A recast allows you to lower your monthly mortgage payment, but when is it actually helpful?

We know better than anyone that rates are higher than they were at the beginning of this year, but we know how to get borrowers a rate that can come close- all thanks to our buydown program.

Fannie Mae recently came out with a projection that mortgage rates are expected to drop in 2023, but what does this mean for those looking for a home today?

It’s no secret that mortgage rates are on the rise, but what does this mean for homebuyers?

Have you fallen in love with a rate but haven’t found a property quite yet? Don’t worry! We are now able to offer 45-day, 120-day and 180-day lock periods, allowing you to shop for the home of your dreams without having to worry about the increasing interest rates. We work day in, day out to get you the best terms and interest rates!

Exciting announcement! Due to increases in home pricing, we have extended our Doctor Loan program’s maximum loan amount of $750,000 to now be $1,000,000 with zero down-payment required! This will allow MDs to qualify for a larger selection of homes and access neighborhoods that were previously out of reach. Our Doctor program is available to medical doctors who have a minimum of a M.D., D.O., D.D.S., or D.M.D. degree and an employment contract. Medical Doctors including Dentists, Podiatrists, Ophthalmologists, and Veterinarians. This program is NOT available for Chiropractors.

What happens if we lock you into an interest rate and all of a sudden rates come down? If you’re buying a home through us at Stonehaven Mortgage, you get to float down for free! Most lenders either don’t offer this OR charge a fee, typically as much as .25% - .5% of the loan amount. Another perk of being a Stonehaven boutique mortgage client is that we offer no-cost future refinances after you purchase with us. This means that we cover all lender fees, title fees, and appraisal fees. Our goal is to keep you as a client for life!

At Stonehaven, one of the ways we stand out is by our frequent and consistent level of communication with our clients, realtors, and attorneys. Here’s what you can expect from us at a minimum. Read full blog post for details.

Realtors- don’t put your deals at risk. We’ve noticed that there are a lot of Realtors who don’t consistently work with one specific Loan Officer over the course of the year, and it’s painful.With massive layoffs happening in the mortgage industry, consumers are seeing massive slow-downs in processing turn-around times. Large banks like Bank of America,Wells Fargo, etc. have been raising their interest rates as a way to turn away business and handle the volume with less employees.

We have exciting news to help with 2022 changes in the real estate market – we are now able to offer Jumbo loans with smaller down-payment requirements. Prior to this announcement, a standard down-payment for a Jumbo loan was 15 or 20%. Click the link below to read the full post.

What happens when your client finally wins a bidding war because they went way over LIST price and then the appraisal comes in short? With the Chicagoland real estate market in 2022 being very competitive with little inventory and multiple offer situations, options are limited. Other than re-negotiate the sales price, what can you do?Many Realtors don't know this - in certain cases, lenders can re-structure a mortgage loan to find the cash. For example, if a client had planned on putting 20% down to buy a home, they might be able to switch to a different loan product where only 3.5% is required.