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2024 – The year of the Refinance
Could 2024 be the Year of the Refinance?Why market conditions are primed for BOTH homebuyers and refinances in 2024!Market conditions continue to improve as we roll into 2024. In this video I discuss why 2024 could be an optimal opportunity for refinances and homebuyers alike. I want to make sure you’re ready, both from a timing standpoint and a strategic standpoint. As a mortgage broker, we typically have access to the lowest rates first, and generally we close a re-fi in 10-15 days.Financing your home and finding your mortgage lender are critical steps in the home buying journey. Let me help guide you through the Mortgage Process. I would love to help you!If you would like to learn more or would like to chat about your scenario, please book an appointment with me: https://calendly.com/mike-mularczykemail – mike@dovetail-mortgage.comAPPLY NOW! - https://www.blink.mortgage/app/signup/p/dovetailmortgagellc/michaelmularczyk
Buy A 4, 3, or 2-Unit Multi Family For 5% Down!
Fannie Mae New Guidelines for Multi-Unit Purchases Start November 18th I'm excited to share the fantastic news that could transform your thoughts on homeownership and real estate investing. Starting after November 18, 2023, Fannie Mae is introducing a groundbreaking change: they will now accept a mere 5% down payment for 2-, 3-, and 4-unit homes you plan to live in! Acquiring a multifamily home required a substantial 15-25% down payment for years. However, with Fannie Mae's new guidelines, purchasing such properties just became more accessible than ever before. Consider this: previously, buying a $500,000 triplex meant putting down $125,000. Now? Just $25,000! That's a significant $100,000 difference! Buying a multifamily property isn't just about having multiple units. It's a strategic move. You can live in one unit and rent out the others, generating rental income. This can offset your mortgage payments and even provide a passive income stream. Plus, it's an excellent opportunity for budding landlords to gain experience. If you would like to learn more or would like to chat about your scenario, please book an appointment with me:https://calendly.com/mike-mularczyk Start an application! -https://www.blink.mortgage/app/signup/p/dovetailmortgagellc/michaelmularczyk
The Top 5 Reasons You Should Consider Buying a Home in 2023
The Video You MUST Watch Before Buying a Home in 2023! Are you considering buying a new home this year, but not sure about the market? This video covers five essential things you need to know about buying a home in 2023 and the reasons why. The home buying process can be confusing, overwhelming, and sometimes just downright frustrating. Have mortgage questions? I’ve got answers. Financing your home and finding your mortgage lender are critical steps in the home buying journey. Let me help guide you through the Mortgage Process. I would love to help you! -Mike
How RI Home Buyers Can Receive A $17,500 Down Payment Grant
On Wednesday, January 25th, 2023, Governor Dan McKee and RIHousing announced the launch of the new RI Statewide DPA Grant Program. Qualified first-time home buyers can receive up to $17,500 in financial assistance and can be used to purchase primary residences of single-family homes, condos, and up to 4-unit multi-family homes. Because it is a grant, no re-payment is required, even on re-sale! Find out if you qualify! https://www.mikemularczyk.com/ri-dpa-grant You can use the money for: - Down payment - Closing costs - Escrow funds - Points - Prepaying mortgage insurance The program is being funded through the federal American Rescue Plan Act, with $30 million being earmarked to address housing issues in Rhode Island. Now it’s important to mention that once these funds are gone, the program ends. Massachusetts ran their version of this program last September. Funds were expected to last 6 months and they were depleted in 11 weeks. So if you’re interested, please reach out to me and I would love to help you. If you would like to learn more or would like to chat about your scenario, please book an appointment with me: https://calendly.com/mike-mularczyk
Lower Loan Costs for First-Time Homebuyers!!!
FHFA cuts upfront mortgage fees for about 1 in 5 home buyers! First-time home buyers are about to see lower loan costs... Beginning December 1st, The Federal Housing Finance Agency (FHFA) is eliminating fees on mortgages for about 20% of home buyers. It’s a move that could lower rates and boost affordability for many Americans. There are four groups of home buyers that will see their upfront loan fees — also called guarantee fees or “G-fees” — eliminated when using conventional loans backed by Fannie Mae or Freddie Mac. In this video I talk about these new changes, how they work, and who can qualify which could potentially reduce your interest rate by up to 1.75%!!! This is a big deal for first time homebuyers who have been crushed by high home prices and high rates - making affordability for many of them a MAJOR issue. If you were getting quoted a 7% rate a few weeks ago, you could very likely see a 6 or even 5.5% rate as a result of these changes.
December Market Forecast – RATES HAVE DROPPED!
December Market Forecast and Important December Dates! November’s inflation report showed inflation rates have been steadily declining since their peak in June. As a result, we saw mortgage interest rates drop despite the Fed consumer rate increase two weeks ago – providing some relief for homebuyers. In this video I talk about what December’s upcoming Inflation Report and the next Federal Reserve rate announcement. Two critical dates that will influence what may or may not impact mortgage interest rates. I discuss scenarios on what the FED might do, the reasons why, what this means for mortgage interest rates for the rest of the year and into 2023, and my “Hear me now, believe me later” prediction for 2023. If you would like to learn more or would like to chat about your scenario, please book an appointment with me: https://calendly.com/mike-mularczyk email – mmularczyk@newfed.com website – https://www.mikemularczyk.com Follow me on Facebook - https://www.facebook.com/profile.php?id=100071881397493
Fed November Rate Increase (Again) – Recession Proof Your Family in 2023
Once again, the Fed has increased short-term interest rates by an additional .75%. This makes it the 4th consecutive time they have raised the federal funds interest rate by 75 basis points. So far, the Fed's rate hikes in 2022 have increased by a combined 3.5 percentage points — which means your monthly payment has more than doubled on your equity line and spiked excessively on your bank credit cards ( avg rate is now 19% ). This is where the Fed hikes are causing the most pain to the consumers. In this video I talk about how these rate increase impacts you as a consumer, where I see the mortgage and real estate markets progressing over the next few months and explain why it is crucial that you have a plan to protect yourself and your family as we move into 2023.
WHAT IS A 2-1 BUYDOWN AND HOW DOES IT WORK?
By now we all know mortgage interest rates are up – WAY up. These high rates are creating major affordability issues for homebuyers. High rates drive higher monthly mortgage payments which are creating difficulties for potential homeowners looking to enter today’s real estate market. This is especially true for first-time homebuyers. Recently I’ve been implementing the 2-1 Buydown Strategy which is helping today’s homebuyers manage the burden of increased monthly mortgage payments due to high interest rates. In today’s video, I will describe in detail how a 2-1 Buydown works using a specific scenario where I was able to save my client $668 on their monthly mortgage payment.
How Home Buyers Can Receive $50,000 Through The MassDreams Grant Program
On September 12th, 2022, Mass Housing announced the launch of the new MassDreams Grant Program. Qualified first-time home buyers can receive up to $50,000 in financial assistance and can be used to purchase primary residences of single-family homes, condos, and up to 4-unit multi-family homes. Because it is a grant, no re-payment is required, even on re-sale! Find out if you quailfy: https://www.mikemularczyk.com/massdreams-landing You can use the money for: - Down payment - Closing costs - Escrow funds - Points - Prepaying mortgage insurance How much financial assistance will be available through the grant? The grant will provide up to $50,000 in financial assistance to buyers who make up to 100% of the Area Median Income, and up to $35,000 for up to 135% of the Area Median Income. The MassDreams grant program can be used in anywhere in the State of Massachusetts, provided you are CURRENTLY living in one of the communities deemed to have been "disproportionately impacted by Covid." The list of eligible cities and towns includes: Boston (all neighborhoods), Attleboro, Barnstable, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Framingham, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield, Quincy, Randolph, Revere, Salem, Springfield, Taunton, Westfield, & Worcester.
Bringing Back Affordability in Today’s Housing Market
We all know interest rates over the past several months have increased faster than in any point in our history. The impact this has had on buyers has been MASSIVE - and not in a good way! Buyer's in today's market are either - 1) disengaging and sitting on the sidelines - OR - 2) having to go get re-qualified and now, these revised pre-approvals are coming back with a significant reduction in their purchasing power. Let me show you how to re-engage buyers back into the market in this high-rate environment - bringing back affordability and purchasing power.
Advice For First Time Homebuyers
High cost, low inventory and rising rates have you believing that renting is better than buying? Interest rate paranoia and misunderstanding keeping you from considering purchasing a home? Feeling confused, overwhelmed and just don't know where to start? DON'T GIVE UP! Becoming a homeowner isn't impossible! In this video I will walk you through the process of how to buy your first home in today’s market. A MUST for first-time homebuyers! Let’s make the dream of owning your first home into a REALITY!!! You deserve it; let’s get it!
Price Drop vs Rate Drop – Bringing Affordability Back in Today’s Real Estate Market
Hello, Affordability is THE BIGGEST issue both buyers and sellers are facing in today’s real estate market. The combination of both high interest rates and high prices have caused a lot of problems for borrowers in terms of affordability, ability to qualify, and having to get re-qualified at much lower price points. The higher rates are also beginning the "price reduction" trend, which sellers use to help attract affordable housing for buyers. But, most sellers don't know or can show the actual numbers on how that impacts buyers. This inability to show the numbers and knowledge of how dropping the rates has a more significant impact on a buyer's payment than lowering a sales price could ever have. Price vs. Rate - In this presentation, I wanted to show you, through this side-by-side comparison, how a PRICE DROP amount impacts a potential buyer's payment & qualification, but also how, with the same amount of money, you could triple the positive impact on a potential buyer. Seller Buy Down - The benefits of reducing a buyer rate vs. a list price are numerous, here are just a few of them. Positive Benefits: 1. 3/1 Ratio - A seller could triple savings on a buyer's payment if they applied the same amount of funds they reduced their price. 2. 1/3 Ratio - A seller could apply 1/3 of their potential price drop amount to lower a buyer rate and have the same financial benefits to the buyer. (keeping 2/3 of a possible price drop on their net sheet) 3. Understanding the limited costs to drop rate, a seller could use a Seller Buy Down on full-price offers and protect their comps in the farms that produce the repeat business. 4. Address our buyer's affordability crisis head one with limited funds to implement a seller buy down vs. costly price reductions Marketing Your Property - Now that you understand how powerful a tool it is to reduce rate vs. price with the Seller Buy Down, then let's market your property with a custom SBD Video from me so that we can spread and help affordability to all buyers.