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GET A MORTGAGE OR PAY CASH FOR YOUR NEXT HOME?

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GET A MORTGAGE OR PAY CASH FOR YOUR NEXT HOME?

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| The Staples Group at Sun American Mortgage

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WITH MORTGAGE RATES BELOW 4%, MORE AND MORE PEOPLE ARE WONDERING IF THEY SHOULD JUST GUARD THEIR SAVINGS AND GET A MORTGAGE ON THEIR HOME. LET'S EXPLORE A FEW PROS AND CONS OF GETTING A MORTGAGE:

Pro - The two big reasons to take out a mortgage even if you can afford to pay cash are maintaining liquidity and maximizing returns. Paying all cash, while commendable, isn't a good idea if it means committing too much of your savings to an asset that is inherently illiquid. You don't want to get into a situation where you are forced to sell the house or other investments at the worst time possible.

Con - On paper, getting a mortgage and using your cash to invest may seem like a better deal. What that equation doesn't account for is the enormous sense of satisfaction that comes with owning your home outright. No one can put a price on peace of mind. Odds are that you will make more over the long run investing those funds, but what you save on interest over the life of the loan - tens of thousands, if not hundreds of thousands of dollars - isn't vulnerable to market ups and downs.

Pro - Using your mortgage as a tax strategy. We often see clients that could pay cash for a home and have plenty to spare. What we are finding is that a lot of those buyers are acting under the advice of their accountants. Accountants know that you can use mortgage interest to help reduce your annual tax liability.

Con - Cash empowers you to make a better deal. When making an offer on a home, cash talks. If you are able to close quickly without the need for financing, you are often a sellers' first choice when they have multiple offers.

When it comes to finances there is no right or wrong answer that fits everyone's financial situation. Go with your gut, speak with a trusted accountant or financial advisor. Remember, you can always go for the middle ground, and for many buyers this may be the best option of all. Take out a mortgage and lock in today's historically-low rates, but make more than the minimum payment whenever you can.

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July 2016 - | The Staples Group at Sun American Mortgage

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Pro - The two big reasons to take out a mortgage even if you can afford to pay cash are maintaining liquidity and maximizing returns. Paying all cash, while commendable, isn't a good idea if it means committing too much of your savings to an asset that is inherently illiquid.

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3 WAYS TO REVOLUTIONIZE YOUR CREDIT IN 2016

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3 WAYS TO REVOLUTIONIZE YOUR CREDIT IN 2016

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| The Staples Group at Sun American Mortgage

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#1 Call and tell your lender to get rid of your mortgage insurance!!
Even if your down payment was less than 20% when you purchased the home, you may now have the equity needed to remove the insurance. You can call your mortgage service an in less than 30 minutes to find out just what is needed to remove your mortgage insurance!\

#2 Pay down your principal
Tax returns, yearly bonuses or inheritances are great ways to reduce your mortgage payment. Although it won't affect the payment itself (other than reducing your mortgage insurance payment, as described above), the smaller your loan to value (LTV), the sooner you can shake your mortgage insurance completely. It may take a couple of years of turning your tax refunds over to the mortgage company, but it'll save you a big chunk each month to be free of mortgage insurance.

Be aware that this only really works with Conventional loans, if you have an FHA loan you can refinance into a Conventional loan product once you've reached the right LTV. On a Conventional loan, you can drop your mortgage insurance entirely when you reach 80 percent LTV. Even if you don't quite have 20% equity in the home your mortgage insurance can be reduced based on what you owe versus value of the home.

#3 Refinance your mortgage
Most homeowners do not know that sometimes even a .25% drop in interest rate can save them hundreds or even thousands of dollars per year. According to Bankrate.com more than 40% of all existing mortgages could be refinanced to a lower interest rate to reduce the monthly payment. The good news is you may not have to start your mortgage again either. You can choose from 10, 15, 20 and even 30 year loan terms.
#4 Shop your home owners insurance
The easiest way is to go out and get new quotes from different insurance companies - this is pretty straight-forward. Buy the policy with the best price and comparable coverage and drop your old one (but don't forget to tell your lender, who your new insurance company is!)
Searching for a mortgage can be tricky. Call me and we find the best loan for you! 435-216-3081

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3 WAYS TO REVOLUTIONIZE YOUR CREDIT IN 2016

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1 Call and tell your lender to get rid of your mortgage insurance!! Even if your down payment was less than 20% when you purchased the home, you may now have the equity needed to remove the insurance. You can call your mortgage service an in less than 30 minutes to find out just what ...

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| The Staples Group at Sun American Mortgage

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When I meet with new clients and especially first time home buyers I can usually count on hearing several questions, ranging from their monthly payments, to estimated down payments. However, when it comes down to it even some of the most seasoned home buyers and sellers don't know exactly what an escrow account is.

The way I like to describe it is by comparing it to buying a car. When you purchase a car, the banks often trust you to make your monthly insurance payments as well as pay your your taxes, and registration fees when you renew your registration every year.

Well, what is it?

With a mortgage, they are a bit more hands on in requiring that you set up a special escrow account that holds your money to pay the most important expenses associated with the home. For example when you start your mortgage they pre-fund a few months worth of expenses to pay your property taxes and property insurance on the home. The amount they fund can vary depending on the time of year and how soon taxes are due.

Long story short, instead of letting you pay your taxes and insurance on your own the lender prefers that you have an account set up to do it for you. That way those expenses are more likely to be paid.

Why again?

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When I meet with new clients and especially first time home buyers I can usually count on hearing several questions, ranging from their monthly payments, to estimated down payments. However, when it comes down to it even some of the most seasoned home buyers and sellers don't know exactly what an escrow account is.

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DON’T MISS OUT! [PARADE OF HOMES DETAILS]

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DON’T MISS OUT! [PARADE OF HOMES DETAILS]

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| The Staples Group at Sun American Mortgage

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Here are the need to know details for the 2018 Saint George Parade of Homes!

Hours: The homes are open from 10am -7pm

Where: The locations to the houses will be announced on February 15 th. You can also download the free mobile app for details on each home!

Cost: The tickets run $15 per person

Details: The 2018 Saint George Parade of Homes is almost here! The 2018 Parade of Homes features 28 brand new homes from some of the best builders in Southern Utah. To help make navigation easier this year we are recommend that you download the mobile app that are available for both Android and iPhone users. You can purchase your tickets online here or at the Red Cliffs Mall. If you purchase your ticket on-line, you will be instructed how to obtain the map/addresses.

Please note that most builders would prefer you to remove your shoes or wear booties as there are over 30,000 visitors that come to the homes.

You can take the tour at your pace over the 10 days as it is self-guided. A magazine and a map will also be available for those who purchase tickets.

*The list of homes :

Have fun out there and enjoy the homes!

*Source paradehomes.com

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Don't miss out! [Parade of Homes Details]

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Here are the need to know details for the 2018 Saint George Parade of Homes! Hours: The homes are open from 10am -7pm Where: The locations to the houses will be announced on February 15 th. You can also download the free mobile app for details on each home!

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WHAT DOES IT MEAN TO REFINANCE YOUR MORTGAGE?

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WHAT DOES IT MEAN TO REFINANCE YOUR MORTGAGE?

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| The Staples Group at Sun American Mortgage

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When homeowners refinance, it gives them access to a new mortgage loan replacing its existing one. Homeowners can customize the details of a new mortgage loan including the loan's mortgage rate, loan length in years and the amount borrowed. So, what makes a refinance attractive? Refinancing can be taken advantage of to reduce the monthly mortgage payment, withdraw cash for home improvement projects, cancel mortgage insurance, among other helpful uses.

Here, we will break down the different types of refinance mortgages.

Rate and Term Refinance

This type of refinancing changes the interest rate and/or the length of the term and does not change the amount of principal. Perhaps the original mortgage terms made sense for you when you initially agreed to it but as time goes on, circumstances may change. For example, if you're looking to trade your 7-year adjustable rate mortgage for long-term stability, doing a rate and term refinance into a 30-year fixed rate loan may be better for you. On the other hand, if you're looking to pay off your mortgage sooner than later, you could also refinance into a shorter loan term.

What if the interest rate on your mortgage is significantly higher than current interest rates? You can refinance to get a better rate and help you save money on your mortgage monthly payments.

Cash-out Refinance

A cash-out refinance is a refinance option where the new mortgage loan is for a larger amount than the current mortgage loan and you receive the difference between the two loans in cash. One of the most common reasons why homeowners do a cash-out refinance is to transform the equity (ownership) that's been built up in their home into cash. This cash can be spent on home improvements, pay off student loans, debt consolidation or other important financial needs.

This type of refinancing has slightly higher interest rates due to a higher loan amount. The cash-out amount limits to 80-90% of your home's equity. For example, if your home has a value of $200,000 but your remaining mortgage balance is $100,000, then the equity in your home is $100,000. If you are needing $50,000 for a home improvement project or using it for other financial priorities, you can choose to refinance your loan for $150.000 and receive $50,000 in cash at closing.

HELOC (Home Equity Line of Credit) Refinance

This particular type of refinance is a loan that's set up as a line of credit for some maximum draw instead of a fixed dollar amount. It is a revolving line of credit that uses your house as collateral. The bank gives you an amount that you may borrow and may access at any point in time. There are two main ways of tapping into this line of credit; writing a check or using a credit card that's connected to the account.

If you're a homeowner that has built some equity in your home and need some additional cash for helping your child pay for college, renovating your home or buying a car, borrowing money this way may offer low interest rates and improve financial flexibility.

Ready for the first step to refinancing your mortgage? Here at Sun American Mortgage we want to help you find the best possible solution and save you money at the same time. Call us to talk about some of your options, or start with our simple online application. 480-832-4343

References:

https://www.nerdwallet.com/blog/mortgages/refinance-cash-out/

https://www.mtgprofessor.com/A%20-%20Second%20Mortgages/what_is_a_heloc.htm

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August 2019 - | The Staples Group at Sun American Mortgage

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When homeowners refinance, it gives them access to a new mortgage loan replacing its existing one. Homeowners can customize the details of a new mortgage loan including the loan's mortgage rate, loan length in years and the amount borrowed. So, what makes a refinance attractive?

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5 APPS THAT WILL HELP GET YOU READY TO BUY A HOME!

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5 APPS THAT WILL HELP GET YOU READY TO BUY A HOME!

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| The Staples Group at Sun American Mortgage

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I get a lot of questions from clients wondering what they can do to prepare to purchase a home a year or more down the road.
Here are the apps I tend to recommend to my clients!

1.Clarity Money! - This wonderful app helps us save our $$ by identifying waste. This free app does this by helping identify subscriptions you aren't using or just don't need. Another great perk is that it helps you negotiate your monthly expenses down to a lower rate! Lastly, it helps you with accountability and ensure you stay on your budget! I love this!

2. Acorns! - I cannot overstate how much I love this one. Acorns helps you round up your purchases on your credit and debit cards that you link to the app. The differences that are rounded up to the nearest dollar are then transferred to your Acorns account. This account starts to work for you as it is invested into exchange traded funds. These funds are manageable as you can direct them to conservative or aggressive funds based on your comfort level.

3. Scoutmob - This app helps you identify local and regional deals for most major cities across the country. Yes, it is like Groupon or other local deals. However, I prefer this one more as it tends to search out more valuable information and greater savings. The more you save the more you have in assets and the easier it is to get a loan.

4. LifeLock - Your credit is key to getting a loan. Most loans would prefer to have your scores over 620. LifeLock is key to keeping an eye on your scores, fixing any credit dings, and monitoring any suspicious activity. For example, if someone were to set up a fraudulent car loan you could count on an almost immediate notification from the app. Please note there are several different membership programs so make sure pick up the one that is best for you. Credit is king when it comes to lending. Let's keep that credit score up!

5. Mortgage Calculator - Most clients tend to be excited about purchasing or building a home. We get it. Mortgages just aren't as pretty as that new kitchen you've been looking at. However, it is always best to check on your buying power before you go look at a home. Once you know what your monthly budget is with the help of your loan officer you can then go look at homes with confidence. With a mortgage calculator you can get a rough estimate of what your payment would be. We want you to know what you can buy before you go looking!
- Brandon Staples | Mortgage Consultant

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5 Apps that will help get you ready to buy a home

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I get a lot of questions from clients wondering what they can do to prepare to purchase a home a year or more down the road. Here are the apps I tend to recommend to my clients! 1.Clarity Money! - This wonderful app helps us save our $$ by identifying waste.

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The general rule of thumb is that a loan is jumbo if it is over $484,350 for single family home. You can also choose to increase your down payment and borrow less than $484,350

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St. George Utah | The Staples Group at Sun American Mortgage

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You've worked hard, scrimped, and saved. You deserve to buy your dream home. A jumbo loan can make that happen.

What Makes A Loan 'Jumbo?'

The general rule of thumb is that a loan is jumbo if it is over $484,350 for single family home. More specifically, however, a loan is jumbo if it is above the limit backed by Fannie Mae and Freddie Mac in your geographic area.

With these large loan amounts, qualifying standards can be a bit more stringent, usually higher credit scores and down payments are required. Borrowers also need to have more 'reserves' compared to other loan types.

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Jumbo Home Mortgage Loans - St. George Utah | The Staples Group at Sun American Mortgage

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You've worked hard, scrimped, and saved. You deserve to buy your dream home. A jumbo loan can make that happen. What Makes A Loan 'Jumbo?' The general rule of thumb is that a loan is jumbo if it is over $484,350 for single family home.

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St. George Utah | The Staples Group at Sun American Mortgage

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You've worked hard, scrimped, and saved. You deserve to buy your dream home. A jumbo loan can make that happen.

What Makes A Loan 'Jumbo?'

The general rule of thumb is that a loan is jumbo if it is over $484,350 for single family home. More specifically, however, a loan is jumbo if it is above the limit backed by Fannie Mae and Freddie Mac in your geographic area.

With these large loan amounts, qualifying standards can be a bit more stringent, usually higher credit scores and down payments are required. Borrowers also need to have more 'reserves' compared to other loan types.

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Jumbo Home Mortgage Loans - St. George Utah | The Staples Group at Sun American Mortgage

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You've worked hard, scrimped, and saved. You deserve to buy your dream home. A jumbo loan can make that happen. What Makes A Loan 'Jumbo?' The general rule of thumb is that a loan is jumbo if it is over $484,350 for single family home.

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UHC Loan Programs offer mortgage loans to qualified first time homebuyers and homebuyers who have previously owned a home. Qualified borrowers can purchase a home with little or no cash investment.

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St. George Utah | The Staples Group at Sun American Mortgage

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A Utah Housing Loan is a ZERO down loan program that offers flexibility for buyers needing help with down payment and closing costs. Utah Housing Corporation (UHC) was created in 1975 by Utah legislation to serve a public purpose in creating an adequate supply of money with which mortgage loans at reasonable interest rates could be made to help provide affordable housing for low and moderate income persons.

UHC Loan Programs offer mortgage loans to qualified first time homebuyers and homebuyers who have previously owned a home. UHC provides down payment and closing cost assistance helping homebuyers without the required funds to purchase a home. If cash at closing is your challenge, the Utah Housing Down Payment Assistance Second Mortgage can help. When combined with a first mortgage, qualified borrowers can purchase a home with little or no cash investment.

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Utah Housing Loans | Mortgage Lenders - St. George Utah | The Staples Group at Sun American Mortgage

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A Utah Housing Loan is a ZERO down loan program that offers flexibility for buyers needing help with down payment and closing costs. Utah Housing Corporation (UHC) was created in 1975 by Utah legislation to serve a public purpose in creating an adequate supply of money with which mortgage loans at reasonable interest rates could be made to help provide affordable housing for low and moderate income persons.

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VA Home Loan allows for 103% financing so a veteran can buy a home for no money down and finance the closing costs. Get Your Free Appraisal Today $450 Value.

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St. George Utah | The Staples Group at Sun American Mortgage

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This is a Veterans Administration insured loan available to Veterans of the Armed Forces. It allows for 103% financing so a veteran can buy a home for no money down and finance the closing costs. The VA charges an up-front funding fee (which can be financed into the loan) that varies based on whether or not it is the borrower's first time getting a VA mortgage. This program is a perfect option for a Veteran seeking the most affordable type of home financing.

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VA Loans for Veterans - St. George Utah | The Staples Group at Sun American Mortgage

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This is a Veterans Administration insured loan available to Veterans of the Armed Forces. It allows for 103% financing so a veteran can buy a home for no money down and finance the closing costs.

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Rural Housing Usda Loans by The Staples Group at Sun American  – $0 Down. Easy To Qualify.  Lower Rates. Call Now To Discuss It Further.

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St. George Utah | The Staples Group at Sun American Mortgage

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When my wife and I decided to move to Utah, I started my home search online. I found the Staples Group on Facebook and after reading all of their positive reviews I decided to call them. I knew I made the right choice after our very first meeting. Becky took things very slowly and explained all of our options to us. I decided to go with the USDA Rural housing loan because of the low mortgage insurance and the ability to put zero money down. We ended up building a home and are really happy how it turned out. We were also pleasantly surprised when they found us a grant for $2,000 from our city! They are my lenders for life!

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Utah Rural Housing USDA Zero Down Loan | The Staples Group at Sun American

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When my wife and I decided to move to Utah, I started my home search online. I found the Staples Group on Facebook and after reading all of their positive reviews I decided to call them. I knew I made the right choice after our very first meeting.

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If You’re Over 62, Let The Bank Pay You. Owners retain title to the property. No repayment is required as long as the borrower lives in the property. Call Us to discuss it further.

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St. George Utah | The Staples Group at Sun American Mortgage

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A reverse mortgage or home equity conversion mortgage (HECM) is a type of home loan for older homeowners (62 years or older) that requires no monthly mortgage payments. This is an FHA insured loan. A reverse mortgage allows those who are at least 62 years of age, or older, to pay off a forward mortgage or use the equity in their home for other purposes. In general terms, a borrower needs at least 40 to 50% in equity to be able to purchase or refinance with a reverse mortgage.

The amount varies depending on the age of the borrowers. Those who qualify can get a lump sum of cash, a monthly income, a line-of-credit, or a combination of those things. Owners retain title to the property. No repayment is required as long as the borrower lives in the property. In the event of death, heirs are responsible to pay off the lower of the loan balance or sales price of the home.

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Reverse Mortgage Loans for Seniors | St. George Utah | The Staples Group at Sun American Mortgage

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A reverse mortgage or home equity conversion mortgage (HECM) is a type of home loan for older homeowners (62 years or older) that requires no monthly mortgage payments. This is an FHA insured loan. A reverse mortgage allows those who are at least 62 years of age, or older, to pay off a forward mortgage or use the equity in their home for other purposes.

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Make a down payment as small as 3.5 percent. With an FHA mortgage, you have the confidence that the loan is funded by Sun American Mortgage and backed by the Federal Housing Administration (FHA)

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St. George Utah | The Staples Group at Sun American Mortgage

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We called Becky and Brandon after seeing how many positive reviews they had online. It was our first home purchase and we wanted to make sure we knew about all of our options. We met with them and they showed us all of our options. We ended up choosing an FHA loan because of the great interest rate and the fact that we only had to put 3.5% down. Our realtor negotiated to have all of our closing costs paid for by the seller so it worked out perfect for us! We are so grateful! We recommend them to all our family and friends!

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FHA Loan Mortgage Requirements | Fha Mortgage 3.5 Down Payment | Utah Fha Refinance

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We called Becky and Brandon after seeing how many positive reviews they had online. It was our first home purchase and we wanted to make sure we knew about all of our options. We met with them and they showed us all of our options.

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Whether you're purchasing a home or refinancing your existing home loan, Conventional Loans by Staples Group Mortgage are the most common type of mortgage among borrowers.

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St. George Utah | The Staples Group at Sun American Mortgage

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We have done a couple of mortgage with The Staples Group now because the experience has been very enjoyable. We had worked with another lender in our first home purchase and were pleasantly surprised at how low the Staple Group rates were just how much they communicated with us during the process! When spending so much money it was nice to always know what was going on. After doing an FHA loan for our first home purchase, we opted for a conventional mortgage in our most recent transaction because we were able to come up with 20% down and avoid mortgage insurance entirely! It feels great to not pay mortgage insurance anymore!

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Conventional Mortgage Home Loans- All you wanted to know | Staples Group Mortgage

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We have done a couple of mortgage with The Staples Group now because the experience has been very enjoyable. We had worked with another lender in our first home purchase and were pleasantly surprised at how low the Staple Group rates were just how much they communicated with us during the process!

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Call on Staples Group Mortgage by Sun American for all your mortgage needs in St. George and Southern Utah. Buying real estate in Utah will go so much smoother when you use best rates by Staples Group Mortgage.

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St. George Utah | The Staples Group at Sun American Mortgage

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Home Mortgage Loans With Low Down Payment - St. George Utah | Staples Group Mortgage

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Call on Staples Group Mortgage by Sun American for all your mortgage needs in St. George and Southern. Buying real estate in Utah will go so much smoother when you use best rates by Staples Group Mortgage.