As everyone knows rates have pretty much doubled in the last 6 months to a normal range in the low 5s. We expect rates to continue into the 8s over the next 6 months. What this means is we are unlikely to see the over-bidding of the past (white-hot prices). However, that hasn't slowed down as of May 2022. We're seeing a lot of clients over-bid. What is over-bidding? Well, it's paying more today than it's worth for your home. Appraisals are starting to come in way-under purchase prices in some instances. Some people don't mind that, as it can be frustrating spending years looking for a home. In fact, if it does take you a year you are likely to be over-bidding anyway since home price appreciation was 25% last year and is likely to be 10+% in 2022. Therefore, over-bidding is a time oriented situation. No one wants to pay more for something, but when it comes to your home the facts are friendly. People will always over-bid to get the home of their dreams. What can you do about it? Answer:
Make your Realtor work harder!
Realtors are your eyes and ears for bidding on a home. I once put in 3 offers in one day. Unheard of? No. I qualified to buy all 3 and therefore, it was fine. We purchased the home that we wanted and it worked out. Make sure you speak with a licensed mortgage loan officer about over-bidding. What's your back up plan if you find you've overbid? Your bank only has a requirement to hire an 18 year old. Don't fall victim to believing what someone says who has never purchased a home before. Get a licensed professional that you trust involved in what will likely be the largest financial transaction of your life.
We treat you with respect and operate in Florida, Virginia and North Carolina. If you are looking for an honest, hard-working mortgage company that doesn't take advantage of the rate situation please give us a call. 919 771 3379. Thank you. Andy May
Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced the conforming loan limits (CLLs) for mortgages to be acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2022. In most of the U.S., the 2022 CLL for one-unit properties will be $647,200, an increase of $98,950 from $548,250 in 2021.
$647,200 is basically the max loan size; high cost areas going well into the $800,000+ range.
Contact ADRMortgage.com - 919 771 3379 Andy May
ADR was founded by Andy May in Florida in 2005 and later re-domesticated in North Carolina. Currently, ADRMortgage.com is licensed in Florida (#MBR4850), North Carolina (#B-148020) and Virginia (#MC-3809). NMLS # for Andy May Group, LLC (ADRMortgage.com) is #88010. MLO #s can be found at https://nmlsconsumeraccess.org/
Contact Andy May at 919 771 3379 for more information. ADR brings it's wealth of products and services back to Florida. We are happy to re-enter the market and look forward to serving Floridians!
It's a great way to pay yourself more. Why not refinance? We saved one client $24,000 a year in payments on a $500k loan. How much will you save? Rates (this is not an offer) were as low as 2.25% on a 30 year fixed with an APR of 2.5%. Yes, all of you that received that rate - you are WELCOME! Now rates are running around 2.875% on a 30 year fixed with a 3.125% APR. In fact, we did our first over a million dollar loan in a while and the rate was 2.875% with an APR of 3.125% for a 30 year fixed.
Rates change all the time so check in with us for a quick, easy and free rate quote. We may not be the biggest lender but we are the best at low low rates. And we have a super smart staff that will take care of you through the process. Look forward to hearing from you at www.adrmortgage.com. Select which mortgage loan officer you wish to work with and we'll exceed your expectations. Thank you. Andy May - Founder and Owner
With rates volatile this week, it proves that you need your loan app into adrmortgage.com and ready to go. Savvy clients know that the market changes every hour. This week we saw rates touch back down near all-time lows (below 2.5% on a 30 year fixed). They've since gone back up by about .25%.
Why does it matter to get the loan application on a refinance in quickly? Simple answer: To catch rates when they hit your number. We can hold the application and wait until you like the rate. This doesn't work everytime - but it gets you closer to an ideal rate. Think about when the stock market falls. Rates generally come down. When that happens, if you have a full loan application waiting in our queue - we can rate lock you and you get the rate you want.
If you have to go through the application process, it can take several hours to a full day. At that point, like this week, rates can easily bounce back and you miss the window. If you are thinking about refinancing, find the company you trust - and put in an application with a reasonable rate that you may be able to obtain. We spoke with a past client this week that was at 3% on a 30 year fixed. We were able to get him 2.5% and save him $1200 a year. It's a smaller loan balance, but that is how to get the rate you want. Be prepared. Be Ready. And work with someone you trust.
Andy May 919 771 3379. www.adrmortgage.com MLO 103418; NMLS 88010. 8522 Six Forks Road, Suite 201, Raleigh NC 27615. consumeraccess.org for a history of the company and loan officers.
With barely any new appraisers entering this morbidly defective industry, it's no wonder Fannie, Freddie and other government sponsored enterprises are moving to a MATH-BASED-SCIENCE strategy. Goodness, what does that mean? Well in 2002 I presented to Fannie the concept of using an insurance policy to eradicate the defective appraisal industry. Since that time Fannie (and others) have figured out that if the 4 homes surrounding the subject property all sold for more than the subject property, and the homes are identical - maybe, an appraisal isn't required or necessary.
All lenders do not check to see if the consumer will receive an APPRAISAL WAIVER. If you do receive one (an Appraisal Waiver) you don't have to pay for an appraisal (some lenders substitute a small fee). This saves the consumer between $500 and $750 depending on loan size. We've found that there are certain sweet-spot valuations. For example, if the client has a $2M home and a $200k loan, no need to go over $1M (since just about all over a million homes require an appraisal).
With the real estate industry red-hot throughout the country many appraisers are simply too busy. Appraisers can try to charge up to $4k more for an appraisal rush - we found someone else in Greensboro, NC that was less expensive. North Carolina is already a buyer beware state, it's harder now for the consumer to understand the market when they have to rely on a lender to do the right thing and not order an appraisal when one isn't required.
Make sure you ask your lender if they ran the Appraisal Waiver option, as this may cut as much as 3 weeks off your time to close. That saves you potentially thousands of dollars in lower rate lock costs (and helps to eliminate lenders that unscrupulously try to blow your rate lock). Call ADRMortgage.com for more information and advice on how to stay safe in shark-infested waters. 919 771 3379. Disclosure information found at www.adrmortgage.com. Andy May
We are substantially less expensive than the banks and credit unions. Call us for a 1 minute discussion about how low your rate can go. We pride ourselves on ZERO BBB Complaints and taking care of clients like family. Thank you for making ADRMortgage.com's 2020 year our second best year in 15+ years.
ADRMortgage.com is focused on speed and super-low rates. We also have had 15+ years of ZERO BBB Complaints and December 2020 has proven to be our best month ever - with close to $8M in loans. Not bad for a small home-town mortgage company. Why do people choose ADRMortgage.com over the big banks? Read our reviews on google. Basically, it's simple. Better customer service from a staff of trained, licensed and well educated/informed professionals - at a lower rate. It's that simple. Honesty, integrity and transparency are the way we've always run our company. We look forward to serving you. www.adrmortgage.com. 919 771 3379. Andy May MLO 103418. NMLS 88010. nmlsconsumeraccess.org