When you embark on securing home financing, your credit report plays a crucial role. However, we believe you should be aware of an important aspect of this process. When we pull your credit report, the major credit bureaus—Experian, Equifax, Innovis, and TransUnion—can legally sell your information to other companies. This practice, known as “trigger leads,” results in your contact information being shared with potentially hundreds or even thousands of lenders. The outcome? An overwhelming avalanche of unsolicited offers, arriving via calls, texts, and emails.

What Are “Trigger Leads”?

“Trigger leads” are a marketing strategy used by credit bureaus to help consumers compare offers from different lenders. While the intention is to provide you with options, the reality is that this can quickly become overwhelming. Imagine your phone suddenly lighting up with constant notifications, emails flooding your inbox, and voicemails piling up from lenders you’ve never heard of. This can happen because your contact information has been sold, without your explicit consent, to numerous companies who see you as a potential customer.

How to Opt-Out and Regain Control

We understand how frustrating this can be, and while America One Mortgage Corporation has no control over this process, we want to ensure you have the knowledge and tools to protect your privacy. Here’s how you can opt-out:

1. Opt Out Online:
   Visit optoutprescreen.com. You can opt-out electronically for five years or mail in a form to opt-out permanently.
2. Call to Opt Out:
   Dial 1-888-5-OPT-OUT (1-888-567-8688). This is another quick way to remove your information from these lists.
3. Do Not Call Registry:
   Register your phone number at donotcall.gov or 1-888-382-1222 to stop telemarketing calls from any company.

Please note that it can take up to five days or more for these requests to be processed and for databases to be updated. Therefore, if you wish to opt-out, we suggest doing so as soon as possible.

We’re Here to Help

As your real estate financing specialist, we are committed to finding the best financing options for you by accessing hundreds of lenders nationwide. If you choose not to opt out, please be prepared for the incoming calls, texts, and emails that may follow after your credit report is pulled.

If you have any questions or need further assistance, don’t hesitate to let us know. Your privacy and peace of mind are important to us.

Best regards,

Mark Luciani
President, America One Mortgage Corporation

Your home can be a valuable financial resource if you’re looking to fund an important project or consolidate debt. Accessing your equity through a loan, home equity line of credit or cash-out refinance can be a smart move in the right circumstances.

However, it’s important to carefully review the potential risks involved. If you’re considering using your home as collateral for a loan, ensuring you can comfortably manage repayments (even if unexpected events occur) is essential.

By being informed and cautious, you can make the most of your home equity to achieve your goals.

When is it wise to use home equity? 

Home improvements: Improvements that can add functionality, increase your home’s value and pay for themselves over time are a safe bet. Plus, if you use a home equity loan to fund home improvements, your interest payments could be tax deductible.

Debt consolidation: Consolidating high-interest loans and credit card balances into a relatively low-interest home equity loan or HELOC can net significant long-term savings. But to make this venture worthwhile, you should avoid running up new debt. If done responsibly, debt consolidation can be an excellent way to stabilize your finances and improve your credit.

When should you think twice about using home equity?

Funding education: While you can often get larger amounts and lower rates with home equity financing, proceed with caution. Taking on large debt later in life can put your home at risk and potentially delay your retirement.

Large purchases: With items such as a new car or RV, traditional financing that uses the item as collateral is more advisable. That way, if you can’t continue making payments, you only lose the vehicle and not your home.

Once-in-a-lifetime events: Weddings, honeymoons and vacations can provide fond memories for years to come. But such events shouldn’t put your home at risk — you may be better off considering other financing options.

Thinking of tapping into your home equity? Reach out today to discuss your options.

Refinancing allows borrowers to reduce their monthly mortgage rates and payments, shorten loan terms and convert home equity to cash. But refinancing can be complicated — even responsible borrowers with relatively high credit scores and a history of timely payments can be denied.

What are the most common reasons why a refinance application may be rejected? Let’s explore four factors that play a large role in determining whether your application may be accepted.

1) Employment History

If your application shows less than two years of steady employment (preferably in the same field and/or position), your application is more likely to be denied. Lenders need to know that your income can support your monthly mortgage payments long-term. Constant career changes and long stretches of unemployment can suggest that you’re at a higher risk for default.

2) Low Home Appraisal

A home appraisal is used to determine the current market value of your property. This value is crucial, as your home serves as collateral on the loan. If the value isn’t high enough to justify the loan amount, the application will likely be denied. Several factors can contribute to a low appraisal, including poor property conditions, unfavorable comparables and a soft or declining market.

3) Insufficient Assets

Assets, particularly cash reserves, help demonstrate your ability to afford the mortgage. Most lenders prefer a borrower to have three to six months of cash reserves in case of emergency. Proceeds from personal loans and credit card cash advances aren’t typically considered, as they may jeopardize your ability to repay the loan long-term.

4) Questionable Credit

Most traditional lenders require a minimum credit score of 620 for refi approval. Other items of interest include past bankruptcies, collections accounts, too many accounts, high credit utilization and a high debt-to-income (DTI) ratio. Most lenders prefer a DTI ratio of 36% or less; 43% is the federal upper limit for approval.

If you’d like to explore your financing opportunities, reach out today for expert guidance.

Traditionally, wintertime is a downtime for the real estate market. The weather is colder, wetter and often messy, which can be a little off-putting for potential homebuyers and sellers.

But despite these seasonal challenges, winter can actually be advantageous for anyone interested in buying or selling a home.

In fact, winter can offer buyers and sellers many benefits that other seasons cannot.

For Buyers

• There’s less competition. Holiday gatherings and inclement weather tend to narrow the field. As a result, bitter bidding wars and last-minute losses to all-cash investors become far less likely.
• Sellers are more amenable to negotiations. Available properties tend to be new listings that need to sell fast or old listings that have lingered too long. Either way, sellers are ready to make a deal.
• Home efficiency is on display. Buyers can see first-hand how the heating, roofing, gutters, windows and insulation perform. Buyers may also have an opportunity to gauge property accessibility in harsher conditions.

For Sellers

• Winter is ideal for home staging. Think roaring fireplaces, cozy, seasonal decor and eye-catching holiday lights. Plus, fewer homes on the market mean available properties have more opportunity to shine.
• Buyers tend to be more serious. Many have more purchasing power due to year-end bonuses. Most are motivated to close quickly.

For Buyers and Sellers

• Service is better. With fewer clients to juggle, agents can provide more attention and value to each buyer and seller. Fewer clients also mean fewer commissions, which can motivate agents to work harder and faster.
• Closings tend to be quicker. With fewer transactions taking place, wait times for mortgage lenders and title and escrow companies are shorter. The result is a more streamlined process.

Any questions? Reach out today for more expert advice.