Hey, it’s Bruce Woodburn with CrossCountry Mortgage, The Loan Arranger. And it’s time again for the three big things you need to know. This information is designed to help people that are looking to purchase a home, maybe refinance a home, real estate agents that just want to be on top of their game and even builders so that your representatives know about changes in the industry that may affect you or your clientele.

1. So the first big thing you need to know is I am holding another construction perm class for clientele, realtors and small builders on understanding the process for construction perm loans. So maybe you don’t want to buy a resale home, maybe you don’t want to buy a traditional production built home, you want your own land, but you haven’t got your lot yet. How do you acquire a lot? How do you include it into a construction loan? How does a construction loan work? If you’re a real estate agent, you need to know this. This is a game changer for you, if you are considering building or you’d like to build on a lot or maybe you have land already. You should listen to this if you are a small builder, you build between five and 50 homes per year and you have been in the business for at least three years and you can give me at least three references of houses and clients that you’ve closed recently. You may be a candidate to get on my approved list for approved builders. We’re helping out lots of small builders now and you guys are really doing a great job of taking some of the pressure off the market. That’s the first big thing you need to know.
2. Second big thing you need to know. Interest rates are rising. That’s right. The day of reckoning is here. Okay, so you’re gonna start seeing your rates continue to rise. Listen, inflation is looming, the government has spent trillions of dollars to try to stimulate the economy. It’s the only thing keeping interest rates down. So if you haven’t refinanced yet, you better do it soon. It’s getting ready to go up. If you haven’t locked your rate in yet and you are purchasing or building a home, you need to look at whether you have the option of locking in right now. I’m not in a floating bias, I’m not suggesting my clients float, I’m suggesting that you secure something right away. It’s probably going to get a little bit worse.
3. And then the third big thing you need to know has to do with homeowners Insurance. We’ve all seen homeowners insurance rising pretty dramatically, some double, even triple in the amount of premiums. It’s outrageous. Why is that happening? Well, I had a great meeting with an insurance agent yesterday who helps a lot of our clientele. She was telling me that there is has been something in place where attorneys can get paid three times the amount of the claim and that has been driving insurance rates up. So here’s the tip. If you have an insurance claim on your house, it is not advisable that you hire a public adjuster or an attorney until you’ve tried to settle with the insurance company. If the insurance company won’t settle, then you may be forced to do that. But what happens is once you hire a public adjuster, an attorney, you are relinquishing your rights to all claims. You don’t get the claim anymore, they get the claim. AndI had a client that got no claim money, but her attorney got $12,000. How do you like that for a settlement? So those are the three big things you need to know, super impactful stuff.

I hope this is a value to you. And if I can be of service to you to help you purchase your next home, refinance your next home, help a friend or client. Please call me The Loan Arranger or apply online at WeBringYouHome.com. Have a great day, enjoy your weekend. We’ll be back next week With more of the three big things you need to know.