With a one-time close loan from Cornerstone, you can secure both short-term construction and long-term financing at the same time. You’ll lock your interest rate before construction starts. And once your new home is ready, the loan conveniently converts to your permanent mortgage.One-Time Close Benefits•Avoid higher rates – and higher mortgage payments – by locking your permanent mortgage rate in advance.•Save time by applying for just one loan instead of two separate loans.•Save money with just one set of closing costs instead of two.•Make interest-only payments during the construction period.•Choose the construction timeline that works for you and your builder.
Find out your FirstHome IQ score by taking our quick quiz herehttps://www.firsthomeiq.com/getmyscore I’ve taken a heartfelt step towards a cause that deeply resonates with me - financial literacy and responsible homeownership. I’m proud to announce that I am now an Ambassador for FirstHome IQ, a new nonprofit with a mission to tackle the financial literacy crisis in our nation. Every time I close a deal, a part of my commission will go directly towards empowering the next generation with the knowledge they need to make informed decisions about homeownership. As an Ambassador, I’ll also be committing my time to educate and inspire our future homeowners. I believe that knowledge is power, and by equipping our young people with the right tools, we're paving the way for a better future for everyone. I would like to invite my colleagues and friends to join me on this journey. And to my clients, know that your transaction is now part of a larger movement for change. Together, we can help end the financial literacy crisis.
Our newest temporary buydown program guarantees you a reduced interest rate and lower monthly payments for up to the first 2 years of your jumbo loan!
https://card.winlocal.com/the-niles-team Click the link above or scan the QR code on your phone to download for free The Niles Team digital share card which gives you access to all of our lender and real estate resources! *Complete our online loan questionnaire to get fully approved for our Power Purchase Certified 10 Day Close Loan Program *Sign up for one of our upcoming free homebuyer classes *Schedule a 15 minute dreams & goals pre-purchase call with our team to get your mortgage and real estate questions answered *Check out our online reviews from happy clients and real estate partners We look forward to serving you! The Niles Team
Hello,If you’re reading this, chances are you’re interested in getting the very best mortgage you can get. That’s why I wrote this book. I believe everyone deserves the right mortgage — not just any old mortgage advertised online, but one that actually helps you build wealth. You’re unique, and your mortgage should fit you like a glove.Not all mortgages are created equal, and neither are lenders. Use this book to navigate the market. From picking a lender to selecting a loan, learn how to think about mortgages and the lenders who provide them, so you can get the right mortgage for you.I’d love to work with you to help you select the right mortgage to achieve yourfinancial goals. Let’s schedule a 15-minute get-to-know-you call (here is a link to schedulehttps://calendly.com/thenilesteam/15-minute-pre-purchase-consultation) to see if I can help you. We’ll talk about you, lending and life. And I guarantee, it will be fun.To your future,Ryan Niles, NMLS #357455Cornerstone Home Lendinghttp://www.NilesTeam.com
Overview of Changes *Fannie Mae and Freddie Mac announced that starting with loans PURCHASED May 1, 2023, a new LLPA grid will go into effect. -Lower FICOs, multi units and low LTV investment properties are improving. -Higher FICOs above 70% LTVs are worsening. *Ginnie Mae adjustments are not changing. *The new FNMA and FHLMC LLPA matrices are below *There are new credit score bands at 760+ and 780+. *Several changes to 2-4 unit property LLPAs *BIG increases in fees for many “Cash-Out” loans *AND the BIG ONE!!! Price adjustment for DTI’s over 40% with LTVs over 60%!!! Work with The Niles Team to make sure your buyers are FULLY approved upfront so that their pricing is solid and doesn't change. Lots of lenders will CHANGE pricing on your clients due to lack of upfront underwriting so make sure your clients are working with a professional, local mortgage team. Resources View official changes https://singlefamily.fanniemae.com/media/9391/display FHFA Announcement https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-Updates-to-Enterprises-SF-Pricing-Framework.aspx Fannie Mae Lender Announcement https://singlefamily.fanniemae.com/media/33241/display Freddie Mac Guide Bulletin Announcement https://guide.freddiemac.com/app/guide/bulletin/2023-1 LLPA Matrix https://houseloanwysk.com/wp-content/uploads/sites/2/2023/02/LLPA-Matrix-updated-02-01-23.pdf Freddie Mac Exhibit 19 Credit Fees https://houseloanwysk.com/wp-content/uploads/sites/2/2023/02/exhibit_19_effective-05.01.2023.pdf
Welcome to LoanFly! The app and online portal that makes buying a home plain easy. Whether it's your first home or your tenth, LoanFly has all the tools to get you from start to home, so let's take a look! Watch the video above and other information to the right for more information and make sure to download The Niles Team LoanFly App at www.loanfly.com/thenilesteam.
Planning to relocate out of state? Have friends and family in other states who are looking for a great lending team? We’re here to help! Cornerstone Home Lending is now registered in 43 states, plus Washington, DC!The Niles Team is here for you!• 18+ years of experience• Focused on home loan education• Responsive local team serving families in our community• Solution-oriented communication• On-time closing commitment• A variety of unique loan programs
How long do I wait to buy a home?Here are waiting periods based on loan product type and whether you have had a recent foreclosure, short sale or bankruptcy.
6 Mistakes To Avoid When Obtaining A Mortgage 1. Over Shopping Your Loan While some customers are ONLY focused on rates, you should seek the guidance of a Certified Mortgage Advisor member that is willing to speak with you about your loan options. There are literally hundreds of loan products available and every borrower has a different financial situation and financial goal. We highly recommend having a consultation with a CMA originator so they can tailor a program to meet your individual needs instead of focusing exclusively on rates and points. You may likely find a better product than one you were shopping for. 2. Trying To Hide Past Financial Difficulties One of the important services a Certified Mortgage Advisor offers is helping you overcome past financial difficulties that may hinder your ability to have your loan approved. Supply the information that will help your loan originator provide you with the most suitable rate and terms and minimize the impact of your past credit history. The fact that you have recovered from the past financial problems makes you a better risk than others who haven’t yet faced these challenges. Overcoming past financial difficult proves that you honor your commitments and don’t give up. 3. Allowing A Loan Officer To Put Misleading Or Untruthful Information About Your Income, Expenses Or Cash Available For Down Payment On A Loan Application In Order To Get A Loan Providing untruthful information on a loan application is fraud. Mortgage fraud is prosecuted by the federal authorities, and they WILL find out about fraudulent information. Do not allow yourself to become an accomplice of loan officer’s fraudulent loan application. Even if a loan officer fills in information for you, if you do not believe the loan application is 100% truthful, you should refuse to sign it until the loan officer corrects the application. While many loan officers try to “help” borrowers by misstating the facts, the truth is that they are simply getting themselves and their borrowers into a lot of trouble. 4. Borrowing More Than You Can Repay All of us understand that we may have to stretch our monthly budgets a bit to afford the homes we want. However, you will put your entire financial health in jeopardy by buying a home you simply cannot afford. If you buy an expensive home and find you cannot make the monthly payments, you could face a huge loss when you have to sell that home quickly to get out from under your mortgage. Or worse, you could be forced into foreclosure or bankruptcy. It is much better to be patient, buy a home you can comfortably afford, make payments, build equity and then transition into a larger home after a couple of years. Yes, the larger home will cost more then, but the home you purchased will also have appreciated during that time. Most importantly, you will have built a successful financial foundation that allows you to experience all of your dreams, including that dream home. 5. Not Getting It In Writing Since purchasing a home is often the largest financial transaction of a consumer’s life it pays to always get a copy of all of the documents you sign at the time of loan application. Don’t be afraid to ask your loan officer any questions that arise during the process. Remember, there is no such thing as a dumb question, especially with a financial transaction of this size. Some of the documents to pay particular attention to are the Fee’s Worksheet that will provide you with a breakdown of your proposed monthly payment, your closing costs, and the amount of funds you will need to come to the closing table with. It is mandatory that a lender provide you with this document within 72 hours of your application. Pay close to attention to the Rate Lock Agreement as well. Your lender should provide you with a written description of the rate you are being offered, the amortization term of the loan, and any points associated with this loan. These agreements should also include the expiration date of the agreed upon locked in rate. This is the date that you have to close your loan to get that locked-in rate. 6. Relying On Interest Rate Advertising Some loan officers use interest rates to get your attention; however, they may actually end up costing you more. Such rates are often derived by using a 30-year mortgage coupled with an accelerated payment plan. You may decide you like that option, but you cannot directly compare the APR on that mortgage to other opportunities. This loan could cost more than other mortgages with seemingly higher interest rates. It is critical to find a Certified Mortgage Advisor you can trust to review the options available to you and the best possible rates for your financial situation. Only a CMA loan originator can give you all of your options in an understandable way. Certified Mortgage Advisors are different in 4 important ways: 1. We’ve dedicated our businesses to helping you and other consumers understand how to choose a reputable Experienced Loan Officer. That is why our association has published this consumer guide and offers our consumer awareness messages. 2. Our Members have been through extensive training and testing. This ensures you will receive professional no-hassle mortgage service. 3. For your protection CMA enforces the strictest code of ethics in the mortgage industry. 4. With the CMA customer protection program, you always have a place to turn for answers and assistance with your mortgage service. I'm a Certified Mortgage Advisor and The Niles Team looks forward to serving you. https://certifiedmortgageadvisor.com/directory/ Ryan Niles
Hello, Are you a buyer that has gone to the sideline to wait to purchase a new home or has been delayed from entering the real estate market? If so, I'm sure your reasons could be valid, but I wanted to ensure you have all the information on whether this is a wise choice. The main issue, I assume, would be " affordability " from the significant rise in rates that has lowered your buying power or knocked you out of qualification. You might think this is a negative, but I wanted to highlight this exact issue and show you that it is an excellent thing for you as a potential home buyer. In the video above, I've laid out the domino effect of the increase in the rates market, which allows you opportunities that have not been present in the last few years for home buyers. The lack of affordability and inventory is an exciting and challenging dynamic in this market, making it completely different. What I mean by that is that usually, these two forces don't line out together in this magnitude. For example, when affordability issues last crept into the market, the housing supply spikes with the pullback of buyers, which we experienced recently in 2018/19. The main issue that has caused a much-needed pause in our housing market has been the spike in rates, which caused our affordability issues. So we should focus on the opportunities that present you as a home buyer now vs. just six months. ........................................... Six Months Ago vs. Today Six Months Ago: Buyers competed against 10+ offers per property. Buyers had to release all loan, inspection, and appraisal contingencies. Buyers had to convert their loans into " cash offers " to compete. Buyers had to overbid on their offers to compete. Buyers had to settle on whatever home came on the market. Buyers are being delayed in converting their " cash overs " into loans in this high-rate environment. Today: Few Buyers, which means less competition. Buyers can write offers with and maintain their contingencies. Buyers with minimum down payments can purchase again. Buyers can get fair value or even undervalued properties with their offers. Buyers have more choices of homes than buying whatever comes to market. With help from lenders like myself, we can structure much better terms, like buying down the rate.
Hello, This presentation is for you if you're renting in today's market. I know you have been thinking and or maybe planning on the day you could make the jump into homeownership, but perhaps you didn't know how to create a plan or felt discouraged by the higher rate environment. In this presentation, I'll show you how that high-rate environment benefits you now. I will break down this into three groups rent vs. ownership, creating and educating you on rate options ( dating ), and creating a game plan in homeownership. Divorce The Rent - I show a rent vs. own report on the benefits of homeownership. Date The Rate - I show you the rate options strategies we can use to help you with home ownership. Marry The House - I wanted to help create a plan to purchase your dream home through affordability options or an increase in buying power. Please RSVP for one of our upcoming free homebuyer classes where you get to learn about the homebuying process A-Z as well as potentially qualify for downpayment assistance programs by signing up here at www.HomeBuyerClassBootcamp.com. Cheers to your homebuying journey, Ryan Niles The Niles Team at Cornerstone Home Lending, Inc www.NilesTeam.com
A lot of clients ask about mortgage insurance cancelation - we are always happy to help review and determine your specific ways of removing mortgage insurance.The key things to keep in mind:- Within the first 2 years of ownership, removal of PMI is based on the original value of your home at your last loan.- After 2 years, you can use the current value of your home.It is required to have between 20%-25% equity to to remove mortgage insurance.
Our Monthly Market Report is a comprehensive walkthrough of the most up-to-date information regarding the real estate market. Future editions will be released by the 10th of the month.This is a critical time for the housing market, and we have a responsibility to be there for our clients and our communities. Get the insights you need to make an educated decision by reading the report above.My team and I are here to be of service whether you are thinking about buying, selling or refinancing real estate.Blessings,The Niles Teamhttp://www.NilesTeam.comhttp://www.NilesTeamReviews.com
Our priority is to understand your financing goals and make sure you are always in the right loan at the right time. Because of you, our team is able to help more than 200 families achieve homeownership every year. We’re grateful for your trust!Take a moment to check out The Niles Team and all the key players who play a pivotal role in your homebuying experience from start to finish.Also since we get to find out so much about you throughout this process I felt it was fair to share some things about me. :) Check out the video on the right.We look forward to serving you and you can always reach us through our team email atTheNilesTeam@houseloan.com
Your clients deserve a faster, easier, and better way to mortgage. We offer unparalleled service and support that goes beyond basic funding. I'd love to learn more about you and your business to see if we would be a good fit to partner and grow together. If you would be interested in a quick 15 minute Strategic Partnership Call I'd love to make that happen. Here is a link to my Calendar to find the best day/time that works for you. https://calendly.com/thenilesteam/niles-team-strategic-realtor-partnership-meeting -The Niles Team www.NilesTeam.com www.NilesTeamResources.com
Average 30 year fixed rates from 1970 to current.
Step 1 for obtaining DPA Financing is to attend a Homebuyer Class with our team. You can attend a homebuying seminar taught by Ryan, David, or Adam by following the link here:https://homebuyerclassbootcamp.formstack.com/forms/first_time_homebuyer_class_signupFeel free to reach out if you run into any issues.
At a glance: The current single-family conforming loan limit for most counties in Washington State is $766.550 (an increase over the 2023 cap of $726,200. In the more expensive Seattle-area counties of King, Pierce, and Snohomish, the single-family loan limit has stayed the same to $977,500 for 2024.Conforming and FHA loans (King, Pierce, Snohomish)One Unit: $977,500Two Unit: $1,251,400Three Unit: $1,512,650Four Unit: $1,879,850Conforming loans (outside of King, Pierce, Snohomish):*One Unit: $766,500*Two Unit: $981,500*Three Unit: $1,186,350*Four Unit: $1,474,400FHA loans (outside of King, Pierce, Snohomish):*Contact me and I'll give you the specific FHA limit to the county you want to buy in.Thanks!Ryan Niles
Our exclusive portfolio product can help sellers buy and move into another home before they sell their existing residences. A bridge loan mortgage lending product offers several benefits to individuals who are looking to buy a new home before selling their existing residence. Here are some advantages: 1. Smooth Transition: One of the primary benefits of a bridge loan is that it allows the homeowner to transition seamlessly from their current residence to a new one without the need to move twice. This is particularly advantageous for those who want to avoid the inconvenience and cost of temporary housing or storage. 2. Flexibility in Timing: Bridge loans provide flexibility in the timing of the home purchase and sale. Homeowners can secure a new home without waiting for their current one to sell, enabling them to take advantage of favorable market conditions or find their dream home without the pressure of time constraints. 3. Competitive Bidding Power: Buyers with a bridge loan may have a competitive edge in the real estate market. Since they can make an offer on a new property without being contingent on the sale of their current home, their bids may be more attractive to sellers. 4. Home Improvement Opportunities: Bridge loans provide an opportunity for homeowners to make necessary improvements or repairs to their current residence before selling it. This can potentially increase the property's market value and appeal to potential buyers. 5. Access to Equity: Homeowners can access the equity in their current property to use as a down payment on the new home. This can be particularly useful if a significant portion of their wealth is tied up in their existing residence. 6. Reduced Financial Strain: A bridge loan helps mitigate the financial strain associated with owning two properties simultaneously. It provides a short-term solution to cover mortgage payments on both homes until the existing property is sold. 7. Avoiding Contingency Clauses: Bridge loans allow homeowners to make offers on new homes without contingent clauses related to the sale of their existing property. This can make their offers more appealing to sellers who may be concerned about potential delays or uncertainties. 8. Preserving Homeownership: For homeowners who wish to avoid the inconvenience of renting or temporary housing, a bridge loan enables them to maintain ownership of their current home until the sale is finalized, ensuring a smoother transition. 9. Potential Cost Savings: While bridge loans may come with higher interest rates and fees, the cost could be offset by the potential financial gains made by securing a new property at a favorable price or by avoiding temporary housing expenses. 10. Stress Reduction: Overall, a bridge loan can significantly reduce the stress and logistical challenges associated with coordinating the sale of one home and the purchase of another, providing homeowners with peace of mind during the transition period. Contact our team for more details of this amazingly helpful and popular loan product!
Our Quarterly Buyer and Seller Guides offer a wide variety of up to date real estate market information that is simple and explains the current market opportunities to you as a potential buyer and seller.
"Ryan and his team are top notch professionals. As new first time home buyers Ryan and his team explained all the things we needed to do to get our mortgage. They answered all of our questions and was available even after closing hours. Great experience and would highly recommend him and his team to anyone else purchasing a home and needing a loan. Thanks Ryan, you Rock!"
starjohv7
"Ryan and David were fantastic to work with -- they really know their stuff and it shows. It's been eye-opening to talk with my friends about buying in this market. They can't imagine being able to afford it, but with the right financial strategy, we could. So grateful that it worked out. "
db34768
"Ryan has been doing this a long time and it shows. He offers multiple different strategies depending on market conditions, walks you through the pros and cons of each and then gives you his recommendation. He answers any questions and works around your schedule. Couldn’t ask for a better lender ."
zac petersen