INTRODUCING GREEN HOME LOANS
After 6 great years at Fairway, we have decided to open up our own company –
GREEN HOME LOANS 🎉🎉
What does this mean for our Agent Partners:
* More Opportunities to Form True Partnerships
* Wholesale Rates
* $0 Lender Fees
* Every Product on the Market
* With the Same Great Service
If you don’t think your client is getting a great deal, we created an easy form they can fill out so we can compete for their business.
Also, check out our updated Realtors Tools Menu including our Realtor Infinity Partnerships here:
We are grateful to get to work for a great company like Fairway for 6 years,
But also excited for this change for us and our partners.
Below is my updated contact info.
🏡 Reggie Green
🐸 Owner / Green Home Loans
TODAY’S INTEREST RATES
Mortgage rates finally settled down after major volatility in the prior weeks.
Average interest rates across America went down about .1%.
Mortgage Interest Rates are hovering around 2 month lows which is fantastic for spring homebuyers.
The average rate for a conventional client across America is 6.44%.
This week, all eyes will be on Friday’s Jobs Report. More job creation than expected in February, caused rates to jump up throughout the month.
THE MAJOR BENEFIT OF BUYER PAID HOME LOANS
As a mortgage broker we can take any client as buyer paid.
In Layman’s terms, this means we take all the profit out of the loan and then can charge the client origination fees for our compensation.
The great part about this is our origination fees can be counterbalanced by a lender credit towards other fees such as appraisal, title, and prepaid items.
See real rate sheet below taken on 4/4.
The above rate sheet pulls out our compensation and we can start offering much lower rates.
We do need to charge origination fees to make a profit.
On the above example for a $300,000 Loan Amount – let’s say I charged 1.75 origination points or $5,250.
At 5.625%, I’m charging $5,250 but I’m also giving a lender credit towards other fees – essentially making lender fees: $4,362
At 5.875%, I’m charging $5,250 but I’m also giving a lender credit towards other fees – essentially making lender fees: $2,328
That is a rate in the 5%’s, while essentially charging the client less than 1% in points.
This is a major benefit of brokering – complete control over pricing and the ability to go low for well-qualified clients.
Game changer as we can compete and win practically any deal we want to.
HOME APPRECIATION AT 3.8% ANNUALLY
January’s S&P CoreLogic Case-Shiller U.S. NATIONAL Home Price NSA Index (say that 5 times as fast as you can) has annual home prices up 3.8% nationally.
The report covers the period from November 2022 to January of 2023 – so there is some lag to the data.
Home prices declined in many market from May of 2022 to December of 2022, but the substantial rise in early 2022 is still outpacing some of the
value drop after May of 2022. Many markets are also seeing a positive uptick in 2023, which will not be reflected in this data yet.
Here is how major cities are fairing with annual home appreciation.
- Miami +13.8%
- Tampa +10.5%
- Atlanta +8.4%
- Charlotte +8.1%
- New York +5.2%
- Dallas +5.0%
- Cleveland +4.8%
- Chicago +4.8%
- Boston +4.2%
- Detroit +3.2%
- Washington +2.4%
- Minneapolis +1.7%
- Denver +1.0%
- Los Angeles +0.9%
- Las Vegas +0.4%
- Phoenix +0.0%
- Portland -0.5%
- San Diego -1.4%
- Seattle -5.1%
- San Francisco -7.6%
I think with all the negative media about housing, the below graphic say a lot.
Reminder that fear gets clicks and eyeballs.