MortgageMack – Your Guide to Home Loans in Texas
Helping Texans find the right mortgage solution for their home and financial goals.
Earth-friendly upgrades are a great upgrade to any home that never goes out of style. If you want to remodel or upgrade your home, investing in eco-friendly options will significantly impact you and the planet. #thehelpfulLO #home #house #listreports #homeowner #happyhome #happyhomeowner #realestate #hometips #investment #homereno #ecofriendly #green
Spring cleaning isnāt for everyone, but if youāre ready to tackle it, here are some excellent stress-relieving cleaning activities: Raking leaves, cleaning gutters, washing windows, and scrubbing baseboards. Do you love or dislike spring cleaning? #thehelpfulLO #home #house #listreports #homeowner #springcleaning #springtime #cleanhome #hometips #happyhome #happyhomeowners #realestate #mortgage #loanofficer
Happy Earth Day! Here are some easy ways we can help continue making the Earth laugh! Use the stairs, take shorter showers, use fluorescent bulbs, and ensure lights are turned off when not using them! #thehelpfulLO #home #house #listreports #homeowner #mortgage #loanofficer #earthday #ecofriendly #happyearthday
When buying a home, you must know how much you can afford. Understanding all of the details of your mortgage and knowing money-savvy tips to help you save is important too! I can help you navigate this trickiness; send me a message or leave a comment below! #thehelpfulLO #home #house #listreports #homeowner #finances #mortgage #mortgagetips #loanofficer #investment #smartmoney #icanhelp #themoreyouknow #realestate #happyhomeowners
Don’t let a little rain get in the way of finding your new home! āļøš”š Embrace the April showers, and maybe you’ll find your dream home at the end of a rainbow! #thehelpfulLO #home #realestate #house #househunting #mortgage #loaofficer #happyhome #dreamhome #investment #happyhomeowners #rainorshine
It’s great news because it’s much slower than the 8.6% increase in the previous quarter. Slow and steady is what will help stabilize the market. If you have more questions about the current market, message me ā I’ve got answers! #thehelpfulLO #home 3house #listreports #housingmarket #realestate #realestatemarket #icanhelp #themoreyouknow #mortgage #informed #investment #loanofficer #happyhomeowners
Applying for a mortgage won’t be the only time you hear the term “hard credit check”; applying for any loan may result in one. You may also hear the term “soft credit check.” Unlike a hard credit check, a soft credit check typically does not affect your credit score and may be used for things like background checks. #thehelpfulLO #home #house #listreports #mortgage #finances #investment #loanofficer #smartmoney #homeowner #themoreyouknow #icanhelp #realestate
Spring has sprung and it’s a great time to search for a new nest! Time to branch out and find the home loan that’ll make your new home dreams bloom šøš š¼ #thehelpfulLO #home #house #listreports #mortgage #loanofficer #realestate #husehunting #icanhelp #investment #springtime #springintoaction #happyhome #happyhomeowners #dreamhome
Non-Conforming Loans
Hi, itās Mortgage Mack and Happy New Year. I hope you don’t mind the facial hair today. It is very cold in Houston, Texas. So, it’s helping me keep my face warm.
You know, I have a scenario that I thought Iād share with you today. I have a young couple who have not sold their home, but they found a home they wanna buy. The home they wanna buy is in the $800,000 price range. So, that makes it what we call a jumbo mortgage loan. Now, a jumbo loan isā Maybe that’s the wrong term. Maybe a better term would be a non-conforming loan.Ā And what a non-conforming loan means or jumbo loan means is thatā First of all, the first parameter is that the amount financed is higher than the limits established by FannieMae and Freddie Mac. And Iāll include links for both of those here in the show notes, but alsoā But you know, you could buy an 800,000-dollar house and itād still be conforming or non-jumbo loan if you didn’t finance any more than 453,100.
But, in the instants of my clients, we wanna finance more than that because we have a home that we havenāt sold yet and we wanna put this through as 10% down. Now, Iāll go into that here in just a second, but I wanna make sure that I’m clear about what a jumbo mortgage loan is, is that itās a loan wherein we finance any more than the conventional loan limit established by Fannie or Freddie, which is $453,100 for the current year of 2018 for the Houston, Texas Metropolitan Area. And once the loan amount exceeds 
that,
then we fall into what is called the jumbo or nonconforming category at which the underwriting requirements are far more rigorous than traditional FannieMae or FreddieMac
So, let’s talk briefly about our scenario and solution that Iām gonna help my clients with today. So, what I have is I have a jumbo loan that allows for as little as 10% down. Now, most jumbo loans require much more than 10% down. The traditional requires at least 20, maybe 25, but I have a special product here for them. And it’s what we call an 80/10/10. So, they can put as little as 10% down. Iām going to borrow another 10$ as what we call a second mortgage for them on their behalf. Now, I can arrange this type of financing for a client to $900,000 as the maximum amount borrowed. It does require 6 months reserves and what that means is that it will $100,000 to close and your payment was 5,000, then you have to have at least $30,000 left in the bank after closing.
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