Hey there, Bruce Woodburn CrossCountry Mortgage WDBO radio and now WFLA Radio on Saturdays at two o’clock, please feel free to tune into my show. These are the three big things you need to know. As usual, every Friday I like to keep my clients, and my realtor and builder partners informed as to what’s going on in the industry that might pertain to you. So whether you’re in real estate or not, if you own a home, this is probably important to you.

1. So the first big thing you need to know is that this week, the bond market took quite a hit. Now, I don’t know if it’s because of the whole thing on the capital that’s stirring up uncertainty in the market. I can’t really tell for sure the reason. But when the bond market takes a hit, interest rates go up. Now, for many of you that listen to my radio show and talk to me on a regular basis, you know that I’ve been warning everybody that rates are going to go up. A lot of folks are like yeah, you’re nuts Bruce they’re not going to go up. Well guess what happened this week! They went up and they went up about 100 basis points in one week. What does that mean to you, whatever was zero points on Friday was one point on this Friday, so it really can make a substantial difference. So, I’ve been encouraging anybody out there that is not refinanced yet, and has a rate in the fours or higher, to give me a call. It’s really important. I’ll analyze whether refinancing is the right thing for you to do. Believe me, most lenders, if they can just drop your rate, will tell you to do it, not me. I want to analyze it, I want to make sure that the cost to refinance is appropriate for you based on the savings that you’re going to have. I had two clients this week that called me, one was in the fives and one was in the sixes. So, it’s a great time to examine the opportunities for you to save money.
2. Second thing is, I’m having my mortgage strategy class for real estate agents this month. So, if you’re a real estate agent you need to know, and become more informed as to what’s going on with all the new guideline changes. Maybe you want a refresher on condo loans, construction perm loans, PMI forbearance periods, people that got PPP money, you know, these are big things for us right now, and they can affect your client qualifying. So, if you’re not completely up to speed on all the current guidelines, you owe it to yourself to attend. January, the 28th at 10am and you can register on my website. That is for real estate agents who want to know more about what’s going on. You can respond to that request with specific questions that you want to know about so I can make sure I cover them in my class. It’s about an hour and a half long and we’re going to cover a lot of important things and fairly quickly. But there will be time for questions and answers. So, Sign up now!
3. The third big thing you need to know is about construction perm loans. So, most lenders don’t do construction perm loans. A construction perm loan means you want to incorporate a lot and build your own home, not from a production builder, but you want to buy a lot and build a home on it. Or you own a lot, and you want to build a home on it. So, I have got the absolute most amazing construction perm loans. Most lenders will only do conventional loans, and they want 20% down and you better have 750 credit scores. I’ll do 10% down conventional, as long as you’re approved eligible, I’ll do it. But here’s the sweet spot. I have FHA 3.5% down construction perm loans. I have VA zero money down construction perm loans. You can’t go wrong with that; you absolutely can’t go wrong with that. If you are a small builder, and you’re building say, five to 25 homes per year. I think it’s a great opportunity for you to give me a call, I guarantee you the business that we do in construction perm outweighs any lender that you’re doing business with, you owe it to yourself to give me a call. Let’s find out how we can partner together and help more people that want to build on their own land.

In the meantime, have a great weekend. It is January the eighth, and we will be back here same time next week for three big things you need to know, at any time. If you need my help on purchasing or refinancing a transaction my team and I would be grateful for the opportunity to assist you. Thank you so much, and I look forward to seeing you again next week. In the meantime.