Wes Wolfe at Intercoastal Mortgage, LLC NMLS ID # 1588577

10/30/2020

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10/23/2020

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10/16/2020

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10/15/2020

The Fed affirmed their commitment to continue supporting low rates through bond purchases at their June meeting. Even though they didn't cut policy rates (which are already near zero), mortgage rates dropped anyway. In some cases, they may be even better than prior lows. We are helping current owners and buyers save money in today's environment. Please reach out or comment below if I can help you.

10/09/2020

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10/02/2020

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09/25/2020

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09/18/2020

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09/15/2020

The Fed affirmed their commitment to continue supporting low rates through bond purchases at their June meeting. Even though they didn't cut policy rates (which are already near zero), mortgage rates dropped anyway. In some cases, they may be even better than prior lows. We are helping current owners and buyers save money in today's environment. Please reach out or comment below if I can help you.

09/11/2020

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09/04/2020

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08/28/2020

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08/21/2020

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Enjoy this quick update on what's going on in the housing and financial markets.

08/15/2020

The Fed affirmed their commitment to continue supporting low rates through bond purchases at their June meeting. Even though they didn't cut policy rates (which are already near zero), mortgage rates dropped anyway. In some cases, they may be even better than prior lows. We are helping current owners and buyers save money in today's environment. Please reach out or comment below if I can help you.

08/14/2020

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08/07/2020

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07/31/2020

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Enjoy this quick update on what's going on in the housing and financial markets.

07/02/2020

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06/08/2020

As mentioned before, escrow accounts keep you on track for your tax and insurance payments. You’ll do this by making monthly payments to your account which is required by your lender. In the event of cost increases, some lenders also require you to keep a minimum balance. The minimum is usually two months of home expenses.

#ICM #escrow #loans #loanofficer #mortgages #escrowaccount #payment #account #lender #borrower #home #insurance #premium #intercoastal #intercoastalmortgage

06/08/2020

“What is escrow and what is an escrow account?” You may have already asked yourself that during your journey to home ownership, and this week we’re covering it all! So, to start off, lets cover the basics.

Escrow – a third-party service to mediate a real estate deal. They also hold the property and what's considered as earnest money (a small portion of the homes sale price) "in escrow" until both parties agree on the terms for a sale.

Escrow Accounts - an account where a portion of your monthly payment is made by your lender which covers insurance premiums and taxes. Therefore, reducing the chance that you'll fall behind on your insurance and tax payments.

#escrow #escrowaccount #payment #account #lender #borrower #home #insurance #premium #ICM #intercoastal #intercoastalmortgage #mortgage #loans

06/05/2020

Using your own monthly household budget to assess how much home you can afford is also a good substitution for using the banks calculations. Mortgage calculators are good tools to help you, but first determine the maximum you’d like to spend on mortgage payments. Plug this number into the mortgage calculator to see what loan size that payment will afford.

#Mortgage #loans #intercoastal #ICM #intercoastalmortgage #homes #loanofficer #lender #realestate #realestateagent #agent #property #househunting #newhome #realtor #mortgagelender

06/05/2020

Back-end ratio accounts for all monthly obligations - ie. housing payments, credit card payments, alimony, etc. - along with housing payments and monthly income. Other examples of monthly obligations are child support, car payments for a car loan or lease, and installment loans.

Banks prefer you to have a back-end ratio less than 36%, but you won't be disqualified if your ratio percentage is over 36%.

#Mortgage #loans #intercoastal #ICM #intercoastalmortgage #homes #loanofficer #lender #realestate #realestateagent #agent #property #househunting #newhome #realtor #mortgagelender

06/05/2020

Now that you know how to calculate your DTI to find your maximum payment, knowing the difference between front-end ratio and back-end ratio is very important.

Front-end ratio compares the expected monthly housing payment to a buyer's monthly income. Housing payments can include monthly real estate taxes, homeowner's insurance, dues to an association, and principal + interest payments. The preferred front-end DTI is 28% or less, but there is no maximum limit for this ratio. However, it is rare that banks accept a front-end ration above 28%.

#Mortgage #loans #intercoastal #ICM #intercoastalmortgage #homes #loanofficer #lender #realestate #realestateagent #agent

06/03/2020

One thing that may be referenced a lot during your mortgage process is your DTI – Debt to Income Ratio. This ratio is also how lenders, and even banks, calculate what you can afford by using your annual income and annual debt amount. DTI tells you the largest mortgage payment you can afford without raising your ratio. Note some loan products have different maximum DTI percentages.

Once your max mortgage payment is found, the bank will use current mortgage rates to "back-in" to a loan size telling you how much you can borrow.

Doing this method is not borrower friendly and means you will be paying the absolute maximum amount on your mortgage.

#Mortgage #loans #intercoastal #ICM #intercoastalmortgage #homes #loanofficer #lender #realestate #realestateagent #agent #property #househunting #newhome #realtor #mortgagelender

06/01/2020

The biggest question for first time home buyers is, “how much home can you afford?”

There aren't any concrete rules to exactly how much you can afford or how high your mortgage can be. This is due to the difference in mortgage lenders and borrowers' calculations.

You'll have a better understanding of how much you can afford and what to look for at the end of this week.

Stay Tuned!

#mortgage #loans #calculations #afford #intercoastal #ICM #intercoastalmortgage #homes #loanofficer #lender #realestate

05/29/2020

6 Tips to Get Approved for a Home Mortgage Loan

Check out this article for a few more tips on correctly and successfully getting the best mortgage for you!

#mortgage #tips #approval #loans #homes #apply #creditscore #purchases #intercoastal #intercoastalmortgage #ICM

Are you applying for a mortgage loan? See these tips to prepare, and get approved for a mortgage on the new home you want.

05/29/2020

If you are very serious about buying a home, do not apply for a mortgage too late. To show a buyer that you are serious about buying the home, you must show a pre-approval letter. Waiting until you found the perfect home to apply for your mortgage puts getting that home at risk. Also, you may have your heart stuck on a home you cannot afford. Getting a pre-approval letter will let you know what you can afford/how much you can borrow before house hunting.

Another big mistake a lot of borrowers make is not shopping around before settling on a lender. In most cases lenders are more flexible with their rates and fees, and could even offer you a better deal than what they initially offered you. Shopping around also allows you to get the best possible deal for you. When shopping make sure to get at least three quotes to get the best comparison.

#homes #shopping #applying #rates #mortgage #loans #mistakes #ICM #Intercoastal #Intercoastalmortgage

05/27/2020

Try not to make expensive purchases before applying for a mortgage. Applications depend on your debt-to-income ratio, so If your debt is higher than your income each month, then the less you will have to pay your mortgage month to month. Lenders also may not grant you the loan size that you need to buy your home.

#payments #homes #loans #expenses #purchase #mortgage #intercoastal #ICM #intercoastalmortgage

05/27/2020

For those of you who are renting, make sure that you are on time with your rent payments. Being late on your rent won't only get you in trouble with your landlord, but your lender will also be looking at your rent history. This is because your rent payments are an indicator of if you will pay your mortgage on time. Missing or making late payments on your rent will hinder you from buying a home.
#payments #homes #loans #rent #mortgage #intercoastal #ICM #intercoastalmortgage

05/25/2020

As with refinancing, not checking your credit before applying for a loan is a big mistake. You should start checking your credit score at least a year before you plan to buy your home, not until you apply! Make improvements to you credit even if you have a strong score. Doing this means not only do you qualify for loans but your rate will also be low. Waiting to check your credit score at the time of applying and finding out that your score is low means that you could not qualify at all. Everyone is granted one free credit report each year, so take advantage and make sure your credit is in good standing.

#creditscore #credit #homes #score #loans #mortgage #buying #applying #check #intercoastal #ICM #intercoastalmortgage

05/25/2020

Just as there are refinance mistakes to avoid, there are certain things you will need to avoid when applying for a mortgage. Making sure that you have applied for a mortgage correctly is key especially when you are looking to move into your home ASAP. This week, we will discuss common mistakes borrowers make that you should avoid.

Stay Tuned!

#mistakes #mortgage #applying #rates #loans #homes #intercoastal #ICM #intercoastalmortgage

04/22/2020

Happy Earth Day! 😁😉

#intercoastal #ICM #intercoastalmortgage

04/12/2020

Happy Easter Everyone! Enjoy time with your family and friends.

#happyeaster #intercoastal

04/03/2020

Thank you Ryan and Nicole! I appreciate your kind words. You both were awesome!

#thankyou #Intercoastal #review

04/01/2020

It's the first day of April, and its also April Fools!! Have fun and share your jokes with me! 😊

#aprilfools #firstdayofapril #intercoastal #ICM #intercoastalmortgage