Bill Dallas, J.D. CMB’s Post

Mortgage Lending Industry: Over the past decade, the market share of mortgage brokers has seen significant growth. As of Q4 2023, mortgage brokers' market share reached 24.3%, the highest since 2009. Fact: Nearly 20,000 loan officers moved into the wholesale channel in 2023.  Why is that exactly? Well, first off there is no shortage of voices saying that as an independent broker, you will have the freedom to operate your business on your own terms. Really? Do any of us in this business really have that? Most think this means you can tailor your services and strategies to better meet your clients' needs, but I would suggest that happens no matter the channel of business originating the loan. The fact is that our business has no shortage of experts! The biggest selling point though is that you will have access to multiple lenders. Although it is true that Brokers have access to a wider array of lenders, including alternative, sub-prime, private, commercial, and construction financing options, I suggest taking this approach may be a bit overwhelming. Product diversity and flexible mortgage depend on what solutions your borrower's need...not how many outlets you sign up for! I believe that your product expertise shines best when you know your products better than anyone else! The thing that really sells folks on becoming a broker is the implied compensation structure for them verses bank-based, or IMB-based roles. Yes, it is true that Brokers often receive higher bps compensation, but attaining and maintaining the required volume level on your own can be far more challenging than you might think. Yes, Brokers control their marketing and branding, and yes, having that freedom to brand and market yourself independently can attract more clients, but only if you can afford to pay the cost and let’s face it, everything becomes more expensive when you’re on your own and uncertain. There's also this, as a broker, you will not be pressured to sell ancillary products, which allows you to focus solely on providing the best mortgage options for your clients, but that can also be limiting if you depend on referrals, like wealth relationships! Relationships rule and so do referrals... I don’t want you to miss out on that Work-Life Balance everyone longs for these days. So, while it is true that being an independent broker allows you to decide your work-life balance and how many loans you want to take in each month, you made this decision to make more money, and folks that particular appeal demands a time requirement that must be met. Why? Because nobody is covering your cost when you don't originate! Yes, the transition to an independent broker is a very compelling choice for many mortgage professionals, and I appreciate supporting those who have made this decision. Anyway, there’s so much to think about if you ever want to talk… 

Part 3 conclusion The Importance of Working with an Experienced Loan Officer Working with an experienced mortgage loan officer is a huge factor in a successful transaction. An experienced loan officer can guide you through the process, help you understand your options, and ensure you get the best deal possible. I personally have over 40,000 hours of experience in the mortgage industry, and I’m committed to providing expert advice and support every step of the way. Explore the Community Land Trust Model For those looking for an affordable way to build equity, consider the Community Land Trust (CLT) model. A CLT is a nonprofit organization that owns land and leases it to homeowners. Here’s how it works: Affordable Homeownership: CLTs make homeownership more affordable by reducing the initial cost of the home. Homeowners lease the land at a low cost, making the overall purchase price lower. Rooted homes, Big River Community Land Trust, Hope and Homes, Thistle and Nest just to name a few. Building Equity: Even though homeowners lease the land, they own their home and can build equity. When they sell, they agree to share some of the increase in home value with the CLT, keeping the home affordable for future buyers. Community Focus: CLTs often focus on creating stable, affordable housing within a community, helping to prevent displacement and fostering long-term community stability. Stay Informed and Ask Questions The mortgage process can be complex, but staying informed and asking questions can help you navigate it successfully. Don’t hesitate to reach out to your loan officer with any questions you have. We’re here to help you understand your options and make the best financial decisions. Understanding the mortgage process can make buying a home less stressful and more rewarding. By improving your credit score, understanding your loan options, exploring down payment assistance programs, and budgeting for all aspects of the purchase, you can set yourself up for success. Additionally, considering models like the Community Land Trust can provide affordable paths to homeownership while building equity. As loan officers, our goal is to help you every step of the way, ensuring you find the best mortgage for your needs. To your success, Sloan Holloway NMLS 224146 [email protected] 303-641-2082 Cell

When it comes to securing financing for your home purchase, why settle for anything less than the best? Discover why working with a local lender can give you a competitive edge and ensure a smoother, more personalized mortgage experience. Let's explore the advantages of partnering with a local lender for your home financing needs. Here's why working with a local lender is your best option: In-depth knowledge of the local market: Local lenders have a deep understanding of the local real estate market, including neighborhood trends, property values, and financing options specific to your area. This expertise allows them to provide personalized guidance tailored to your unique needs and preferences, helping you navigate the complexities of the homebuying process with confidence. Accessibility and personalized service: Unlike large national banks or online lenders, local lenders prioritize personalized service and accessibility. You can expect to work directly with a dedicated loan officer who is readily available to answer your questions, address your concerns, and guide you through each step of the mortgage process. This level of personalized attention ensures a smoother and more transparent lending experience from start to finish. Faster decision-making and processing: Local lenders often have more streamlined decision-making processes and shorter turnaround times compared to larger financial institutions. With fewer layers of bureaucracy and decision-makers involved, local lenders can expedite the mortgage approval process, giving you a competitive advantage, especially in fast-paced real estate markets. Flexibility and customized solutions: Local lenders are known for their flexibility and ability to tailor financing solutions to meet your specific needs and financial goals. Whether you're a first-time homebuyer, a seasoned investor, or someone with unique financial circumstances, a local lender can work with you to find the right loan program and terms that best suit your situation. Support for the local community: By choosing a local lender, you're investing in the success and prosperity of your local community. Local lenders often reinvest a portion of their earnings back into the community through charitable donations, sponsorships, and community development initiatives. By supporting local businesses, you're contributing to the overall well-being and economic growth of your community. In summary, working with a local lender offers numerous advantages, including in-depth market knowledge, personalized service, faster decision-making, flexibility, and support for the local community. Whether you're buying your first home or refinancing an existing mortgage, partnering with a local lender can make all the difference in achieving your homeownership goals. Ready to experience the benefits of working with a local lender? Reach out today to start the conversation and discover why local is the way to go for your home financing needs!

Embracing Change: Summit Crest Home Loans & The New Real Estate Landscape As we look ahead to a new chapter in the mortgage and real estate industries, I’m excited to share some significant news: We’re rebranding to Summit Crest Home Loans. This change is more than just a new name; it’s a reflection of our deep commitment to helping every client reach the pinnacle of their financial and homeownership goals. Whether it’s buying a new home, planning a dream vacation, or securing a place of pride and peace, we believe that everyone deserves to summit their own goals and enjoy their personal crest—a home that represents stability, security, and success. Why Summit Crest? The name “Summit Crest” embodies the journey and destination we aim to help our clients achieve. Just as summiting a mountain requires planning, perseverance, and the right support, so too does reaching your financial and homeownership goals. We are dedicated to being that reliable partner every step of the way, ensuring that our clients not only reach their goals but do so with confidence and peace of mind. At Summit Crest Home Loans, we believe that your home should be your crest—a place where you feel proud and at peace. We’re here to help you achieve that, whether it’s securing the best mortgage, refinancing for better terms, or simply offering advice on how to navigate the ever-changing market. Navigating the Post-NAR Settlement Landscape As we transition to our new brand, we also face an industry in transition. The recent NAR settlement has introduced significant changes, particularly in how buyer agents are compensated and how commissions are presented. It’s essential for real estate professionals to adapt to these new guidelines to continue thriving in our evolving market. Here are a few key things we need to know and implement moving forward: 1. Understand the New Compensation Structure: With commissions decoupled and the requirement for buyer broker agreements, agents must now clearly outline their value and negotiate their fees directly with clients. This might be a new conversation for many, but it’s crucial to approach it with transparency and confidence. 2. Enhance Client Communication: The changes mean that clients may be more cautious or confused about how fees and commissions work. Take the time to explain the new landscape, how representation works, and why your services are worth the investment. Clear communication will build trust and help your clients. 3. Strengthen Your Value Proposition: In this new era, having a compelling value proposition is more important than ever. Whether you’re negotiating on behalf of a buyer or helping a seller market their home, you need to clearly articulate how your expertise and services benefit your clients. At Summit Crest Home Loans, we’re committed to supporting you as you navigate these changes. We understand the challenges ahead and are here to offer the guidance, tools, and partnership you need to succeed.

As a first-time homebuyer looking for assistance in securing a home loan with a zero down payment option, there are several resources and programs you can explore: USDA Loans: The United States Department of Agriculture (USDA) offers loans with zero down payment options through its Rural Development program. These loans are designed to assist individuals in rural areas with moderate incomes to purchase homes. VA Loans: If you are a veteran or currently serving in the military, you may qualify for a VA loan, which is guaranteed by the Department of Veterans Affairs. VA loans often offer zero down payment options and competitive interest rates. FHA Loans: While FHA loans typically require a down payment, it's often lower than conventional loans, sometimes as low as 3.5%. Additionally, there are down payment assistance programs available that can help cover the down payment requirement. State and Local First-Time Homebuyer Programs: Many states and local governments offer assistance programs specifically tailored for first-time homebuyers. These programs may include down payment assistance, grants, or low-interest loans. Credit Unions and Community Banks: Some credit unions and community banks offer special mortgage programs for first-time homebuyers, including zero down payment options or low down payment options with favorable terms. Online Mortgage Lenders: Explore online mortgage lenders who may offer competitive rates and terms, including zero down payment options for qualified borrowers. HUD Housing Counseling Agencies: The U.S. Department of Housing and Urban Development (HUD) provides housing counseling services that can help you navigate the home buying process, including finding programs and resources for first-time buyers. Work with a Real Estate Agent or Mortgage Broker: A knowledgeable real estate agent or mortgage broker can guide you through the process of finding programs and lenders that offer zero down payment options and help you understand the eligibility requirements. Before proceeding with any loan program, it's essential to thoroughly research and compare the terms and requirements of each option to determine which best suits your financial situation and homeownership goals. Additionally, consider consulting with a financial advisor or housing counselor to ensure you make informed decisions throughout the home buying process.

The Majority of Veterans Are Unaware of a Key VA Loan Benefit For over 79 years, Veterans Affairs (VA) home loans have helped countless Veterans achieve the dream of homeownership. But according to Veterans United, only 3 in 10 Veterans realize they may be able to buy a home without needing a down payment (see visual below): That’s why it’s so important for Veterans – and anyone who cares about a Veteran – to be aware of this valuable program. Knowing about the resources available can make the path to homeownership easier and keep life-changing plans from being put on hold. As Veterans United explains: “The ability to buy with 0% down is the signature advantage of this nearly 80-year-old benefit program. Eligible Veterans can buy as much house as they can afford, all without the need to spend years saving for a down payment.” The Advantages of VA Home Loans VA home loans are designed to make homeownership a reality for those who have served our country. These loans come with the following benefits according to the Department of Veterans Affairs: Options for No Down Payment: One of the biggest perks is that many Veterans can buy a home with no down payment at all, making it simpler to get started on your homebuying journey. Limited Closing Costs: With VA loans, there are limits on the types of closing costs Veterans have to pay. This helps keep more money in your pocket when you’re ready to finalize the sale. No Private Mortgage Insurance (PMI): Unlike many other loan types, VA loans don’t require PMI, even with lower down payments. This means lower monthly payments, which adds up to big savings over time. Your team of expert real estate professionals, including a local agent and a trusted lender, are the best resource to understand all the options and advantages available to help you achieve your homebuying goals. Bottom Line Owning a home is a key part of the American Dream, and VA home loans are a powerful benefit for those who’ve served our country. Let’s connect to make sure you have everything you need to make confident decisions in the housing market.

Foundation Home Loans Unveils Compelling Buy to Let Specials: Competitive Rates for All Landlords!. More details on hmoreporter.co.uk - In an exciting development for landlords across Yorkshire, Foundation Home Loans has announced refreshed Buy to Let Specials, effective from November 12, 2024. These new offerings are designed to cater to a variety of borrowers with competitive interest rates that promise to enhance affordability for landlords managing their property portfolios. The revised product range is segmented into two main tiers: the F1 tier, which is geared towards borrowers with nearly impeccable credit histories, and the F2 tier, intended for clients who might be dealing with specialist properties or specific credit issues. Key features of the F1 products include enticing two-year fixed-rate specials commencing at 4.74%, attaching a 4% fee and available on 65% and 75% loan-to-value (LTV) ratios. For those portfolio landlords looking at longer commitments, five-year fixed rates are available starting from 5.19% with a 6% fee, again on both 65% and 75% LTV ratios, while fee-assisted options are introduced starting at 5.39% with a 5% fee. The alternatives in the F2 tier present two and five-year fixed rates initiating from 5.29% with a 3% fee, particularly targeting standard Houses in Multiple Occupation (HMO) and Multi-Unit Freehold Blocks (MUFB) borrowers. Tom Jacob, Director of Product and Marketing at Foundation Home Loans, expressed optimism regarding the diverse range tailored for different landlord profiles, including individual and portfolio landlords, as well as those managing HMOs and MUFBs. With a nod to the positive financial landscape following the recent national Budget, he anticipates a surge in landlord activity. These offerings aim to facilitate remortgaging and property purchases, ensuring that the provided rates are among the most competitive currently available in the market. Advisors are encouraged to liaise with Foundation's sales team to optimally support their clients with these new financial solutions. Key Takeaways Foundation Home Loans has introduced competitive buy-to-let mortgage rates for all types of landlords. The F1 tier offers especially favorable options for borrowers with clean credit histories, while the F2 tier caters to those with specialized property needs. This update aims to encourage increased landlord activity in a favorable financial climate post-national Budget. Overview of Buy to Let Specials Foundation Home Loans has made significant updates to its Buy to Let Specials, launching competitive interest rates and a varied spectrum of options effective from November 12, 2024. These revamped offerings are categorized into two distinct tiers: the F1 tier, which caters to borrowers with a nearly pristine credit profile, and the F2 tier, tailored for clients who are managing specialist properties or dealing with certain credit challenges. The F1 tier features two-year fixe...

Nedbank Home Loans introduces step payments We are pleased to introduce our new Home Loan Step Payment offering, launching on Monday, 21 October 2024. This offer is designed to ease the financial burden on homeowners during the initial years of their home loan journey. This first-to-market, innovative solution is aimed at enhancing client experience, leveraging digital transformation, and creating long-term value. How step payments work The new Home Loan Step Payment plan will be offered to qualifying clients (individuals) only and will show on the approval in principle (AIP) and quote. The loan term is limited to 240 months only. Clients can then choose to opt in or not. Gradual payment structure • Years 1 to 5: Clients start with lower monthly instalments, which will gradually increase every year. This flexibility helps homeowners manage their finances during the early years of ownership, often when other expenses like moving or renovations are highest. • From Year 6: Payments stabilise to a fixed monthly amount, allowing clients to plan and budget effectively for the remainder of their loan term. Key benefits for clients • Improved cash flow: Starting with lower instalments gives clients more disposable income in the early years, reducing financial stress as they settle into their new homes. • Flexibility and financial planning: Step payments allow clients to align their repayment plans with expected income growth, making homeownership more manageable for homebuyers. • Proactive support: With proactive notifications and tailored account management, clients can enjoy peace of mind knowing that their financial situation is supported by Nedbank. This innovative payment structure will make it easier for clients to manage their financial obligations and enjoy long-term homeownership with Nedbank. For more information contact me. Bertus Költzow Owner Cell: 079 496 2473 E-Mail: [email protected] Like us on Facebook. https://lnkd.in/dDZZveWN Website: https://lnkd.in/gxJPxuJg

Here's a simple guide for first-time homebuyers to help you through the process: 1. Assess Your Financial Readiness Credit Score: Lenders use your credit score to assess your reliability in paying back loans. A score above 680 is generally considered good. Savings: You'll need savings for the down payment (usually 5%–20% of the home price), closing costs (about 1.5%–4% of the purchase price), and an emergency fund. Debt-to-Income Ratio: Lenders look for a ratio below 43%, meaning your monthly debt payments shouldn’t exceed 43% of your gross income. 2. Determine Your Budget Mortgage Pre-Approval: Get pre-approved for a mortgage to understand how much you can borrow. Total Home Costs: Consider the full cost of homeownership, including mortgage payments, property taxes, insurance, maintenance, and utilities. 3. Research and Choose the Right Mortgage Fixed vs. Variable Rate: A fixed-rate mortgage has a consistent interest rate, while a variable-rate mortgage fluctuates with the market. Term Length: Typical mortgage terms range from 15 to 30 years. Shorter terms have higher monthly payments but less interest overall. Government Programs: Explore first-time homebuyer incentives like: First-Time Home Buyer Incentive (Canada): Offers shared equity loans to help with the down payment. RRSP Home Buyers' Plan (Canada): Allows you to withdraw up to $35,000 from your RRSP tax-free. FHA Loans (USA): Requires a lower down payment and credit score. 4. Find a Realtor Local Expertise: A good realtor can guide you through the market, help you find suitable homes, and negotiate on your behalf. Check Credentials: Look for licensed, experienced realtors with positive reviews. 5. Start House Hunting Needs vs. Wants: Prioritize features you need in a home, such as location, number of bedrooms, and proximity to work or schools. Home Inspection: Always get a home inspected to uncover potential issues like structural damage, plumbing problems, or mould. 6. Make an Offer Offer Price: Your realtor will help you make a competitive offer based on the local market and the home’s value. Contingencies: Common contingencies include financing, home inspection, and the sale of your current home. 7. Closing Process Appraisal: Your lender will require a home appraisal to ensure its value matches the loan amount. Insurance: You’ll need homeowners insurance before closing. Closing Costs: Expect to pay fees for the mortgage, title transfer, lawyer fees, and more. 8. Move In and Maintain Your Home Ongoing Costs: Budget for property taxes, insurance, utilities, and home maintenance. Home Maintenance: Regular maintenance prevents higher repair costs later on. Keep an emergency fund for unexpected repairs. If you're buying a home in Canada, feel free to reach out to Uzain Ali, a Mortgage Agent, at 416-822-0202 or via email at [email protected] for guidance with mortgage options. Let me know if you need any more information! #FirstTimeHomebuyer #Homeownership #MortgageTips