Sierra Pacific Mortgage is Pre-Underwriting Buyers

The two phrases used very loosely in the mortgage business are “pre-qualified” and “pre-approved”.   Pre-qualified meaning an interview has been done with the potential homebuyer and based on the conversation a dollar amount and loan type are established for the buyer.  Pre-approval takes the process one step further and verifies income, asset, and credit document to verify their accurateness. These statements alone usually mean little, because they are (or should be) accompanied by the phrase “subject to underwriting approval”.  They are only backed by the reputation of the loan officer that offered them. 

Sierra Pacific Mortgage is changing this loose practice of merely stating that a potential homebuyer is qualified by providing an underwritten approval prior to a buyer making an offer on a home.  As an underwritten buyer, a home purchaser can now offer with confidence knowing that they have certainty on the loan piece of the transaction.  Agents also recognize the value of having a pre-underwritten buyer in a competitive marketplace.  Anything that can make a homebuyer’s offer standout in the eyes of the listing agent and seller should be taken advantage of in a multiple offer scenario.  

Call the Easterbrook Team in Folsom to start the pre-underwriting process. Not only are we “Making the Process Easy”, we are creating certainty in homebuying.

916.850.6050  EasterbrookTeam@spmc.com

Rates are Still Historically Low!

Rates are Still Historically Low!

It’s easy to forget how good we still have it when rates on a 30 year fixed rate mortgage were in the low 3’s.  One of the most significant ways the Fed stimulates the economy is lower and raise rates based on a variety of factors, such as the unemployment rate (which is currently at record lows).  Since the US economy has had a good run lately, the Fed has started to steadily increase the rate at which lenders borrow money.  We pass the cost on to the borrower in the form of higher interest rates.

As 30 year fixed rates climb back into the 5’s however, ARMs will be a tool that many buyers will consider to lower their monthly payments.  Call the Easterbrook Team for other options as well. 

The Easterbrook Team

916.850.6050

EasterbrookTeam@spmc.com

"We Make the Loan Process Easy!"

Some Borrowers could Benefit from an ARM

Some borrowers could benefit from an ARM

ARMs may make sense for borrowers that typically do not plan to stay in their home for a long enough time for the introductory rate to expire. 

Another group of borrowers that could benefit from an ARM are those with the means to pay off the mortgage before it adjusts allowing them to take advantage of the low introductory rate. 

The Easterbrook Team

916.850.6050

EasterbrookTeam@spmc.com

"We Make the Loan Process Easy!"