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What Do The Yi Team Pets Have To Do With Mortgages?

Now, why are we sharing The Yi Team pets with you? Because one of the best things about owning a home is being able to have pets. There is no upcharge to your monthly rent. And nothing beats coming home to a fur baby who thinks you’re the greatest!

Scroll down to find out how The Yi Team Mortgage takes care of the pets in your life with a well planned mortgage.

The Myers Team Courtesy Truck is on the road! You’re probably psyched about your new home, but maybe feeling a little overwhelmed about the moving aspect. No problem! The Yi Team has a few tips to show you how to pack a moving van so your possessions arrive safely.

If you’re a home buyer and work with The Myers Team at RE/MAX Realty Services, you get the benefit of being able to use their moving van to move to your new home. They offer free rental for local service whether you’re moving to Maryland, DC or Virginia. 

We find a lot of first time home buyers take full advantage of this perk, but it’s also great for homeowners who are moving that last pile of items, or taking a few pieces to their new vacation home. It takes the stress and expense out of renting from a moving company.

The 14’ foot cutaway cargo van is just the right size to move a 1-2 bedroom home of furnishings and possessions. And, even after you pack the moving van, these tips below make it easy to drive and a stress free move. You don’t even need a special license to drive this truck!

So, pull your packing list together! We have some truck packing tips to keep in mind for a safe and relaxed move.

Moving Van Packing Tips

Do you know there is a correct way to load a moving van? According to Penske Truck Rental, they recommend packing the truck in an “I formation”. It is safer and easier to balance the weight of the heaviest items behind the cab, down the center and then at the end of the truck bed…like an uppercase letter I.

Start by packing your valuables in the driving cab of the truck along with any important papers or items you may need quickly during the move. That might include phone numbers and contracts for the new home, keys or an overnight bag. 

Next, put the heaviest objects behind the cab of the truck. That might be appliances or large pieces of furniture.

Down the center of the truck, place large heavy furniture, like desks and dining room tables.  Boxes of books or other heavy items can go under the table in the middle.

Place your mattress and box spring on one side of the truck, and sofas along the other side to balance out the weight.

Complete the “I” formation with heavy boxes along the back of the truck.

Lastly, place smaller items that are lighter or smaller in the truck. Clothing and bedding can be tucked around the larger items to make sure they are snug for the drive to your new home.

Truck Dimensions

These numbers are approximate.

• Interior dimensions of approximately 91” wide x 141” deep
• Up to 725 cu. ft. of loading space
• Door opening is 77” high x 87” wide
• Loading is less than 3’ off the ground

Shout out to all the companies that helped make a courtesy van available to home buyers: Flynn Title, Ambition Custom Homes, A to Z Inspection Services, and Bargain Movers.

Need a little extra help with moving? Start planning early. Eight weeks before moving day, print out a Stress Free Moving Checklist to help you get organized and make sure you don’t forget anything.

Best of luck with your move!

STRESS FREE MOVING CHECKLIST

Jon Ingram was recently interviewed for Money.com about mortgage points. Find out what they are and the pros and cons of mortgage points.

What are mortgage points? 

Most mortgage companies have a menu of interest rates available to offer clients for every type of loan.  In most cases, a company will offer a rate that is considered “market”, meaning they will not charge anything beyond their standard processing fees to lock in and obtain that rate.  However, there are also higher and lower rates on the menu as well.  A below market rate can be obtained for a fee, while an above market rate will come with a lender credit given to the client. 

How much do mortgage points cost?

The amount of the fee or credit will vary based on multiple factors including loan amount, daily bond market movement, and the details of your specific loan scenario.   Most mortgage companies are pulling interest rates from multiple investors, including themselves; the rates are offered in real time and subject to change until the lender locks in the terms.  As a rule, they are determined as a percentage of the loan amount, but what that percentage actually is at any given moment depends on the appetite of the investor offering the rate. 

Are there any limits to how many points you can buy?

Yes, rate sheets for a particular loan scenario will have a high and low interest rate.  Every interest rate within that range is generally on the menu.

What are the pros/cons of points? 

The average homeowner will have 5-7 mortgages in their lifetime.  The biggest con related to points is they may create a breakeven period that conflicts with the time horizon for that particular mortgage.

When should you buy mortgage points?

Whether points are appropriate depends 100% on the needs of the client.  A truly professional mortgage advisor will lead an in-depth conversation, asking the proper questions to elicit the goals of the client to offer the best interest rate available for their unique situation.

October is breast cancer awareness month! In years past, Chong Yi, producing branch manager of The Yi Team Mortgage, could be found helping promote the Making Strides Walk for American Cancer Society around DC’s Tidal Basin. Chong Wears Pink is not only the easy to remember website, it is also the color Chong wears proudly for the month of October.

Chong is a Real Men Wear Pink Candidate supporting American Cancer Society. This year his fundraiser will be supported by The Yi Team’s newest campaign, Mortgage On A Mission in addition to an online drawing.

A Drawing To Raise Funds

This year there will be a drawing for one lucky winner to receive $1000 towards their mortgage payment! If you’d like to enter, just hop onto Chong’s fundraising page and donate $100 to American Cancer Society. The drawing winner will be announced at the end of October.

What Is Mortgage On A Mission?

Every month The Yi Team Mortgage donates 1% to charities they love. That’s what they call Mortgage On A Mission. For every loan that The Yi Team Mortgage closes, they’re able to make an even bigger impact on causes. This month their donation will go to American Cancer Society.

It’s exciting to know that for every well structured home loan borrowers receive, The Yi Team Mortgage is able to donate 1% to causes who need their help!

If you’d like to help Chong meet his goals for the Real Men Wear Pink and American Cancer Society, you can donate to www.chongwearspink.com. Thank you!

Learn more about Mortgage On A Mission and how every loan we process helps charities in need at www.mortgageonamission.com

Gold Pacesetter Award for Chong Wears Pink 2020

Big news! Chong Yi was awarded Gold Pacesetter for his contribution to American Cancer Society! He has reached the highest fundraising recognition level by raising at least $10,000 to help save lives from breast cancer.

For those facing a breast cancer diagnosis, this support is worth more than gold!

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To Chong Yi, success means being able to give back to his community and causes he cares about. It’s a milestone that he has fought hard for in his career. So, when he met the representatives of Real Men Wear Pink on the WUSA9 stage set, Chong knew he was ready to join the ranks of other successful business people by donating. It wasn’t until he started fundraising that he recognized how many of his family and friends were directly affected by breast cancer. Fundraising has become even more important to him because of this.

What Is Real Men Wear Pink?

Real Men Wear Pink is a distinguished group of community leaders determined to raise awareness and money to support American Cancer Society’s mission to save more lives than ever from breast cancer.

Fundraising In 2020

This year, instead of an in-person family friendly festival, Chong and The Yi Team are hosting an online drawing. Every $100 donation will be entered into a drawing to win $1000 towards their mortgage! 

The goal this year is reasonable. $2500 is the standard request from Real Men Wear Pink contestants. But you know Chong likes to crush his goals!

Donations and entries will be tracked until the end of October when the winner will be announced.

How Are Donations Used?

The funds Chong is raising will provide lifesaving research, free rides to chemo, free places to stay near treatment, and one-on-one help for people trying to cope with their breast cancer experience. Every dollar really does count, so Chong is asking you to please donate today. Together, we can make a big difference in the fight against breast cancer.

Any donation amount is greatly appreciated and will help a lot of people. Here are a few ways your donations can help:

• $500 helps 10 patients with lodging when they travel for cancer treatment.
• $350 helps provide wigs for 5 patients.
• $200 helps 4 patients get to treatment appointments.
• $65 provides peer support to breast cancer patients.
• $25 gets free information, support and access to resources to patients.

Make Donations Go Further

Make your donation go even further with your employers matching gift program! Many employers offer to contribute dollar for dollar. Contact your human resources department to see if they offer a matching gift program. Or go to matchinggifts.com/acs for a list. Contact us for the form to make your matching gift contribution.

As a contestant in Real Men Wear Pink, Chong has raised more than $23,000 to benefit American Cancer Society! If you find success to be a milestone in your career that allows you to give back to your community, American Cancer Society needs your help! Donate today.

Hop over to our social media pages for more information and pics from previous year’s events.  

• facebook.com/theyiteam
• instagram.comtheyiteammortgage

For more information, you can call or email Chong directly: chong@theyiteam.com or 301-332-1810.

For more about American Cancer Society, go to cancer.org or Chong’s fundraising page, chongwearspink.com.

HERE’S HOW TO ENTER THE SEPTEMBER DRAWING

1. Follow The Yi Team on Facebook or Instagram 
2. Tag a friend in the comments while you’re there.
3. Click the “Sign Up Here” button above to find out about our next monthly drawing.

We’ll choose the lucky winner on August 18th! 

ABOUT OUR MONTHLY DRAWING

The Yi Team Mortgage hosts a monthly drawing on our social media pages. We love our customers and community! Whether you have worked with us in the past, or plan to work with us in the future, or even if you’re just friends with us online, you know we like to have some fun! What better way to have a good time than with a monthly drawing!

It’s fun and easy to participate. Every month, tune in to our Facebook and Instagram pages for an announcement. Follow the directions to enter. Winners will be announced via DM (direct message) or email. Contest rules and awards will vary from month to month.

The Yi Team Mortgage contests are not affiliated with Facebook, Instagram or Amazon. No purchase necessary.

Congratulations! You’ve found your next home and your mortgage has been approved! Your mortgage advisor will have told you what the next steps are on your home loan. But what about moving? The best way to keep moving day as stress free as possible is planning. Break things into bite sized chunks by planning as far in advance as you can. Put together a binder with calendars, schedules, contacts, and estimates so everything is one place. Make sure your moving checklist is front and center! Evaluate what furniture you have to decide if you want to take it with you. Measure everything to make sure it not only fits in the room, but that it will go through the door or stairways.

Eight weeks may sound like a long time to plan, but smart planning is what makes moving day stress-free. To manage this big project, we’ve put together a moving checklist that starts 8 weeks out. Take a deep breath. Nothing feels better than crossing things off your list.

Maybe you’re a first time home buyer, maybe you’re moving to a larger home, or maybe you’re downsizing. There are some things to think about that are specific to you.

Quick Note For First Time Home Buyers, Moving Up, Or Downsizing

If you’re moving out of an apartment or rental home, make sure to clean it and make any small repairs. This will help you if there is a dispute about getting your deposit returned. Take photos of each room as it gets emptied to show that things are ship shape before the next tenant moves in.

Moving to a larger home? Now is a good time to evaluate the furniture you have. What’s working for you? What needs to go? Measure the items you want to keep. Sometimes the scale of a larger home means your apartment-sized furniture doesn’t fit. Donate what isn’t coming with you.

Downsizing? Time to lighten your load! Take lots of measurements of furniture and rugs. Those chunky couches might not fit in a smaller room. Meaningful items like holiday ornaments, childhood trophies, or artwork can be handed down.

8 Weeks Before Moving

Start your moving project early! Now is the time to get organized with a moving binder to put all your schedules, calendars, invoices, contact lists in one place. Take a look at what you have. Measure your furniture and decide what will fit in the new house, and what will need to go. Measure everything to make sure it will fit through doors and stairways. Pack vital documents, health records, insurance files in one box so you can find quickly after the move. Research moving companies and get affordable pricing. Back up your computer, photos and music. Create an inventory list. You’ll need this for your movers, and to make sure nothing gets lost along the way. Identify items that may need special packing like artwork, piano or machinery. Now is the time to do a deep clean.

6 Weeks Before Moving

Before moving to your new location take pictures of your valuables, and do any small home repairs. Hop online to your community page and see if anyone is getting rid of their moving boxes. Free moving boxes can also be found at grocery or hardware stores. Decide if you’ll need a storage unit and make those arrangements now. Does the new house need any prep before you arrive? Schedule paint, repairs, or order new furniture if necessary. Schedule time off from work. See if you can make it happen over a long weekend to give you more time to settle in.

4 Weeks Before Moving

Decide which moving company you’re going to use and get any necessary insurance. If you’re moving out of town, now is the time to make travel arrangements. Contact your utility companies like internet and cable to let them know you’re moving. They’ll need to know when to turn off the old utilities and when to turn on the new, if you’re moving locally. Fill prescriptions and make sure your medical needs are set. You don’t want to get to your new home and find out you’re down to your last pill and don’t have a doctor to call. Purchase packing supplies like tape, bubble wrap, packing peanuts.

2 Weeks Before Moving

Confirm your moving dates with the moving company. Fill out your change of address. Let everyone know your new address, like family and friends. Update magazine subscriptions. Double check your automated payments and update those. Update your driver’s license and insurance. Plan meals for the last couple of weeks. This might be a good time to hire a baby sitter or pet sitter so you can focus on your moving checklist. Start packing. Plan a moving party.

1 Week Before Moving

Here we go! It’s time to start taking apart the big furniture so it’s easier to pack. How about packing an overnight bag so you’re not looking for your toothbrush once you relocate? Include any tools or flashlights that will make things easier. Gather up all those keys: front door, back door, mailbox, and garage. Don’t forget the storage shed keys. Go to the bank and get some cash. Clean up each room as it gets packed. An empty room is easier to clean. Schedule a walk through. Finish packing.

Moving Day

Clear a path through the house for the moving people to walk through. Take a look at their paperwork and inventory list to make sure it’s correct. Keep the movers happy with a pizza, sandwiches or donuts. Make sure to tip them. Have someone meet the movers at the new house so they’re not waiting for you. Don’t forget an empty room is easier to clean. If there is time, do a quick clean at the new house before the movers arrive. Do a final walk through. Tip the movers.

1 Day After Moving

Go to the grocery store and fill up the fridge with some essentials. Make the beds and unpack the bathrooms. Check the utilities. Change the locks. You don’t know how many people have a “spare key”. Start planning your house warming party. Take some time to get to know your new neighbors and learn about the HOA. Write thank you notes.

2 Weeks After Moving

Finish unpacking. Make spare keys. Enjoy your house warming party! Save this moving checklist and binder for your next move.

Putting 20% down on a new home is not possible for many families. Thankfully there are low, or no down payment home loan options available to home buyers right now.

Senior Mortgage Advisor, Derek Harman was recently interviewed by Aly J. Yale for Money.com.

Home Possible and Home Ready Loans

The most popular low down payment options are Home Possible Freddie Mac Conventional Loan and Home Ready Fannie Mae Conventional Loan. These two products are geared towards 1st time home buyers that have good credit, but not a lot of assets that they can put towards a large down payment or closing costs.

Home Possible and Home Ready require a 3% down payment. These usually have a better interest rate than a regular conventional purchase and also has a reduced monthly PMI rate.

There is an income limit attached to this type of loan. Previously it was 80% of the area media income, but it has just recently been increased to slightly higher than that.

FHA Program

Another popular option is our FHA Program which is geared towards borrowers with less than excellent credit. It allows a higher debt to income ratio which may increase a buyers purchase power.  The FHA Program requires a 3.5% down payment. There are pros and cons with an FHA loan so a consumer will want to make sure to discuss the details of each loan program with their lender. 

Low and 0% Down Payment Options

Low down payment home loan options are out there. There are specific state and city grants, and 1st time home buyer programs that allow 0% down payments and also closing cost assistance. These have specific guidelines, possible income limits, required classes and certifications in order to qualify. 

Buyers interested in these programs should do plenty of research and ask questions. These programs will usually take longer for closings and will go through a more rigorous underwriting process. Make sure to explore all options and understand the immediate benefits. Compare it to the big picture and long term benefits of a more conventional approach. Specific programs meet specific needs and it’s the lenders job to explore all of those needs with each client.

Changes Due To COVID-19

Low down payment options are not becoming more scarce. It’s surprising how many people still think that having a 20% down payment is still a necessity for home ownership and that is just not true. We are constantly doing loans with 3-5-10% down payments.

NO down payment options may be a little more scarce because they are state, city or county specific programs. Some of these programs may be on hold or have pulled back due to the circumstances surrounding the virus and the current market. 

“It is important to note that due to current conditions, borrowers who use down payment assistance are at a disadvantage because of extended turnaround times and stricter guidelines”, says Derek Harman, Senior Mortgage Advisor.

Private Mortgage Insurance

Good news for Private Mortgage Insurance or PMI. There are options for no PMI mortgages with less than 20% down. For instance, there are LPMI (lender paid mortgage insurance). This can come with a higher interest rate which may cost more in the long run. The borrower can pay for the PMI upfront so there is no monthly payment. 

Because the market is volatile right now and interest rates may fall in a very short period of time, this may be the right time to benefit from a refinance. Borrowers that refi now may have to deal with paying off the PMI more than once, which could cost in the long run. 

Derek Harman tells his borrowers to weigh all options. “See where your comfort level lies with the total monthly payment and total amount of cash to close, and go from there.” 

Options For No PMI

Borrowers can also do a 1^st and 2^nd mortgage to avoid PMI. Usually the 2^nd mortgage is a HELOC, which during these times, will have a favorable rate.   There are still banks and credit unions doing 2^nd mortgage piggyback loans for this purpose.  

On the 2^nd mortgage note, there are many companies out there right now with investors that have pulled back pricing on high balance loans. A high balance loan in the DC, MD and VA area is anything over $510,400-$765,600. 

Basically, competitive interest rates or “market rates” may not be available. A lot of this has to do with the enormous volume of loans that everyone is taking on with the historically low interest rates at this time. “While this is being leveled out, it may benefit someone with a high balance loan to break it up into a 1^st and 2^nd mortgage and take advantage of the low rates”, says Harman.

Talk To Your Advisor

Home Possible and Home Ready conventional loans are right for borrowers with 700 + credit score. They require a 3% down payment with current rates at all time lows.

Borrowers with credit scores in the 640-660 range can benefit from an FHA loan. The idea is to strategically improve your credit within a year or 2. Then, refinance into a more permanent loan for long term savings.