Ingrid B. Quinn

NMLS ID #211652 Arizona, Loan Consultant


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To Lock or Not to Lock

money lock

As a loan officer, I am supposed to be an expert in the mortgage rates market. If I could predict where rates were going, I’d be making millions on Wall Street. I do try to follow trends, listen to other market experts a lot smarter than me, and watch the economic news. Rates have been at historic lows for the past 3-4 years.

My first mortgage was 13.75% and I started selling money when it was 14.875%. I try to give people a little perspective. Rates were in the teens in the 80s, dropped to the 6 percent range in the 90s and then in the summer of 2000 hit high 8 percentages. So when clients ask me if they should lock I usually tell them it’s a good idea. Most clients are not in tune with rate movements, market conditions and economics at play to wager on the rate. It will keep them awake at night, distract them at work and they will kick themselves if they don’t make the right decision.
Again, with rates still at historic lows, locking today is a good idea.


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Financing Your Home with a HomePath Mortgage

what-is-the-HomePath-mortgage-loan-option A HomePath Mortgage allows a buyer to purchase a Fannie-Mae owned property with a low down payment. The down payment can be as low as 3% for an owner occupant. It is a conventional loan. Investment properties can be purchased with a HomePath loan also without the typical 20-25% down payment. Down payments for an investment property can be as little as 10% down.

Other benefits of purchasing a HomePath property are:
*Private mortgage insurance is not required when the down payment is less than 20%
*An appraisal is not required which reduces the buyers closing costs over $400
*Owner occupant purchasers are given a First Look opportunity. When a new listing comes on the market, an owner occupant buyer has the first 15 days to make an offer before Fannie Mae opens the property up to investor buyers.
*Fixed-rate & Adjustable Rate mortgage options available based on down payment
*Seller contributions allowed for closing costs
*Gifts from immediate family members for owner occupied buyers allowed

HomePath also offers a mortgage option which is for renovation purchases. Some of the benefits are:
*Renovation amount based on appraisal “as completed value”
*Available for primary residence, second homes, and investment properties

When doing a home renovation mortgage through HomePath you are able to purchase a home that needs light renovations. The loan amount will include both funds for the purchase as well as the work to be done. This is only up to 35% of completed value and no more than $35,000.
For more information and to see properties available, login to http://www.homepath.com. I also recommend that buyers have a realtor represent them in a HomePath purchase. If you have questions about this information, please contact Ingrid Quinn at http://www.ScottsdaleMortgageExpert.com or email Ingrid.quinn@cobaltmortgage.com.


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Do you feel like Underwriting asks for every little thing?

Well to put it simply, they do! The #1 item that underwriting is red flagged for by investor’s, is address variations.
There are a few things that lenders check for on credit reports:
-Any address that appears with dates in the past 5 years that is not consistent with what is on the loan application
– Explanation for addresses with no dates
The main reason applicants are questioned about their address variations is because when a credit report is pulled multiple addresses show with over lapping time frames. This can be due to people having a secondary mailing address. If their main address has been a parent’s home but they live in an apartment while they attend school, or they will have a credit account that they do not use anymore and fail to update the address information attached to that account. This can cause address variations on a credit report. Lack of disclosure of properties owned can also trigger questions because those addresses may also show up on reports. An explanation of the disposition of those properties is required. For all these types of situations, an explanation must be submitted. For questions feel free to email me at ingrid.quinn@cobaltmortgage.com


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Renting Vs. Owning a Home

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Many people today are debating whether to purchase or continue to rent a home. You might be surprised that in the long run homeownership can be very cost effective. Each payment can be broken down into 4 basic parts. You have your principal & interest payment, property taxes, hazard insurance and in some cases, a mortgage insurance payment.

Committing to a mortgage however does raise some anxiety. It is a long term commitment. People need to be looking at how long they plan on staying in the home. Are you looking for something for the next year or are you looking for a place to settle down in and stay a while?

Currently, with mortgage rates at historic lows and home prices still affordable, mortgage payments are possibly lower than rents. Homeownership also provides tax benefits because a portion of their mortgage payment is deductible on their federal tax returns. This benefit is not applicable to those who rent their home.

If we look at with a 30-year FHA fixed rate mortgage with a 3.75% rate and 3.5% down payment on a $250,000 home we can see the benefits easily. See enclosed graphs.

Many people also say that they simply can not afford the down payment on a home right, but there are many options to purchase a home with no or low money down. Feel free to read my previous post “No Down Payment Home Loans” for more information on the subject. There are good low down payment loan options too. FHA is one of them.

There are a few considerations such as cash to close, income to qualify, credit needed & length of time in home when contemplating purchasing a home. You should never hesitate to consult a professional on the matter. If you have and questions, you can contact me at ingrid.quinn@cobaltmortgage.com.


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Do You Know Someone Who Is Complaining About their Mortgage?

MortgageTroubles

Although, there have been historically low rates for the past 3 years, many people who want to refinance their home loans have not been able to do so. There are a number of reasons why. They do not have enough equity in their home. Their mortgage is not owned by Fannie Mae or Freddie Mac, which means it is not eligible for HARP programs (Home Affordable Refinance Program) which allows underwater borrowers to refinance. Their credit or employment/income has been damaged by hard economic times. Program guidelines have changed making the refinance not beneficial enough to justify the cost to do the refinance.
So, what are the options for these other folks that are still complaining about the loan they currently have? A lot of people are unsure about what they can/should do. They need to seek advice from a qualified mortgage lender, real estate agent, tax advisor or attorney. These people are in tune with current options. Some options may include, Sale, Short Sale, Foreclosure, Loan Modification or Bankruptcy or maintaining what they have.


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St. Patrick’s Day Events

happy-st-patricks-day-bannerSt. Patrick’s Day is once again here and in Scottsdale AZ there are many ways people are celebrating! Here a few local events:

• St. Patrick’s day Irish inspired comedy shows
o All ages
o 90 min. shows

• Fountain Hills Celebration
o Irish music
o Cultural food
o Emerald green fountain
o All ages

• Kelly’s at South Bridge
o Pub (21+)
o Cultural Food
o Live music

• Block Party at Craftsman Court
o American Idol singers
o Multiple Djs
o 21 or older only

• Harold’s Corral
o Cultural Food
o Live Music

There are many other events happening to celebrate. For more information on these events and a few more go to http://www.azcentral.com/community/scottsdale/articles/20130304st-patricks-day-scottsdale-events.html . No matter how you choose to spend your holiday just remember to have fun and be safe!


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Arizona Foreclosure Rates Dropping

It is great to see that in our great state of Arizona the housing market is on an upswing. According to Daren Blomquist, VP of Realty Trac, last year alone there were 671,000 homes in foreclosure nationally and if projections follow the way they have been by the end of this year that number will drop by at least 70,000. In Arizona we are already seeing this change. Realty Trac shows that there is a 56% drop in foreclosure rates from this time last year. Arizona has also dropped form the No. 1 ranking of foreclosure rates national in March of last year to No.6 spot as of March 2013.
Both Realty Trac and Blomquist are projecting that we will continue to see the numbers drop over the next year and we should begin to see the housing market flourish yet again! For more information on this subject please visit: http://www.azcentral.com/business/realestate/free/20130314arizona-foreclosure-rate-keeps-dropping.html .