Espisode #1 – MortgageMack Live with Darrel Creacy

Episode #1 MortgageMack Live with Darrel Creacy

Darrel shares his journey in the Coast Guard, working his way up to rescue pilot to becoming an Entrepreneur, father, husband and author of two books.

Having been friends for nearly 15 years, Darrel was the perfect guest.  Darrel has always expressed loyalty and friendship not to mention that Darrel seems to know how to fix anything.

Do Corvette Engines Fit Into the Body of a Ford 150?

During our friendship, I’ve watched Darrel labor over an old beat up F150 with the intent of installing a Corvette engine.  I would question him regularly and say….”Hey!”, “Should a Corvette engine every be put into a F150!?”  Darrel paid no mind and eventually was successful, but not without constant maintenance.  LOL!

Darrel is so knowledgeable about his industry that I would have no problems referring him to a buyer or Realtor.

Espisode #1 – MortgageMack Live with Darrel Creacy
Darrel Creacy, Owner and Operator of Amvet Inspections, Entrepreneur and ex-LifeFlight and Coast Guard Pilot

Darrel is Father and mentor.  His son Derek who used to run marathons with my family is now mentoring to be an inspector just like is father.

If you need a realiable, knowlegdable and friendly inspector, reach Darrel at:  Amvet Inpsections.

Thanks for tuning in.  See you next week at 830 a.m. for MortgageMack Live – Monday Morning Commute

MortgageMack Live – Episode #5 with Bubble Talk Host, Toni Rodriguez

MortgageMack Live – Episode #5 with Bubble Talk Host, Toni Rodriguez

Lots of fun and energy with Bubble Talk Host, Toni Rodriquez!  Toni is a Mom/Entrepreneur/Athlete/Realtor and Dance Instructor.  She gave me time out of her schedule to talk about her role in all areas.

You’re going to love this interview!



Tax Reform For Homeowners

Tax Reform For Homeowners

Mack:  Hi, Mortgage Mack here. And I’m here again with Jo Ann Stevens, the National President of Women’s Council of Realtors.  And we thought we’d get together and talk about specifically about the results of the recent tax reform bill and how some of the new regulations are going to impact homeowners both here and throughout the United States.

So, Jo Ann, tell me— Let’s maybe go into some specifics of what the new regulations look like.

Jo Ann:  I’ll be happy to and Happy New Year to everybody. And guess what? We’re gonna have a new tax reform bill.

I do think in some instances the lobbying that Realtors did for some of the issues proved to be successful. I don’t think we got everything that we asked for, but we certainly got a number of concessions.

Mack:  Let’s talk about mortgage interest deduction and what that looks like moving forward for the coming tax year.

Jo Ann:  Okay. First, you have to realize that the standard deductions have just about doubled over what they were in the past. So, for a number of people, they probably will not itemize on their return.

Tax Reform for Homeowners – 2017 Tax Reform Bill increased Standard Deductions to $12,000 for Individuals and $24,000 for Joint Returns

Remove term: Tax Reform For Homeowners Tax Reform For Homeowners
Tax Brackets for Ordinary Income for Individual Taxpayers – See National Association in Show Notes Below for Married Filing Jointly Tax Bracket

Mack:  So, unless you have itemized deductions of 24,000 or more for married filing jointly, it’s not gonna make sense to itemize. Is that what you’re saying?

Jo Ann:  I’m saying that some people may not want to go to that trouble.

Mack:  So, we talked about mortgage interest. So, let’s discuss what’s next, real estate taxes and how is the new reform bill going to impact real estate taxes. What are my limitations now?Tax Reform for Homeowners

Jo Ann:  Well, $10,000 is all they’re going to allow for property taxes as we would call. That would be local and/or state.

Mack:  We also talked about the capital gains. Yes, capital gains and— Tell us how that changed.

Jo Ann:  Well, actually, it didn’t and I think this is one area where the realtors made an impact in that here the capital gains will still be in effect where it’s same as before. You have to live in a property 2 of the last 5 years. And they were considering 5 of the last 8 years, which would have really hurt our relocation people, our military people who move on a more frequent basis than that, but that is one area where I think our lobbying did help along with mortgage interest and property taxes. Those were all concessions that we received as a result of their realtor movement to get to our members of Congress. And if nothing else, this is the first step. Now, I don’t think this is the end result. I think it’s something that we will work toward refining. And I think that the members of Congress have been very good about listening to our reasoning and our rationale. I think they do honestly believe that homeownership is the backbone of our country. We don’t wanna become a country of renters.

Mack:  So, in closing, is there anything else that maybe we didn’t cover that might have changed in the current tax reform bill that maybe you could share with us?

National Association of Realtors Lobby Helps to Preserve Interest Deduction for Second Homes

Jo Ann:  Two things. We were able to preserve interest deduction on second homes because that was something that was about to be totally done away with. We also have seen a change that home equity interest will no longer be deductible. So, that is [0:04:10][Inaudible] unless— Now, I say that— I understand that if the funds are being used to significantly improve the property, then it’s a different situation.

Mack:  Anything else that you feel like moving forward from here? Maybe share with this the timing associated with this new bill and when people can, I guess, begin to see the changes on their tax returns.

Jo Ann:  Well, it will take effect— Well, it’s already taken effect January 1st. However, you really won’t see the difference in filing now for April. There you won’t see any changes. The changes will come this time next year when we’re preparing for the 2018 return.

Mack:  So, in summary, it looks like we’ve tried to or we’ve simplified the tax return. We’ve put some caps on some of the itemized deductions specific to real estate taxes, not necessarily to mortgage interest deductions. You can still take the mortgage interest deductions for whatever the amount you’ve paid if you decide to— Is there a cap on that? Do you recall what the cap is?

Jo Ann:  I have to look at that and refresh my memory, but I do believe there is a cap.

Mack:  I’ll look also too. I will just put a link.

Jo Ann:  I do believe that what it is, if you purchased the property after December 15 of 17, 750,000 loan amount was the max. Anybody prior to that, they would be grandfathered in and they could deduct up to the million dollars.

Mack:  In closing, anything else you might like to add?

Jo Ann:  Just that 2018 has already started off as a year of change and I think it’s very early. So, there’s more to come.

Mack:  I appreciate your time today.

Jo Ann:  My pleasure as always. Thank you.

Mack:  Good to see you. Have a good day.

Women’s Council of Realtors President and Tax Reform Lobby

National Association of Realtors – Complete Summary of the Impact on Homeowners and Prospective Homeowners

**The final bill repealed deductions for interest paid on equity debt through 12/31/2025.  Interest is still deductible on home equity loans or second mortgages if the proceeds are used to substantially improve the residence.

***As of this publication mortgage insurance is not deductible in 2017, but a Bill has been introduced in the House to make mortgage insurance permanently deductible:  H.R. 109

Home Loan Approval

Being pre-approved can make your offer more attractive to a seller in a competitive seller’s market.

Home Loan Approval vs. Pre-Qualified Applicant

Hi. It’s Mack with One Trust Home Loans and thanks for being here. My NMLS number is 208691. And today, we’re going to talk briefly about being pre-qualified verses a home loan approval. You know, we find ourselves in a very tight inventory for houses that are for sale. It is very competitive out there. If you’re a first-time home buyer, it can be very challenging to find a home not only in your price range, but when you do, you find that you’re competing with other buyers.

Having a Home Loan Approval gives Buyers an Edge over Other Pre-Qualified Applicants

One thing that I know that will give first-time home buyers an edge in the market and even, you know, move-up buyers is to be pre-approved versus just pre-qualified. Now, in my 25-year career, the process for most home buyers starts with a pre-qualification wherein, you apply online or you apply in person, and we spend some quality time together, and discuss your goals. And we make sure that those goals are achievable based upon the income, the assets and make sure that the goals are achievable even within the framework of what you define for us with regards to your specific goals for down payment, closing costs and monthly payment.Loan Approval Process

Loan Approval Process Documents

Now, the home loan approval process takes the pre-qualification process several steps further. So, not only do we complete the loan the application,

Having A Home Loan Approval vs. Pre-Qualifed Applicantspend some time together and define your goals, but then we also put together the financial documents that are necessary to support the application, which include your W-2s for the most recent 2 years, pay stubs equal to 1 month’s income, 2 years tax returns, 2 months bank statements, appropriate identification, and some other items.  You can find a link with an approval checklist here on my video blog.

Now, what we do with that information is we not only just— Not only do we take and review it, but we submit your financial documents to an underwriter and request that the underwriter give us a pre-approval. And then we issue a pre-approval letter to you. And that letter in and of itself in a competitive situation where you are competing with other buyers can  make a difference in whether you get the property versus another person that didn’t take the process, that extra step to reassure a seller that you are indeed qualified to purchase a home.

I hope this was helpful. Please leave a comment and please tell us if there’s any of the material that you think would be of value to you that you would like to know more about. I’d be glad to share it with you. Thanks a lot.

%d bloggers like this: