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March 30, 2014

Free Useful Tool So EZ Mortgage Calculator v2.0 Now Free

So EZ Mortgage Calculator v2.0 

Release Date 4/1/14

Input the information from the quotes you received from various lenders and compare lenders side by side and compare products side by side. That's So EZ!

Refinance Screenshot

More than just a comparison tool, this will allow you to see in depth, how much you are saving monthly, annually and over the course of the term. This will also help you determine how much down you will need and your PITI in some cases your PITIMI. 

Purchase Screenshot


March 28, 2014

Make Your Purchase Offer Stand Apart With A "So EZ Closing" Offer Of 21 Days Or Less

How many days does it take to get a mortgage approved? Less than it used to.
According to mortgage origination software provider Ellie Mae, U.S. lenders cleared loans for closing at the fastest rate in 7 months. It now takes 42 days, on average, to close on a mortgage purchase loan -- down five days from the month prior.
It's a meaningful improvement for today's active buyers. Mortgage closings of 45 days or fewer benefit from lower rates as compared to closings of more than 45 days. I have personally seen retail banks like BofA and Wells Fargo take up to 180 days to close a loan. Some cases are so long a second appraisal is required because the first one expired and the same with the credit report. The second credit report has killed some deals.
However at So EZ Mortgage we close even the most complicated purchases in less than 30 days. Our average funding time on a purchase is 17 days, from the day the purchase is accepted to the day escrow closes. 
I recommend getting pre approved with us to ensure you get your loan closed on time. Its ok if the seller says you must be pre approved by their lender, they cant force you to use their lender. If they try to, just inform them its against the law to do so. You will see their pricing is worse than ours and that is the reason they want you to use that lender. The lender is charging you a premium so they can most likely kick back someone on the side. Keep your lender separate from your buying agent to maintain integrity. 

Allowing your agent to facilitate your loan may seem so ez to you, but it probably wont be worth it in the end when you are paying more than you should and get no benefits after the loan funds. With So EZ Mortgage, we have something most lenders and brokers don't have. An auto pricing engine that will monitor rates for you on a daily basis and notify you if and when you can drop your rate for free. This insures you always have the lowest rate for no cost.

If you have not refinanced or purchased a home with us, feel free to call or write us with your current loan info and we will add you to the automated rate watcher. 

(855) 955-SOEZ  (7639)

March 3, 2014

The Odds Are In Favor of Lender Paid Mortgage Insurance VS. Private Mortgage Insurance For Purchase Or Refinance

Below is the generic example that goes out as a disclosure to borrower who select LPMI. This clearly shows that LPMI is not only better in the short run, but even over the course of ten years. 

What it does not show is the exact dollar difference, instead its expressed in the form of  LTV%. I will make it EZ for you. Since they leave out the purchase price and home value, you have to just estimate based on the original loan amount. However my math shows that your loan amount will be $375.00 higher after 10 years based on LPMI, however you paid $2,600.00 less. So really you saved $2,225.00. Even if you re financed or sold the home after 6 months, you will have saved even more. So if you ask me, always jump at the chance to get LPMI regardless of weather home values are going up or not, because rates could be going up with the values and therefore LPMI still would have been the best option. 

However if you have to go FHA because of the requirements for a conventional LPMI, you have no choice but to go BPMI.