Tuesday, June 20, 2017

Why a Renovation Mortgage Could be Perfect for Your Purchase

Numbers you should remember: $110k, $50k and $220k

In this 2017, inventory challenged market, a renovation mortgage is becoming more and more of an option for you to turn an ordinary house into the home of your dreams.


What is a Renovation Mortgage? 

Simply (as possible) put, a renovation mortgage is a transaction where you finance in the improvements. However, in order for the lender to take on the risk, the funds are held in escrow and disbursed in progress payments as the work is completed, phase by phase.

The name of the products are either a 203k (FHA) or Homestyle (Conventional)


So, how does a renovation mortgage work? 

In the case of a purchase, you can buy a beaten down home, usually a foreclosure or a home that is dated or otherwise in some state of disrepair.

Purchase Price $110,000

You can get a bid from a contractor for say $50,000 to improve the home to your specifications.

This means you’re financing $160,000.

After the home is complete, the home then becomes worth say $220,000.


Why might this be the perfect option for you in today’s housing market? 

In every corner of the real estate market, all we are hearing is “inventory shortage, inventory shortage”! This option can help you turn the house that no one wants, into the home you love!


Wednesday, May 31, 2017

Making lives better, one home at a time

James Vukich
Senior Loan Officer
NMLS# 1087184
Looking to buy a home? Or, wondering what a refi would mean for you? James is your guy! 

"I understand buying a home is one of the most important decisions you will ever make and I take pride in the fact that you are trusting me to help walk you through the process.

Please feel free to call me ANYTIME - this includes evenings and weekends as well.  I'm here when it's convenient for you!

I have full support from our Homestead Financial Mortgage office, where the entire loan process from pre-approval to underwriting, closing and funding is handled locally under one roof in Chesterfield, MO.  We also do not charge an appraisal fee on new home purchases, saving you an additional $400-$500 on your transaction!"


For more info, call James today!
or apply online:

Making lives better, one home at a time! 

14897 Clayton Road | Chesterfield, MO 63017 | NMLS# 222524

Wishing all had a great Memorial Day

Hoping everyone had a great Memorial Day! 

All gave some and some gave all — Remember them, as well as their families, this Memorial Day. THANK YOU for your service!
Honoring all who served, Homestead Financial Mortgage


Friday, May 19, 2017

Buying a Home for less per Month than your Rent by the Numbers

Buy a home for less than mortgage

This statement always raises an eyebrow…or 10, when I say in this market, with just a moderate down payment, you can buy a home for less than what you pay in rent!

This is how it comes out by the numbers:

Principal and Interest  @4.25 817.88
Taxes @1.25% 182.29
Insurance  100.00
Mortgage Insurance    81.74
Total     $1,181.88


Lets compare that to a reasonable rent payment in this market of $1,250. This is how we come to prove the statement that you can buy a home for less than your rent.


Even further, after the tax benefits of mortgage interest, and the doors which this immensely valuable deduction opens, the net effect means an amazing savings to the home buyer over renting. 


For more information, check out HomesteadU

Felicidades por tu nuevo hogar!

Felicidades por tu nuevo hogar!Felicidades por tu nuevo hogar! Nahum Enamorado Espero que se convierta en un lugar muy especial.... Gracias por elegir Homestead Financial Mortgage y Casa Sonada Valerie Cisneros y darnos la oportunidad de servirte. Deja de pagar la hipoteca de tu rentero. Si tu está listo para comprar tu casa por favor háblame Laura Rios 913-317-1004

Tuesday, May 2, 2017

Mortgage rates dropped all of April, what happened?

Ever since the November presidential election, we heard all of the catchy phrases which meant mortgage rates are going up… “Trump Bump”, “Trump Trade”.   The benchmark, 10 year US Treasury yield has moved from 1.78% pre-election to as high as 2.60% in less than 4 months.http://data.cnbc.com/quotes/US10Y

Then, April came… Now fears of the “Trump Trade Fade”, and the “Trump Bump Dump” have really just normalized the rate movement to more sane levels. Add some global uncertainty, and that’s how we have seen a great amount of downward movement in mortgage rates in April, and it’s happened without much notice. 

Translation for the homeowner – With this recent drop in rates, how would refinancing benefit me?

– You have a rate in the 4’s with mortgage insurance on a 30 year or in the 3’s on a 15 year.– You have any other consumer debt where consolidation makes sense. – You may have seen your credit card rates and other lines of credit increase recently due to rate increases by the Federal Reserve which act independently from mortgage rates. Again, as always, if you ever want to find out if a refinance makes sense for you — that conversation is always FREE!