Lavon Barton’s Post

Got your guess locked in? The missing piece is 'employment' history! 🏦📊 Why is this so crucial, you ask? 👔 Employment History Matters: Lenders need to see stability and reliability in your income, which your employment history provides. It reassures them that you have a steady source of income to meet monthly mortgage payments. ✅ What You Need To Know: 1️⃣ Consistency is Key: Most lenders prefer to see at least two years of continuous employment in the same field or with the same employer. 2️⃣ Gaps Are Red Flags: If there are gaps in your employment, be prepared to explain them. Short periods of unemployment might not be deal-breakers, but they will raise questions. 3️⃣ Self-Employed? Provide tax returns and other documents to prove a stable income. 💡 Pro Tip: Before applying for a mortgage, make sure your employment history is documented and any employment gaps are accounted for. The stronger your employment history, the more likely you are to secure a favorable mortgage. Did you guess 'employment' right? Let us know below and share any questions or tips you have about the mortgage process! #MortgageBasics #EmploymentHistory #HomeBuyingTips #RealEstateTrivia #SecureYourMortgage #WestMIrealtor #WestMIrealestateagent #WestMIagent #WestMIforsale #WestMIbroker #WestMIrealty #Michiganrealestate #Michiganrealtor #WestMIliving #rockfordrealtor #rockfordmirealestate #gatehouserealestate #annwassonrealtor #WestMIlife

5 𝑺𝒖𝒓𝒑𝒓𝒊𝒔𝒊𝒏𝒈 𝑾𝒂𝒚𝒔 𝒂 𝑪𝒐𝒐𝒍𝒊𝒏𝒈 𝑳𝒂𝒃𝒐𝒓 𝑴𝒂𝒓𝒌𝒆𝒕 𝑰𝒔 𝑩𝒓𝒊𝒏𝒈𝒊𝒏𝒈 𝑹𝒆𝒍𝒊𝒆𝒇 𝒕𝒐 𝑯𝒐𝒎𝒆𝒃𝒖𝒚𝒆𝒓𝒔 🏠 5.7.24  from HousingWire 1. Labor Market and Mortgage Rates: The cooling labor market has led to slightly lower mortgage rates, as reported by HousingWire’s lead analyst. 2. Recent Mortgage Rate Changes: The average 30-year fixed mortgage rate dropped slightly from 7.57% to 7.51%, with a comparison to last year's rate of 6.54%. 3.15-Year Fixed Rate Update: The 15-year fixed mortgage rate decreased marginally from 6.79% to 6.77%. 4.Influence of Labor Data: Softening in labor data such as job openings and quit rates, which are indicators of labor market tightness, influence Federal Reserve policies. 5. Housing Inventory Trends: Housing inventory is increasing, with a current 33% year-over-year rise and expectations to exceed pre-pandemic levels by the end of the summer. We have seen the parallel uptick in staffing the Title Industry here @Jobtracks and are #hiring Looking forward to the next couple of months and some productive changes. #TitleExaminer #RealEstateJobs #PropertyResearch #RealEstateTransactions #JobOpening #HiringNow #ProfessionalSkills #RealEstate #TitleJobs #CareerinTitle #TitleInsurance #NowHiring #escrow #title #realestate #housing #titleinsurance #closer #remotecloser

Did You Know…? Home sales have been down in the past two years, a further dissection reveals a big contrast. Existing home sales are running well below pre-covid figures. Meanwhile newly constructed home sales are moving along at or slightly better than pre-covid days. That’s due to increased inventory availability of newly built homes. One study (by FHFA) on the impact of lock-in effects of existing homeowners unwilling to list properties over the past two years has hurt existing home sales by 1.5 million per year. That is, without the lock-in effect, home sales would be about 1/3 higher than today’s figures. The lock-in effect should steadily go away over time as life changing circumstances lead to more listings: death, retirement, job changes, school changes, marriages, divorces, etc. The lock-in effect also becomes less strong when mortgage rates head lower. RightStart’s lending division, A full-service Fannie Mae Seller/Servicer and a direct Ginnie Mae issuer.   30 years' experience in all aspects of the mortgage business: Conforming, Govie, NQM, Private/Hard, HELOC & Commercial exits. DM / Call @ 949-350-2210 Direct or email LBarton@rightstartmortgage.com   #mortgage #business #experience #conformingloans #fhaloans #va #nonqmlending #commercialbanking #realestatebroker #realestateagent #sales #buyersagent #preapproval #goodloansfundedfast #rightstartmortgage #directlending #serviceprovider #housing #realestate #job #federalreserve #people #team #art #leaders #building #science #leader #growth #naturalgas #oil #covid #interestrates #hiring #localgovernment #jobs #constructionindustry #help #school #email #employment #teachers #police #bank #realestate #loanofficer #adviceoftheday #retail #like #sales #VALoans #Mortgage #LoanOptions #economy #finance #investment #communication #mindset #creative #investments #LeadershipMatters #CultureWins #layoffs #economy #hiring #DSCR #bankstatementloans #nonqmlending  

When applying for a mortgage, your employment type can affect your approval, as lenders assess factors like job stability and income predictability. Here’s how different employment types might affect your mortgage approval: 1) Salaried Employees: Often viewed favorably due to regular income and job stability. Lenders feel confident in consistent paychecks, which simplifies the approval process. 2) Hourly Employees: Those with guaranteed hours are treated similarly to salaried employees because of their predictable income. However, those with fluctuating hours might need to provide additional evidence of consistent earnings. 3) Self-Employed: Can face more scrutiny due to variable income. Lenders typically require two years of tax returns to verify income stability. Demonstrating consistent business revenue over time is crucial. 4) Contract/Part-Time Workers: May need to provide additional documentation to prove a steady income. Lenders often look for a longer history of consistent hours or multiple years working in the same industry. 5) Commission-Based Jobs: Similar to self-employed, workers need to show consistent earnings. Lenders might average out income over two years to get a more stable figure for loan approval. Understanding these nuances is where a mortgage broker provides immense value. We specialize in helping clients from diverse employment backgrounds secure financing. We leverage our relationships with various lenders, including banks, credit unions, and specialty mortgage lenders, to find the best match based on your unique employment and financial situation. For tailored advice and to explore the most favorable mortgage options for your specific employment type, contact us: 📞 613-507-5626 📩 info@kingstonmortgagesolutions.com Independently owned and operated FSRA #12248 #MortgageApproval #HomeLoans #FinancialTips #HomeBuying #RealEstateAdvice #MortgageBroker #KingstonRealEstate #EmploymentTips #CreditScore #KingstonOntario

Did You Know…? Homeowners are sitting on record high housing wealth. However, inventory of existing homes is super low, while newly constructed home inventory has been on an upswing. This looks to be a good time for some empty home sellers to sell easily & buy a lower priced home to partly cash out. After all the market is still hot with around 20% of homes getting sold above list price. RightStart’s lending division, A full-service Fannie Mae Seller/Servicer and a direct Ginnie Mae issuer.   30 years' experience in all aspects of the mortgage business: Conforming, Govie, NQM, Private/Hard, HELOC & Commercial exits. DM / Call @ 949-350-2210 Direct or email LBarton@rightstartmortgage.com   #mortgage #business #experience #conformingloans #fhaloans #va #nonqmlending #commercialbanking #realestatebroker #realestateagent #sales #buyersagent #preapproval #goodloansfundedfast #rightstartmortgage #directlending #serviceprovider #housing #realestate #job #federalreserve #people #team #art #leaders #building #science #leader #growth #naturalgas #oil #covid #interestrates #hiring #localgovernment #jobs #constructionindustry #help #school #email #employment #teachers #police #bank #realestate #loanofficer #adviceoftheday #retail #like #sales #VALoans #Mortgage #LoanOptions #economy #finance #investment #communication #mindset #creative #investments #LeadershipMatters #CultureWins #layoffs #economy #hiring #DSCR #bankstatementloans #nonqmlending      

June’s job growth was just above estimates, as the BLS reported that 206K new jobs were created. However, there were big revisions to previous months, as the data for April and May shaved 111K jobs from those months combined. The unemployment rate rose to 4.1%, the highest since November 2021, triggering the reliable Sahm Rule and suggesting we’re already in a recession. #bls #jobs #unemploymentrate #mbshighway #mbssocialshare #mortgagemarketnews Do you have any questions about home financing? For 24/7 concierge service you can email at Fred.G@citizensbank.com or you call me at either (718) 644-8664 or (732) 284-0658. Check out my website and easily apply at lo.citizensbank.com/fgrise for your home financing needs. Hope you have an amazing day! #Citizens #CitizensColleague #Mortgage #LoanOfficer

Did You Know…? Housing starts data tends to be volatile on a month-to-month basis and fell in December. The long-term trends are much clearer. Single-family home construction is much elevated compared to the pre-covid years. It is nonetheless showing the need to ramp up even more to compensate for the many years of great underproduction. Somehow, it is taking much longer to complete a home in recent years from the time of permit authorization. Meanwhile, apartment construction is at cyclical highs. Hence, apartment rents will not rise strongly and may even fall for few years in the over-supplied markets. RightStart’s lending division, A full-service Fannie Mae Seller/Servicer and a direct Ginnie Mae issuer.   30 years' experience in all aspects of the mortgage business: Conforming, Govie, NQM, & Commercial exits. DM / Call @ 949-350-2210 Direct or email LBarton@rightstartmortgage.com   #mortgage #business #experience #conformingloans #fhaloans #va #nonqmlending #commercialbanking #realestatebroker #realestateagent #sales #buyersagent #preapproval #goodloansfundedfast #rightstartmortgage #directlending #serviceprovider #housing #realestate #job #federalreserve #people #team #art #leaders #building #science #leader #growth #naturalgas #oil #covid #interestrates #hiring #localgovernment #jobs #constructionindustry #help #school #email #employment #teachers #police #bank #realestate #loanofficer #adviceoftheday #retail #like #sales #VALoans #Mortgage #LoanOptions #economy #finance #investment #communication #mindset #creative #investments #LeadershipMatters #CultureWins #layoffs #economy #hiring #DSCR #bankstatementloans #nonqmlending    

Let’s dive into the August Jobs Report! 💥 August's job report missed the mark with only 142,000 new jobs (vs. 160,000 expected) and revised past figures for the last two months, were LOWER.🚨 However, the Household Surveys showed a gain of 527,000 part-time jobs BUT a loss of 438,000 full-time jobs signals a shift in the job market.. clear signs of weakness in the Economy which in return, GOOD for Mortgage Rates. As the Market dives more into the details of these reports, it could mean lower mortgage rates as the market processes the data. 📉 If you’re looking to start your journey to homeownership, give us a shout! We’d love to help! 📲 Call/Text us at 816.631.9687 📧 dmcgowan@nexamortgage.com #mortgagebroker #nexamortgage #nexa💯 #loanofficer #lender #mortgagelender #realestate #homeloans #realtor #loans #broker #homebuyertips #mortgageupdate #homeowner #homeownertips #homebuyers #realtortips #homebuyingtips #realestateinvestors #investing

Did You Know…? The days of homes selling easily above the list price are pretty much gone…!!!??? The exception is in the Northeastern states where inventory & housing supply have been persistently lacking. In general, the sold home price is 7.1% below the original list price. In Florida, where inventory has soared, the discount is 8.1%. The price discounts in themselves do not necessarily constitute a price decline from a year ago. The home seller could have simply mispriced too high at the beginning from over optimism or not understanding sudden market shifts. The longer the days on market, expect more slashing. From the contract signing to the closing date there are further price negotiations to satisfy contingencies. RightStart’s lending division, A full-service Fannie Mae Seller/Servicer and a direct Ginnie Mae issuer.   30 years' experience in all aspects of the mortgage business: Conforming, Govie, NQM, Private/Hard, HELOC & Commercial exits. DM / Call @ 949-350-2210 Direct or email LBarton@rightstartmortgage.com   #mortgage #business #experience #conformingloans #fhaloans #va #nonqmlending #commercialbanking #realestatebroker #realestateagent #sales #buyersagent #preapproval #goodloansfundedfast #rightstartmortgage #directlending #serviceprovider #housing #realestate #job #federalreserve #people #team #art #leaders #building #science #leader #growth #naturalgas #oil #covid #interestrates #hiring #localgovernment #jobs #constructionindustry #help #school #email #employment #teachers #police #bank #realestate #loanofficer #adviceoftheday #retail #like #sales #VALoans #Mortgage #LoanOptions #economy #finance #investment #communication #mindset #creative #investments #LeadershipMatters #CultureWins #layoffs #economy #hiring #DSCR #bankstatementloans #nonqmlending  

Switched careers? No worries! 🌟 While most mortgage lenders look for a stable two-year work history, there are ways to navigate this if you've recently changed jobs. It's all about showing your employment journey and steady income. A lender can walk you through this process, ensuring your career move doesn't hinder your homebuying dreams. Embrace change and keep moving forward. #careerchange #mortgagetips #homeownership #financialfreedom #realestateadvice #shannonmcclurehomes #soaring