Joe and Trenity, "The Mortgage Couple" with AMIC joined us on Studio10. They talked about certain lending programs and refinancing options that might be right for you! Click on the video link to see more.
Here is a look at some questions and answers provided by Joe and Trenity:
How is business with AMIC?
Super Busy! Not only has the home purchase market seemed to stay steady, even with the kids back to school, the refinance business is just crazy as well. Home owners have been in a stable or negative equity position for so many years, and now getting the flexibility to do some cash out refinances for debt consolidation, home improvements and many other uses.
What do you think is the reason for such a strong refinancing market?
Definitely the appreciating housing market. While regulations and lending guidelines have gotten somewhat cumbersome to work with, one of the best things to come out of the housing crash was the regulation placed upon appraisers and how they do their jobs and the limited interactions that mortgage loan officers have in the process. The appraisers are really the “gatekeepers” for the investors that are loaning money on homes. As long as those appraisers, and the ones in Mobile and Baldwin county are some of the best around, keep giving accurate accounts on home values, and keep investors out of trouble, lending programs will continue to open up and homeowners will have more and more opportunities to own homes and utilize their equity.
Over the last few months, have you seen any particular lending program that seems to be getting more popular?
Certainly, our USDA loan program, which is designed for the more rural areas of Mobile and Baldwin county, are definitely picking up. This program allows 100% financing on home purchases, and in many cases even offers help with closing cost. The required credit scores are very generous. Underwriting times on these are a little longer than the typical FHA or Conventional loans we offer, but can still close in less than 30 days.
Joe, you wanted to mention something about your Veterans Lending programs?
Yes, we just thought, with everything going on in our society today, it is important to keep our Veterans and First Responders in our thoughts and prayers. Being a Veteran myself, I feel like the VA programs are hard to beat. Trenity and I, and AMIC in general, are very proud of the programs we offer to our Veterans. We have 100% financing, allow the highest debt ratios of any loan programs, some of the lowest fixed rates, and the VA offers this with no Private Mortgage Insurance. Many of our VA refinance loans are done with no appraisal required as well. The mortgage couple even goes a step further and we pay the appraisal fee for our Veterans.