starting to warm to a slight thaw, we are in for a treat. March and April offer some of the best weather of the year in the Valley. Enjoy it while you can! Mortgage lending has gone through a lot of changes this past year. To help you understand, here are some questions I commonly receive from clients: Q: With the real estate market in disarray we are leaning toward renovating our home rather than trying to sell it. How do we go about getting a loan for this? A: The cheapest way to finance a smaller home improvement project is by securing an equity line or second mortgage. We still have a few investors we work with that offer those. But with fixed rates so low, many clients are opting for our fixed rate 1st mortgage renovation loan. Here, we refinance your existing mortgage to a low fixed rate and then addin an additional amount to pay for your home improvement project. Q: We think our house is worth less than what we owe and we would like to refinance out of our existing ARM loan before it rises. What are our options? A: To refinance, you typically need 5-10% equity. But if your existing loan is FHA or VA there are some options to refinance without an appraisal.
If you have a Fannie Mae or Freddie Mac loan you can owe more on the loan than the house is worth and still qualify for a refinance. And lastly, you can also call your existing lender and make a case for them to modify your loan to a fixed rate. Give me a call and I’d be happy to help you review your options. Q: We are considering a purchase and like the fixed rate but were amazed at how much lower the ARM rates are. Is it wise to choose an ARM? A: On a 30 year fixed mortgage the lender guarantees the rate for 30 years. On an ARM loan such as a 5/1 ARM, the rate is fixed for 5 years and adjusts every year thereafter based on the movement of the ARM index. Since the lender is only guaranteeing the fixed rate portion for 5 years, they offer the rate at a 1/2%-1% discount to the fixed rate. We are at a 40 year low with mortgage rates so the assumption is that rates will be quite a bit higher in the coming years, making a good case for you to lock in a 30 year fixed rate at today’s lows. However, with the ARM rates even lower it can make sense and save you money if you plan to move or refinance before your ARM loan adjusts. I don’t recommend a monthly or 1 year ARM as they are high risk with adjustments in the short run. But we do offer a 3/1, 5/1, 7/1, and 10/1 ARM where the rate is fixed for 3, 5, 7, or 10 years before adjusting annually thereafter. With careful planning you can save a lot of money with an ARM loan program.
MORTGAGE RATES Brady Holland
Senior Mortgage Banker NMLS 180079
Office: 480.278.8993 Cell: 480.272.3282 E-Fax: 480.223.4290 BHolland@VIPMtgInc.com
as of 2/24/11
Loan Rates for $150K-$417K: • 30-Year Fixed: 5.000%/5.115% APR • 15-Year Fixed: 4.375%/4.566% APR • 5/1 ARM: 3.625%/3.727% APR
Loan Rates for $418K-$1.5M: • 30-Year Fixed: 5.625%/5.684% APR • 5/1 ARM: 4.375%/3.535% APR • 7/1 ARM: 5.000%/4.008% APR
*Note: All rate quotes offered at 0% points for primary home purchase or no cash-out refinance financing with 720+ FICO score. Loans under $417K are quoted based on 20% equity while loans over $417K require 20%-30% equity. Other financing options are available upon request. NMLS 145502 AZ BK#0909074
Produced by Desert Lifestyle Publishing • 480.460.0996 • www.DesertLifestyle.net
custom closets
Getting Dressed Goes From Mundane To Marvelous
scrumptious summer side dish Maria Maria’s Mango Cerviche
Brady Holland
Senior Mortgage Banker
V.I.P. Mortgage, Inc. 8414 N. 90th St. | Suite 102 Scottsdale, AZ 85258
Arizona Homeowner May | June 2011
RETURN SERVICE REQUESTED
Real estate financing can be a daunting task. And that is especially true in today’s world where lenders are more cautious about lending due to economic uncertainty. I understand that choosing a mortgage is one the biggest decisions that you will make. You want the best interest rate and you want the pre-approval, application, and close of escrow process to be hassle-free. I understand. I listen to your needs. And I respond quickly and deliver. Let me put my nearly two decades of residential lending experience to work for you! • The needs of every client are different. I specialize in tailoring a loan and financing strategy that will best fit the individual needs of each client. • Have you ever closed on a mortgage and later had remorse that you may have picked the wrong loan program or paid too much in fees? I offer a benefit analysis on every loan to ensure that the loan program and the associated costs are the best fit and in the best interest of the client. • I use the latest lending technology to deliver a loan credit decision in hours, not days. • Closing thousands of loans over the course of my career assures you that as an industry veteran I have the knowledge and expertise to handle every situation. • My impeccable reputation is my best asset. I always strive to exceed your expectations and earn your business for life!
Call me today!
WELCOME TO SUMMER! And it’s not just the temperature that’s heating up around here. Metro Phoenix home sales are at a record pace with 8,000-10,000 homes sold each month over the past six months. These numbers compare favorably to what we’ve seen in some of our boom years half a decade ago. Even the struggling high-end luxury home market is seeing a marked improvement. On the flip side of things, foreclosures have also continued at a steady pace. We need buyers to buy up that excess home inventory to stabilize home values. And that’s exactly what’s been happening. Let’s hope this surge in home buying continues. Q: We have seen a lot of our friends and neighbors short sale their homes. Can you explain how everyone seems to be able to do short sales without any negative consequences? A: A short sale occurs when a homeowner wants to sell their home and the mortgage balance is higher than the offer price. In that instance the homeowner has to apply with the lender to get them to approve the short sale loss. Arizona has some unique anti-deficiency laws that protect some homeowners from getting sued for the loss that a first mortgage lender takes on a short sale. But whether the anti-deficiency laws protect each short sale homeowner varies greatly between one person to the next. I would definitely recommend that you contact an attorney to review the specifics of your liability before entering into a short sale contract. And short sales are considered only slightly better than a foreclosure in the eyes of mortgage lenders. As a result there is usually a 2-5 year wait before you can get a new mortgage following a short sale. And you also need to know that since a short sale will negatively impact your credit report that you will have trouble applying for new loans and credit cards for 2-3 years following a short sale. Q: I am going through a divorce and my ex is keeping our house and mortgage. I would like to buy a new home to live in. Will my old mortgage cause any problems? A: If your divorce decree states that your ex gets the house and liability for the mortgage then as long as that mortgage is current you can qualify for a new home loan. However, in an age of foreclosures and short sales you should make sure you are refinanced off of that old house. If your ex later has late mortgage payments or loses the house to foreclosure, it will impact your credit since you were a co-signor on the loan.
MORTGAGE RATES Brady Holland
Senior Mortgage Banker NMLS 180079
Office: 480.278.8993 Cell: 480.272.3282 E-Fax: 480.223.4290 BHolland@VIPMtgInc.com
as of 4/18/11
Loan Rates for $150K-$417K: • 30-Year Fixed: 5.000%/5.115% APR • 15-Year Fixed: 4.375%/4.566% APR • 5/1 ARM: 3.625%/3.727% APR
Loan Rates for $418K-$1.5M: • 30-Year Fixed: 5.625%/5.684% APR • 5/1 ARM: 4.375%/3.535% APR • 7/1 ARM: 5.000%/4.008% APR
*Note: All rate quotes offered at 0% points for primary home purchase or no cash-out refinance financing with 720+ FICO score. Loans under $417K are quoted based on 20% equity while loans over $417K require 20%-30% equity. Other financing options are available upon request. All rates quoted are subject to change without notice. NMLS 145502 AZ BK#0909074
Produced by Desert Lifestyle Publishing • 480.460.0996 • www.DesertLifestyle.net
custom closets
Getting Dressed Goes From Mundane To Marvelous
scrumptious summer side dish Maria Maria’s Mango Cerviche