You are thinking of a jumbo loan for a home refinance while rates are low but you’ve been told, “Do not to waste your time applying. Not now, because the banks aren’t lending!” Most banks aren’t too keen on approving jumbo loans. The jumbo loans are considered a higher risk loan, especially in a stagnant economy. Some banks may offer jumbo loans but their underwriting process is so strict that getting the jumbo loan to the closing table is impossible. There are a few banks that handle jumbo loan efficiently and will hold these loans in their portfolio. Finding this type of bank may be the first step in your quest to have your jumbo loan refinanced. The right bank will have the widest array of terms and have the most flexible underwriting guidelines. There are other points that should be considered in choosing the right bank.Despite the inherent risks posed by higher loan amounts, the basics of mortgage loan underwriting still apply. Like mortgage loans with amounts below $417,000, the 5 Cs of lending remain intact, (capacity, credit, capital, collateral, character.) So what’s different with jumbo loan underwriting?A residential jumbo loan is any home mortgage loan where the loan size exceeds GSE’s (Government Sponsored Enterprise such as Fannie Mae and Freddie Mac) limits. Currently, the GSE’s loan limits are capped at $417,000.00 or $625,500 in Alaska or Hawaii. Any mortgage loan exceeding these limits is considered a jumbo loan. This is of course the first obvious difference between a standard home mortgage and the jumbo loan. With higher loan amounts comes a lower LTV (loan to value) Expect to have at least a 20% equity position on a rate/term refinance.The loan terms will vary from lender to lender and it’s always prudent to look for a lender that has a variety of options that can be tailored for your specific needs, whether you need a 30 year fixed rate, a 15 year fixed rate or a 5/1, 7/1 or 10/1 hybrid ARM or interest only. The interest rates on these higher loan amounts are not as high as some borrowers think they would be. They generally are a little bit higher than conventional mortgage rates and in some cases they may be lower than some conventional loans after their rate adjustments.Many borrowers have unique situations and the bank that you should turn to is one that has a clear understanding of the uniqueness of the higher loan borrower. For example, although many borrowers have a standard salary and W2 income, there are a disproportionate number when compared to lower loan amount applicants that have a W2 income that include bonuses or commissions. With the higher loan values, there are also a larger number of self employed borrowers and professionals. Different calculations should be used for this type of borrower to allow for depreciation, depletion, bonuses and commissions. For a borrower’s best shot at loan approval and efficiency, the higher loan amounts require a bank that has a staff of underwriters and originators who have a higher skill set and proper training for this type of loan origination and underwriting.In order to be approved for a jumbo loan, you must be prepared with support documentation. Income documentation, documentation of reserves, letters of explanation, tax documents, etc. In short, you will need two years tax returns with all schedules, one month’s most recent pay stubs, two months most recent bank statements, schedule of real estate owned, most recent statements of stocks, bonds 401k and IRA accounts. A professional loan originator who is accustomed to this type of loan will give you insight on what documents you need for your application.
Jumbo Refinance Mortgage Loans Can Be Approved If You’re Prepared
Health and Fitness Tips to Eliminate Stress
Our society is one that is under a lot of stress and this stress is literally making people sick. Stress can run down your immune system, cause sleep problems such as insomnia or over-sleeping, cause gastrointestinal issues such as ulcers and much more. It is extremely important to add a health and fitness routine to your daily life in order to feel better and to reduce stress levels. Stress can be caused by a number of factors such as an illness, a death of someone you love, job expectations, financial difficulties, relationship problems and many other reasons. It is important to understand where the stress is coming from and to learn how to eliminate it from your life.
When developing a health and fitness plan, it is very important to include an adequate amount of exercise. Exercise is not only good for the body, but it is also a great natural aid in reducing stress and tension. Activities such as walking, biking, aerobics and swimming can be great examples of good exercise habits. The average person would greatly benefit from working out for at least thirty minutes, three-five times per week. Exercise alone can greatly reduce stress and anxiety and many doctors highly recommend some form of exercise for their patients who are experiencing an unhealthy level of stress.
Another factor to consider when creating a health and fitness plan is a healthy diet. It is imperative to avoid sugary foods, caffeine, salty foods and foods that contain empty calories such as candy bars. These foods should be replaced with healthy alternatives such as fruits and vegetables, foods that are rich in protein such as nuts and cheese, and yogurt. A proper diet can help to build up an immune system that may be weakened by high stress levels. When the immune system is weakened, there is an increased chance of getting an illness or disease. One should also cut out red meats and eat lean meats such as chicken or fish. These changes can greatly improve the way that a person feels.
It is possible to reduce stress by utilizing a health and fitness plan. It is important to speak to a physician about the stress that a person is feeling and to gain assistance in creating a treatment plan. Stress can interfere with your health and happiness and the sooner that it is under control, the better.
3 Marketing Strategies Every Artist Should Implement
Social MediaSocial media marketing is a strategy that is just that, social. It is typically done on an Internet platform that engages the public in your content via your computer, smartphone or tablet. Social media allows your target consumers to engage with you and your brand. Some of the most common social media platforms used in marketing today are Facebook, Twitter, Pinterest, YouTube, LinkedIn, and Instagram. Managing your Social Media Marketing can be very time-consuming. So, I recommend focusing your time and content on a few sites. Here are some recommendations:Facebook, Instagram and YouTube are visual platforms that will connect your art with customers. With Facebook you can create a business page this is separate from your personal page. The business page will allow you to create a community of followers that can like, comment, and share your images and content. Instagram has the same basic framework as Facebook in that you can create multiple profiles and navigate between them within the app on your phone. This similarity is nice if you have a personal and a business profile. Instagram is a social media outlet that focuses on images which are perfect for visual artists. Again, you can create a community of followers. For Instagram, the usage of the hashtag is vital in generating traffic to your profile, unlike Facebook that is better built on sending requests and calling for people to share your page.YouTube allows the public to take a step into your studio to see you working on your most current pieces. It may not seem like YouTube is a form of social media but in fact, by definition it is. Social media is any networking platform that allows users to communicate and connect in a social way. Due to the ability to like, share, and comment on videos on YouTube it is truly a social network. YouTube is actually a social media platform before it is a video marketing technique. In the next section, I will share a bit of information about how you can turn this social media platform into a video marketing tool!Video MarketingVideo marketing is meant to call your consumer or viewer to action. For a video, you create to be considered video marketing it should either generate interest back to your website or to something they will need to pay for in order to gain additional access. Videos are a great way to share your talent with the public and generate interest in your art. Videos also allow your followers and subscribers to get to know you. Viewers enjoy the feeling of developing a relationship with you. When you can create a sense of loyalty, your viewers can become some of your best marketing partners because they may share your videos with their friends.Since YouTube is free this is a great way to share videos that focus on your art technique or provide short free tutorials for a specific art medium. Don’t forget for this to be a marketing technique it needs to generate something the viewer will need to act upon or purchase. By running a link at the end of your video to send them to your website or offering more in-depth instructional videos for a price at the end, will qualify as a video marketing tool. With YouTube, you can create a channel that may focus on the techniques of your particular style of art or you can post instructional videos with step-by-step information to complete a unique piece of artwork. Free and low-cost video editing software, like Apple’s iMovie or Windows Movie Maker, is available to allow you to truly customize your videos before uploading to YouTube.Let’s use a watercolor artist who focuses on floral still life, as an example. The artist posts a 5-minute painting tutorial on the subject matter of roses on YouTube. The video was created through the iMovie software that comes standard on most Apple computers currently. At the end of the free 5-minute video, the artist then advertises a paid 30-minute video from their website that will walk the viewer through painting a floral still life with roses from start to finish. The webcam and software come standard with Apple products. The cost for creating this example of video marketing was free.Social Media and video marketing are both virtual ways to reach your target audience. A low-cost type of marketing that is more tactile and leaves a lasting impression on your audience is through guerrilla marketing.Guerilla MarketingGuerilla marketing is a grassroots, low-cost, fun, and in-your-face marketing strategy. Often guerrilla marketing takes the form of visual art like spray paint tags or unique posters and decals allowing it to seem like a natural fit for visual artists. This marketing strategy is meant to create interest and cause the bystander to be curious enough to investigate the advertisement. It takes more imagination and creativity than money to make guerrilla marketing work for you.Implementing guerrilla marketing can be a fun and exciting. Some ideas for guerrilla marketing might be to use vinyl stickers or paper posters; this is called wild posting. Walking billboards or quick pop up galleries of work in public places are another trending approach. It should also be stated that legal issues can arise in regard to how or where wild posting and pop-up galleries appear. Posting decals or posters can cause an issue especially if they are placed on paid advertising or local, state or federal fixtures. In most municipalities, there are permits that are required for setting up in public places. Don’t let the risk of legal infringement deter you from using this strategy. With the proper research and planning, guerrilla marketing can be a quick and fun way to create buzz about your art.Social media, video marketing, and guerrilla marketing are ways to increase awareness and create artist loyalty from the community near and far. Successful marketing will help you increase brand awareness and loyalty among art consumers.