Big Island Mortgages by Doug Mallardi » Uncategorized

Lava Zone Financing

doug@bigislandmortgages.com — Wed, 15 Mar 2023 18:51:27 +0000

While all of Hawaii was created by volcanic activity, only Hawaii Island (The Big Island) has designated lava zones which may impact your home buying experience. Lava is numerically zoned 1 through 9, 1 bing the most active and 9 being the most dormant. Homes in lava zones 1 and 2 tend to cost less than other lava zones and often appeal to first time home buyers or non-residents searching online for an affordable Hawaii home. We provide purchase financing in lava zones 2 and up. We provide IRRL in lava zones 1 and up. A component to consider early in your search is access to homeowner’s insurance. The east side which includes Pahoa has an insured limit of $450,000 compared to the west side which includes Ocean View has an insured limit of $1,000,000. Here’s a link to additional information: www.lavazone2mortgage.com

Big Island Mortgages by Doug Mallardi
(808) 333-4341 doug@bigislandmortgages.com
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NEXA Academy

doug@bigislandmortgages.com — Fri, 16 Dec 2022 20:39:17 +0000

NEXA Academy is a comprehensive training program for new Loan Originators joining NEXA. It is also required for existing LOs that have low production and earn less than $50,000 annually. There are two components to NEXA Academy: Academy Instruction and Success Coaching. Academy Instruction constitues how to take a loan application, how to build a consumer file, how to order credit, how to shop lenders, how to submit a loan and how to disclose a loan. Success Coaching encompasses soliciting new business and utilizing your referral partners.

New LOs have completed NMLS training, which is regulation-centric. But this training does not teach them how to actually perform the job as a mortgage professional. NEXA Academy and Success Coaching do exactly that. There is a weekly intro to NEXA Academy held Fridays 2pm EST https://www.whynexaacademy.com/

NEXA Academy pairs you up with an instructor and upto 20 fellow LOs. You’ll have access to 14 weekly live classes plus self paced classes as well. You are accountable for your time and attendance.

To learn more about joining NEXA Mortgage visit www.loanoriginator.support

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3-2-1 Buydown

doug@bigislandmortgages.com — Fri, 16 Dec 2022 18:48:01 +0000

In our ever evolving business of mortgage attraction, lenders have released the 3-2-1 buydown. It offers a lower introductory rate with an associated lower monthly payment. If the current interest rate is 7%, then the 3-2-1 will be 3% less during year 1, so 4%. Then in year 2 it will be 5% and year 3 6%. Sounds great, but here’s the catch: the borrower is qualified at the 7% rate. People think they can buy more home because of the lower introductory rate but that is incorrect. So here’s where this can make sense.

If you are buying a home and are qualified at the prevailing interest rate, you can ask the seller for a seller concession to buy down the rate via a 3-2-1. You as the buyer may not make the buydown, it is aseller cost. You will have lower payments during those first few years allowing you to make improvements, buy furnishings etc. Before maiing an offer, speak with your lender (us?) and your agent so you can get the figures you need for a buydown and write it into your offer.

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