Mortgage Tips

Mortgage Tips

Hello Friends -Randi Ryan from ProMortgage here, Happy Autumn! Rates continue to fall, and here are a few tips and changes in the mortgage world that might interest you.

Quick Tip 1: Rates are great. Some days rates go up, and some days rates go down. The refi door is definitely still open, but for how long? Nobody knows. Cash out for kids college? Considering remodeling? Want lower rates or payments or a shorter term? Call me for a review of your situation.

Quick Tip 2: Considering buying an investment property? We have an interesting loan that only requires that the property have cash flow. Nothing but the rental agreement and appraisal are needed to qualify. It’s called a DSCR – Debt Service Coverage Ratio or Cash Flow loan, and we can even use Airbnb income to qualify. This loan offers amortization or interest onlypayments!

Quick Tip 3: Great loan options for Self Employed borrowers are Business Bank Statements loans. The lender will look at 12 or 24 months of Business Bank statements to calculate income. Not Self Employed, but have assets and limited income? In both scenarios, qualify using just your assets or retirement accounts!

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