The Double Comma Club
Episodes

4 days ago
4 days ago
What is an adjustable-rate mortgage? and the bigger question is should you get an adjustable-rate mortgage? Inquiries regarding Adjustable Rate Mortgages are picking up steam! An ARM can help buyers expand their qualifications because they tend to have lower interest rates when we are in a rising interest rate market... like today. But with a lower interest rate comes a bit more risk. So before buyers jump in and say that this is their "golden ticket," let's break down what an ARM is, highlight the pros and cons and discuss who can benefit from ARM financing. Have questions? Feel free to reach out to my team and we'd be happy to answer them for you :) -------------------- Glossary moment: A couple of terms covered in this episode: SOFR and LIBOR. The main difference between SOFR and LIBOR is how the rates are produced. While LIBOR is based on panel bank input, SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market.

Friday Apr 08, 2022
Friday Apr 08, 2022
Interest rates just hopped up again! The market today remains an extremely volatile place and is in a constant tug of war with the FED, unemployment rates, inflation, the war and all other factors! So, is it still a good time to buy a home? My answer remains the same as the Denver market continues to build equity, financial security, and supports our highly qualified buyers. Here are a few things you should know heading into this weekend. Here's some history on mortagae rates:

Wednesday Apr 06, 2022
Wednesday Apr 06, 2022
We've again been flooded with headlines on the impending doom of a housing market crash. As homebuyers right now, it can be hard not to fall into the trap of waiting. I get it. There's a flood of information being thrown at you, but this video will help cut through the noise. First, there is NO bubble. We simply have too much demand, insane equity built up in our homes and a HIGHLY QUALIFIED pool of buyers entering the market. Second, a recession is OK. A recession is defined as 2 consecutive months of GDP Decline... that's it. As prices of everything continue to rise, consumers will start to make decisions; spending less, saving more, pushing GDP down. This will allow the supply we all desperately crave to CATCH UP to demand, giving buyers more options! Third, a Refinance is your best friend. We don't know exactly what the market will do tomorrow, or one week from now, or a few months from now! Lock in the here and the now, and start building long-term wealth through real estate.

Monday Apr 04, 2022
Monday Apr 04, 2022
A recession is exactly what we need right now. And it's good for housing. So what am I talking about? The two in tenure treasury yield had a small 0.05 spread as March ended. This is on the verge of inverting, which is a high validity recession indicator of five of the last six recessions that were all proceeded by an inversion. However, today we also have incredibly strong labor market. The unemployment number just came out at 3.6%, which is a post-pandemic low. In fact, unemployment has only been lower than 3.6%, three times since 1950 non-farm payroll saw robust 431,000 jobs added, which is alongside 11.3 million job. If you remember an inventory in 2018, when rates pushed above 5%, 1,827, new listings came on the market during March that's a 44% month of a month increase, but more than half of those new listings were scooped up as pendings increased by 1039 and closed homes increased by 941. While more inventory might give buyers a little more breathing room, they are not giving up with more inventory. We have more sales. This additional inventory is partially due to seasonality. I mean, some of it is investors taking their winnings off the table and others are looking at this intense demand and talks of a bubble and wanting to play the timing game. I think as prices rise, high prices are a bit of a cure for high prices. The appreciation much like inflation will slow down, but talks of a bubble assume high prices themselves are the tipping point and they aren't homeownership, equity of 69.2%, a vacancy rate of 1.6% and a high birth rate. 30 to 33 years ago, all starve off the bubble talks 75,000 annual equity gain for an average Colorado. In addition to a 0.01% Colorado foreclosure rate, and a 1.9% 30 day rate tells me that struggling homeowners don't have to sell at a discount just at market,

Friday Apr 01, 2022
Friday Apr 01, 2022
Will the housing market crash in 2022? Here is your DMAR Real Estate Market Update. The real estate market is INTENSE right now, and news headlines are doing a very good job of scaring us into thinking that we are heading towards a housing bubble burst. But the truth is, there is NO BUBBLE. Yes, interest rates and prices are rising, but the amount of equity and demand we are seeing DOES NOT constitute a bubble ready to burst. If anything, a little slow down in market activity will give supply a chance to catch up, giving homebuyers more options. I encourage you to always take a look at the facts, and keep an open dialogue with yourself, your realtor and your lender on your affordability and expectations in the housing market. Nicole Rueth, The Rueth Team of Fairway Independent Mortgage Corporation750 W Hampden Avenue, Suite 500, Englewood, CO 80110303-214-6393 www.TheRuethTeam.com Connect on social media: Follow me on FB: https://www.facebook.com/theruethteam/ Twitter: https://twitter.com/nicolerueth Linkedin: https://www.linkedin.com/company/the-rueth-team-fairway-independent-mortgage/ YouTube Channel: https://www.youtube.com/channel/UCPMdb94tUNMMsUTgdWRMDKw

Monday Mar 28, 2022
Monday Mar 28, 2022
Rising Home Prices, Increased Interest Rates - What Options do Home Buyers have in 2022? Rates are going up and so are home prices. Don't get caught (like the Fed) with your pants down. Strategies going into this previous weekend and week. It's changing fast!

Wednesday Mar 16, 2022
Wednesday Mar 16, 2022
Being a first-time homebuyer in the Denver Real Estate Market is no easy feat. You're feeling it, your real estate agent is feeling it and I AM TOO! But this is your sign to not give up! We are giving you OPTIONS to get on the path to homeownership with flexible loan solutions, down-payment assistance programs, and creativity in terms of location and type of home (AKA a duplex ;D). While the first home may not be the dream home, it's a stepping stone to getting there. Some points to be aware of if you are considering a multi-unit plan: First-time homebuyers - be aware if you are doing multiple-unit - know all the HOA, taxes, and insurance fees. Having property managers for rental properties can really help you only put 3.5% down. If you are thinking you can boost your qualifying by counting that roommate income, you can't use roommate income to qualify. Only rental income from a LEGAL unit qualifies. Having an auxillary dwelling unit, basement unit may help with your monthly income, but it cannot be used if it is a single family home. This is why a legal duplex is so much better. As always, if you have any questions, please don't hesitate to give my team a call!

Monday Mar 14, 2022
Monday Mar 14, 2022
Typically VA loans have their own acceptance problems because they are 100% loans. Rethink them and all of these options covered in this episode. VA, FHA, Jumbo and Jumbo LLC loans can give buyers OPTIONS to get into a home and start building equity; so that one day they can afford to get into their forever dream home. There are several loan options for buyers that may not have all of the ideal qualifications, money down or budget to compete in the Denver Real Estate Market. It's hard. We know that. But here is what you need to know about 4 Loan Programs that are lesser-known, but can open the door to homeownership. Let's get creative and talk about multi-units. If any of these solutions spark your interest, or you have any other questions, please reach out to my team and me using the information below. Nicole RuethThe Rueth Team of Fairway Independent Mortgage Corporation750 W Hampden Avenue, Suite 500 Englewood, CO 80110303-214-6393 www.TheRuethTeam.com Connect on social media: Follow me on FB: https://www.facebook.com/theruethteam/ Twitter: https://twitter.com/nicoleruetLinkedin: https://www.linkedin.com/company/the-rueth-team-fairway-independent-mortgage/ YouTube Channel: https://www.youtube.com/channel/UCPMdb94tUNMMsUTgdWRMDKw

Wednesday Feb 23, 2022
Wednesday Feb 23, 2022
Don't get outbid or underfunded due to appraisals. You might bid $20,000, $30,000, $50,000 or even $100,000 over the asking price, and it may seem obscene to you. But, if I pay $100,000 over asking, and overvalue, how long will it take to make that value back? You'll still make it back and quickly. Denver Metro appreciate lately at double digits during the past couple of years. Will you purchase this and is this the height or is this a bubble? We have a strong economy underneath to help ensure you will make back that additional money you spent to secure the home of your dreams. Prices of homes will not come down. Builders can't build their way out of this because of supply chain issues. The largest group of home buyers is 30. We have the next 2 to 3 years of supply issues to contend with. So you may be asking, "How do I get in? What are some of the hacks I can use?" Let's talk about appraisals. Desktop Appraisals: It had been that you could request a desktop appraisal if you know that a seller had COVID, or requests to have a desktop appraisal to avoid having people over. This means the information is gathered from comps, historical data, past photos of condition inside and out. This has stopped, but a variation is restarting. The pandemic is no longer a valid reason. Sandra Thompson said she'd bring it back in January. That didn't happen until now. It's very small. You can request a desktop appraisal, AUS for conventional only, Fannie, Freddie, not FHA, purchased as a primary residence with a minimum of 10% down. If you do a desktop appraisal and it comes in low if it goes higher than 90%. Let's do the math. $600,000 home. You put $60m000 down. If the value comes in at $560,000, now the loan is no longer at 90% because of that. If that happens, Fannie and Freddie will keep using a desktop appraisal, it won't go away. When do you want o use a desktop appraisal? Absolutely you want one if the listing agent has pictures of the home that are better than the current conditions. You've done the walk-through, you'll do the inspection. But from a value perspective if I know the house has gone through some wear and tear, if it's currently being rented, or there are extenuating circumstances that would detract from the overall experience of the appraiser when they walked through it. What if the home backs up to a grocery store? Is that a distractor? No. But if there's nothing hiding that. That may affect the experience of the appraiser again. They are supposed to be completely unaffected by these factors, but they are human. When you do not want to use a desktop appraisal? When you are on point, remodels done, etc. when you want measurements to be done, you want a full report. The benefit of a desktop appraisal is that anyone involved can give it to the appraisal company - photos, comps, etc. to the appraiser to evaluate. The agents can meet the appraiser at the home with a comparables package. Speed and price are factors too. It may be faster if there are not many appraisers in the area. Denver - appraisers are bored. Not enough for them to do. This is coming back as an option March 6. Appraisal Waiver An appraisal waiver can get when you run through the AUS and it tells you that data from Fannie and Freddie, had a loan, and it was insured by Fannie or Freddy. That database can determine the appropriate value of that home based on the appreciation numbers that exist and past history. The value that is put in the file was within the bracket too. Example: listed $739k, $851k offer, and got appraisal waiver? This means you do not need to order an appraisal as long as the parameters of that loan don't change. What if you put 20% down, and then changed it to 15%,? You could lose the appraisal waiver because you changed the parameters of the loan. They can be run before you go under contract. If you don't get it, the loan will be terminated based on the non-fulfillment of that contract. Appraisal Gap Insurance. If you go in with an asking price of$739,000 and offered $851,000, what if you don't get the waiver? "I'll cover the gap". 20% down, shift the loan to value and absorb the difference and not have that buyer bring extra to the closing table. This is also known as mortgage insurance. Feels like cash is king. It's extremely competitive. What are the disadvantages if I don't have cash? In the last 30 days in the Denver market, 18.7% of the closings were done with cash. The remainder had a loan. You have only a slight disadvantage, but you are not in an end-all situation. Know your appraisal options. The Rueth Team Fairway Mortgage can do a TBD underwrite before you find the property so you can close it in 8-10 days. Learn more about this option by calling our office.

Wednesday Feb 02, 2022
Wednesday Feb 02, 2022
Agents, do you want more listings? Who do you know who is retired, nearing retirement, in an age-inappropriate home, and has equity which gives them options? Our Retirement Mortgage Specialist, Gabe Bodner joins me today and we are discussing how you can help your clients take advantage of a Reverse Mortgage, and get you more listings, especially in the crazy low inventory Denver market! Feel free to reach out to Gabe and his team directly at: [email protected] or 720-600-4870