Charlie Fleming, President, Remarkable Mortgage
1) What would you tell buyers who are waiting to buy due to rising interest rates? Those who are waiting for rates to go down, are actually waiting for home prices to go up. We are seeing normalized market conditions, where buyers are obtaining longer contingency periods, longer days of due diligence, seller paid closing costs, and in certain instances, sale contingencies on a home that they are telling to sell.
2) Can you explain the difference between an ARM and Fixed loans? An ARM is an adjustable rate mortgage, where the interest rate is fixed for a certain amount of time, and then adjusts based on a financial metric such as a LIBOR, where a fixed loan is fixed for the entire duration of the mortgage
3) What do you predict for the housing market in the upcoming year? It’s hard make predictions, especially about the future. I would say we will continue to see rates around the mid 5’s, inflation to remain under control through harsh federal reserve actions, and a healthy spring and summer market. I don’t think we will ever see the 2020 and 2021 numbers, but we should anticipate a year similar to what we saw in 2016, 2017 and 2018.
4) If you could go back in time and give yourself one piece of advice before buying your first home, what would it be? Have more money saved up for emergencies. I moved in my first house and had some problems with my house. Common repairs and stuff the inspector DID mention, but I delayed it. I always advise my clients to have some sort of emergency fund saved up, and tell my story!
5) Can you tell us a little about how down payment percentages change based on loan types? The top 3 most popular loan programs out there currently are Conventional, FHA, and VA. Conventional loans offer 3% down to qualified buyers, but most like to strive to come up with 5% because you obtain cheaper Private Mortgage Insurance with the 5% down option. That said, 3% down can sometimes be a LOWER rate than 5% down on conventional! FHA has a minimum requirement of 3.5% down. FHA is typically used for individuals with lower credit scores (580-700). FHA is still a popular and strong product for many. The VA loan, in my opinion, is the safest and most secure loan on the market. When it comes to home financing, the VA gets it right on this and offers a strong product for eligible Veterans. A VA loan offers 100% financing for qualified Veterans.
6) What criteria are lenders looking at when pre-qualifying buyers for a loan? Two big things: credit score and debt to income ratio. These feed into each other and give lenders a great framework to work on: will the buyer have the ability to repay the loan, is their income stable, and can they handle this new debt we are giving them?
About Charlie:
Charlie Fleming | President | Loan Officer | NMLS #1201695, Remarkable Mortgage NMLS #491039 | (404) 213-2447
Mortgage lending goes beyond simply selling a loan to a borrower. It’s about connecting the borrower to their future home. To me, nothing is more rewarding than watching a client become a homeowner knowing that I was part of the process.
My industry experience has taught me to take the time to understand my clients: What’s their story? How can I help them in their pursuit of a home? When I see my clients as real people with real goals, needs, and dreams, I get to create a lending experience that redefines the standard.
All clients have a story to tell. What they need is a lender who can personalize a loan to meet their wants and needs. My job is to make the complicated process of obtaining a home loan simpler. At Remarkable Mortgage, we achieve this by modernizing mortgage lending. As your Loan Officer, I promise to connect you to your future home and facilitate a quality lending experience of exceptional value.
Courtesy of Remarkable Mortgage