Mortgage News May 2020 This will depend on what type of loan you are taking and from whom you are taking it. If you are taking out a purchase loan, then you wouldn’t likely be able to take any cash out of the transaction. There are, however, three types of refinance transactions that you could take cash from. One is a no cash-out refinance, also called a rate and term refinance. Another is a limited cash-out refinance. The last one is just called a traditional cash-out refinance transaction. A rate and term refinance is just as it sounds. You do it because you want to replace your existing mortgage with another because the terms are better. Mortgage Rates Florida You do it because you are getting a better interest rate, getting a lower payment, or possibly both. If you are able to pay your closing costs out of pocket, you can even keep your same loan amount. You can also choose to roll associated costs into the new mortgage, but then your loan amount would increase. A limited cash-out refinance allows you to get a limited amount of cash back. For FHA, the amount is $500, and for conventional loans, it’s up to $2,000. How much money as a percentage of your home value you can take will vary by program. According to a 2019 HousingWire.com article, FHA, for the first time in a decade, has lowered the total amount you can borrow against your home, including cash you take. It is now 80% of the home’s value. Conventional loans will go higher, depending on your credit scores. Please call me with your questions regarding purchase and cash-out loans, and I’d be happy to answer them. Memorable Mother’s Day Gift Ideas that Show Her You Care A truth universally acknowledged, moms are a constant source of unconditional love, acceptance, and patience. Yet motherhood is no walk in the park, and despite all of our tantrums and growing pains, moms remain our biggest cheerleaders and strongest familial foundations. Thank you for your referrals! I succeed when people like you refer me to your friends, neighbors and loved ones. It’s the best kind of feedback I can receive. So thanks for continuing to pass this newsletter on and for your referrals. First Time Home Buyer Rates! With Mother’s Day this month, why not show your life-giving saint of a mother just how much you appreciate her with these unique, fun, and affordable gift ideas that don’t only have to be given on Mother’s Day. Breakfast in Bed. Nothing says “Happy Mother’s Day” like a surprise breakfast in bed. Not only does it give Mom a delicious way to start her day, but it also gives her time to sleep in and catch up on some precious z’s, especially if she’s usually responsible for waking the household up.
Create a Memory Journal. Sometimes the sweetest gift you can give is the gift of remembrance, so why not create a memory journal that records standout moments from your time together? Family members can contribute their favorite anecdotes and, if you leave some blank pages at the end of the book, you can add new memories in time for next Mother’s Day. Give Her Some Much-Needed Time Off. Being a mom is often said to be the toughest job in the world, so give her the day to pamper herself and schedule in some self-care time. Send her off on a spa experience, take over errands, and cook family meals to really give her time to relax. Craft a Coupon Book. Extend the gift of time off and lend a helping hand with a homemade coupon book that entitles its recipient to help with chores around the house, foot rubs, and meals. Be Present. Whatever you decide to do this Mother’s Day, be fully in the moment. Ask any mom: quality time with family beats flowers any day, even if you’re connecting virtually with Face Timing this year. For more information please visit here: https://www.cambridgehomeloan.com/
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