MortgageMack – Your Guide to Home Loans in Texas
Helping Texans find the right mortgage solution for their home and financial goals.
Your credit score helps lenders see how you’ve handled debt in the past; the higher your score, the lower the interest rate on your mortgage might be. So, as you can imagine, it’s good to raise your score in preparation for applying for a loan. Send me a message for more tips to help get your finances in good shape for a mortgage! #thehelpfulLO #home #house #listreports #househunting #homeloan #mortgage #loanoffier #finances #smartmoney
What not to worry about when buying a home
Buying a new home already has a built-in set of worries, so here’s a list of things you shouldn’t worry about. If you’d like to take stressing less one step further, work with a loan officer that really knows their stuff – work with me! I’ll help alleviate your stress so you can focus on enjoying your new home! #thehelpfulLO #home #house #listreports #icanhelp #lessstress #stressless #husehunting #homebuyer #newhome #realestate #happyhomeowners #mortgage #loanofficer
Wondering how to keep yourself busy while going through closing? Here’s a list of to-dos that will keep you occupied and help you prepare for your upcoming move! #thehelpfulLO #home #house #listreports #homeowner #newhome #realestate #mortgage #loanofficer #happyhomeowner
Let’s talk about home renovations
Some home features will grow on you, and some you might need to change. If you want to renovate, let’s talk about your financing options. #thehelpfulLO #home #house #listreports #homeowner #realestate #happyhome #homeowners #happyhomeowners #dreamhome #mortgage #homereno #renovations #loanofficer
Before you go looking for (and falling in love with) a home, you need a realistic idea of what you can afford, make sure your credit is in good shape, and, most importantly get pre-approved
Starting the process by “just browsing” could set you up for heartbreak. Before you go looking for (and falling in love with) a home, you need a realistic idea of what you can afford, make sure your credit is in good shape, and, most importantly, get pre-approved for a mortgage. #thehelpfulLO #home #house #listreports #homeowners #househunting #themoreyouknow #beprepared #investment #icanhelp #realestate #loanofficer #mortgage #themoreyouknow #preapproved
Lenders use FICO scores to determine credit risk
Lenders use a FICO score to calculate credit risk. It’s based on the credit reports of the borrowers. The higher the score, the better. But don’t let a low score keep you from pursuing financing. Let’s talk and see what you can afford. #thehelpfulLO #home #house #listreports #homeowner #househunting #finances #investment #mortgage #loanofficer #realestate #icanhelp #themoreyouknow
https://youtu.be/ilZhZ_6S0Oo Randall Smith, CE Instructor #4887 – CE Course #34991
Real Estate Broker, Randall Smith talks about his success using Facebook Ads in his personal Real Estate business and has taken his experience and knowledge and created a CE course for local agents.
Felons Who Flip Houses – Episode #8 MortgageMack Live
https://youtu.be/Sz3XtyG1Il4
Their story reads like a Hollywood movie: growing up poor, but motivated to rise above it all, Bernard worked hard to put himself through University and succeed in business, while his 
brother Bryan, also known as the rapper Tow Down, parlayed his musical and songwriting talents into a record deal with a major label. It was the late 1990’s. The music business was still in its halcyon days, and Tow Down was riding high, with a hit song and mounting support from his label. Bernard quit his job in finance and dedicated himself to managing his brother’s career full time. They collected large advances, and built a state of the art studio in their hometown of Houston, Texas, in which they recorded and produced music for local Houston area artists as well as for Tow Down. Life was pretty good.
When the music industry crashed in the mid-aughts, they continued to press on independently, but slowly went broke as recording software became consumer-driven and the golden age of the recording studio came to a screeching halt. Without the funds to 
reinvest in updated gear, and not having the courage to admit defeat or re-imagine their business plan, they turned to the marijuana trade to sustain the illusion, and did it on a grand scale. Holding on to the last shred of their pride, they tried hard to maintain an image of success and prosperity, but what was fueling their dream was a federal crime that eventually caught up with them.
Both Bernard and Bryan were facing a potential forty-year sentence, but were lucky enough to get a second shot at life. With deep gratitude and a genuine passion for family, God and the creative muses, they have re-channeled their energies, building a legacy of strength and support so that others might learn from their missteps.
Tow Down – Country Rap Tune
Tow Down – I Use To Know
2018 Bike to School and Work Day – City of Sugar Land
An Amazing group of people came together for one day to show support for cycling in the City of Sugar Land as May Joe Zimmerman declared May as Bike Month in our beautiful city. We had an extraordinary turn out for our 2018 Bike to School and Work Day here in the City of Sugar Land, TX.
FHA and Deferred Student Loans
MortgageMack Here and today we’re going to discuss FHA and Your Student Loans.
FHA is a mortgage loan insured by the Federal Housing Administration that requires the borrower to pay mortgage insurance to insure the lender against default. I just completed a Blog Post specific to the FHA purchase and refinance loan called FHA 203b.
Now, for many years, FHA has allowed for the lender to exclude student loan payments in their qualification analysis or what we call debt to income ratio…
if we could prove the student loan payments were deferred for at least 12 months from the day of closing. But,
Today’s FHA requirement differentiate between deferred loans and student loans and we’re going to talk specifically about Student Loans debt.
Student Debt has Reached the Highest it has Ever been in our History.The average Student Loan debt for the Class of 2017 was $39,400 per student. The total amount owed by American students and their parents is $1.48 trillion spread among 44 million borrowers with a 90 plus days delinquency rate of 11.2%.*
Many economic professionals, I’ve listened to and spoken to over the past years have stated Student Debt is likely to be the next major US economic bubble.**
Now, I’ve had a couple of borrowers with an exceptional amount of total Student Loan obligations and FHA gives me 3 options for declaring that debt on the mortgage application which we’ll analyze now.
So, let’s define Student Debt. FHA refers to Student Loans as a liability incurred for educational purposes. Pretty simple?
FHA also, states all Student Loans owed by the borrower must be included as an active liability with the following requirements.
Now, as I stated before, I had client with an $80,000 Student Loan and according to the guidelines, I must use the the 1% which $800 and there was no payment reported on the credit report and even if there was and the payment was less than 1%, I still had to use the $800/mo. calculation.
Therefore, I asked my borrower to call the Creditor and request a full amortization schedule for her Student oan, which the servicer obliged and the payment was reduced to $319/mo.
Big difference from $800/mo., wouldn’t you agree?
So, if you have Student Loan debts and are afraid can’t qualify, call me or apply at www.mortgagemack.com and help you with a FREE analysis of your Student Loans.
Thank you for watching. I welcome your questions and comments and please subscribe to www.teammortgagmack.com?
MortgageMack….OUT!
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