The Mortgage Minute, Sept 22, 2023

Greg Williams Weekly Mortgage Report

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www.dhirubhai.net/in/mortgagebankergreg ?

Happy tidings Realtors, Brokers, Bankers, and Agents and welcome to the Mortgage Minute!

What are clients saying about us?

"Greg is consistently going above and beyond. He often answered every request within a few hours, even when we didn’t expect an answer on the weekend. He has been most expedient with all paperwork too, especially the preapproval!"—Janelle & Jeremy, closed September 2023

Weekly Mortgage Market Updates

The Federal Reserve held their rate steady after their September meeting, but verbiage in their statement about holding interest rates “higher for longer” caused mortgage rates and treasury yields spike to levels not seen in more than two decades.? On Thursday, I attended an economic forum presented by Roger Tutterow, PHD, from the Coles College of Business at Kennesaw State University.? The state of the Real Estate market was discussed as a segment, with predictions of continued supply and demand imbalance, keeping home prices elevated.? The short term outlook for interest rates is stable/slightly higher and the Fed isn’t expected to lower their Federal Funds Rate until Q3 of 2024.?

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HOME POSSIBLE = HOME PROBABLE

Our exclusive Home Possible program helps with below market average rates and “in house” down payment assistance for prospective homebuyers, let’s take a look at a common scenario to review the difference:

Scenario 1:? First time homebuyer puts 3% down on a $375,000 home in Atlanta, GA.? The property is in a Majority Minority census tract and buyer has annual income of $110,000 with a 725 credit score.

The First Horizon Home Possible loan with our Diversity Grant results in a rate of 6.875% with estimated monthly payment of $2994 and a grant of $5000 the buyer can use for down payment and closing costs.

With the same parameters, a regular conventional loan would yield an interest rate of 7.25% and estimated payment of $3131 per month with no grant funds.

Our expanded Home Possible program would result in savings of nearly $150 a month and eligible clients could receive a $5k grant.

(This scenario was run on Friday September 15, rates and terms are subject to change, this is not an offer to lend on these terms, this is for illustrative purposes only)

Mortgage Underwriting Tip:

When documenting the assets needed for a down payment or necessary reserves, it's important to send actual bank statements and not online prinouts. Online printouts typically leave out important things like, oh, the name of the account holder, the account number, and sometimes even the name of the bank. Most financial institutions now have online PDFs of your monthly statements available and these are the best way to document the assets.? You can also visit a branch and have a banking representative produce the necessary history along with a bank stamp certifying the information.?

Average Mortgage Rates remain near highest level in two decades?

???? The average 30 year fixed rate increased to 7.47 this week from 7.29, remaining at 22 year highs for the metric.? Persistent inflation and an oversupply of bonds (due to government spending obligations) has kept upward pressure on interest rates and the Fitch credit rating agency downgraded their rating on debt issued by the United States.? This current information is provided by the weekly update from Mortgage News Daily.

Use our grants to market to prospects

Sample social media post:

"Teacher friends, one of my favorite local lenders is offering $6k grants to eligible educators and other employees of the school system! You can use this for down payment and closing costs. I'd be happy to get your home search process going today and connect you with the lending team!"

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You can use our unique products and ENHANCED grants to market to market your listings.? If you’ve got listings in low or moderate income census tracts, most potential buyers would be eligible for at least $5k in grant funds which can be used to pay closing costs.? First Responders, including teachers and other employees in the education system can obtain a $6k grant.? Our Home Start program works in conjunction with the grants and offers up to 100% financing with no PMI!? We’re happy to help determine the census tract for your listing, just give us a call and we’ll walk you through the process ??

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We’re always looking for opportunities to engage with our communities, let us know if we can sponsor your group for a future event.?

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Let’s sell some homes!

Have a great week!

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Greg Williams

AVP/Senior Mortgage Banker

404-457-4143 cell |?

2987 Clairmont Road, Ste 150

Atlanta, GA 30329

NMLS# 151412

https://www.firsthorizon.com/mortgage/greg-williams

Equal Housing Lender

We do Business in Accordance with Federal Fair Lending Laws

UNDER THE FEDERAL FAIR HOUSING ACT, IT IS ILLEGAL, ON THE BASIS OF RACE, COLOR, NATIONAL ORIGIN, RELIGION, SEX, HANDICAP, OR FAMILIAL STATUS (HAVING CHILDREN UNDER THE AGE OF 18), TO:

Deny a loan for the purpose of purchasing, constructing, improving, repairing, or maintaining a dwelling, or to deny any loan secured by a dwelling; or

Discriminate in fixing the amount, interest rate, duration, application procedures, or other terms or conditions of such a loan, or in appraising property.