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The Schmidt Team offers mortgage services for California consumers. Based in San Diego our branch prides its self on delivering a world-class customer experience, while offering a wide variety of mortgage programs at a competitive interest rate.
Easter Egg Coloring Contest for the Kids of Corona, CA
The Kids of the City of Corona get your entries in. You can download your easter egg to color here https://www.dropbox.com/scl/fo/mxip9grbd45facluv61eh/h?dl=0&rlkey=7icjiqrou182kjujd45lsjogm The winners will be announced on Heather Jones's Facebook Page https://www.facebook.com/heatherjonesrealestate or on instagram @heatherjonesrealestate. Tracie Schmidt will also be sharing the winners and updates @tracieschmidtmortgage and on facebook https://www.facebook.com/tracieschmidtmortgage. We can't wait to see what the kids come up with
The Power of Video in Your Business
Register Today https://www.eventbrite.com/e/543285330047 and Join us on 3/7/2023, Tracie Schmidt and The Women's Council of Realtors San Diego Chapter for a fun lunch and learn event. Members are Free and Non Members (or should we say soon to be members) only $20.00 and lunch is included. There will be a green screen there to practice what you learned. We are going to go through the WHO, WHAT, WHEN, WHERE AND HOW of video in your business. It is time for you to build a brand, a legacy, get more business and have clients know what you do. All are welcome we hope to see you there. It is at 11:30am Pacific Time at the Mission Federal Credit Union Main Campus building. You can register by going to https://www.eventbrite.com/e/543285330047 or contact Tracie Schmidt to learn more
What is a DSCR loan?
If you are an investor either for the first time or you own other properties a DSCR loan which stands for Debt Service Coverage Ratio is a great product option. It gives you the ability as the buyer to use the projected rents off of an appraisal to offset the payment of the new current mortgage to qualify. There is no income requirements and no debt to income ratio requirements on this particular program. You will need to document reserves which is money left over in an asset after you come in with the down payment and the closing costs. The reserves will depend on your credit score and what the DSCR % is once the appraisal is done or proof is shown of what the property you are looking to purchase is renting for. If you have any questions about a DSCR loan or an investor loan to purhcase a home contact Tracie Schmidt at 858-336-5200 or you can email email@example.com - @tracieschmidt
Changes Announced to the FHA Mortgage Insurance Premiums
HUD announced yesterday on 2/22/2023 that they are going to be reducing the mortgage insurance premiums on FHA insured loans. This is great for home buyers because it will equate to a lower monthly mortgage payment if they purchase a home with a FHA mortgage loan. This can also help people who have a current FHA mortgage loan and qualify to refinance that loan they will eligable to pay the lower monthly mortgage insurance premium in their payment. Now don't forget a FHA loan that only has.a 3.5% down payment has monthly mortgage insurance for the life of the loan unless you refinance that loan into a loan product that does not need monthly mortgage insurance. FHA loans are great for any type of home buyer you don't have to be a first time home buyer but you do have to plan on occupying the property within 60 days of your home purchase loan closing. The new FHA mortgage insuranc premium percentages are going to be based on the loan amount and on the down payment amount. They are going to use the guide of $726,200 as the loan amount to calculate the factor of the monthly mortgage insurance premium. If you are thinking about buying a home a FHA loan might be the perfect loan for you. Contact @tracieschmidt Tracie Schmidt and The Schmidt Team empowered by NEXA Mortgage to talk through your options with you. You can find out more by visiting www.schmidtteammortgages.com or call 858-336-5200
What credit score do I need to purchase a home?
Each mortgage loan program when you are looking to purchase a home or refinance a home has different credit score requirements. We can't use a verbal credit score from you. As a mortgage lender we have to review either a soft credit pull or a hard credit pull. We pull a tri merge report that is going to show 3 credit bureaus Trans Union, Equifax and Experian. If you are an individual on the mortgage application we will use the middle credit score of all 3 bureaus. If there are multiple people on the mortgage application we will review all 3 credit bureaus of each person and take the mid score of each person and then use the lowest of the mid scores to qualify them. It is important to have your credit report ran when you are thinking about buying a home becuase it will also provide the information necessary to calculate your debt to income ratio. If you are looking to purchase a home or refinance a home, Tracie Schmidt @tracieschmidt with The Schmidt Team is here to answer all of your homebuying questions you have about credit score requirememts.You can also visit www.makemortgageseasy.com
What is the differance between pre qualification and pre approval when buying a home?
The differance between pre qualification and pre approval when buying a home is the documentation that you provide to the mortgage lender upfront. You want to provide as much as you can upfront like your income documents, assets you are going to use for the purchase and have the mortgage lender run a credit report. This will then allow the mortgage lender to run what is called automated underwriting. This will provide guideance based on the information provided to what the underwriter could ask for at time of loan approval when they are reviewing your file. Having just a phone conversation with a mortgage lender should not lead to a letter for you to go out shopping for a new home. You should expect your mortgage lender to ask you upfront for your imcome and asset documenation along with other items that may be needed based on your specific situation. If you wanted to learn more about pre-approval vs. pre-qualification please contact Tracie Schmidt @tracieschmidt with The Schmidt Team at 858-336-5200 or visit www.makemortgageseasy.com
How much money do I need to buy a home?
There are different down payment amounts required depending on the mortgage loan program. For example FHA financing could allow as little as a 3.5% down payment. Conventional financin if you are a 1st time home buyer can do as little as 3% down payment keeping the loan amount within the county loan limits and VA financing if you qualify allows for $0 down payment. You are going to want to assume about 2% of the sales price for closing costs. That will include items like title, escrow, notary, processing...etc. You are going to want to work with your mortgage lender to get an estimate of 3rd party fees. There are down payment assistance programs that you do need to qualify for and then tend to have different debt ratio and credit requirements. There are so many different types of loan program options which means there are also a lot of down payment options. The best thing to do is to talk to a licensed mortgage loan officer. You can contact @tracieschmidt at 858-336-5200 or visit www.makemortgageseasy.com
What are the Pros and Cons of Buying a Home?
There are pros and cons to every decision. This video is going to go through 3 pros and 3 cons to purchasing your own home. It is a another video that we have put into our virtual home buying series. Buying a home could create wealth, it gives you the opportunity to make changes to where you live and gives you a sense of community. However, purcashing a home also means there could be cost to maintain the home, your money that you invested is tied up into the home until you sell or refinance and the market fluctuates. In my opinion the pros outweight the cons when you are thinking about buying a home but it is always good to think of both becuase every situation is different. To get more information on purchasing a home feel free to contact Tracie Schmidt with The Schmidt Team at 858-336-5200 or you can visit www.makemortgageseasy.com
How can you save thousands of dollars on your mortgage?
Did you know it was possible by choosing an amount that is additional to your monthly mortgage payment I can calculate for you how many years that can reduce your mortgage term by. Let's say it was 5 years or 60 monthly payments. Imagine if you could take your mortgage payment x 60 and find out that is the amount of money you can save by shortening your mortgage term. If you would like me to run a no cost, no obligation calculator for you to see how many years you can save on your mortgage you can message me or send me the workd SAVE in a text to 858-336-5200
What do you do after the offer on the home you want is accepted?
It is time to do the 1st happy dance of the home buying process. Once you find the home of your dreams you are going to work with your realtor to submit an offer. An offer is what you want to purchase the home for and at what timelines to see if the seller will accept the terms you are requesting. If the offer is accepted that means you are now in escrow or you have an executed purchase contract. This means that you are one step closer in getting the keys to your dream home. This video explains to the home buyer what the next steps of the mortgage loan process are after the offer is accepted. You can also find this video and several others in my free virtual home buying seminar by visiting www.freevirtualhomebuyingseminar.com The Schmidt Team is here to answer all of your home buying questions you can call or text Tracie Schmidt at 858-336-5200
What Are The 1st Steps in Buying a Home?
@tracieschmidt We are here to go over what the 1st steps in the home buying process look like. Once we have our initial conversation in this video I will go over what you should expect from sending out the application link for you to complete, to a soft credit pull vs. a hard credit pull and writing an offer. The Schmidt Team is here to help Make Mortgages Easy for our clients and give them the knowledge they need to feel comfortable from the beginning of the home buying process. You can call or text Tracie Schmidt at 858-336-5200 or you can get access to our virtual home buying seminar at freevirtualhomebuyingseminar.com
How do I choose a mortgage loan officer?
There are thousands and thousands of mortgage loan officers for a home buyer to choose from. Are you going to get a referral from a friend or family member? Did you reach out to a real estate agent and they told you who you should work with? Did you just google some one? Whatever the case if you are looking to purchase a home you are going to want to make sure you as the mortgage loan officer the right questions upfront to ensure that your home buying process is going to go smooth and not hit any speed bumps along the way. Find out in this video what questions you should ask the potential mortgage loan officer that you are going to be working with. My team is here to be your 2nd opinion if need be or better yet your first option. If you are thinking about purchasing a home contact Tracie Schmidt with The Schmidt Team at 858-336-5200 we Make Mortgages Easy
How to Prepare to Purchase a Home
It is one thing to have the thought of buying a new home but when you talk to most people just the idea of it seems stressful and overwhelming. That is why I like to break down the process of home buying step by step for my clients so they know what to expect. In this video you are going to learn how to prepare to purchase a home. What documents you will need based on the type of income you receive and what you should look out for in the beginning stages of your home search. This is just one of the informative videos that you will see if you attended my free virtual home buying seminar that will be available to view soon. If you would like to be one of the first ones to get the link to attend the free virtual home buying seminar just shoot me a message or text me the word seminar and I will get in touch with you to know where to send the link. Don't forget The Schmidt Team empowered by NEXA Mortgage has been "Making Mortgages Easy" for clients for over 25 years and we are here to guide you every step of the way in your home buying journey.
Get Access to a Free Virtual Home Buying Seminar
My name is Tracie Schmidt and I'm a licensed mortgage loan officer with over 20 years of experience helping families get into the home of their dreams. Visit www.schmidtteammortgagelender.com to access a Free Virtual Home Buying Seminar. You will learn things like how to get prepared to purchase a home, what down payment you need to purchase a home, what credit score you need to purchae a home and a whole bunch more of important topics to help you get prepared. You can also find more valuable information by downloading your Free copy of my book Making Mortgages Easy. When you are done watching the videos in this virtual home buying seminar you will have the opportunity to download a $500.00 coupon to go toward the cost of an appraisal if we end up working together. If you are 30 days out, 60 days out, 90 days out or even 1 year away from wanting to purchase a home the content in this Free home buying seminar will help you get prepared on what you can expect when purchasing a home. Tracie Schmidt and The Schmidt Team empowered by NEXA Mortgage is here to help you Make Your Mortgage Process Easy. You can call or text 858-336-5200 with any questions or email firstname.lastname@example.org
The Power of Video in Your Business - Lunch & Learn 3/7
Join Tracie Schmidt and the Women's Council of Realtors San Diego County for a fun lunch and learn. Tracie will be going over where to start with video, what social media channels can you use for free, is repurposing important, how can you build your brand through video. You don't have to be a real estate agent to attend the lunch and learn. This is for members and non members, we want to give back to the business community and provide valuable information on how you can build and grow your business using video. Come with an open mind. Lunch will be provided and the event will be from 11:30am to 1pm. If you want to come a little bit early that is ok too. Hope to see you on 3/7 Register Here https://www.eventbrite.com/e/the-power-of-video-in-your-business-tickets-543285330047
Violeta & Tracie Everything Mortgage
Meet Violeta Marinova & Tracie Schmidt where they talk about everything mortgage. What is a mortgage and how does it work? A mortgage is a loan you get from a lender to finance a home purchase. When you take out a mortgage, you promise to repay the money you've borrowed at an agreed-upon interest rate. The home is used as collateral. We discuss topics like what mortgage loan products are out there to refinance or purchase a home. What credit score do you need to purchase a home? How much of a down payment do you need to purchase a home? What is some one can't prove their income are they still able to purchase a home. There is some information in this video for every one. Don't forget you can request your free copy of my book Making Mortgages Easy that will take you through the process of buying a home and getting a mortgage and making it easy for you. The website is www.makemortgageseasy.com Tracie Schmidt Loan Officer & Advisor NEXA Mortgage NMLS #269424 Call: 858 336 5200 www.schmidtteammortgages.com
Let's Talk Credit & Income With Tracie Schmidt & Daniela Duta
Let's Talk Credit & Income With Tracie Schmidt & Daniela Duta. Total monthly mortgage payments are typically made up of four components: principal, interest, taxes, and insurance (collectively known as PITI). Each mortgage loan program when you are purchasing a home has it's own debt to income ratio guidelines. What is a debt to income ratio? It is taking the total gross monthly income of the qualified buyers on the purchase loan application and factoring in the current monthly mortgage payments they have already reporting on the credit report along with the estimated total payment on the new mortgag amount. If a buyer looking to refinance or purchase a home cannot qualify documenting their income there are programs that allow you to use deposits on bank statements,1099s only, verifications of employment or a no income/no ratio loan. Each mortgage loan program when you are looking to buy or refinance a home also has its own credit score guidelines. You can look to purchase a home with a credit score as low as a 500. The myth of buying a home is that you need over a 700 credit score and that is just not true. You can get conventional financing with a credit score as low as a 600. The best thing to do if you are thinking about buying or refinancing a home is to have a licensed mortgage loan officer like Tracie Schmidt with The Schmidt Team empowered by NEXA mortgage do either a soft pull or a hard pull of your credit to see what credit scores you are working with and what debts report on the credit report to help factor in the debt to income ratio. For more information you can contact Tracie Schmidt Loan Officer & Advisor NEXA Mortgage NMLS #269424 Call: 858 336 5200 www.schmidtteammortgages.com To get a FREE copy of my book Making Mortgages Easy please visit https://www.makemortgageseasy.com
Homebuyer Video Testimonial. Understanding the Home Buying Process & attending a home buying seminar
Marianne and her mom attended a home buyer seminar that at the time that was held in person. She saw me speak on stage and met after. I gathered her contact information and we started communication to help her and her husband purchase a home using is VA benefits. They lived in Brentwood, CA and I was in San Diego, CA but they said "we felt like neighbors". Marianne and Troy didn't know how to use his VA benefits and where to start as first time homebuyers. They had credit and income challenges but we didn't give up. We worked with them on their credit and overcame obstacles to get them into the home of their dreams. They didn't think buying a home was possible, they got their first education on it at the home buying seminar that we held. After that it was up to The Schmidt Team to make sure we explained every step of the home buying process until they got their keys. I'll never forget these clients even though we helped them in 2018. It shows the power of attending a home buying seminar and not giving up on your dream to own a home if you have VA benefits or not.
Do you Want a Hairy Valentine? If the answer is no visit www.claimyourcouponhere.com
If you live in San Diego and have been thinking about getting waxed or maybe treating yourself or your valentine to a facial you both can download a $10.00 off coupon to Glow by Tamar located in beautiful Bankers Hill. It is a quiet and comfortable environment and Tamar will make sure to answer any questions you have so you can feel relaxed and know what services would be right for you. The Schmidt Team located in San Diego, CA supports local businesses. If you are looking to buy or sell a home in San Diego, CA please feel free to reach out to Tracie Schmidt with The Schmidt Team and we will answer any questions you might have.
Glow by Tamar - A Local San Diego Business that I've partnered with to offer a $10.00 off coupon
We wanted to do something special for San Diegans and their valentine and offer a $10.00 coupon to go toward any service at Glow By Tamar. To claim your coupon by 2/13/2023 you need to visit the site www.claimyourcouponhere.com and provide your name and email address. Once done a coupon will be emailed to you. Restrictions apply please see details on the site.
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