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April 28, 2023

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The mainstream media is spreading a lot of misinformation about "new" mortgage fees... I bust the myths in this month's email.


Here is what else you'll find in this month's Two Cents Monthly...

  • Words to live by
  • Mortgage Corner (busting the myths!!)
  • Easily track mortgage rates
  • Streaming channel updates for May
    (BONUS: what's best to watch)
  • A puzzling game
  • Do WHAT with dryer lint?
  • A broken smart home
  • Chicken never tasted so good


Reply back and let me know which article caught YOUR eye!

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WORDS TO LIVE BY

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MORTGAGE CORNER

No, having good credit is NOT going to cost you more on a mortgage, and other mortgage myths...

The headlines are everywhere the last few days about how mortgage costs are going up on May 1st, and how borrowers with higher credit scores will pay higher fees than borrowers with a lower score. Although there are some truths woven into this narrative, the reality is that most of this information is wrong.


Here are a few things to know...

1. These changes take place for loans received by Fannie Mae and Freddie Mac after May 1st, but were actually announced back in January. That means the loans were closed in March or April, and the fees were already applied by most lenders since late February.

TAKEAWAY: These fees have been applied for months already and are not starting on May 1st.


2. The headlines screaming that higher credit scores are going to pay more are taking things out of context, and some are just wrong because they are misinterpreting a graph that was created by a popular mortgage site showing the difference between old fees and the new fees rather than actually referencing the fees themselves.

TAKEAWAY: Borrowers with a higher credit score will always pay less than a borrower with a lower credit score in the same situation, putting the same amount down.


3. Putting a higher percentage of money down CAN lead to higher fees in some situations. However, that doesn't mean it is a good idea to put less down, because this doesn't account for mortgage insurance that is needed that makes them more expensive.

This is a bit confusing, that putting more money down would actually lead to higher fees. It has to do with risk to the agencies, and factors in the mortgage insurance which helps offset some of that risk. Under the old structure, there were situations that this also occurred.

TAKEAWAY: How much you decide to put down can affect the mortgage fees paid, as well as mortgage insurance and how likely your offer is to be accepted or to compete with other offers and is a conversation best had with a mortgage professional.


What isn't being reported?

All borrowers putting down 5% will now pay less fees than previously required!


If you want to know more about the new fees, just contact me and I'd be glad to tell you the REAL information.

Contact me today if you want to talk more about getting prequalified for a new home purchase, or if you'd like me to run some numbers for you to see if refinancing makes sense. or if email is easier.


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WANT TO KEEP TRACK OF MORTGAGE RATES?

Sign up for my Weekly Rate Forecast!

If you or someone you know is thinking of buying or refinancing and want's to get the most up-to-date information not just on where rates have been but where they are going, sign up for my Weekly Mortgage Rate Forecast email.


Get it at the beginning of each week, and unsubscribe at any time.

http://www.weeklymortgagerateforecast.com/wrf-signup

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WHAT TO WATCH

Everything Coming to Netflix, Disney+, HBO Max & Other Streaming Services in May 2023

May is upon us, and you know what a new month means. The arrival of another month always means that every major streaming service is preparing to add a ton of new movies and TV shows to their lineups. No matter what you're into, the next four to five weeks are going to give you plenty to add to your watchlist.

Netflix»

Disney+ »

Max (HBO Max)»

Prime Video»

Hulu»

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BONUS!

The Ultimate Guide to What to Watch on Netflix, Hulu, Prime Video, HBO Max, and More in May 2023

Check out TV Guide's best of the best for May!

Click Here for can't miss TV»

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A REAL PUZZLER

Place each number from 1 to 16 into this grid so that the sum of each column is equal to the number at the top of that column, and so that the sum of each row is equal to the number at the beginning of that row. There is only one solution.

Can you do it?


Scroll down to the bottom to see the answer...

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The Hangover/Warner Bros. Pictures

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HOME CARE

Five Weird Ways to Use Dryer Lint

Pulling a big handful of lint from your dryer isn’t exactly everyone’s favorite household chore. But, regularly removing lint keeps your dryer vent clean and reduces the risk of a fire. It’s a quick and necessary cleaning practice. But, what do you do with your lint once you’ve removed it?

Read More»

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Not-So-Smart Home Stories

My Smart Home Is Broken and I Just Don’t Care Anymore

I walk into my office, and the light should just turn on. But it doesn’t. The same goes for my other “automated rooms.” I could fix them. Again. But they’ll break again. And lately, I just don’t care when my smart home doesn’t work. It’s a sad state of affairs for the once-promising future.

Read More»

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PUZZLE ANSWER

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YUMMY RECIPES

30 Chicken Recipes Perfect For Spring

These recipes will have you feeling like a, well, spring chicken.

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Hammer Solutions, LLC 260 Leaping Cat Ln Waynesville, North Carolina 28785 United States (973) 200-6808

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