How to Make 2018 the Year of Your Home Advantage
Steve Carter
Branch Manager | Mortgage Expert | Passionate Cook
How to Get In Touch with Me
“For nearly 30 years, I’ve helped people learn how to take advantage of home financing to fulfill their dreams and goals.
If you’ve got a question about home financing, shoot it my way. I’ll respond quickly with an answer.”
Call Me at
(904) 379-4748
or Send Me an Email
I’m glad you’re here. Wow, 2017 has come to a close. My wife and I are shocked how fast the year went.
However, in the mortgage world, 2017 left behind some pretty amazing gifts for us. That’s why I’m feeling very optimistic about the opportunities available for home buyers and owners in 2018.
I want to take a few moments to share the home financing advantages I see for you this coming year plus offer you a free gift (it’s an advantage that could be financially beneficial to you in 2018—details below).
First, Let’s Talk About Increasing Home Values
This is an amazing time for homeownership. Zillow Home Value Index shows that median home values increased 6.5% nationwide this past year.
That’s Impressive, But Check Out Jacksonville Area Home Values
- They’ve gone up 9% in a year
- They’re predicted to increase another 3.5% next year
Homebuyers shouldn’t worry about appreciating home values. Instead, you might want to consider this an opportunity to purchase a home while values are still affordable and interest rates still historically low.
If you’re thinking about buying a home in 2018, let’s talk. With my experience, knowledge and creativity, you might be able to leverage your income and buying power to your advantage. For example, a preapproval may help you save thousands of dollars at the negotiating table.
Homeowners may want to take advantage of increased home value by refinancing or cashing out. You could consolidate debt, pay for improvements—maybe lower your monthly payments.
Here's an Advantage You Can Use
Did you know you could skip two mortgage payments when you refinance?
How’s that for a financial bonus?
2017 Brought Exciting Home Financing Opportunities for Everyone
2017 seemed to be a milestone year for home financing program changes—all geared toward making it easier to get approved for a home loan.
Here are a couple that caught my attention:
Loan Limits Increase
The Federal Housing Finance Agency (FHFA) gave everyone a gift by increasing conforming loan limits to $453,100 starting January 1, 2018.
That increase provides you more opportunity to avoid jumbo home interest rates and borrow money at competitive rates—an opportunity that could help you save thousands of dollars.
This move by the FHFA might be the reason both the VA and FHA increased their loan limits.
Who Could Take Advantage?
Military Members & Veterans can purchase a more expensive home.
Low-Down Payment Homebuyers have more buying options.
Homeowners can leverage lower loan rates & more lenient underwriting guidelines when they refinance.
Increased Debt-to-Income Ceiling (DTI) Maximum
If you carry debt, getting a mortgage got easier this year. Fannie Mae increased its DTI maximum from 45% to 50%.
DTI ratios are how lenders measure your ability to manage monthly payments to repay the money you’ve borrowed. That 5% increase could be significant in getting a mortgage approval.
Who Could Take Advantage?
Previously Denied Borrowers due to their DTI ratios being too high.
Student Debt Holders may have an easier time getting qualified for a mortgage.
Households with 1 Employed Spouse & 1 Self-Employed Spouse may be able to qualify for a mortgage using only the employed spouse’s income.
Borrowers with a Home Currently on the Market might be able to qualify for home financing while still making a mortgage payment on a home is up for sale.
I believe Fannie Mae’s debt-to-income ratio increase could be a game changer for homebuyers struggling to qualify for a mortgage.
That 5% increase could be the deciding factor for approval for borrowers. Not only could it open the door of homeownership for young, first-time homebuyers, it also could be a path to a higher quality home for many.
Needless to say, I’m excited to help people take advantage of these change in home lending.
And That Brings Us to My Advantage Gift to You
I’d like to offer you a free personal Mortgage or Homebuyer Readiness Analysis.
For Homebuyers
I’d be excited to get you started on purchasing a home in 2018.
We'll Take a Look At
Home Buying Readiness: I’ll review your credit, income & other items to make sure they align to give you the best possible home financing terms. If you think you’ve got credit challenges, let’s see what I can do—you might be pleasantly surprised.
Home Buying Game Plan: I’ll help you come up with a home buying strategy that will get you the home you want and deserve.
Preapproval: I’ll help you take full advantage of a preapproval, which may help you streamline your house hunting, strengthen your negotiating power and get you to closing faster.
For Homeowners
I’ll be happy to evaluate your current home and personal position. We could reveal opportunities that could make or save you money.
Opportunities We'll Look For
Increased Home Value or Equity: You might be able to pull some cash out for home improvements, consolidate debt or pay for large expenses like college tuition or a vacation. Plus, you might be able to eliminate your mortgage insurance.
Increased Income or Credit Score: You might qualify for better terms that could reduce your monthly payments or length of your mortgage—saving you thousands over time.
Lower Interest Rates: Lower rates could also help you reduce your monthly payments.
Let’s Schedule a Discussion
Give me a call at
(904) 379-4748
We'll put you on the calendar to discuss what home financing advantages I can help you achieve this year.
I look forward to speaking with you.